Alteogen, the top market capitalization biotech company on KOSDAQ, postponed its planned transfer to KOSPI through a board resolution disclosed on the 16th. The company determined that remaining on KOSDAQ better aligns with enhancing corporate value and maximizing shareholder interests after comprehensively reviewing capital market environment changes, government and Korea Exchange KOSDAQ revitalization policies currently underway, and the company's growth strategy. KOSDAQ market participants had expressed concerns about the departure of leading stocks amid index declines, with the KOSDAQ index falling to the 750 level from previous highs near 1,000.
Alteogen Discloses Board Decision on the 16th
According to the financial investment industry on the 22nd, Alteogen disclosed on the 16th that its board of directors decided to postpone the KOSPI transfer listing plan and remain on KOSDAQ. The KOSDAQ Association and industry stakeholders had previously issued public appeals asking Alteogen to "stay on KOSDAQ," expressing concerns about a leadership stock vacuum and venture ecosystem contraction following a KOSPI transfer.
Company Analysis Projects ₩360 Billion Net Fund Outflow
Alteogen's internal analysis showed that if included in the KOSPI200, the company's expected weighting would be approximately 0.3%, which is about 69% lower than the estimate at the time of the 2025 board resolution. The company stated, "External institutional analysis also projected approximately ₩360 billion in net outflows when comparing ETF and other passive fund inflows and outflows in the event of a KOSPI transfer." The company added, "Recent securities firm reports also evaluated that remaining on KOSDAQ is a more reasonable decision at this point when comprehensively considering supply and demand and the environment."
KOSDAQ Association Calls Decision Meaningful for Innovation Ecosystem
The KOSDAQ Association stated, "Alteogen is a symbolic company representing the domestic bio industry as an innovative company, and has elevated the growth and status of the KOSDAQ market based on outstanding research and development capabilities and global competitiveness." The association added, "The decision to continue sharing the fruits of growth with investors in the KOSDAQ market is a very meaningful decision for our capital market and the innovation company ecosystem." The association emphasized, "We will continue institutional improvements and policy recommendations to enhance the competitiveness of the KOSDAQ market and create a good market environment for companies."
Analysts Cite Government Segment System Policy Benefits
Lee Geon-jae, head of the KOSDAQ Research Center at IBK Investment & Securities, explained, "Regarding the government's KOSDAQ revitalization measures in preparation, namely the introduction of segments, Alteogen as a representative KOSDAQ bio company is likely to benefit from the policy, so it seems they chose to postpone because it's not too late to decide on a transfer after confirming those effects." He noted that the KOSPI transfer no longer functions as a "stock price increase guarantee," stating, "Looking at the past stock price trends of companies that moved from KOSDAQ to KOSPI, there aren't many cases where stock prices changed significantly. It appears Alteogen rationally assessed this aspect and coldly evaluated the transfer effect."
FAQ
Q: What did Alteogen announce on the 16th regarding its stock market listing?
A: Alteogen disclosed on the 16th that its board of directors decided to postpone the KOSPI transfer listing plan and remain on KOSDAQ after comprehensively reviewing capital market environment changes, government KOSDAQ revitalization policies, and the company's growth strategy.
Q: Why did Alteogen decide to remain on KOSDAQ instead of transferring to KOSPI?
A: The company's analysis showed that KOSPI200 inclusion would result in approximately 0.3% weighting (69% lower than 2025 estimates) and external institutional analysis projected approximately ₩360 billion in net passive fund outflows from the transfer.
Q: How did the KOSDAQ Association respond to Alteogen's decision?
A: The KOSDAQ Association called the decision "very meaningful for our capital market and the innovation company ecosystem," stating that Alteogen's choice to continue sharing growth with KOSDAQ investors demonstrates the company's symbolic role in representing domestic bio industry innovation.
