{"id":1208,"date":"2026-03-18T13:41:06","date_gmt":"2026-03-18T04:41:06","guid":{"rendered":"https:\/\/bitpress.kr\/?p=1208"},"modified":"2026-03-18T13:46:27","modified_gmt":"2026-03-18T04:46:27","slug":"overseas-ipo-shareholder-impact","status":"publish","type":"post","link":"https:\/\/bitpress.kr\/en\/overseas-ipo-shareholder-impact\/","title":{"rendered":"With split listings blocked at home, conglomerates are heading overseas. Are our shares safe?"},"content":{"rendered":"<h2 class=\"wp-block-heading\"><strong>Summary<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Hyundai Motor India<\/strong>: Listed on India's NSE in October 2024, market cap of KRW 25 trillion, P\/E of 25x (vs. 4x for Hyundai Motor in Korea)<\/li>\n\n\n\n<li><strong>Naver Webtoon<\/strong>: Listed on Nasdaq in June 2024, shareholding structure changed after listing (Naver 63.4% \u2192 reduced, LY Corp 24.7%)<\/li>\n\n\n\n<li><strong>SK hynix<\/strong>: In March 2026, Chairman Chey Tae-won formally said a US ADR listing is under review (Micron P\/E 34x vs. SK hynix P\/E 11x)<\/li>\n\n\n\n<li><strong>LG Electronics India<\/strong>: Scheduled to list in 2025, market cap projected at KRW 20 trillion<\/li>\n\n\n\n<li><strong>Domestic regulation<\/strong>: In March 2026, a policy to fully block duplicate listings by conglomerates was finalized<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. The stigma that \"Korean stocks are cheap\" and why companies are leaving<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In October 2024, Hyundai Motor India Ltd. (HMIL) listed on the National Stock Exchange of India (NSE) in Mumbai. With a market cap of KRW 25 trillion at the offer price, it was the largest IPO in Indian stock market history. Within a year of listing, its shares jumped 28%, pushing its market cap past KRW 30 trillion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The problem is the gap in valuation.<\/strong> Hyundai Motor's parent company, listed in Korea, trades at a P\/E of only about 4x, while its Indian unit trades at 25x. The same company, the same brand and similar earnings, yet the market values them more than six times apart.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SK hynix is in the same position. It is the global leader in the HBM (high-bandwidth memory) market (with a share of over 50%), yet it trades at a P\/E of 11x on the Korean market. Its US rival Micron trades at 34x. That means a valuation about one-third as high.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\"Foreign investors see the Korean market as a place where it is hard to take money out freely once it is in. It is difficult to raise stock market liquidity without global institutional investors being able to move money in and out freely.\"<br>\u2014 An investment banking industry official<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The causes of the 'Korea discount' are complex.<\/strong> Short-selling bans, lock-up rules and weak corporate governance have combined to make foreign institutional investors avoid the Korean stock market. In particular, the full ban on short selling after 2020 froze investor sentiment among global hedge funds.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. The paradox of a \"duplicate listing ban\" pushing companies to list overseas<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In March 2026, the government finalized tough rules to fully block affiliates of large conglomerates from duplicate listings on the Korean stock market. The rules ban new listings of affiliates in which a listed parent owns a stake of 30% or more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rules were drawn up as a lesson from the LG Energy Solution case. They aim to prevent the kind of controversy over diluted shareholder value that arose when LG Chem spun off its battery business through a physical split to launch LG Energy Solution and both companies were listed on the KOSPI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>But the rules are having unintended 'side effects.'<\/strong> With duplicate listings banned at home, companies are turning to overseas markets. An evasive logic is at work, as if to say, \"If we can't do it in Korea, we'll do it abroad.\"<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Hyundai Motor<\/strong>: Indian unit listing completed (October 2024)<\/li>\n\n\n\n<li><strong>Naver<\/strong>: Webtoon Entertainment listing on Nasdaq completed (June 2024)<\/li>\n\n\n\n<li><strong>SK hynix<\/strong>: US ADR listing under review (formally mentioned by Chairman Chey Tae-won in March 2026)<\/li>\n\n\n\n<li><strong>LG Electronics<\/strong>: Preparing to list its Indian unit (expected in April-May 2025)<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong class=\"\">3. What companies really want: \"value-up\" and \"attracting global investors\"<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Hyundai Motor India: localization and a stronger brand<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Through the India listing, Hyundai Motor aimed not just to raise capital but to elevate the unit into a local production hub. In the year after listing, its shares rose 54%, outperforming India's Sensex index by more than eight times. By strengthening its local SUV lineup and embracing the 'Make in India' policy, it also improved its relationship with the government.