KOSDAQ Value-Up Guideline Set for July, Tied to Tier Review and Special Listings

The KOSDAQ value-up framework reaches a turning point in July. Korea Exchange is preparing a separate guideline that reflects the market’s growth-company profile, governance structure and technology-special listing system. The core shift is to connect corporate value-up disclosure with institutional incentives. Tier promotion reviews, special listing maintenance and market credibility will be linked more closely, raising pressure on listed companies to disclose clear value-improvement plans.

A KOSDAQ-Specific Framework

Earlier value-up discussions worked mainly around large-cap and KOSPI names. KOSDAQ companies often have high R&D intensity, volatile earnings and business models that are judged by technology commercialization rather than short-term profit. A uniform shareholder-return template has limited use in this market. The July guideline is expected to combine growth investment, technology competitiveness, capital efficiency and shareholder communication into a more practical disclosure format.

The 31% Disclosure Gap

KOSDAQ value-up disclosures currently represent only 31% by market capitalization. That leaves the system in an early diffusion stage. The new framework will move disclosure beyond voluntary participation by tying it to tier evaluation and listing-related incentives. Entry into higher-quality segments, market management reviews and technology-special listing maintenance could reflect the quality of a company’s value-up plan. Investors will focus on measurable targets, execution schedules, capital allocation rules and continuing shareholder engagement.

Market Impact

For KOSDAQ, where retail investors are highly active, reducing information gaps is central to market trust. Broader value-up disclosure would help investors compare R&D spending, cash use, dividends, buybacks and medium-term monetization plans. Companies that cannot explain capital efficiency may face valuation pressure, while firms that present credible growth plans in numbers may attract more domestic institutions and long-term capital. July will be the first major test of whether KOSDAQ value-up can move from declaration to evaluation and incentives.