[Alpha Biz= Reporter Kim Sangjin] CJ Bioscience, a subsidiary of CJ CheilJedang, surged to its upper price limit for the second consecutive day on November 20, driven by reports that CJ CheilJedang is exploring the sale of its bio division.
On the KOSDAQ market, CJ Bioscience closed at 14,780 KRW, a 29.99% increase from the previous day. The stock hit its daily price limit within 10 minutes of market opening, mirroring its performance the previous day.
Meanwhile, CJ CheilJedang also continued its strong upward momentum on the KOSPI market, rising 5.18% to close at 284,500 KRW, following a 5.05% gain the day before.
The rally comes amid reports that CJ CheilJedang has appointed Morgan Stanley to oversee the sale of its bio division and is engaging with potential buyers. While the company stated that "no specific decisions have been made yet," industry insiders speculate that a formal bidding process could begin as early as next month.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