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>SK hynix: a strategy to follow TSMC's path<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">At Nvidia GTC 2026, Chairman Chey Tae-won publicly mentioned for the first time that SK hynix is considering a US ADR listing. The goal is clear: to have its value as a global chip leader recognized in the US market, as Taiwan's TSMC has. Separately from its Taiwan listing, TSMC listed ADRs on the New York Stock Exchange, drawing in global institutional capital and building its status as the 'world's No. 1 foundry' into its valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>SK hynix's confidence comes from the AI memory supercycle.<\/strong> It holds the top global share (62%) in the HBM3E market and is projected to supply about 70% of HBM4 for Nvidia's next-generation 'Rubin' platform. Some forecasts suggest its 2026 operating profit could reach $100 billion (about KRW 145 trillion).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Naver Webtoon: a leap to a global content platform<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">By listing Webtoon Entertainment on Nasdaq, Naver pitched the webtoon platform's growth potential to global investors. After the listing, the shareholding structure was reshaped to Naver 63.4% and LY Corp 24.7%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, it posted an operating loss of $63.51 million (about KRW 90.2 billion) in 2025, widening its losses, and still faces the task of balancing growth and profitability.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. The shareholders' dilemma: gain or loss?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The positive view: a chance to lift the parent company's value<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Global valuation rerating<\/strong>: If a subsidiary earns a high valuation in an overseas market, the value of the parent company's stake also rises<\/li>\n\n\n\n<li><strong>Greater transparency<\/strong>: An overseas listing must meet stricter disclosure and governance requirements, improving corporate transparency<\/li>\n\n\n\n<li><strong>Higher global brand value<\/strong>: A local listing raises credibility and brand awareness in that market<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong class=\"\">The negative view: diluted shareholder value and sidelined rights<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Governance conflicts<\/strong>: Potential conflicts of interest between the subsidiary and the parent company<\/li>\n\n\n\n<li><strong>Sidelined domestic shareholders<\/strong>: As foreign investors gain influence, the voices of domestic minority shareholders may weaken<\/li>\n\n\n\n<li><strong>Uncertain dividends and capital returns<\/strong>: Questions about whether profits from overseas-listed companies will properly flow back to the Korean parent<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong class=\"\">The use of treasury shares for SK hynix's ADR in particular has become controversial.<\/strong> The Korea Corporate Governance Forum (KCGF) pointed out that \"at a time when mandatory cancellation of treasury shares is being seriously discussed, using treasury shares for an ADR could run counter to the purpose of governance reform.\" Because its treasury shares make up only about 2.4% of total shares outstanding (about KRW 9 trillion to KRW 10 trillion), there are also concerns it could end up as a 'showcase ADR.'<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. The national view: an outflow of national wealth or a globalization strategy?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Taxes: do companies pay taxes in the country where they list?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Some worry that overseas listings of subsidiaries lead to an outflow of national wealth. In reality, however, dividends received by the parent company are taxed in Korea, so it is hard to see this as a simple tax outflow. That said, if profits earned overseas are reinvested locally, less money may come back to Korea.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong class=\"\">Weaker capital market competitiveness<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The fact that Korean conglomerates are knocking on the doors of overseas listings is also evidence that the Korean stock market has become less attractive. If the 'Korea discount' is not resolved, the Korean market will have no choice but to keep watching quality companies 'leave the country.'<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\"When a subsidiary listing comes with a structure that benefits both the parent company and its stakeholders, dual overseas listings can deliver real positive effects: overseas growth for Korean companies and access to global investors.\"<br>\u2014 Securities industry analysis<\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong class=\"\">6. Conclusion: what shareholders need to judge<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The rush of conglomerates to list overseas is not simply 'leaving Korea' but a strategic choice to survive global competition. But it does not necessarily benefit shareholders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong class=\"\">Key questions shareholders should check:<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Governance<\/strong>: Does the structure let the parent company properly control the subsidiary while guaranteeing its independence?<\/li>\n\n\n\n<li><strong>Valuation gap<\/strong>: Is the higher valuation from the overseas listing properly reflected in the parent company's share price?<\/li>\n\n\n\n<li><strong>Capital return policy<\/strong>: Are the subsidiary's profits returned to shareholders through dividends or treasury share cancellations?<\/li>\n\n\n\n<li><strong>Transparency<\/strong>: Is the overseas listing reducing information asymmetry, or making things more complicated?