Kumyang displays its electric vehicle batteries at a battery exhibition at Coex in Seoul, March 5, 2025. Newsis The delisting of battery maker Kumyang from the stock market is sending shockwaves through the business community in Busan, where the company is headquartered, marking a dramatic downfall for what was once one of Korea's hottest secondary battery stocks.The company filed a court injunction Thursday seeking to suspend the delisting, a day after the Korea Exchange (KRX) decided to remove it from the benchmark KOSPI following two consecutive years of disclaimer audit opinions. The legal filing temporarily puts the delisting process on hold, though market watchers said the chances of the court granting the injunction appear slim.The bourse operator's decision has rattled Busan officials, as Kumyang had long been viewed as a key player in the city's push to foster future growth industries centered on batteries.After signing an investment memorandum of understanding with Kumyang in January 2023, the Busan Metropolitan Government supported the company through administrative efforts to designate the region as a special business zone for secondary batteries and mobility industries.Following the delisting, the Busan Metropolitan Government and the Busan Chamber of Commerce & Industry said they plan to launch a joint support center for suppliers, partner firms and workers affected by Kumyang's collapse. The city will also introduce a special guarantee program for subcontractors hit by the delisting, offering up to 100 million won ($66,000) per company and subsidizing 2 percentage points of interest costs."The secondary battery business was considered a future growth industry, and we had hoped Kumyang could serve as an anchor company that would help the region take another step forward," Park Dong-seok, head of the city's advanced industry bureau, said during a briefing. "It is deeply regrettable to see the company facing this kind of crisis."BNK Busan Bank, which extended 134.8 billion won in loans to Kumyang, said it is closely monitoring the situation. The lender noted that it secured collateral worth around 200 billion won and has already set aside more than 40 billion won in loan-loss provisions.Founded in 1978, Kumyang originally produced foaming agents and chemical products before shifting its focus to the secondary battery business in 2020. As enthusiasm surrounding battery-related stocks surged in 2023, the company drew strong interest from retail investors. Kumyang invested in mining projects in Mongolia and Congo while pushing ahead with plans to build a battery production facility in Busan. To finance the expansion, the company announced a 450 billion won rights offering in September 2024.The plan triggered backlash from shareholders as the battery sector entered a downturn amid slowing electric vehicle demand. Kumyang later withdrew the offering in February 2025.The KRX subsequently designated the company as an unfaithful disclosure corporation for reversing the fundraising plan.According to its external auditor RSM Korea, Kumyang posted an operating loss of 41.8 billion won and a net loss of 53.5 billion won for fiscal year 2025.