Minister Kwon Chil-seung: "Coupang's US Stock Market Listing Signifies Growth of Domestic Venture Ecosystem"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Kwon Chil-seung, Minister of SMEs and Startups (photo), said on the 16th, "It is meaningful that Coupang grew into a unicorn company by doing business in Korea and that our country's venture ecosystem has grown enough for it to be listed on the U.S. stock market."

Minister Kwon made this remark in response to a question about Coupang's recent application for listing on the New York Stock Exchange during the 'Venture Company Employment Trend Briefing' held at the Government Seoul Office.

He explained, "Coupang's structure is somewhat different. The company actually going public is an American company (Coupang's parent company). An American company is listing in the U.S."

He added, "I think it is meaningful that Coupang grew into a unicorn company by doing business in Korea, and based on that, our country's venture ecosystem has grown enough for it to be listed on the U.S. stock market."

Regarding the introduction of dual-class voting rights, Minister Kwon said, "The systems related to dual-class voting rights vary greatly worldwide, and I believe there is no single correct answer." It is widely believed that the background behind Coupang choosing to list on the U.S. New York Stock Exchange instead of the domestic stock market was influenced by dual-class voting rights (differential voting rights).

Minister Kwon emphasized, "Simply simplifying the question to 'whether to adopt dual-class voting rights or not' and debating its adoption is of no practical benefit. The details are important," adding, "It is wise to selectively adopt the method that best fits the country."

He further explained, "Since the owner's corporate philosophy and management philosophy are intertwined, it is difficult to predict how dual-class voting rights themselves will affect the listing," but added, "It will undoubtedly help create an ecosystem where large companies like unicorns in the venture industry can grow into big companies."

This content was produced with the assistance of AI translation services.