The KOSDAQ Association, the Korea Venture Business Association, and the Korea Venture Capital Association (KVCA) have collectively sent an official letter to Alteogen requesting that the biotech firm reconsider its planned transfer to the KOSPI (Korea Stock Exchange main board). The three associations warned that the departure of a flagship technology-growth company would significantly dampen the KOSDAQ ecosystem and undermine confidence among investors and future listings.
Alteogen, founded in 2008, is a biopharmaceutical company specializing in subcutaneous injection technology based on hyaluronidase patents. With a market cap of approximately 20 trillion won, it currently ranks third on KOSDAQ, and if transferred to KOSPI, it would rank around 50th on the main board. The company has already selected an underwriter, passed a shareholder vote approving the transfer, and reportedly plans to file an application with the Korea Exchange as early as next month.
The associations’ appeal goes beyond Alteogen’s own exit. In a formal statement released on May 13, they warned that an increasing number of promising KOSDAQ companies are choosing to transfer to KOSPI, threatening the market’s identity as a hub for innovative growth companies. The groups stressed that KOSDAQ serves a vital role in the innovation ecosystem: when leading companies remain listed and continue to grow, it sustains investor confidence and creates a virtuous cycle that enables the next generation of tech startups to raise capital and go public.
The associations also cautioned that the departure of a marquee company like Alteogen would weaken KOSDAQ’s appeal to both domestic and international investors, potentially accelerating a lower league perception of KOSDAQ relative to KOSPI.
