[비즈한국] In the past, when it came time to choose between the liberal arts and sciences tracks, male students were more likely to choose science, while female students tended to choose liberal arts. However, it is said that more students are choosing science these days. Even if a child shows a temperament more suited to liberal arts studies, more parents are insisting that they are better suited for science.
We live in an era where having technical skills is essential to making money. As the economy grows and industries develop, it is natural for technology to become increasingly important. Companies are pouring efforts and resources into research and development (R&D) to secure technological competitiveness.
The government has also been operating a special listing system since 2005 with the goal of fostering competitive small and medium-sized enterprises. This measure lowers the threshold so that companies recognized for their technological capabilities and growth potential can pass the listing review process even if they are not yet profitable. In essence, it paves the way for investments based on future growth potential rather than immediate performance.
As such, special listings are classified into technology special listings, growth potential special listings, and unachieved profit (so-called Tesla requirement) special listings. Technology special listings were first introduced in 2005, and growth potential special listings and the Tesla requirement were added in 2017. Under the growth potential and Tesla requirements, a company can go public based solely on its business structure without necessarily having high-end technology. The difference between the two is that growth potential special listings involve growth companies recommended by the lead underwriter, while the Tesla requirement applies to promising companies with large market capitalizations.
Companies raise necessary funds through listing, and investors reap returns through their investments, creating a virtuous cycle. Of course, "investor protection" became a key issue when the system was first introduced, because technology and growth potential alone cannot guarantee a company's success. There have been many cases where companies failed to turn a profit or saw their stock prices fall below the offering price after listing.
For example, Helixmith084990 (formerly ViroMed), the first company to be listed via technology special listing in 2005, and Cellid268600, the first to be listed via growth potential special listing in 2018, both once reached the top 10 in market capitalization on the KOSDAQ. However, Helixmith’s stock price plummeted from an offering price of 15,000 won to the 2,000-won range following successive clinical trial failures, and Cellid was delisted this year due to a disclaimer of opinion from its auditor.
Of course, for growth potential and Tesla requirement listings, which do not strictly require high-end technology, investor protection measures are in place. If the stock price falls below 90% of the offering price after listing, a "put-back option" (repurchase right) is mandatorily granted, requiring the securities firm to buy back shares from general subscribers at 90% of the offering price. The put-back option period is 3 months after listing for the Tesla requirement and 6 months for growth potential special listings. In the case of technology special listings, the lead underwriter is not obligated to grant a put-back option, though some do so at their own discretion to boost interest.
The problem is that these investor protection measures only provide short-term defense. Once the put-back option expires, the stock price movement inevitably depends on the company's performance and the validation of its technology. Experts advise that to succeed in IPO investments, one must carefully examine institutional demand forecasts, competition rates for general subscription, and the volume of shares available for trading after listing.
However, even if special listing companies meet these conditions, their stock prices are highly likely to move differently than expected. Even if there is high interest during demand forecasting and general subscription, events like clinical trial failures will inevitably have a negative impact on performance and stock price. Cafe24042000, the first company to use the Tesla requirement, is finally showing signs of growth again after successfully turning a profit last year. However, Cafe24 also experienced significant fluctuations in performance and stock price before posting last year's earnings surprise.
Despite various risks, the special listing system is necessary to cultivate companies with future growth potential. However, institutional improvements—such as making the continuous management of technology and performance mandatory even after listing—must be implemented so that investors can continue to invest with greater peace of mind.