In order to maintain listing eligibility, the market‑capitalization threshold has been sharply raised; in the second half of this year, eight companies were delisted from KOSDAQ on their own accord. Excluding SPACs, these include “코이즈”, “원풍물산”, “신라에스지”, “케이엠제약”, “골드앤에스”, “수성웹툰”, “에이에프더블류”, and “세진티에스”.
In the first half of the year there were no cases of insufficient market‑capitalization; however, from the second half onward, if a company’s market‑cap falls below 200 billion KRW for 30 consecutive trading days it is designated as a management‑restricted entity, and if it fails to regain that threshold within 45 consecutive trading days it may be delisted. The Korea Exchange expects that only about 50 companies will be removed from KOSDAQ due to the stricter second‑half market‑cap rule.
Similar rules apply on KOSPI; in the first half of this year one company (“SHD”) was declared delisted. Seventeen entities were designated as management‑restricted, and some have pursued legal action against the exchange’s decision. “골드앤에스” and “케이엠제약” were delisted, while “주연테크” and “CS” filed for a re‑listing.
Additionally, a new rule regarding trading volume of 1 billion KRW has been introduced; as a result, about 15 KOSPI and 30 KOSDAQ companies are now designated as management‑restricted entities. These entities will also be subject to delisting if they fail to maintain a trading volume above 1 billion KRW for 45 consecutive trading days.
The regulatory authority has prepared relief measures for companies that are removed solely on the basis of insufficient market‑cap. Companies meeting certain conditions may transfer their listing to KOSNX without a formal re‑listing, and if in the last three years at least two years have had business profits above the threshold or one year had profits above the threshold while having a net asset of 200 billion KRW or more, they can apply for a KOSNX transfer.