Korean stocks face overhang as 230 mil. shares come off lock-up

Nearly 230 million shares in listed companies are coming out of lock-up this month, raising concerns about a stock-market overhang in South Korea. The Korea Securities Depository said 229.48 million shares in 38 listed companies will be unlocked in September, including 119.49 million shares on KOSPI and 109.99 million on Kosdaq. Kbank had the largest single release on the main bourse, while Osang Healthcare, BitPlanet and J2K Bio also face large releases. Analysts said actual selling will depend on who holds the shares and how much trading volume the stocks normally have.

The Korea Securities Depository said 229.48 million shares in 38 listed companies are coming out of lock-up in September.

Of the total, 119.49 million shares are from five KOSPI-listed companies and 109.99 million are from 33 Kosdaq-listed companies.

Kbank had 81.8 million shares become available for trading on Sept. 5, equal to about 20 percent of its outstanding shares.

Osang Healthcare had 8.49 million shares unlocked on Sunday, equal to 59 percent of its outstanding stock.

BitPlanet is set to have 11.77 million shares unlocked on Sept. 24, and J2K Bio will see 3.3 million shares, or 56 percent of its outstanding stock, come free on Sept. 25.

Published Sep 16, 2026 4:22 pm KST

A stock ticker at Hana Bank's headquarters in Seoul shows the benchmark KOSPI closing at 6,717.97, up 1.37 percent from the previous session, Wednesday. Yonhap

Nearly 230 million shares in listed companies are coming out of lock-up restrictions this month, raising concerns about a potential overhang in the stock market, industry officials said Wednesday.

The mandatory lock-up system bars certain shareholders, including major shareholders, from selling their holdings for a specified period after a company goes public. The restrictions are designed to prevent a sudden influx of shares from weighing on other investors. Once the lock-up period expires, they become freely tradable.

A large block hitting the market can prompt investors to sell ahead of the expected increase in supply, putting downward pressure on a stock and potentially triggering further selling. That is the dynamic behind what investors call an “overhang.”

The risk is more pronounced for companies whose shares are already trading well below their initial public offering (IPO) prices. If a sizable amount of newly unlocked stock is sold into a weak market, it can add to the selling pressure and deepen losses for existing shareholders.

A total of 229.48 million shares in 38 listed companies are coming out of lock-up in September, according to the Korea Securities Depository. Of those, 119.49 million are from five companies on the benchmark KOSPI, while 109.99 million shares are from 33 companies on the tech-heavy Kosdaq.

On the KOSPI, internet-only bank Kbank had the largest single release, with 81.8 million shares becoming available for trading on Sept. 5, equivalent to about 20 percent of its outstanding shares. Kbank has continued to trade well below its 8,300 won IPO price, closing at 5,550 won on Wednesday, or 33.1 percent below the offering price.

On the secondary bourse, medical device maker Osang Healthcare had 8.49 million shares, or 59 percent of its outstanding stock, unlocked on Sunday. Its shares, which were offered at 20,000 won in the IPO, closed at 7,000 won Wednesday.

Two other firms are also set to have more than half of their outstanding shares become available for trading in the coming days. Bitcoin treasury company BitPlanet will have 11.77 million shares unlocked Sept. 24, while biomaterials maker J2K Bio will see 3.3 million shares, or 56 percent of its outstanding stock, come free Sept. 25.

Analysts cautioned, however, that the number of shares coming out of lock-up does not automatically translate into the amount that will actually be sold.

It depends in part on who holds the shares. Major shareholders seeking to retain control may continue to hold their stakes even after the restrictions expire. Financial investors and venture capital firms, by contrast, may have a stronger incentive to sell because they typically hold their investments with an eye toward realizing returns.

“Investors need to look not only at the number of shares being unlocked, but also at the likelihood that existing shareholders will sell and the stock’s normal trading volume,” said one industry official.

本月将有近2.3亿股上市公司股票解除禁售，引发了人们对韩国股市供过于求的担忧。韩国证券存管局表示，9月份将有38家上市公司的2.2948亿股股票解禁，其中包括韩国综合股价指数（KOSPI）上的1.1949亿股和韩国创业板（KOSDAQ）上的1.0999亿股。Kbank是主板上单笔解禁股票数量最多的公司，而Osang Healthcare、BitPlanet和J2K Bio也将有大量股票解禁。分析师表示，实际的股票出售情况将取决于股票持有者以及这些股票的正常交易量。

韩国证券存管局表示，9月份将有38家上市公司的2.2948亿股股票解除禁售期。

其中，1.1949亿股来自5家在韩国综合股价指数(KOSPI)上市的公司，1.0999亿股来自33家在韩国创业板(KOSDAQ)上市的公司。

9月5日，开泰银行有8180万股股票可供交易，约占其已发行股票的20%。

周日，Osang Healthcare 解锁了 849 万股股票，相当于其流通股的 59%。

BitPlanet 将于 9 月 24 日解锁 1177 万股股票，而 J2K Bio 将于 9 月 25 日解锁 330 万股股票，占其流通股的 56%。

发布于2026年9月16日下午4:22（韩国标准时间）

韩亚银行首尔总部的股票行情显示屏显示，韩国综合股价指数（KOSPI）周三收于6717.97点，较前一交易日上涨1.37%。韩联社

业内人士周三表示，本月将有近 2.3 亿股上市公司的股票解除禁售期，这引发了人们对股市可能出现过剩的担忧。

强制锁定期制度禁止包括主要股东在内的某些股东在公司上市后的特定期限内出售其持有的股份。这些限制旨在防止大量股票突然涌入，从而对其他投资者造成压力。锁定期结束后，这些股票即可自由交易。

大量库存涌入市场可能促使投资者在预期供应增加之前抛售，从而对股价造成下行压力，并可能引发进一步抛售。这就是投资者所说的“库存过剩”背后的机制。

对于那些股价已远低于首次公开募股（IPO）价格的公司而言，这种风险更为显著。如果大量新近释放的股票在疲软的市场中抛售，可能会加剧抛售压力，并扩大现有股东的损失。

据韩国证券存管局的数据，9月份将有38家上市公司的共计2.2948亿股股票解除禁售。其中，1.1949亿股来自韩国综合股价指数（KOSPI）的5家上市公司，1.0999亿股来自以科技股为主的韩国创业板（KOSDAQ）的33家上市公司。

在韩国综合股价指数（KOSPI）上，纯互联网银行Kbank单次增发规模最大，9月5日发行了8180万股，约占其已发行股份的20%。Kbank的股价持续远低于其8300韩元的IPO发行价，周三收于5550韩元，较发行价下跌33.1%。

在二级市场，医疗器械制造商Osang Healthcare周日解锁了849万股股票，占其已发行股票总数的59%。该公司股票在IPO中发行价为每股2万韩元，周三收盘价为每股7000韩元。

另有两家公司也将在未来几天内开放超过一半的流通股进行交易。比特币资产管理公司BitPlanet将于9月24日解锁1177万股，而生物材料制造商J2K Bio将于9月25日解锁330万股，占其流通股的56%。

不过，分析师提醒说，解除禁售期的股票数量并不会自动转化为实际出售的股票数量。

这在一定程度上取决于股份持有者。寻求保持控制权的主要股东可能会在限制期结束后继续持有股份。相比之下，金融投资者和风险投资公司可能更有动力出售股份，因为他们通常持有投资是为了实现收益。

一位业内人士表示：“投资者不仅需要关注解锁的股票数量，还需要关注现有股东出售股票的可能性以及股票的正常交易量。”