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South Korea Bans Dual Listings Without Shareholder Approval, Dual-Listing Rate 11.2% vs U.S. 0.05%

GateNews
According to South Korea's Financial Services Commission and Korea Exchange, on July 6, the government issued detailed criteria to principally ban dual listings—in which parent and subsidiary companies are simultaneously listed on public markets. The announcement mandates that parent company boards implement five shareholder protection measures: shareholder impact assessments, protective measures, shareholder communication or consent confirmation, board resolutions, and disclosure. South Korea's dual-listing ratio (outstanding market cap of listed subsidiaries as percentage of total market cap) stands at 11.2%, significantly higher than the U.S. at 0.05%, Japan at 4.0%, Taiwan at 2.7%, and China at 2.4%. The government cited dual listings as a chronic factor in "Korea Discount," the systematic undervaluation of Korean equities. Violations carry penalties up to 1 billion Korean won and one-day trading suspension.
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