Corporations under special provisions
Any corporation satisfying the requirements below (“corporation with technology rating”) is allowed to list its shares in the KONEX market without appointing the designated advisor (“Special Exemption Listing”).
Corporations under special provisions
Items Requirements
Attraction of investment Institutional investors designated by the KRX should hold at least 20% of outstanding shares of the corporation for at least 1 year.
Technological capacity The corporation should acquire a technology rating higher than certain level by the Technology Credit Bureau (TCB)
Consent of investors The corporation should obtain the consent on the special exemption listing and lock-in of shares from the designated institutional investors.
Technology Crediting Bureau (TCB)
TCB is an organization which professionally performs duty of technology credit rating for activation of technology finance. It built a technology rating system dedicated to the special exemption listing through the cooperation with the KRX. Currently there are three TCBs in Korea: Korea Technology Finance Corporation, Nice Information Service, and Korea Enterprise Data.
Procedure for special exemption listing
The review of listing application for the special exemption listing is completed in 45 business days after the listing application date. (In the case of ordinary listing procedure where application of listing is made after appointment of the designated advisor, the review results are confirmed in 15 business days.)

Procedure for special exemption listing
Administration of corporations listed through the special provisions
  • Classification of the market section: The corporations listed through the special provisions are placed in the start-up section.
  • Appointment of the designated advisor: Corporations listed through the special exemption are required to enter an agreement on appointment of the designated advisor in 2 fiscal years after the listing date, otherwise the listing is terminated.
    The delisting can be delayed up to one year by the deliberation of the Listing and Disclosure Committee.
  • Delay of listing transfer through the Fast Track: Corporations listed by the special exemption are eligible for the transfer to KOSDAQ through the Fast Track in one year after entering into the agreement on the designated advisor.
  • Safe custody of shares: The sales of shares owned by the designated institutional investors who agreed on the special exemption listing of the applicant corporations are restricted as shown in the table below.
Target investors Designated institutional investors who agreed on special exemption listing
Lock-in period Sales of shares prohibited for the first 6 months after the listing, and then sales of shares up to 10% of holdingpermitted on monthly basis.
Range for sales Sales up to 80% of shares held is permitted before appointing designated advisor.
Exemption to sales restriction
  • Institutional investors holding less than 5% of outstanding shares of the corporation
  • Case where the corporation with technology rating appoints the designated advisor
Content Manager
  • KONEX Market Listing Management 02-3774-8622