Input 2021-03-12 13:23 | Revision 2021-03-12 13:32
▲ From left: Coupang IR Team Leader Kim Hyun-myung, Kang Seung Kang Coupang CEO, Kim Bum-seok, Coupang Chairman of the Board, Park Dae-jun Coupang CEO, John Turtle NYSE Vice Chairman, Gerab Anand Coupang CFO.ⓒ Coupang
Bum-seok Kim, Chairman of the Coupang Board of Directors, made the same announcement regarding Coupang’s debut fight on the New York Stock Exchange (NYSE).
On the 11th (local time), Chairman Kim Bum-Seok held an online meeting with a Korean correspondent in the US, saying, “We will secure the conditions to compete with global competitors with the listed funds, and create good jobs by making aggressive investments as we have invested so far.” “In particular, we plan to continue to invest in revitalizing the local economy and building logistics infrastructure,” he said.
He emphasized that the reason why it was listed on the New York Stock Exchange has a deep tradition and means that it is entering the community of global companies.
Regarding the overseas expansion, Chairman Kim said, “I cannot tell you that there is no such dream in the long term. I will devote myself to it.”
“The biggest reason (to be listed in New York) is large-scale financing,” he added. “World-class companies go to New York, the largest market to gain global competitiveness.”
Meanwhile, Coupang, which started its first trade at NYSE that day, closed at $49.25, up 40.7% from the offering price. Coupang’s market capitalization was 100 trillion won ($88.6 billion) based on the closing price, outpacing SK Hynix (99 trillion won) among domestic listed companies, and became the second largest company in the market capitalization after Samsung Electronics (489 trillion won).
Chairman Kim said, “The stock market is a popular voting machine in the short term and a weighing machine in the long term. If we made decisions in terms of popularity voting, there would be no coupang or rocket delivery today. I am committed to and will not pay attention to short-term work forever.”
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