![The news of Coupang's preparations for listing on the NASDAQ is known and related stocks are strong. [사진출처=연합]](https://i0.wp.com/news.google.com/news/photo/202102/69373_40906_1046.jpg?w=560&ssl=1)
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As Coupang’s choice to go directly to the New York Stock Exchange is reported to the retail price, it seems that domestic retailers are’furious’. As Coupang grew faster than expected, large domestic retailers were also busy preparing response strategies.
In the distribution market, where competition is becoming more intense after the Corona 19 crisis, the industry is expected to influence the distribution market by Coupang’s rapid listing period (March), corporate valuation scale (approximately 55 trillion won), and new sources of funding. Are doing.
After the Corona 19 crisis, a fierce battle for survival is expected in retail prices where an alliance between online and offline companies is held.
Differential voting rights are the biggest reason Coupang chose to list on the New York Stock Exchange (NYSE) instead of the domestic stock market.
According to a listing application document filed by Coupang to the Securities and Exchange Commission (SEC) on the 12th, Coupang granted differential voting rights equivalent to 29 times that of Class A, which is a general stock, to Class B shares held by Chairman Kim.
Differential voting rights are a system that allows the founder or manager to operate a company stably without threats to management rights. This means that one share of Chairman Kim has voting rights equivalent to 29 shares of ordinary shares owned by others.
In the United States, unlike South Korea, several stocks with differentiated voting rights have been given to co-founders, such as Doordash, an American food delivery start-up, and Airbnb, a lodging sharing company, which recently went public (IPO). It is common to issue.
It has not been disclosed how much Kim holds Class B stocks, but since he can exercise 58% of shareholder rights even if he owns only 2% of the shares, Chairman Kim checks external M&A attempts and has stable management rights. It is expected to be able to exercise. This is interpreted as one of the reasons Coupang chose to list on the US stock market.
It is analyzed that it also takes into account the hot heat of the US IPO market.
The Wall Street Journal (WSJ) reported that Coupang’s enterprise value is expected to exceed 50 billion dollars (about 55.4 trillion won). It is expected to become the IPO of the largest foreign company after the Alibaba Group in China in 2014.
The distribution industry estimated the sales growth rate of the previous year to be around 40%, but the actual growth rate was 91% in the application to the US Securities and Exchange Commission (SEC) with the results.
Coupang started as social commerce in 2010 and did not define its own identity, but recently, it is stipulating that it is e-commerce (e-commerce) and is straining the distribution industry.
An industry official said, “This suggests that we will solidify our domestic market share as an e-commerce company in the future.”
Competitors in the retail industry are moving fast to keep their share from being lost in line with Coupang’s growth.
In the case of Tmon, it is aiming to be listed on the KOSDAQ within this year, and 11st is promoting global distribution in partnership with the world’s largest commerce company’Amazon’.
It is known that Jung Yong-jin, vice chairman of Shinsegae, recently met with Naver Global Investment Manager Lee Hae-jin to seek solidarity plans.
On the other hand, some point out that it is difficult to meet the requirements for listing on the domestic stock market, unlike the United States, as Coupang’s continued deficit.
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