Delisting Criteria of KOSPI Market (As of 20.May.2013)
Delisting Criteria of KOSPI Market (As of 20.May.2013)
Criteria Designation as Administrative issue Delisting
Sales amount Less than KRW 5 billion at the end of the latest fiscal year (on the basis of consolidated financial statement, in case of a holding company) Less than KRW 5 billion in 2 consecutive fiscal years
Impaired capital When the capital impairment ratio exceeds 50% at the end of the most recent fiscal year
  • Impairment of entire capital at the end of the most recent fiscal year
  • When the capital impairment ratio exceeds 50% for 2 consecutive fiscal years
Stock Price When the price dropped below 20% of face value and such situation continued for 30 consecutive days
Excluding the company with market value over KRW 500 billion
When failing to satisfy the requirement that the stock price must be higher than 20% of face value for 10 consecutive days and total of 30 days during the 90 days following the designation as administrative issue
Market capitalization When the market value dropped below KRW 5 billion and such situation continued for 30 consecutive days When failing to satisfy the requirement that the market value must be higher than KRW 5 billion for 10 consecutive days and total of 30 days during the 90 days following the designation as administrative issue
Audit Opinion
  • When the review opinion on the semi-annual report is adverse or disclaimer of opinion
  • When the audit opinion on the annual report is qualified opinion due to the limit placed on the scope of audit
  • When the audit opinion on the annual report is adverse or disclaimer of opinion
    In case where the audit opinion is due to the uncertainty about going concern, the delisting is postponed until the end of semi-annual period if the cause of the uncertainty has been resolved
  • When the audit opinion on the annual report is qualified opinion due to the limit placed on the scope of audit 2 consecutive fiscal years
Trading volume When the average monthly trading volume in the semi-annual period dropped below 1% of no. of floating shares
Not applied to the case where the average monthly trading volume is higher than 20,000 shares and over 500 public shareholders hold more than 20% of floating shares
When the average monthly trading volume in the semi-annual period dropped below 1% of no. of floating shares and such situation continued for another semi-annual period
Stock distribution When over 15 points of penalty points related to unfaithful disclosure have been accumulated in 1-year period (Subject to Listing-Maintenance Review)
  • When the penalty points more than 15 has been accumulated in recent 1 year after designation as administrative issue
  • Case of being designated as unfaithful disclosure corporation, because of intentionally or by major mistake violating the disclosure requirement of matter that may have serious influence on corporate management
Unfaithful disclosure Average quarterly trading volume fell less than 1% of floating shares
Not to apply to the case where the monthly trading volume is higher than 10,000 shares and over 300 minority shareholders hold at least 20% of shares
Average quarterly trading volume fell less than 1% of floating shares for 2 consecutive quarters
Disclosure documents When failing to submit the quarterly report, semi-annual report and annual report
  • When failing to submit the quarterly report, semi-annual report and annual report 2 consecutive times
  • When failing to submit the annual report within 10 days of legal submission deadline
Outside directors, etc. When failing to satisfy the requirement that for composition of outside directors / audit committee When failing to satisfy the requirement that for composition of outside directors / audit committee for 2 consecutive years
Application for rehabilitation / Bankruptcy
  • When a request for commencement of rehabilitation procedure is filed
  • When an application for bankruptcy is filed
(Subject to Listing-Maintenance Review)
  • When the application for commencement of rehabilitation procedure is dismissed, the decision on the commencement of rehabilitation procedure is cancelled, the rehabilitation plan is disapproved, or the decision is made to retract the commencement of rehabilitation procedure
Others(Immediate Delisting) -
  • Case of final bankruptcy or suspension of bank transactions
  • Case where the cause of dissolution has occurred under the laws
  • Case of restricting transfer of stocks
  • Case where the concerned company becomes a wholly owned subsidiary f a holding company and the stocks of concerned holding company is initially listed
  • In the event of backdoor listing, case of violating the regulations related backdoor listing
Content Manager
  • Listing Qualification Review 02-3774-8715
  • Listing Qualification Review Ⅰ 02-3774-9734
  • Listing Qualification Review I 02-3774-9493