AI · Universe · Energy Innovation Enterprises, Kosdaq Listing Threshold Lowered... Government Fully Expands Special Technology Policies

The government has decided to fully expand the technical exception listing system to make it easier for innovative companies in core industries such as artificial intelligence(AI), aerospace, and energy to list on the Kosdaq. This move aims to transform the Kosdaq market into a technology-centered growth ecosystem and strengthen the foundation for attracting private investment.

Following the presidential work report on December 19, 2025, the Financial Committee announced the “Kosdaq Market Trust and Innovation Enhancement Plan” and stated that a customized listing review system for technology-focused companies will be introduced. Previously, only the biotech industry applied separate technical and growth standards. Going forward, the scope will be expanded to include AI, aerospace, energy storage devices, and new energy industries. To support this, a technical advisory team comprising industry experts will also be established.

At the same time, to help innovative companies enter the market and screen out underperforming firms early, reforms to the listing review and delisting systems will be implemented. The goal is to establish a “multiple production and sales” structure, encouraging many companies to actively list, but allowing for rapid delisting if standards are not met. The plan includes expanding the review team for delistings and incorporating cases where companies with technical exception listings change their main business to different fields after listing into delisting criteria.

The reform also includes measures to promote institutional investor inflows. The strategy is to incorporate the Kosdaq index into the benchmark return calculations during fund operation assessments of major pension funds like the National Pension Service, thereby incentivizing pension funds to invest in Kosdaq. Additionally, efforts are underway to expand tax benefits for Kosdaq risk funds and establish new tax incentives for enterprise growth collection investment institutions(BDC).

To ensure market trust, relevant mechanisms will be improved simultaneously. The review system for companies listed on Kosdaq will be strengthened. To prevent the issue of overestimated projected performance used by lead underwriters during initial public offerings(IPO) in calculating public offering prices, mandatory disclosure of the deviation rate between projected and actual performance will be required. Furthermore, the review standards for dual listings will be explicitly incorporated into listing regulations to enhance investor protection.

The Financial Committee stated that this reform not only aims at short-term capital attraction or market activation but also seeks to lead a fundamental transformation of the country’s industrial structure in the future. Given that AI, aerospace, and new energy are strategic emerging growth drivers cultivated by the government, such institutional changes are highly likely to lead the future restructuring of the Kosdaq market into an innovation industry hub.