[Asia Economy Reporter Park Sun-mi] Kyobo Life Insurance failed the preliminary review for listing ahead of its initial public offering (IPO) on the Korea Exchange.


On the 8th, the Korea Exchange held a Listing Disclosure Committee meeting and announced that it did not approve Kyobo Life's listing on the securities market. The exchange stated that the reason for not approving the listing review was due to the intensified management dispute between the first and second largest shareholders, making it difficult to approve the listing review until management stabilizes.


Earlier, Shin Chang-jae, Chairman of Kyobo Life, personally attended the Listing Disclosure Committee to actively present opinions on the continuity of corporate management, management transparency, and management stability for a positive outcome.


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The biggest issue in Kyobo Life's preliminary listing review was management stability and investor protection. The volatility of management rights increased amid disputes among major shareholders, raising concerns about insufficient investor protection. Kyobo Life argued that since approval from financial authorities is required to become the largest shareholder of the company, there is no problem with investor protection.


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