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In this regard, political circles and industries are wondering why Coupang chose the US market over Korea. As one of them, there are many voices citing the issue of differential (multiple) voting rights that have not been introduced in Korea.
However, the Citizens Alliance for Economic Justice Practices (Gyeongsil-ryon), a civic group, issued an official position on the 16th and criticized “The claim that Coupang chose to list on the US market due to differential voting rights It’s for the public ‘. ” Will we find out exactly why?
Coupang, a national online shopping center, will be listed on the New York Stock Exchange. Coupang announced on the 12th (local time) that it had filed a public listing on the New York Stock Exchange (NYSE) through a public announcement by the Securities and Exchange Commission (SEC). Coupang is known to be promoting listing on the NASDAQ, but it was listed on the NYSE. The picture is from Coupang’s headquarters in Sincheon-dong, Songpa-gu, Seoul. [사진=연합뉴스]
Q. Is Coupang listed on the US Stock Exchange?
A. Yes. Coupang announced on the 12th (local time) that it filed a report to be listed on the New York Stock Exchange (NYSE) through a disclosure by the US Securities and Exchange Commission (SEC). .
The company plans to go public on the New York Stock Exchange under the ticker code ‘CPNG’, not the NASDAQ that was originally expected on the market.
According to foreign media, Coupang’s market capitalization is estimated to reach 30 trillion to 50 trillion won after listing.
Q. Why are you listed on the US market instead of the Korean market?
A. There is a lot of analysis in Korea on why Coupang is listed on the US market instead of the Korean market.
Among them, the issue of differential voting is an important issue.
Q. What is differential voting rights?
A. Differential voting rights refer to a system designed to ensure that the founder or manager operates a business in a stable manner without worrying about losing management rights.
In Korea, it has not yet been introduced due to concerns about non-pecuniary damage from the administration and abuse of the administration’s succession measures.
Q. If Coupang is listed on the United States stock market, does it have differential voting rights?
A. Yes. By looking at the listing statement submitted by Coupang to the SEC, the company decided to divide the shares into Class A common shares and Class B common shares and grant differential voting rights to Coupang chairman Kim Bum-seok. .
President Kim’s shares are Class B, which is said to have 29 times more voting rights than Class A.
Eventually, even if President Kim’s share declines after Coupang appears on the list, his influence on Coupang may remain. It is also said that rapid decision-making will be possible.
Q. Is there no request to introduce differentiated voting rights in Korea?
A. Regarding Coupang’s plans to list on the US stock market, there is a growing demand to introduce differential voting rights in Korea as soon as possible.
Even if not, the government is currently promoting the introduction of multiple voting rights for unlisted venture companies through the ‘Amendment to the Law of Special Measures on the Promotion of Venture Companies’.
The main purpose of the bill is said to be to allow venture companies that are not listed on the stock market to issue limited voting shares to founders so that they can attract large-scale investments without fear of diluting their shares. Actions.
Furthermore, some political circles and industries argue that commercial law should be amended to introduce differential voting rights on a large scale.
Q. But is Coupang’s listing on the US stock market really due to differential voting rights?
A. Some civic groups argue that Coupang’s decision to list on the US stock exchange was not due to differential voting rights.
In this regard, Kyungshilryeon issued a press release that day and insisted that the company listed on the New York Stock Exchange is not a national company, Coupang Co., Ltd.
Q. So what company is listed on the United States Stock Exchange?
A. According to Kyungshilyeon, Coupang Co., Ltd., a domestic company listed on the US market, is a wholly owned subsidiary of Coupang LLC, a US company.
At the same time, Kyungshilyeon emphasized that “Coupang LLC, an American company, became ‘Coupang Inc.’ and applied to be listed on the New York Stock Exchange. “
Q. So is the US company listed on the US market?
According to the seizure claim, yes. The group also said: “(Coupang) has been a transfusion of large-scale capital raising funds from Japan’s Softbank and Vision Fund. Other major shareholders are made up of institutional investors in the US. It’s a scenario that doesn’t fit. from the front or the end of the end first. “
Furthermore, “before the US company ‘Coupang LLC’ is listed on the US New York Stock Exchange, it is correct to stop all public calls to make the case for allowing multiple voting rights in Korea.”
