[Last updated: 1 January 2024, unless otherwise noted]
Large companies. For large companies that satisfy all of the requirements below, the KRX may waive the corporate sustainability requirements during the qualitative review:
- Equity capital. At least KRW 400 billion (approximately US$308 million) as at the application date for the preliminary listing review.
- Sales. At least KRW 700 billion (approximately US$539 million) for the latest business year, and at least KRW 500 billion (approximately US$385 million) on average for the most recent three business years.
- Income before tax from continuing operations. At least KRW 30 billion (approximately US$23.1 million) for the latest business year, and the sum for the last three business years must be at least KRW 60 billion (approximately US$46.2 million).
Also, as mentioned in section 5, for a listed company whose total assets as at the end of the latest business year is at least KRW two trillion (approximately US$1.85 billion), more rigorous criteria are applied regarding independent directors and establishing the audit committee.
Small companies. There is no additional requirement, and no change to the normal listing requirements, that would apply to small companies.
There are no industries for which the normal listing or maintenance rules do not apply or apply in modified form for the KOSPI Market. However, for the KOSDAQ Market, different, less rigorous qualitative criteria for the listing eligibility review are applied to 4th industry (such as artificial intelligence, big data, cloud computing, 5G, 3D printing, block chain, intelligent semiconductor, smart healthcare, smart factories, intelligent robots, self-driving vehicles, renewable energy, fintech) and bio-industry companies.
"Fast track" listings. In the case of public corporations and secondary listings of foreign companies that meet the below criteria, qualitative review requirements may not be applied, and only the sales and profitability requirements from the formality review requirements may be applied:
- At least five years should have elapsed since the primary listing on a recognized overseas securities market.
- The base market capitalization of the foreign shares that have been listed on a recognized overseas securities market as at the application date for the preliminary listing review should be at least KRW two trillion (approximately US$1.85 billion).
- Business performance requirements:
- Sales. At least KRW two trillion (approximately US$1.85 billion) for the latest business year and at least KRW one trillion (approximately US$0.77 billion) on average for the most recent three business years.
- Profitability. The income before tax from continuing operations should be minimum KRW 300 billion (approximately US$231 million) for the latest business year, and the sum of income before tax from continuing operations for the last three business years should be at least 700 billion (approximately US$539 million).
- No incidents of disciplinary actions taken by an overseas stock market on which the shares are listed, the regulator or the exchange of the home country should have occurred for the latest three years.