◀ anchor ▶
There are many people who are in despair when the decision to delist the bio company ShillaJen.
However, there are more poor bio companies on the KOSDAQ.
How the hell did you go public?
Today, let’s focus on this issue.
Lee Jung-eun is a reporter.
◀ Report ▶
ShillaJen, a biotech company listed on the KOSDAQ in 2016.
We raised the investment by promoting the anticancer drug of our dreams.
‘PexaVec infects and kills cancer cells and activates the patient’s own immune system to fight cancer.’
The stock price has risen tenfold in less than a year.
However, the clinical trial was virtually unsuccessful, and the embezzlement and breach of management were revealed.
Following the suspension of trading in May 2020, it was finally decided to delist yesterday.
Shillajen entered the KOSDAQ with a ‘technical special listing’.
It is a special system that allows you to collect investment even if you cannot make a profit right away if you have good technology.
In 2014, the government raised the ‘creative economy realization’ and significantly relaxed the listing requirements for special technology.
It allowed me to go public even if I had little equity capital, even if I was in a state of capital erosion.
[이현철/금융위원회 자본시장국장 (2014년 4월)]
“We have decided to significantly ease the qualitative review for companies that use the special listing exception for technology evaluation.”
After that, 128 companies entered the KOSDAQ in bulk.
Most of them were biopharmaceutical companies with no sales to develop new drugs.
[이성호/신라젠 주주모임 대표]
“We’re appealing that it’s unfair because we listed them to invest in the stock market and stopped trading with what was in the exchange review period…”
As of the end of 2020, 80% of listed companies are in the red.
Five of them are in a trading suspension state, awaiting delisting review.
[김학균/신영증권 리서치센터장]
“Although the function was to drive funds to innovative companies, investors are not making much money in the stock market, called the KOSDAQ market, but rather taking a big loss…”
The Korea Exchange tightened the special requirements once more, but it seems difficult to avoid the responsibility for putting investors at risk through random listings without verification.
This is Lee Jung-eun from MBC News.
Video coverage: Nam Hyun-taek / Editing: Lee Ji-young / Source: Shillajen YouTube channel
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