2022年11月30日

隨著ipo希望的消退，Dunamu、Kurly和Viva Republica等獨角獸的股價暴跌超過70%。隨著利率上升對資產價格的影響擴大到當地場外交易市場，Dunamu Inc.和其他韓國主要非上市股票大幅下跌。據countryâ ' '的韓國最大場外交易平台U-Stockplus周三的數據，雜貨配送服務平台運營商Kurly的股價最近報30,600韓圓(合23.2美元)，不到今年1月11.6萬韓圓高點的三分之一。南Koraâ最大加密貨幣交易所Upbit的運營商Dunamu和金融科技平台Toss的運營商Viva Republica Inc.的股價均較去年11月創下的峰值下跌了約74%。運營countryâ最受歡迎的打車應用的Kakao Mobility Corp.股價下跌了約80%，最大的旅遊和住宿平台Yanolja Inc.股價下跌了逾一半。業內人士稱，由於交易量低，非上市股票往往反映了其他資產後來的趨勢。但隨著借貸成本不斷上升，越來越多的業內同行破產，startupsâ公司的主要股票加速下跌。一個€œ利率上升的影響,鬧鬼的股票和房地產市場,擴展到未上市股票,€資產經理說。由於對初創企業的擔憂加劇，市場需求減少，市值不足5000億韓元的非上市股票幾乎沒有交易。這使得投資者不僅很難清算這些資產，而且很難估算損失。 IPO HOPES VANISH Investors had dreamed of a jackpot from unlisted stocks as promising companies in new industries such as fintech and bio listed their stocks, rewarding investors with large profits in the short term. The fever for unlisted stocks intensified among retail investors in the first half of last year when the main Kospi lost steam after hitting record highs. Individuals sought opportunities in the OTC markets as shares in newly-listed companies such as KakaoBank Corp. and Kakao Pay Corp. rallied. Investors made large bets on Dunamu, Kurly, Yanolja and others that were expected to go public. Dunamu and Yanolja had been predicted to list in the US. But such hopes faded away as global interest rate hikes dampened stock markets worldwide. Dunamu’s market capitalization had risen to as high as almost 20 trillion won thanks to the frenzy on cryptocurrencies, but it skidded to 4.7 trillion won. PRIVATE EXCHANGES In the past, institutional investors had been major players in the market for unlisted stocks. But retail investors joined the market with private exchanges for those shares increasing. Those exchanges such as U-Stockplus, Seoul Exchange and Angel League set up online platforms for unlisted stocks, which had mainly been traded through direct transactions, allowing retail investors to trade those shares. Angel League introduced a service that allows individual investors to form a group for investments in large unlisted caps. The exchange’s customers founded some 200 groups as they could buy shares in promising startups with small money. Among them, eight groups invested in Mesh Korea Co. , which filed for court receivership earlier this week. They bought shares in the operator of the last-mile delivery service Vroong when the startup’s enterprise value was at between 505 billion won and 630 billion won. Its current value for sale was estimated to have shrunk to around 60 billion won. Mesh　Korea's　last-mile　delivery　service　Vroong　(Courtesy　of　Yonhap) LACK OF INFORMATION “It is high risk for groups of individuals to invest in unlisted stocks without institutions as they have no access to information on the companies,” said the head of a local asset manager. Unlisted companies do not need to announce key information through a regulatory filing in South Korea. Financial regulators took steps to protect investors. In June, the Financial Services Commission ordered trading platforms for unlisted stocks to create protection measures, including the mandate of occasional and regular disclosures by traded companies. The number of traded companies on those private exchanges tumbled as many startups did not meet the requirements. Only about 60 unlisted stocks were dealt on U-Stockplus, far lower than over the 450 firms before, making it even harder for users to exit from their investments. Write to Eui-Myung Park at uimyung@hankyung.com Jongwoo Cheon edited this article. 2 Min read 2 Min read 3 Min read 4 Min read 3 Min read 1 Min read