Among 10 corporations listed through the technology exception listing system, 7 saw a decline in their corporate value after going public. Of these, approximately 40% had market capitalizations reduced to half or less.
According to materials released by the corporate analysis firm CEO Score on the 28th, an analysis of the market capitalizations and performances of 245 corporations listed through the technology exception system from 2005 to the previous year, excluding 3 delisted ones, found that 172 (70.2%) saw a decrease in market capitalization compared to when they were listed.
The technology exception listing system is designed to provide listing opportunities to corporations with technological capability and growth potential, allowing listings even if financial status is poor, provided the technology is validated.
As of the research point on the 15th of this month, the total market capitalization of all technology exception listed corporations was 76.641 trillion won. Of these, only 73 (29.8%) experienced an increase in market capitalization compared to their listing date. The majority saw their corporate value decline due to worsening performance.
In particular, the number of technology exception listed corporations that reported operating losses last year reached 208 (84.9%). Among 15 corporations listed for over 10 years, 12 reported operating losses, with the exception of Alteogen, ISU ABXIS, and Corentec.
The semiconductor design corporation FADU recorded the largest decline, with an operating loss of 95 billion won last year, and its market capitalization dropped from 1.3263 trillion won to 566.9 billion won, a decrease of 57.3%.
A total of 94 corporations (38.4%) saw their market capitalizations decline to half or less compared to their listing date. By industry, the electronics and electrical sector had the highest decline at 93.8%, followed by semiconductors (93.3%), services (83.3%), other bios (83.3%), and SW·IT (76.2%). In contrast, the pharmaceuticals (70.2%) and medical devices (68.2%) sectors had relatively lower decline rates.
By corporation, the biotechnology company Alteogen experienced the largest increase in market capitalization. Its market cap increased from 120 billion won at the time of its listing in 2014 to 17.6485 trillion won on the 15th of this month, a jump of 14,612%. Additionally, LigaChem Biosciences (3,608.3%), Park Systems (3,050.4%), Peptron (1,969.9%), and Rainbow Robotics (1,341.1%) also showed remarkable growth.
Conversely, OliPass, which develops RNA therapeutics, saw its market capitalization drop from 344.1 billion won at the time of listing to 9 billion won, experiencing a reduction of 97.4%, marking the largest decline. Celestila (-94.6%), SCM Lifescience (-93.3%), Eutilex (-92.0%), Precision Biosensor (-91.7%), and Neoimmunetech (-91.2%) also experienced significant drops in market capitalization.
Meanwhile, as of now, 3 corporations that were delisted after using the technology exception listing system are Cellivery (biologic drug development), Uneco (machine manufacturing), and Earth & Aerospace (aircraft parts).