Korea Exchange Completes Revision of Enforcement Rules for Customized Technology Special Listing

The Korea Exchange announced on January 5 that it has completed the revision of the listing regulation enforcement rules to introduce the "customized technology special listing." This is a follow-up measure to the previously announced "KOSDAQ Market Trust + Innovation Enhancement Plan."

The Korea Exchange stated that, to enable the prompt and smooth listing of companies in nationally significant core technology sectors, it has established and applied customized technology review standards in the enforcement rules (Annex 7) that reflect the unique characteristics of each sector: ▲ artificial intelligence (AI), ▲ energy (renewable energy and ESS), and ▲ the space industry.

For AI, detailed review standards will be established for each segment of the AI industry value chain, considering the need for AI industry support due to global competition and the expansion and strengthening of government policy support. For example, in the case of physical AI, the review will assess the required technological capabilities at each stage, such as external environment recognition and understanding, autonomous decision-making, and action execution.

In the energy sector, new and renewable energy will be reviewed by category: ▲ solar power, ▲ wind power, and ▲ bio/waste/hydrogen. For energy storage systems (ESS), the review will cover ▲ battery manufacturing and ESS production/operation, as well as ▲ next-generation batteries (such as all-solid-state and lithium-sulfur batteries).

The space sector refers to industries related to satellite and launch vehicle manufacturing and satellite services (such as exploration and communications). The standards have been established in consideration of the need for long-term research and development, initial funding requirements, and the potential to enhance national prestige upon success. The space industry is divided into ▲ satellite/launch vehicle or component manufacturing, ▲ ground stations, and ▲ satellite services. Records of government project execution and achievements recognized for technological excellence by government agencies are applied as common review criteria.

The Exchange plans to establish additional sector-specific review standards within this year, taking into account policy direction, growth potential, the need for long-term research and development, and domestic company value chains. In addition, within the first quarter of this year, the Exchange will introduce the "sector-specific technology advisor" system to enhance the expertise and speed of technology company reviews. Advisors will be appointed for each sector, such as AI and space, for which customized review standards have been established, to support the smooth listing of innovative technology companies.

Meanwhile, as a result of the strengthened delisting requirements revised in July last year, the market capitalization standard will be raised from 4 billion won to 15 billion won starting this month. Accordingly, this year, KOSDAQ companies whose market capitalization remains below 15 billion won for 30 consecutive trading days will be designated as under management. If they fail to meet the market capitalization standard within a certain period thereafter, they will ultimately be delisted. The market capitalization standard will be raised stepwise: 15 billion won in 2026, 20 billion won in 2027, and 30 billion won in 2028. The sales revenue standard will be strengthened to 5 billion won from next year, and will increase to 7.5 billion won in 2028 and 10 billion won in 2029.

Yonhap News Agency