Although the delisting criteria of the KONEX market is similar to those of the KOSPI and KOSDAQ markets, the delisting criteria relating to financial status and business performance are not applied considering the nature of business and financial conditions of startups – small-sized business, weak financial status and highly volatile business performance -. Instead, by stipulating the appointment of the designated advisor as one of the delisting criteria, the Exchange intends to have insolvent corporations unlisted quickly through termination of appointment agreement of the designated advisor in case where the designated advisor deems the corporation concerned cannot maintain its listing status.
Designated Advisor not appointed When the corporation fails to sign a designated advisor agreement within the period* noted in the special provision after listing
주의Two years from the listing date for corporations that belong to Startup company category and three years for corporations that belong to Crowdfunded company category.
Failure to submit disclosure materials
  • Failure to submit annual reports
  • Failure to hold general shareholders' meetings or
    failure to get approval on the financial statements at the general shareholders' meeting
Immediate delisting
  • Bankruptcy or suspension of transactions with banks
  • Occurrence of causes for dissolution: Becaming a wholly-owned subsidiary of a listed holding company or court ruling of bankruptcy
  • Failure to enter an agreement on appointing the designated advisor within 30 days after terminating previous agreement
  • Restriction on transfer of shares
Failure to hold IR Failure to hold investor IR for two consecutive half-year periods, and at least 4 times for 3 years
Listing maintenance review
  • Unfaithful disclosure with demerit point of 15 points or more in total
  • Application for the commencement of reorganization procedure
  • False statements or omission of the listing-related documents
  • Malpractice, embezzlement, accounting fraud, suspension of main business