On the evening of the day the volume burst to a million shares and it went into its twenty-sixth limit-up, a sell report came out onto the market from a Japanese securities house.

[Innovation? Or fraud?]

The content of the report, which came out under that blunt title, concerned Ilhyeon Windows.

The Japanese securities house raised doubts about the window Ilhyeon Windows was said to have developed.

Its first doubt was that a month and a half had already passed since the disclosure of the window's development, and yet the actual form of the window they claimed to have made had not been shown.

Second, it raised the question of whether technological development that skipped the intermediate stages was truly possible.

Its meaning was that the process of joining solar technology and a window — separate things, each existing on its own — had not been properly explained.

Solar panels as they had appeared until now were of an opaque material, so how was it that combining one with a window made it transparent? The Japanese securities house asked whether technological progress could really leap along like this.

Beyond that, the Japanese securities house set out several other oddities.

And after these doubts it drew its conclusion thus.

[We consider that the window Ilhyeon Windows claims to have developed appears realistically impossible. A disclosure put out with no physical article to show cannot be believed, and we regard investing in Ilhyeon Windows on this basis alone as a reckless gamble. We therefore consider that the time has come for Ilhyeon Windows' run of twenty-six consecutive trading days at the limit to stop. There is a need to shake off the frenzy that has filled the mind and to watch Ilhyeon Windows' situation with a somewhat calmer aspect]

The Japanese securities house defined what was happening as a frenzy.

Having said in a roundabout way that no such price could arise in a normal state of affairs, the Japanese securities house wrote something out of the ordinary in the space for the target price at the end of the report.

[Strong…