Korea Exchange (KRX) will for the first time apply tailored qualitative review standards that reflect industry characteristics for advanced robotics, cybersecurity, and K-content corporations. The aim is to raise predictability in listing reviews by reflecting the traits of innovative corporations that are hard to assess with the existing manufacturing-centered yardstick, and to support fundraising for strong innovative corporations.
Korea Exchange (KRX) on the 2nd unveiled industry-by-industry qualitative review standards and the direction of KOSDAQ delisting system reform at KOSDAQ CONNECT 2026, held at the Korea Exchange (KRX) conference hall in Yeouido, Seoul.
Lee Sir-goo, Head of Team of the Technology Corporations Listing Department at Korea Exchange (KRX), said, "When reviewing the requirement for corporate continuity, if there is industry specificity such as in advanced sectors, we can apply industry-specific qualitative review standards," noting, "because there are industrial and technological traits different from traditional manufacturing."
The exchange already operates industry-specific review standards in bio, artificial intelligence (AI), space, and energy, and as of today expanded the scope to include advanced robotics, cybersecurity, and K-content.
◇ Customized reviews for robots, security, and K-content…industry yardsticks will change
For advanced robotics corporations, the exchange plans to focus more on actual commercialization and on-the-ground application records than on mere technical prowess.
For robot manufacturing corporations, it will focus on in-house design and manufacturing capabilities, mass-production capacity, and quality control systems, while for robot solution corporations, it will focus on AI-based design, build, and integrated operations capabilities. It will also consider potential to enter existing markets and expand into new ones, contribution to localization of core components, and positioning within the global supply chain.
The Head of Team explained, "Taking into account the technology, market, and industrial traits of the advanced robotics industry, we plan to comprehensively review not only technological merit but also business conditions and growth potential."
Cybersecurity corporations will also be reviewed by distinguishing between product and service corporations.
For security solution corporations, it will focus on whether they possess fundamental technologies such as proprietary security engines and on their cyber threat response capabilities, while for security service corporations, it will focus on integrated design, monitoring, and operations systems and on service levels. Whether they have obtained government certifications, their actual response records, and key references such as public institutions and the financial sector will also be reflected as core evaluation factors.
For K-content corporations, the review will center on content competitiveness and whether they have secured a recurring revenue structure. It will also look at the popularity of key content and the expandability of intellectual property (IP), potential to grow overseas exports, and systems for managing copyrights and artist contracts.
The Head of Team said, "By introducing standards suited to each industry and technological trait, we expect to support smooth and predictable listings and to enhance consistency in reviews and trust in the IPO market," adding, "In the second half, we also plan to prepare qualitative review standards for additional innovative industries such as mining."
◇ Raising the bar for delistings…about 50 firms expected on market cap alone
Alongside upgrading listing reviews, the exchange will further toughen the exit of insolvent corporations.
Kim Seong-cheon, Head of Team of the Disclosure Department at Korea Exchange (KRX), said, "If we apply the strengthened market capitalization requirement starting July 1, the Disclosure Department estimates that about 50 corporations will be affected based on the market cap criterion alone," adding, "There are no such cases at present, but the first case could emerge as early as next month."
He explained, "Previously, to come off the management watchlist, satisfying the standard for 30 of 90 days was enough, but going forward, the standard must be met for 45 consecutive days within 90 days," adding, "As exiting becomes harder than entering, unless a considerable number of corporations make self-help efforts, it will not be easy to come off the watchlist."
He added, "For the market capitalization and penny stock requirements, delisting will proceed immediately without an appeal."
Oh Jae-hwan, Head of Team of the Listing Management Department at Korea Exchange (KRX), said, "Investors want the exit of insolvent corporations and a market reshaped around innovative corporations, while listed corporations want to maintain their listings," adding, "To raise market trust, it is important to build a market centered on strong corporations."
He went on to explain, "The substantive review comprehensively evaluates business continuity, financial soundness, and management transparency," adding, "We are also strengthening reviews by reducing the deliberation process from the existing three-tier system to a two-tier system and shortening the improvement period from up to two years to one year."