![An advertisement to commemorate Coupang's listing on the New York Stock Exchange is appearing on the billboards at Times Square in New York, USA. [뉴스1]](https://i0.wp.com/pds.joins.com/news/component/joongang_sunday/202103/13/b071265c-ceba-411f-9b06-044c2079983b.jpg?w=560&ssl=1)
An advertisement to commemorate Coupang’s listing on the New York Stock Exchange is appearing on the billboards at Times Square in New York, USA. [뉴스1]
With Coupang’s successful debut in the US New York Stock Exchange, competition in the domestic e-commerce (e-commerce) market is expected to intensify. While Naver and E-Mart formed a’anti-Coupang alliance’ through a partnership, Market Kurly, an online food shopping mall, announced the possibility of listing on the US stock market on the 12th.
40% higher than the public offering price on the first day of listing
Bum-Seok Kim “Aggressive Investment in Korea”
Coupang shares closed at $49.25 on the 11th (U.S. local time), the first day of listing, when the public offering soared 40.7% from $35. Based on the closing price of the day, the market cap exceeded 100 trillion won, making it the second largest domestic company after Samsung Electronics (about 489 trillion won, as of the 11th). It is more than the market cap of Naver (61 trillion won) or Kakao (40 trillion won), the strongest e-commerce in Korea. E-Mart (4.9 trillion won) and Lotte Shopping (3.5 trillion won) have been far-fetched.
Coupang Chairman of the Board of Directors Kim Beom-seok, who loaded 5 trillion won in live ammunition with this listing, said at a video conference with a local correspondent, “We plan to invest the funds obtained here in Korea.” Representative Park Dae-joon, who attended the conference, explained, “We plan to create more innovative services by hiring an additional 50,000 people over the next five years and optimizing the nationwide distribution network.”
As of last year, the domestic e-commerce market is the third strongest with annual transactions of 30 trillion won for Naver, 22 trillion won for Coupang, and 20 trillion won for eBay Korea (G Market, Auction, G9). As early as next week, Naver plans to sign a stake exchange agreement with E-Mart worth 250 billion won. In addition, depending on who acquires eBay, the e-commerce game can change as much as possible (the preliminary bidding date on the 16th). Kim Dong-hee, a researcher at Meritz Securities, predicted, “Domestic e-commerce will be combined with finance, content (online video, webtoon), mobility, etc., and there is a high possibility of expansion, so fierce competition among companies will unfold.”
Reporters Baek Min-jeong and Lee Byeong-jun [email protected]
