[경제][앵커리포트] Why did Coupang go to America?

Yesterday, stock prices of several corrugated cardboard companies rose to the 30% limit.

This is due to the expectation that the demand for corrugated cardboard for delivery boxes will increase if Coupang works well while Coupang is promoting listing on the New York Stock Market.

Various interpretations come up as to why the business expands in Korea and is listed in the US, let’s take a closer look.

Although Coupang has a severe deficit, it is not that it could not be listed on the domestic stock market.

This is because even if you do not make a profit, you can cross the listing threshold if you exceed criteria such as market cap or sales.

Nevertheless, there may be a reason for choosing the US stock market, and there are many stories of’differential voting rights’ that do not exist in Korea.

It is a system that recognizes the voting rights of stocks held by the founder or management more than the stocks of ordinary shareholders.

It is possible to operate a stable company through quick decision-making and defense of management rights, but it also has the disadvantage that it is difficult to contain lazy management.

However, some analyzes say that it is difficult to view Coupang’s trip to the United States only because of differential voting rights.

[박상인 / 서울대 행정대학원 교수 : 차등의결권이 없다고 우리 성공한 벤처기업이 우리나라에서 상장 안 했느냐? 다 했습니다. 미국 쿠팡이 미국 증시에 상장하는 거고 한국 쿠팡은 미국 쿠팡의 100% 자회사입니다. 처음부터 쿠팡을 상장할 때 미국 증시에 상장할 계획을 10년 전부터 가지고 있었다고 보는 게 합리적입니다.]

It is mentioned that the investments that have been invested in the past can be recovered more stably.

It means that the investment is more concentrated and the value of the enterprise can be evaluated higher.

The Wall Street Journal recently predicted Coupang’s corporate value to be 50 billion dollars and about 55 trillion won in Korean money when listed.

Soft Group Chairman Son Jeong-eui, who has 37% stake by investing more than 3 trillion won in Coupang, can earn nearly 7 times the profit in this case.

What will happen to domestic employees?

It is called a’stock option’, the right to buy shares of your company at a fixed price.

There are about 65.7 million shares in Coupang.

It is provided to employees who have worked for more than 2 years, but the price for the event varies slightly depending on the time of joining the company.

The average price of a stock option exercise by Coupang employees is $1.95 per week, which is around 2,100 won.

‘Coupangman’ and the delivery workers must also contribute to the growth of Coupang.

Some of the profits are expected to return to those who are working regularly at the distribution center, as well as regular and contract employees with low ranks.

At the level of 2 million won per person, 50% of the work is paid for one year from the date of receipt of the stock, and the remainder is received for another year.

So, what is the outlook after listing?

Coupang’s cumulative deficit is KRW 4.5 trillion and 14.8 million customers use Coupang once a quarter.

Based on many users, Coupang’s potential to diversify food delivery and video services will receive more points,

Whether the increasingly fierce market competition will act as a drawback, prospects are mixed.

Park Gwang-Ryeol [[email protected]]

[저작권자(c) YTN & YTN plus 무단전재 및 재배포 금지]