Delisting Criteria
Delisting Criteria
  Designation as Administrative issue Delisting
Sales amount Less than KRW 3 billion in the most recent fiscal year
not applied to growth technical companies, companies with net losses for 5 years after listing
Less than KRW 3 billion in 2 consecutive years
[Qualitative Delisting Examination] for companies with net losses, when sales is under KRW 500 mil. and when sales is -50% or more compared to the previous year for three consecutive years during the administrative issue exemption period
Loss from on-going business before taxes Sustained the loss equivalent to more than 50%(& over KRW 1 billion) of equity capital from on-going business in 2 years(& loss in the most recent year) out of recent 3 years
not applied to technical companies for 3 years after listing, not appplied to net loss companies for 5 years after listing
In the year after having been designated as administrative issue, sustained the loss greater than 50%(& KRW 1 billion) of equity capital
[Qualitative Delisting Examination] for companies with net losses, when sales is under KRW 500 mil. and when sales is -50% or more compared to the previous year for three consecutive years during the administrative issue exemption period
Prolonged Operating loss Operating loss for 4 consecutive years
not applied to growth technical company
Operating loss for 5 consecutive years
[Listing Maintenance Review] Operating loss in the recent year after designation as an administration issue
Impaired capital
  • (A)Impairment of over 50% of capital at the end of fiscal year(semiannual period)
  • (B) Less than KRW 1 billion of equity capital at the end of fiscal year(semiannual period)
  • (C) Failure to submit the audit(review) report within 10 days after the submission deadline of semiannual report or the audit opinion thereon is adverse, disclaimer of opinion or qualified due to the limit placed on audit scope
    Impaired capital ratio = (Total capital stock - Equity capital) ÷ Total capital stock x 100
  • Total impairment of capital at the end of the latest fiscal year
  • After coming under A or C, sustained over 50% of capital impairment at the end of fiscal year(semiannual period)
  • After coming under B or C, the equity capital fell below KRW 1 billion at the end of fiscal year(semiannual period)
  • After coming A or B or C, have failed to submit the semiannual report within 10 days after the submission deadline of semiannual report or the audit opinion thereon is adverse, disclaimer of opinion or qualified due to the limit placed on audit scope.
Audit Opinion

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Adverse or disclaimer of opinion, or qualified due to the limit placed on audit scope
If the audit opinion is due to the concern about going concern, provided that the elimination of the auditor's concern has been confirmed, the delisting is postponed to the end of the next semiannual period.
Market capitalization Market capitalization remained below KRW 4 billion for at least 30 consecutive days Failure to meet the requirement of market capitalization to be higher than KRW 4 billion for 10 consecutive days and for 30 days out of 90 days after having been designated as an administrative issue
Trading volume 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
Stock distribution No. of minority shareholders declined less than 200 or no. of shares held by minority shareholders declined less than 20% of floating shares
Not to apply to the case where over 300 minority shareholders hold at least 10% of floating shares, which is more than 1,000,000 shares
Failure to meet the stock distribution requirement for 2 consecutive years
Unfaithful disclosure Accumulation of more than 15 demerit points due to the unfaithful disclosure during 2 recent fiscal years [Qualitative Delisting Examination] 15 demerit points or more within 1 year after designation as an administrative issue
Disclosure documents
  • (A)Failure to submit the quarterly, semi-annual, or annul business reports before the submission deadline
  • (B)The financial statement was not approved at the general meeting of shareholders or the general meeting of shareholders was not held
  • Failure to submit quarterly or semiannual business reports 3 times in 2 years
  • Failure to submit business report within 10 days after the submission deadline
  • After coming under A (sustained submission failure) or B, in case where A or B occurs again in the next term reporting period
Outside directors Failure to meet the requirements related to outside directors / Audit committee Failure to meet the requirement for 2 consecutive years
Application for rehabilitation/Bankruptcy o When a request for commencement of rehabilitation procedure is filed
o When an application for bankruptcy is filed
(Subject to Qualitative delisting examination)
When application for commencement of rehabilitation procedures is turned down. decision on commencement of rehabilitation procedures is cancelled, or rehabilitation plan is disapproved
Others(Immediate Delisting) Other causes for delisting occurs
  • Final bankruptcy or suspension of bank transactions
  • Company dissolution(merged into another company, bankruptcy)
  • When the article of incorporation was amended to include the restrictions on stock transfer
  • When listing on the KOSPI Market
  • When violating the regulations concerning the backdoor listing
Content Manager
  • Listing Qualification Review Ⅰ 02-3774-9734
  • Listing Qualification Review I 02-3774-9493