Copper-related stocks gained ground in South Korea on Wednesday morning, following U.S. President Donald Trump’s announcement of a 50 percent tariff on copper imports.

Shares of Lee Ku Industrial Co., a major domestic non-ferrous metal processor, soared 9.44 percent to 5,390 won ($3.93) as of 10:30 a.m. while those of DAECHANG Industrial Co. rose 4.47 percent to 1,450 won, Poongsan Corp. climbed 5.07 percent to 128,400 won, and Taihan Cable & Solution Co. advanced 1.71 percent to 16,020 won.

The rally follows President Trump’s announcement overnight that a 50 percent tariff would be imposed on copper imports into the United States.

Copper futures on the New York Mercantile Exchange ended the day at $5.6855 per pound, up 13.12 percent from the previous session.

Korean entertainment giant HYBE Corp., in the meantime, saw its shares plunge on Wednesday morning after reports that financial authorities plan to file criminal charges against Chairman Bang Si-hyuk for alleged violations of the country’s capital markets rules.

Shares of Hybe fell 1.95 percent to 276,000 won as of 10:33 a.m. on Wednesday.

The Capital Market Investigation Deliberation Committee under the Financial Services Commission’s Securities and Futures Commission has reportedly recommended that Bang be referred to prosecutors.

The only remaining step before prosecution is the regular meeting of the Securities and Futures Commission scheduled for July 16. Most analysts believe it is unlikely that the recommendation will be overturned.

Bang is suspected of signing a contract in 2020 – prior to Hybe’s IPO – agreeing to share 30 percent of post-listing capital gains with a private equity fund founded by his acquaintance.

Reports say he received about 400 billion won after the IPO.

These private equity funds also purchased Hybe shares from existing investors. Authorities believe Bang’s side misled existing investors by claiming the IPO would not proceed, while secretly moving forward with it by applying for a designated auditor, among other steps.

Meanwhile, shares in Shindaeyang Paper Co. surged 15.41 percent to 15,350 won as of 10:39 a.m. on Wednesday.

The company, one of Korea’s leading corrugated cardboard companies, recently faced speculation in some media outlets that it might be considering voluntary delisting.

The company, however, denied the delisting rumors.

Under the current law, voluntary delisting is only possible if the combined shares held by the largest shareholder and treasury shares exceed 95 percent of the entire shares issued.

The company’s price-to-book ratio is currently 0.75, making it one of the undervalued stocks in the market.

Shares of Lee Ku Industrial finished at 5,610 won, up 13.91 percent from the previous session, while those of DAECHANG Industrial closed at 1,446 won, Poongsan at 127,800 won, and Taihan Cable & Solution at 16,080 won.

HYBE ended the session at 277,000 won and Shindaeyang Paper at 15,170 won.

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