This article was posted on the ChosunBiz MoneyMove (MM) site at 2:55 p.m. on Feb. 25, 2026.
The preliminary review for the KOSDAQ listing of Chaebi, an electric vehicle charging infrastructure company that took a full seven months, is nearing completion. The Korea Exchange (KRX) plans to convene its listing committee as early as this week to make a final review and decision on whether Chaebi meets listing requirements. According to industry sources, Chaebi is widely expected to pass the exchange's preliminary review.
On the 25th, people in the financial investment industry said the Korea Exchange (KRX) KOSDAQ Market Division decided to hold Chaebi's listing committee on the 26th. The exchange originally planned to convene the listing committee earlier this month to determine whether Chaebi met listing requirements, but it is understood to have postponed the schedule once for a more careful review.
Chaebi's push for a listing has been stalled at the exchange's threshold for more than seven months. Although it is the country's No. 1 operator that handles everything from manufacturing electric vehicle chargers to installation and operation (CPO), voices in the market raised concerns that the company's growth and profitability were uncertain due to stagnating electric vehicle demand (chasm).
In particular, Chaebi's attempt to list through the "unrealized profit special case (Tesla requirement)" became a factor in the prolonged exchange review. The purpose of this system is to give listing opportunities to loss-making companies if they have high revenue growth potential, but critics said it was being used as a channel for listing weak companies, raising the bar for review.
Inside the exchange, it is understood that the trend was toward approving the preliminary review. Despite concerns about business stability and limited growth due to ongoing electric vehicle chasm, Chaebi meets the special listing requirements themselves, such as "a revenue growth rate of 20% or more over two years" and "a market capitalization of 100 billion won or more."
Chaebi's actual 2024 revenue was 85.1 billion won, up 20.9% from 70.4 billion won the previous year. It aimed for a post-listing market capitalization of more than 700 billion won. Although it has posted operating losses for the past three years and the deficit has been widening, analysts say listing itself is possible since it already meets the growth requirement.
An investment banking (IB) industry official said, "Among companies that have applied for the exchange's preliminary review and are waiting, Chaebi has had the longest waiting period," adding, "because of that, some interpreted that the exchange was quietly waiting for Chaebi to voluntarily withdraw its application."
Even if it clears the exchange's threshold, getting into the KOSDAQ market is another uphill battle. The Financial Supervisory Service's strict review of the securities registration statement awaits immediately. Recently, the FSS has repeatedly requested corrections and put the brakes on companies whose bases for earnings estimates are inadequate or that have excessively valued future prospects.
In particular, companies like Chaebi that list while in a loss-making state by relying on growth prospects are expected to become primary targets of the FSS. In a situation where growth has slowed and losses continue due to the electric vehicle chasm, the company must prove on its own that its projected future revenue figures are based on concrete grounds.
Frozen investor sentiment across the electric vehicle sector could also act as a negative factor. As the global electric vehicle market slowdown has stretched out, the stock prices of overseas charging infrastructure companies such as ChargePoint Holdings and EVgo have almost halved over the past year. Industry officials say if Chaebi insists on a valuation of more than 700 billion won as it has targeted, it is likely to struggle during the demand forecasting stage for institutional investors.
Another IB industry official said, "Chaebi was a company with very high expectations—at the time of selecting its lead underwriter it expected a corporate value in the 2 trillion won range," adding, "now the key to the success or failure of the listing will be how realistically it lowers its valuation and compromises with the market."