A total of 54 listed firms — 12 on the Kospi and 42 on the Kosdaq — face potential delisting after failing to secure clean audit opinions for their 2025 financial statements, the Korea Exchange said Thursday.
The companies triggered delisting grounds as of April 7 after receiving adverse or disclaimer audit opinions, a key indicator of concerns over financial health and internal controls.
On the Kospi, 12 firms were flagged, broadly in line with 14 a year earlier. Seven were newly designated, while four — including Kumyang and Sambu Construction — failed audit standards for a second consecutive year and will face delisting decisions after their improvement period ends April 14.
Han Chang, which received adverse or disclaimer opinions for a third straight year, has already been slated for delisting, with trading suspended pending liquidation.
Separately, eight Kospi-listed firms were newly placed under supervision, up from four a year earlier, while three were removed, reflecting mixed progress in corporate restructuring.
The situation was more severe on the Kosdaq, where 42 firms triggered delisting grounds, including 23 new cases — up from 19 a year earlier — underscoring mounting financial strain among smaller firms.
Some companies, including Kainos Medicine and Olipass, have already been confirmed for delisting after repeated audit failures, while others remain under review.
Risk indicators also worsened, with 43 firms newly flagged as investment caution issues against 21 removals, pointing to persistent vulnerabilities in the market.
The developments come as regulators move to tighten listing standards. The exchange plans to raise the minimum market capitalization requirement to 20 billion won ($13.5 million) from 15 billion won and introduce a penny stock rule targeting shares trading below 1,000 won.
A simulation by the exchange suggests the number of Kosdaq firms at risk of delisting could rise fivefold to around 220.
Financial Services Commission Chairman Lee Eok-won said stricter rules are needed to improve market quality and accelerate the exit of underperforming firms.
ch0221@heraldcorp.com
