Vice Prime Minister Hong Nam-ki and Minister of Strategy and Finance. [기획재정부 제공]
Deputy Prime Minister Hong Nam-gi and Minister of Strategy and Finance announced on the 14th that Coupang’s listing on the US stock market was “a feat of Korean unicorn companies.”
Deputy Prime Minister Hong said, “Coupang, a non-face-to-face e-commerce company, has officially announced its listing plan on the New York Stock Exchange through a public announcement by the US Securities and Exchange Commission.” I’m getting it,” he said.
Coupang is Korea’s leading unicorn company, and has grown rapidly based on innovative services such as rocket delivery and rocket fresh amid the expansion of the e-commerce market since its establishment in 2010. In particular, it grew rapidly as non-face-to-face transactions were activated due to the Corona 19 pandemic last year. Coupang’s sales grew from $4.05 billion in 2018 to $6.27 billion in 2019 and reached $1.97 billion in 2020, an increase of 90.9% from the previous year.
Deputy Prime Minister Hong said, “If Coupang is listed on the US stock market, it is significant in that Korean unicorn companies have been recognized for their global competitiveness. Coupang is evaluated as the largest foreign company IPO since Alibaba in 2014. The growth potential of companies and non-face-to-face industries is recognized internationally.”
Unicorn companies are non-listed startups with an enterprise value of over $1 billion, and currently Korea’s unicorn companies are evaluated as 11 total.
Deputy Prime Minister Hong said, “Venture companies have grown to lead the growth of the Korean economy to the extent that they are comparable to those of traditional large companies in various aspects such as employment and sales.” ) It has supported the growth of venture companies through system maintenance such as limited ownership and promotion of the introduction of multiple voting rights.”
He added, “As the importance of innovation in the post corona era is being emphasized more than ever in the past, the government will continue to do its utmost to strengthen the venture and startup ecosystem.”
“There are numerous companies with global competitiveness in Korea, and if you turn your view to the global market, endless opportunities can be opened.” “The government is helping large companies as well as competitive SMEs and venture companies to explore new markets overseas. “We will continue to strengthen support for expanding overseas expansion,” he said.
©’Five-language global economic newspaper’ Ajou Economy. Prohibition of unauthorized reproduction and redistribution