KB No.31 Special Purpose AcquisitionKB제31호스팩

KB No.31 SPAC is a shell company with no revenue and no merger target yet, trading near ₩2,030.

KB No.31 Special Purpose Acquisition is a blank-check company listed on KOSDAQ whose only purpose is to find and merge with a target company. Its filings show no revenue, a small operating loss, and net income driven by non-operating items, with cash of about ₩311M. The company has not yet named a merger target, so its value rests mainly on its cash and the prospect of a future deal.

What stands out

• Revenue is zero in both 2025 and the trailing period to H1 2026, and operating income is negative (about -₩86M in 2025 and -₩30M trailing).
• Trailing net income is positive at about ₩262M, but the filings do not break down what drove it, and it is not from operations.
• Shares trade near ₩2,030, close to the 52-week range of ₩1,985 to ₩2,110, with 1-year return of about 1%.
• The price-to-book ratio is about 1.0, and the stated P/E of 48.2 is not a meaningful measure for a company with no operations.
• Foreign ownership fell from 1.5% to 1.1% over the last 60 days, and institutional flows were net negative over the last 20 days while retail flows were positive.
• No news headlines were available in the data.

What to watch

• Any announcement of a named merger target, which the filings and profile currently do not include.
• The next quarterly report (Sep 2026) and any changes to the trust or deposit arrangements noted in past filings.
• Dividend policy: the data shows a 0% dividend yield, and no dividend is mentioned in the filings provided.