Cheongdam Global "Certain Performance Expected Amid Consecutive Events After Listing"

[Asia Economy Reporter Jang Hyowon] Cheongdam Global, an e-commerce platform company led by CEO Choi Seokju, which is scheduled to be listed on KOSDAQ on June 3, closed its general investor subscription on the 25th with a ratio of 42:1.

Cheongdam Global had previously conducted a demand survey on the 17th and 18th, and judged that the market situation was unfavorable, deciding on a striking public offering price of 6,000 KRW, which is 29% below the lower end of the expected price band. The company stated, “Since it was a discounted situation, we decided to offer a definite discount to provide returns to investors who showed interest despite the difficult market conditions.”

In particular, immediately after the listing, Cheongdam Global’s largest client, China’s JD.com, has a founding anniversary event scheduled, and in the second half of the year in November, the large-scale discount event called Guanggunjie, also known as “China’s Black Friday,” is expected to drive significant sales growth.

June 18, the founding day of JD.com, is called the “618 Shopping Festival,” a discount event in which not only JD.com but also major e-commerce companies such as Taobao and Alibaba participate extensively. The scale of this festival has grown every year, and last year sales during the festival period exceeded 100 trillion KRW.

Meanwhile, the November “Guanggunjie (光棍?),” the most important event in the second half of the year and the largest shopping festival of the year in which most e-commerce companies participate, often surpasses the sales of the U.S. Black Friday. As a primary vendor for Chinese platforms such as JD.com and Alibaba, Cheongdam Global participates from planning to preparation, so it is evaluated that significant performance can be expected in both the first and second halves of the year.

Choi Seokju, CEO of Cheongdam Global, said, “We wanted to reward investors with a definite discount for Cheongdam Global’s first debut on KOSDAQ,” and added, “Please show great interest in Cheongdam Global, which is expected to achieve explosive sales growth by directly participating in major events in China even after the listing.”

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