[사회][팩트와이] Coupang, an innovation-blocked company to escape Korea?

[앵커]

Recently, it is argued that Coupang’s plans to list the US stock market have escaped Korea due to the lack of regulation.

Really?

Based on the listing declaration filed by Coupang on the New York Stock Exchange.

This is FactW, reporter Go Han-seok.

[기자]

“The foreshadowing of a company blocked by innovation.”

“I chose to go to the US because of the differential voting rights that do not exist in Korea.”

When the news that Coupang is promoting listing on the New York Stock Exchange, this report was poured out by some media such as economic journals.

▲ Can’t list in Korea?

This is a stock exchange report submitted by Coupang.

As of last year, the cumulative deficit amounted to 4.17 billion dollars and our money was 4.5 trillion won.

[강용석 / 가로세로 연구소 : 한국은 저렇게 적자가 계속 나는 회사를 상장시켜 주는 법이 없어요. 그렇기 때문에 한국에서는 진작부터 상장이 불가능하다….]

Not true.

Since 2016, the system has changed, and Coupang, a venture company, can be listed on the KOSDAQ as well as on the KOSPI by meeting growth indicators such as sales growth.

[신병철 / 한국거래소 상장부장 : 성장성 요건으로도 쿠팡이 (상장) 청구하는 데는 크게 문제가 없는 상황입니다.]

▲ Was it taken to the United States?

The first page of the report.

S-1, This is a document form used by companies in the United States to disclose in the US stock market.

If you are a foreign company, you must fill out the F-1 form.

The reason for using S-1 is that it lists Coupang INC in Delaware, USA, not Coupang in Korea.

Coupang INC is a parent company that owns 100% of Coupang and is a paper company for financing purposes.

It is a multinational company where sales, employment, and investment come from Korea, and the capital is from Japan’s Chairman Son Jeong-eui’s Softbank.

▲ Going to the US for differential voting rights?

Coupang INC shares are made up of ten types, from A to J.

B shares held by the founder, Chairman Bum-Seok Kim, exercise 29 times more voting rights.

It is true that going to the U.S. is advantageous from the standpoint of current management because such differential voting rights have the effect of strengthening management rights.

However, the report explains to investors the gains and losses of differential voting rights relatively objectively, saying that it may result in contrary to the interests of the shareholders holding stock A.

[이인철 / 참조은경제연구소장 : 뉴욕증권거래소를 선택한 이유는 더 많은 투자자들한테 더 많은 자금을 확보할 수 있는 기회, 문호가 열려 있고 앞으로 쿠팡이 만년적자 기업이지만 흑자 전환 가능하다라는 거예요.]

After all, Coupang’s listing on the U.S. stock market is an analysis that it makes sense for multinational companies to see the current management’s capabilities as a process of attracting multinational capital by being evaluated in the U.S. market.

This is Han-Seok Ko from YTN.

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