<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Hyundai Motor India<\/strong>can be counted as a success story. After listing, its shares rose, and the corporate value of its parent, Hyundai Motor, was also rerated. In contrast, <strong>Naver Webtoon<\/strong>is still posting losses and has yet to find a balance between growth and profitability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>SK hynix<\/strong>'s ADR listing could be the final piece of the puzzle in resolving the 'Korea discount,' or it could end up as a mere 'showcase.' The key is to put institutional safeguards in place so that the \"broader contact with global shareholders\" that Chairman Chey Tae-won and management talk about leads to real gains in shareholder value, not just a slogan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong class=\"\">In the end, what matters is not the 'where' of a listing but the 'how.'<\/strong> For overseas listings to benefit shareholders, transparent governance, clear capital return policies and fairness between domestic and foreign shareholders must be guaranteed. Otherwise, conglomerates' overseas listings will remain just another case of 'shareholder value dilution.'<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong class=\"\">BITPRESS Insight: \"An overseas listing should be an 'on-ramp,' not an 'escape route'\"<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Framing the conglomerates' rush to list overseas only as an 'outflow of national wealth' is an outdated view. But treating it as 'unconditionally positive' is also risky. The real question is <strong class=\"\">'why'<\/strong> they are going abroad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>First, we need to point out the paradox of domestic regulation.<\/strong> The government banned duplicate listings as a lesson from the LG Energy Solution case, but as a result, companies are flocking overseas. The purpose of regulation is to stop 'malicious duplicate listings,' not to hold back 'healthy overseas growth.' The first step is to create an environment where companies can get global valuations at home too.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Second, we need to watch out for a 'double standard' on shareholder value.<\/strong> Hyundai Motor India succeeded, but that was thanks to the particular features of the Indian market (growth potential, share of local production). Naver Webtoon is still losing money. SK hynix's ADR has such a thin pool of treasury shares that it is unclear whether it is a 'real listing' or a 'showcase.' Success depends not on the 'listing' but on shareholder return policies 'after the listing.'<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Third, resolving the 'Korea discount' has to come first.<\/strong> The root reason companies are rushing abroad is that the Korean stock market does not properly recognize their value. Without fixing structural problems such as the short-selling ban, lock-up rules and low liquidity, 'overseas listings' alone will not restore the standing of the Korean stock market. If anything, they will only speed up the exodus of quality companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong class=\"\">Fourth, fairness between 'global shareholders' and 'domestic shareholders' must be written into the rules.<\/strong> Shareholders of parent companies with overseas-listed subsidiaries often find their rights sidelined. They can be disadvantaged in access to information, dividend policy and participation in governance. 'Shareholder rights safeguards' to prevent this should be written into law.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>In conclusion, an overseas listing should be not an 'escape route out of the Korean stock market' but a 'gateway into the global market.'<\/strong> Companies should receive fair valuations, and shareholders should share those benefits fairly. Otherwise, it will go down as just another case of 'corporate selfishness.'<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong class=\"\">The last question shareholders should ask:<\/strong> \"Does this overseas listing raise the value of my investment, or is it just a show to put management on the 'global stage'?\"<\/p>","protected":false},"excerpt":{"rendered":"<p>\uc694\uc57d 1. &#8220;\ud55c\uad6d \uc99d\uc2dc\ub294 \uc2f8\ub2e4&#8221;\ub294 \uc624\uba85, \uae30\uc5c5\ub4e4\uc774 \ub5a0\ub098\ub294 \uc774\uc720 2024\ub144 10\uc6d4, \ud604\ub300\ucc28 \uc778\ub3c4\ubc95\uc778(HMIL)\uc774 \ubb44\ubc14\uc774 \uad6d\ub9bd\uc99d\uad8c\uac70\ub798\uc18c(NSE)\uc5d0 \uc0c1\uc7a5\ud588\ub2e4. \uacf5\ubaa8\uac00 \uae30\uc900 \uc2dc\uac00\ucd1d\uc561 25\uc870\uc6d0, \uc778\ub3c4 \uc99d\uc2dc \uc0ac\uc0c1 \ucd5c\ub300 \uaddc\ubaa8\uc758 IPO\uc600\ub2e4. \uc0c1\uc7a5 \ud6c4 1\ub144 \ub9cc\uc5d0 \uc8fc\uac00\ub294 28% \uae09\ub4f1\ud558\uba70 \uc2dc\ucd1d\uc740 30\uc870\uc6d0\uc744 \ub3cc\ud30c\ud588\ub2e4. \ubb38\uc81c\ub294 \ubc38\ub958\uc5d0\uc774\uc158\uc758 \ucc28\uc774\ub2e4. \uad6d\ub0b4\uc5d0 \uc0c1\uc7a5\ub41c \ud604\ub300\ucc28 \ubcf8\uc0ac\ub294 PER 4\ubc30 \uc218\uc900\uc5d0 \ubd88\uacfc\ud558\uc9c0\ub9cc, \uc778\ub3c4 \ud604\uc9c0\ubc95\uc778\uc740 PER 25\ubc30\ub85c \uac70\ub798\ub41c\ub2e4. \uac19\uc740 \uae30\uc5c5, \uac19\uc740 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"bitpress_en_title":"","bitpress_en_desc":"","footnotes":""},"categories":[24,223],"tags":[583,404,580,581,582,577,578,398,576,292,575,579],"class_list":["post-1208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-business","category-korea-stocks","tag-adr","tag-sk","tag-580","tag-ipo","tag-582","tag-577","tag-578","tag-398","tag-576","tag-292","tag-575","tag-579"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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