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And on March 12, 2021, seven years later, Coupang rang the opening bell for the New York Stock Exchange. Coupang started the market with a bid price of $ 35, reaching a peak of $ 58.69 during the market and then closing at $ 49.52. Although it was slightly less than the intraday high, it showed a 40.71% increase, and even after the close, the share price rose 5.38% to $ 51.90. With this listing, Coupang raised its market capitalization to 100 trillion won at a time, which was the largest public company since the Alibaba listing. It is the second largest market capitalization after Samsung Electronics, even compared to domestic companies.
Coupang to America? Coupang, originally in the United States
According to the ecross trading platform analysis report analyzed by digital advertising company Incross, Coupang App ranked first with 1.6895,000 unique users as of September 2020. Compared to second place, 11th Street, there are a difference in the number of users close to 7 million. In particular, the number of unique users in September increased by 25.5% compared to October of the previous year, showing a strong growth rate. The reason for Coupang’s overwhelming growth rate to be the number one business in the market is that it provided quality services such as rocket delivery, a same day delivery service, as well as furniture, appliances and food delivery. The goal of creating a world in which President Kim Bum-seok thinks, “How would I have lived without Coupang?” It is being achieved step by step.
However, many consumers are wondering about the fact that Coupang, the number one domestic operator, is listed on the US market instead of on the KOSDAQ, but looking at the content revealed through the listing report, it does not there is nothing new about the listing of Coupang in the us According to the listing report, the newly listed Coupang is Coupang LLC based in Delaware, USA, and Coupang Co., Ltd., operating in Korea, is a subsidiary of wholly owned by Coupang LLC. Coupang LLC’s board of directors also includes Chairman Kim Bum-suk, CFO Gaurav Anand, CTO Thuan Pham, Managing Director Harold Rogers, etc. Except for all foreigners.
In addition, a dual class structure was applied, in which the voting rights per share of the share (Class B) held by Chairman Kim Bum-seok are set at 29 times that of the ordinary shares (Class A). Differential voting rights are not available in the national stock market, and if 29 times the voting rights are applied to the amount of the participation in possession, even if only 2% of the shares are owned, 58 can be obtained. % of voting rights, which gives strong corporate control.
Overall, the reason for Coupang’s listing on the US stock market is simple. Coupang, which we see on the surface, is a subsidiary of Coupang LLC based in the United States, and Coupang LLC is a global company made up mainly of foreigners from the CEO to the board of directors. Also, since SoftBank’s ‘Vision Fund’ hedge fund is backed, the discussion about the listing on the Korean stock market is meaningless.
Coupang secures the financing power, should the market dominate the system?
According to the listing report, Coupang’s target business areas are retail, supply, distribution, manufacturing, and online and offline competition with manufacturers, web search engines, comparison shopping, social media, online and app-based shopping vehicles, and e-commerce businesses. It has a comprehensive goal of selling food and beverages both online and offline. The rocket delivery of Coupang, Coupang Itz, Coupang Play and Coupang Partners are several projects that are currently being carried out to achieve the goal. Along with these objectives, specific instructions were also presented.
In a video conference with Korean media correspondents in the United States in New York after listing on the stock market, President Kim said: “Korea is the only market among the top 10 e-commerce markets in the world that Amazon and Alibaba do not. have been able to “No, I think it is an investment and I plan to invest aggressively in the future.” As Coupang is currently the number one operator in the domestic e-commerce market, it can be seen that it will further strengthen the system.
As Coupang’s goals and future actions have been revealed, companies competing with Coupang are also taking action. According to the industry, E-Mart, the number one provider of offline transactions, will exchange 250 billion won shares with Naver, expanding its offline business, and E-Mart will build an alliance, gaining momentum by entering to electronic commerce. market. Seoul-ah Kim, CEO of Market Curly, a fresh food delivery competitor, said: “We are considering listing on the US stock exchange this year.” As Coupang successfully establishes itself in the US stock market, the sense of crisis in related industries is expected to increase this year.
The distribution industry competition sparked by Corona 19 will be a milestone in 2021
In the listing report, Coupang revealed that the purpose of Coupang is to create a world in which people ask, “How did you live without Coupang?” Now, Coupang is gearing up to become a platform that takes responsibility for many parts of our daily lives beyond the confines of the distribution industry. Foreign media also add the modifiers “the most important word since Alibaba” or “Amazon of Korea”, further highlighting the presence of Coupang, which appeared as a comet. This year is expected to be a milestone whether Coupang will become the second Amazon beyond the domestic market, or move to a structure where only the domestic distribution industry wins.
Written by / IT Donga Nam Sihyeon ([email protected])
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