KONEX Reaches 100 Companies Transferred to KOSDAQ

The number of companies that have transferred from the KONEX market to the KOSDAQ market has reached 100. GFC Lifesciences, which transferred on June 30, became the 100th company to do so.

GFC Lifesciences, the 100th company to transfer from KONEX to KOSDAQ, KOSDAQ Market Listing Ceremony

According to the Korea Exchange on July 4, since the launch of the KONEX market in July 2013, an average of eight companies per year have transferred to the KOSDAQ market, and out of the 100 transferred companies, 95 are still listed on KOSDAQ.

Among the 100 transferred companies, 30 used the fast-track transfer listing, 41 used the general listing, and 29 used the technology exception listing track.

By industry, the transferred companies are distributed as follows: 67 in manufacturing, 22 in information and communications, nine in professional, scientific, and technical services, and two in other sectors. A Korea Exchange official explained, "The high proportion of manufacturing companies among transferred firms (67%) has contributed to an increased manufacturing presence on the KOSDAQ market," adding, "Specifically, software development and supply (15 companies), special-purpose machinery manufacturing (12 companies), and medical device manufacturing (10 companies) accounted for significant shares."

The average period from KONEX listing to KOSDAQ transfer for these companies was 3.6 years.

As of the end of May, the average market capitalization of transferred companies was 125.8 billion won, a 4.5-fold increase compared to their market cap at the time of KONEX listing. This average market cap ranks in the top 35% of all companies on KOSDAQ (total KOSDAQ market cap: 379.6 trillion won), and is about 1.5 times the KOSDAQ median market cap (84.1 billion won). Among them, five companies are included in the KOSDAQ150 index, and 15 companies are ranked within the top 300 by market cap on KOSDAQ.

The overall price-to-earnings ratio (PER) of all transferred companies is 177.90, and the price-to-book ratio (PBR) is 1.97, both higher than the KOSDAQ index's PER (94.04) and PBR (1.65). A Korea Exchange official stated, "Many transferred companies have secured mid-to-upper tier competitiveness in the KOSDAQ market, and are considered to have reached a proven level in terms of growth potential and company size."

In 2024, the average total assets of transferred companies increased by 80.5 billion won compared to the time of KONEX listing. In particular, through large-scale capital raising, their debt ratio improved by a decrease of 62.0 percentage points, resulting in better financial structures.

The 2024 sales of transferred companies increased threefold on average compared to their KONEX listing. However, due to the nature of many companies in the pharmaceutical and medical services sectors, which require long-term research and development (R&D), operating profit and net profit showed a slight decrease.

A Korea Exchange official said, "Reaching 100 transferred companies proves that KONEX has successfully fulfilled its structural role as a 'growth ladder for companies' since its establishment in 2013," adding, "It also demonstrates that the step-up market, which supports the growth base for innovative early-stage companies, is now producing visible results."