[비즈한국] KOSDAQ-listed companies Vident121800 and Bucket Studio066410 are once again on the verge of delisting. Trading of their shares has been suspended for over three years following embezzlement and breach of trust scandals, and now, efforts to improve corporate governance and sell management rights—key conditions for maintaining their listing—have fallen through. With 165 billion won in funds tied up, minority shareholders of Vident are taking collective action to demand the resumption of trading and regulatory reform, drawing attention to how the exchange will decide between corporate normalization and investor protection.
On June 2, the Korea Exchange (KRX) KOSDAQ Market Committee deliberated and decided to delist Vident. Subsequently, on the 10th, the Corporate Review Committee deliberated on the delisting of Bucket Studio. Vident plans to file an objection with the exchange by June 24 to prevent its delisting. A company official stated, "We intend to request an objection and an improvement period from the KOSDAQ Market Committee," adding, "We will emphasize that the responsibility for the failed sale lies with the buyer and that our commitment to the sale remains strong."
Regarding the delisting decision, Lim Jeong-geun, CEO of Vident, released a statement saying, "We have worked for years to normalize management and restore corporate value. We have resolved most of the legal risks surrounding the company. Nevertheless, it is regrettable that we could not complete the change of the largest shareholder." He added, "We will immediately proceed with the objection process to the committee's decision and faithfully engage in the secondary review."
What stands out is that minority shareholders are directly opposing this delisting decision. As of the end of 2025, Vident had approximately 90,000 minority shareholders holding a 64.4% stake. Trading of Vident shares was suspended at the end of March 2023 due to a disclaimer of opinion in its audit report; according to the minority shareholder alliance, 165 billion won in capital is currently frozen. Vident's minority shareholders are making their voices heard by filing national petitions with the National Assembly, sending letters of appeal to institutions and lawmakers, and demanding the resumption of trading. Recently, one shareholder held a truck protest in the Yeouido area demanding the resumption of trading.
The Vident minority shareholder alliance argues, "The fact that Vident consistently received qualified opinions in its audit reports indicates that the company's corporate value has not been fundamentally impaired." They claim, "Even though the embezzlement and breach of trust allegations were economic crimes committed by external forces, the burden has fallen on minority shareholders. The mechanical listing eligibility review system, which does not consider actual responsibility, must be reformed." Listing eligibility reviews are also conducted for non-financial reasons such as employee embezzlement, breach of trust, violations of disclosure obligations, and major accounting violations.
Vident and Bucket Studio were placed on the delisting list because they failed to improve their governance structures. The governance structure of these companies follows a circular investment pattern: Initial No. 1 Investment Association → Bucket Studio → Inbiogen101140 → Vident → Bithumb Holdings, with Vident also holding a 4.23% stake in Bucket Studio. In April, Bucket Studio failed to sell its management rights, which would have cleared Vident's stake (Related article: Bucket Studio, entangled with Bithumb Holdings stake, sees management rights sale return to square one).
The two companies saw their share trading suspended in March 2023 in the aftermath of embezzlement and breach of trust allegations against Kang Jong-hyun, the older brother of Bucket Studio CEO Kang Ji-yeon. Kang was identified as the "real owner" of Bithumb, and the prosecution investigated allegations that Kang and executives of related companies siphoned off funds from Bithumb-related entities such as Vident, Inbiogen, and Bucket Studio. As suspicions grew that listed company funds were used for the private gain of external forces, it led to trading suspensions and delisting reviews, leaving minority shareholders who could not recover their investments as the actual victims.
In July 2025, Vident and Bucket Studio each submitted improvement plans to the KOSDAQ Market Committee and the Corporate Review Committee and were granted a nine-month improvement period. The core of the improvement plan was to improve governance through equity sales. The main goal was to resolve the circular investment structure by selling the Bucket Studio shares held by the Initial No. 1 Investment Association, which is at the top of the governance structure, and the shares held by Vident. However, the sale fell through when Switch One, which had created a special purpose vehicle to enter the Bucket Studio acquisition bid, failed to secure financing.
Vident and Bucket Studio are responding with the goal of securing an additional improvement period and finding new buyers. Regarding the stake sale plan, a company official explained, "Public stake sales take a long time, and given the delisting decision, they are virtually impossible, so we will proceed with private sales." They added, "We will perform due diligence on prospective buyers at the same level as a public sale. We are seeking qualified buyers through various channels and aim to select parties that did not participate in the initial sale."
There is also speculation that the two companies may be preparing a legal response by appointing new outside directors with legal backgrounds at an extraordinary shareholders' meeting on the 30th. In response, the company stated, "These appointments are for organizational restructuring in preparation for a change in the largest shareholder, and there will be changes again once a sale is successful."
Meanwhile, as more companies are being delisted from the stock market due to the financial authorities' reform of the delisting system, the anxiety of minority shareholders is growing. From February to June, the Korea Exchange has been operating an 'Intensive Delisting Management Team' centered on the KOSDAQ Market Division. Furthermore, starting in July, delisting requirements will be further tightened: the market capitalization threshold will be raised from 15 billion won to 20 billion won, and 'penny stocks' that fail to maintain a share price of 1,000 won or more for a certain number of trading days may become subject to delisting.
To make matters worse, the KOSDAQ Market Division recently designated Bucket Studio as an unfaithful disclosure corporation, viewing the failed stake sale as a 'disclosure reversal' (a stock transfer contract involving a change in the largest shareholder). Bucket Studio was slapped with 8.5 penalty points and a 34 million won fine, bringing its total penalty points to 16. If cumulative penalty points reach 15 or more in a year, grounds for a listing eligibility review arise. Bucket Studio has approximately 60,000 minority shareholders, holding a 51.1% stake. A Bucket Studio official noted, "We responded by submitting a written explanation, but it was not accepted. However, there is no additional impact as trading is already suspended.".