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| Korea Exchange (KRX) Chairman and CEO Sohn Byung-doo, fifth from right, stands with leaders of major securities firms and heads of associations of financial industries at the lobby of the KRX in Yeouido, Seoul, Monday. Courtesy of KRX |
By Anna J. Park
The Korea New Exchange (KONEX) market, a local securities exchange exclusive for small and medium-sized enterprises and startup companies, marks its 10th anniversary this summer.
Since its establishment on July 2, 2013, the total market cap of the bourse market has grown by over tenfold to 4.2 trillion won ($3.2 billion) from 400 billion won a decade ago. The number of listed companies has also increased by more than six times to 127 this year, from just 21 back in 2013.
The Korea Exchange (KRX), the country's bourse operator, held a ceremony on Monday to mark the anniversary, sharing achievements of the KONEX market and its future growth direction. Some 150 people, including CEOs of most securities firms as well as heads of financial associations, attended.
"The KONEX market has fully assumed its role as the ladder of growth for startup companies. Ninety-one companies have so far succeeded in transferring themselves to the Kosdaq market during the past decade, while raising over 2 trillion won at the market," KRX Chairman and CEO Sohn Byung-doo said at the ceremony.
"The job creation effect of startup firms is known to be three times larger than the average of local companies. Besides the employment, venture companies are the root of technological innovation, raising the quality of life. They are also the core of the spirit of entrepreneurship and national competitiveness."
Sohn vowed to keep implementing measures to stimulate the bourse by diversifying listing requirements and supporting KONEX-listed firms' transition to other markets like the benchmark KOSPI or tech-heavy Kosdaq.
"With pride and responsibility, the KONEX market has been operated as the exclusive bourse for small and medium-sized businesses and startup companies. We will make sure the market will continue to function as a channel for smooth capital attraction, investment opportunities and incubating entrepreneurship, contributing to building a healthy venture landscape in the country," the chief of the KRX said.
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