Tighter delisting rules put $5.9 bil. of retail money at risk

More than 3 million retail investors hold penny stocks and low-market-cap shares that could face delisting as Korea tightens listing rules. Their holdings were valued at 7.85 trillion won, or $5.9 billion. The Korea Exchange said 238 KOSPI and Kosdaq companies met the risky criteria, and the stricter thresholds were delayed by six months to July. The Kosdaq remained well below its April peak after a sharp drop.

Rep. Park Min-kyu of the ruling Democratic Party of Korea released data showing 3,126,710 retail shareholders were exposed to the risk.

The combined value of their holdings was 7.85 trillion won, based on the latest annual reports.

Of the 238 at-risk companies, 61 were listed on the KOSPI and 177 were listed on the Kosdaq.

As of Aug. 25, 114 of 806 KOSPI-listed companies and 357 of 1,740 Kosdaq-listed companies failed to meet either the market capitalization or share price requirement.

The Kosdaq fell about 47 percent from a year-to-date closing high of 1,226.18 on April 27 to 644.78 on July 30, then recovered to 813.50 on Friday.

Published Sep 7, 2026 7:00 am KST

More than 3 million retail investors hold penny stocks and low-market-cap shares that could be at risk of delisting as Korea tightens listing requirements, data showed Sunday. Their holdings were valued at nearly 8 trillion won ($5.9 billion).

A total of 238 companies on the benchmark KOSPI and secondary Kosdaq either traded below 1,000 won a share or failed to meet minimum market capitalization requirements, according to the Korea Exchange. Of those, 61 were listed on the KOSPI and 177 on the Kosdaq, meaning the number of affected Kosdaq companies was nearly three times higher.

These companies had a combined 3,126,710 retail shareholders, with their holdings valued at 7.85 trillion won, based on their latest annual reports, according to Rep. Park Min-kyu of the ruling Democratic Party of Korea, who obtained and released the data. The tally may include duplication because one investor can own shares in multiple companies, Park said.

Korean financial authorities earlier this year announced tougher delisting rules aimed at improving the quality of listed companies and restoring investor confidence.

As of July, KOSPI-listed companies were required to maintain a market capitalization of at least 30 billion won, while the threshold for Kosdaq companies was 20 billion won. Stocks trading below 1,000 won also faced a separate delisting criterion.

30 years on, Kosdaq struggles to regain investors' trust

The market capitalization thresholds are set to rise next year to 50 billion won for KOSPI companies and 30 billion won for Kosdaq firms. The tougher thresholds had been scheduled to take effect in January, but authorities said Friday they would delay implementation by six months to July to ease the impact on the market.

More companies are expected to face delisting pressure once the stricter rules take effect. As of Aug. 25, 114 of the 806 KOSPI-listed companies and 357 of the 1,740 Kosdaq-listed companies failed to meet the requirement for either market capitalization or share price.

Kosdaq's downward trend is expected to add pressure on companies already struggling to satisfy listing standards. The index fell about 47 percent from a year-to-date closing high of 1,226.18 on April 27 to 644.78 on July 30. It recovered to 813.50 on Friday but remained well below its peak.

超过300万散户投资者持有可能面临退市的低价股和小市值股票，因为韩国收紧了上市规则。他们的持股价值高达7.85万亿韩元，约合59亿美元。韩国交易所表示，共有238家韩国综合股价指数（KOSPI）和韩国创业板指数（KOSDAQ）成分股符合风险标准，更严格的上市门槛将推迟六个月至7月生效。KOSDAQ指数在经历大幅下跌后，目前仍远低于4月份的峰值。

韩国执政党共同民主党议员朴珉奎公布的数据显示，有3126710名散户股东面临风险。

根据最新的年度报告，他们持有的资产总值达7.85万亿韩元。

在 238 家面临风险的公司中，61 家在韩国综合股价指数 (KOSPI) 上市，177 家在韩国创业板 (KOSDAQ) 上市。

截至 8 月 25 日，韩国综合股价指数 (KOSPI) 806 家上市公司中有 114 家，韩国创业板 (Kosdaq) 1740 家上市公司中有 357 家未能达到市值或股价要求。

韩国Kosdaq指数从4月27日创下的年内收盘高点1226.18点下跌约47%，至7月30日的644.78点，随后在周五回升至813.50点。

发布于2026年9月7日 上午7:00（韩国标准时间）

周日公布的数据显示，超过300万散户投资者持有可能面临退市风险的低价股和小市值股票，因为韩国收紧了上市要求。他们的持股价值近8万亿韩元（约合59亿美元）。

据韩国交易所统计，韩国综合股价指数（KOSPI）和韩国创业板（Kosdaq）共有238家公司股价低于1000韩元或未达到最低市值要求。其中，KOSPI上市公司61家，Kosdaq上市公司177家，这意味着受影响的Kosdaq上市公司数量几乎是KOSPI上市公司的三倍。

据韩国执政党共同民主党议员朴珉奎（音译）获取并公布的数据，根据这些公司最新的年度报告，这些公司共有3,126,710名散户股东，持股价值达7.85万亿韩元。朴珉奎表示，由于一名投资者可以持有多家公司的股份，因此统计数据可能存在重复。

韩国金融当局今年早些时候宣布了更严格的退市规则，旨在提高上市公司的质量并恢复投资者信心。

自7月起，韩国综合股价指数（KOSPI）上市公司的市值必须维持在300亿韩元以上，而韩国创业板（KOSDAQ）上市公司的市值门槛为200亿韩元。股价低于1000韩元的股票还面临单独的退市标准。

30年过去了，Kosdaq仍在努力重获投资者的信任。

韩国综合股价指数（KOSPI）成分股的市值门槛将于明年上调至500亿韩元，韩国创业板（Kosdaq）成分股的市值门槛则将提高至300亿韩元。新的市值门槛原定于明年1月生效，但当局周五表示，为减轻对市场的影响，将推迟六个月至7月实施。

预计更严格的规定生效后，将有更多公司面临退市压力。截至8月25日，在韩国综合股价指数（KOSPI）的806家上市公司中，有114家未能满足市值或股价方面的要求；在韩国创业板（Kosdaq）的1740家上市公司中，有357家未能满足退市要求。

预计韩国创业板指数（KOSDAQ）的下跌趋势将给那些本已难以满足上市标准的公司带来更大压力。该指数从4月27日创下的年内收盘高点1226.18点下跌约47%，至7月30日的644.78点。尽管周五回升至813.50点，但仍远低于其峰值。