Trading of newly listed stocks
Introduction
  • 09:00 : The initial price decided by way of single price auction
  • After 09:00 : Continuous trading within the daily price limit of 30% band based on the initial price.
Setting the initial price
  • Place bids and offers
    • 08:00 ∼ 09:00
  • Possible price range
    • The range between the lowest offer price and the highest offer price calculated by multiplying 50% - 200% to the appreciated price (90% - 200% for common stock listed by public offering)
    • Trading unit price in case this price is under the trading unit
  • Trading method
    • single price auction.
Appraisal Price and Quotation Price Range
Immediacy of execution
Stocks Appraisal Price Quotation Price Range
Initial listing Newly listed common stocks
  • Public offering price
  • Net asset value per share (no public offering)
90% ~ 200%
Common stocks graduated from KONEX
  • (KONEX market price x Number of shares before public offering) + (Offer amount) / Number of shares after public offering
  • KONEX market price (no public offering)
Common stocks and different class of stocks listed simultaneously
  • Common stock : the latest public offering price
  • Different class of stocks
    • In case there is public offering in 6 months from listing : the latest offering price
    • The average price of different class of stocks with record of public offering in 6 months from listing. In case there is no different class of stock with record of public offering, the price of common stock
Old stocks and new stocks listed simultaneously
  • The latest public offering price
New listing of foreign stocks and DRs of foreign stocks
  • Public offering price
    • In case the last price of foreign exchange is under 90%(50% for different class of stocks) of the offering price, the last price of foreign exchange(converted into KRW)
Relisting / Listing change Relisting of the company newly incorporated by spin-off or merger after spin-off / Listing change of the existing company The net asset values of the listing change and relisting are all positive (+) on the day of listing application
  • {∑(Market capitalization of each share class before spin-off and merger on the last trading day x Net asset split ratio) / Number of shares by class after the merger after spin-off}
50% ~ 200%*
The net asset values are not positive(+)
  • Listing change issue: No appraisal price
KRW 1 ~ closing price of the last trading day before the spin-off
  • Relisting change issue (the net asset values are positive(+)) : net asset values per share
50% ~ 200%*
  • Relisting change issue (the net asset values are not positive(+))
    • No appraisal price
KRW 1 ~ {∑(Market capitalization of different class of stocks before the spin-off(merger) / Number of different class of stocks after the spin-off(merger)}
Listing of a company newly established after a merger between listed companies
  • Total market capitalization of different classes of stocks as of the last trading day before the merger / Total number of shares of all the share classes after the merger
50% ~ 200%
Stock with capital reduction Capital reduction without refund
  • The closing price of the last trading day before the consolidation x Consolidation ratio applicable to minority shareholders
50% ~ 150%*
  • In case where a large sum of shares are issued via capital increase by the allocation to a third party, merger, transfer of business at a price lower than 20% of the appraisal price :
    • {(The closing price of the last day before the consolidation x number of listed shares before the consolidation) + (The total value of the newly issued shares via capital increase by the allocation to a third party)} / Number of the listed shares on the date of listing change
KRW 1 ~ 300%
Capital reduction with refund
  • {(The closing price of the last day before the consolidation x Number of shares before the consolidation) - (Stock price paid to minority shareholders x Number of shares for buyback)} / Number of shares after the consolidation
50% ~ 150%*
  • In case where a large sum of shares are issued via capital increase by the allocation to a third party, merger, transfer of business at a lower price than 20% of the appraisal price :
    • {(The closing price of the last day before the consolidation x number of listed shares before the consolidation) + (The total value of the newly issued shares via capital increase by the allocation to a third party) - The total value paid to shareholders} / Number of the listed shares on the date of listing change
KRW 1 ~ 300%

* In case where a large sum of shares are issued at the price lower than 50% of the appraisal price via capital increase by the allocation to a third party, merger, transfer of business assets, etc., the minimal quotation price is KRW 1.

In case common stock alone is listed
  • Public offering price for listed company by public offering
  • For other cases, Net Asset Value per shares
In case old shares and new shares listed simultaneously
the latest public offering price
In case common stock and preferred stock listed simultaneously
  • Common Stock : the latest public offering price
  • Preferred Stock
    • in case there is public offering in 6 months from listing : the latest offering price
    • The average price of the preferred stocks with record of public offering in 6 months from listing. In case there is no preferred stocks with
    • record of public offering, the common stock price.
Re-listed or alter listed share

Re-listing corporations established after split-off or merger, or surviving corporations.

  • If the net asset value is positive, total market value x split-off ratio ratio of the net asset / number of shares after split-off
    • split-off ratio of net asset : split off ratio of net asset value of the company before split-off in the report of completion of split-off
    • If, new shares has been allocated to third party and the offering price is under 50% of current price and the number of newly issued shares exceeds the current shares, the lowest quotation price is KRW 1.
  • If the net asset value is negative, following price
    • the surviving corporations : the lowest quotation price is KRW 1 and the highest quotation price is the last price before the split-off
    • Re-listing corporations
      • Net asset value is positive : Net asset value per share
      • Net asset value is negative : the lowest quotation price is KRW 1 and the highest quotation price is obtained by dividing the total market value by the number of shares after the split-off.
  • Re-listing after consolidation between KOSDAQ corporate : Total market value before consolidation / number of shares after consolidation
New listing of foreign stocks and depository receipts of foreign stocks
the issuing price of public offering. In case the last price of foreign exchange is under 90%(50% for preferred stocks) of the offering price, the last price of foreign exchange(converted into KRW)
Corporate with reduced capital
Closing price x consolidation rate applicable to minority shareholders(after consideration of ex-rights or ex-dividends) If 200% of the appreciated price is smaller than the closing price of the previous day(after consideraton of ex-rights or ex-dividends), the highest quotation price is the closing price of the previous day. The lowest quotation price is KRW 1 in case the capital increased more than current shares at the price of less than 50% of current price