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Alteogen headquarters (Photo = Alteogen) |
[Alpha Biz= Ellie Kim] Alteogen has been asked by the KOSDAQ Association to reconsider its planned transfer listing to the KOSPI, citing potential negative impacts on the KOSDAQ market, according to a report by Seoul Economic Daily.
In an official letter, the association warned that the departure of a flagship biotech company could weaken investor confidence and reinforce the perception of KOSDAQ as a “feeder market” to KOSPI. Alteogen has been one of KOSDAQ’s leading companies, once ranking No.1 in market capitalization and currently maintaining a top-three position with a valuation of nearly KRW 20 trillion.
The association emphasized that Alteogen represents a successful example of a technology-driven growth company nurtured within KOSDAQ, contributing significantly to investor trust and encouraging other innovative firms to list on the market.
Concerns Over Index Impact and Market Perception
Alteogen’s potential move is seen as likely to weigh on the KOSDAQ index, particularly given its strong track record in global licensing deals with major pharmaceutical companies. Its subcutaneous (SC) platform technology, ALT-B4, has been applied to blockbuster drugs, including the world’s top-selling immuno-oncology therapy.
The association also pointed to a broader trend of major KOSDAQ firms relocating to KOSPI, such as Celltrion in 2018. Of the top 10 KOSDAQ companies by market cap in early 2022, four have since moved to KOSPI.
Policy and Investment Considerations
The request reflects the current policy stance of the government, which is pushing to revitalize KOSDAQ. Some analysts argue that staying on KOSDAQ may be more beneficial for Alteogen, given its strong positioning and higher weighting in KOSDAQ-focused passive ETFs.
If transferred, Alteogen would rank around 50th in KOSPI by market cap, potentially reducing its influence in index-linked investment flows.
The association concluded that maintaining its status within KOSDAQ could better support Alteogen’s long-term competitiveness, while also preserving its symbolic role as a leading innovator in Korea’s tech-driven equity market.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
