This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:42 p.m., Mar. 20, 2026.
EcoPro BM, a secondary battery materials company, has effectively decided to drop its plan to transfer list to the main board (KOSPI). The move is seen as a judgment that the potential benefits from the government's KOSDAQ market revitalization policies are greater than the expected effect of passive funds (capital that tracks indexes and is managed for the long term) flowing in.
According to the investment banking (IB) industry on the 20th, EcoPro BM has effectively withdrawn its plan to transfer to KOSPI and is said to have set an internal policy to remain on KOSDAQ. EcoPro BM had been coordinating the timing of a transfer listing to KOSPI, but it reportedly revised its strategy to reflect recent changes in the policy environment.
Previously, EcoPro BM passed an agenda for a KOSPI transfer listing at its regular shareholders meeting in Mar. 2024, kicking off the full transfer process. It then made the work concrete by submitting a preliminary review application to the Korea Exchange (KRX) in Nov. of the same year.
At the time, the justification for the transfer listing was to enhance shareholder value. A key background was that a transfer to KOSPI would increase the likelihood of being included in the KOSPI200 index, raising expectations for inflows of passive funds that track it. The market also discussed the possibility of institutional capital inflows worth hundreds of billions of won, centered on pension funds and index funds. Raising corporate awareness, expanding access for institutional investors, and improving trading liquidity were also presented as expected effects.
However, EcoPro BM's earnings held it back. Hit head-on by the electric vehicle chasm (a temporary demand stagnation), it posted losses for five consecutive quarters through the fourth quarter of 2024. Accordingly, in Feb. last year the company said, "We have decided to withdraw the transfer listing application after considering various requirements," adding, "We plan to reapply for a preliminary review for a transfer listing to the main board after confirming an improvement in business performance."
EcoPro BM, which had been coordinating the timing of a transfer listing until last year, shifted course as financial authorities' plans to revitalize the KOSDAQ market took shape. The financial authorities have been pushing policies to lay the groundwork for mid- to long-term capital inflows by encouraging participation by institutional investors such as pension funds and reflecting the KOSDAQ index in fund operation evaluation criteria. Tax support for KOSDAQ venture funds and the creation of a national growth fund are also cited as elements that backstop capital inflows.
EcoPro BM is cited as a direct beneficiary candidate of these changes. As one of the top market-cap stocks on KOSDAQ, it can expect both expanded institutional inflows and the effects of index reshuffles. This is assessed as potentially leading to a more sustained and structural improvement in supply-demand dynamics than the passive inflows that were simply expected through a transfer to KOSPI.
A source in the IB industry said, "EcoPro BM's transfer listing is not being pursued at present," adding, "It seems the company judged that a strategy to have its corporate value reappraised within KOSDAQ, based on policy benefits, is more effective than the short-term supply-demand effect obtainable through a transfer to KOSPI."
Meanwhile, Alteogen is actively pursuing a transfer listing to KOSPI, moving in the opposite direction to EcoPro BM. The market believes that, unlike EcoPro BM, a transfer to KOSPI would be more advantageous from the standpoint of corporations when considering investment demand.