After the recent Billboard debut of megahit South Korean version of children’s song “Baby Shark,” shares rose Thursday in anticipation of further success in related merchandise.
Share prices of Samsung Publishing, the second-largest shareholder of SmartStudy, the local education startup behind the “Baby Shark” phenomenon, rose by more than 20 percent from the previous trading day. Shares of the publishing company, which holds 25.03 percent of SmartStudy, closed at 18,050 won ($16.12) Thursday.
Samsung Publishing is not affiliated with Korea’s largest conglomerate Samsung Group.
|Baby Shark (SmartStudy)|
Toebox Korea, which manufactures and distributes related merchandise including toys, also rode the upward trend and saw its shares rise more than 30 percent. Its shares closed at 1,430 won.
Shares of both companies were up on news of the song’s entry on the Billboard Hot 100.
The viral children’s song landed at No. 32 and retained its place the next day.
The two-minute tune with an addictive melody and choreography sparked a surge in SmartStudy’s revenues last year, which have tripled to 27 billion won since its release. The company has said it expects sales to grow 70 percent.
Samsung Publishing is listed on the country’s main bourse Kospi, while Toebox Korea is traded on the secondary, tech-heavy Kosdaq.
By Jung Min-kyung (email@example.com)