[사설]The second and third coupang success myth, not freely obtained

Coupang made a brilliant debut on the first day of listing on the New York Stock Exchange with a market capitalization of over 100 trillion won. On the 11th (local time), the first trading day, Coupang closed the deal at $49.25, a 40.7% increase from $35. The market capitalization amounted to $8.85 billion, and it rose to 100 trillion won in terms of won. It is equivalent to the British BP (approximately $89 billion), a global conglomerate. The company, which started with a capital of 3 billion won in 2010, has increased its corporate value by more than 33,000 times in 10 years, and has attracted the attention of foreign investors in the center of the global capital market.

Bum-seok Kim, Chairman of Coupang’s board of directors, said, “Now, we are only at the first at-bat in the first inning of the Major League” about Coupang’s future after listing. It means that he was recognized as a Korean big leaguer and played on a big stage, but it can be said that it indicates that he is dreaming of a bigger dream. However, the significance of Coupang’s success is not limited to only one Coupang company. Another domestic unicorn company that aims for the second and third success stories, such as Market Curly, will go to the US in earnest, as well as a number of tasks for this.

Coupang’s debut, which has garnered extraordinary interest from investors, can be a catalyst that will increase the likelihood of getting a decent price along with a re-evaluation of Korean e-commerce companies. It is said that the view of foreign investors looking at Korean unicorn companies can be changed against the backdrop of the rich liquidity as well as the maturity of expectations for the Korean premium in the US stock market. Therefore, it can be seen that there is not much room for success stories in the fields of bio and IT as well as e-commerce, distribution, and platform companies.

The problem is domestic conditions. In the background of the myth of Coupang, there was a Japanese vision fund that transfused trillions of dollars in blood even when groaning with a pile of cumulative deficits. If we ask ourselves if there is a financial company that will lend’trillion’ of money to a domestic venture that has been crushed by the deficit, our soil is unfortunate. If financial support is difficult, even if it is difficult to regulate, the government should not be stingy. It is said that Coupang stated that Korean corporate regulations were specified as a’special risk’ unique to Korea in the securities report. Coupang’s success could end with a sparkling event if the reality of corporate regulation being specified as a special risk continues.

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