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Experts Propose KOSDAQ Reform: Lowering Listing Barriers and Refining Delisting Criteria
Finance · Investment Banks/Brokers · yonhap_finance · 2026-09-04
Industry experts and policymakers discuss strategies to revitalize the KOSDAQ market by easing listing requirements and improving delisting processes.
What Happened
Market Entry and Exit Reform: Experts suggest that to foster growth in the KOSDAQ market, the entry burden for high-quality SMEs and venture firms must be reduced. Simultaneously, delisting criteria should be refined to accurately reflect a company's actual financial health, moving beyond simple metrics to include growth potential and cash flow.
Building a Growth Ladder: There is a strong consensus that a 'KOSDAQ Growth Ladder' program should be implemented before major regulatory changes. Experts emphasize that policies with significant market impact, such as segment shifts or dual-class voting, must be thoroughly verified with empirical data before widespread adoption.
Expanding Long-term Capital: To prevent the exodus of high-quality firms, stakeholders propose linking KOSDAQ venture funds with cornerstone investor systems. By requiring institutional investors to hold shares for a set period, the market can secure more stable, long-term capital inflows.
Public-Private Funding Initiatives: A proposal to create a 30 trillion won 'KOSDAQ Revitalization Fund' through public-private partnership was introduced to support innovative firms. The ultimate goal is to restore capital allocation functions and create a virtuous cycle where corporate growth leads to continuous follow-up investments.