M2N's stock price surged. As the presidential election commenced, it was not so much that drums were the topic of discussion, but rather that the stock price of SillaJen, in which M2N is the largest shareholder, showed strong performance.
M2N shares were trading at 2,270 won on the KOSDAQ market at 3:04 p.m. on the 22nd. The stock price jumped 29.86% (522 won) from the previous day, hitting the upper limit (the upper bound of daily price restrictions).
Some investors have named M2N a 'drum' themed stock. This was because drums were mentioned amid strong political themed stocks ahead of the election.
Na Kyung-won, a candidate for the People Power Party's presidential primary, recently posted a photo of herself holding a sign that reads, 'I will not succumb even if I have to go into a drum.' In the movie 'Shinsegae,' there are scenes where people are put into drums for intimidation, and Na used this to criticize Lee Jae-myung, a candidate for the Democratic Party of Korea's presidential primary.
The Na Kyung-won campaign also brought out the drum as a promotional tool on the 21st. They added a caption, 'I will choose the next president. It’s Na Kyung-won who took on the drum challenge,' to a video of famous band Coldplay's concert in Korea, where vocalist Chris Martin mentioned recommending drummer Will Champion for president. Fans criticized the campaign for editing the video at will, while the Na campaign explained that it was simply a promotional video unrelated to Coldplay's intent.
It is true that M2N is involved in the drum business. M2N engages in the steel drum business, automotive components, and biopharmaceuticals. Of these, the revenue share from steel drums, which are metal packaging containers for petrochemical products, was about 40% last year.
However, the general consensus is that M2N's strong stock performance is more due to the SillaJen effect rather than the political themed stock nature. As of the end of last year, M2N was the largest shareholder with a 13.65% stake in SillaJen. SillaJen's stock price is currently hitting its upper limit after receiving approval from the U.S. Food and Drug Administration (FDA) to change its clinical trial plan for its anticancer drug.