The KONEX stock market recorded only one new listing in 2025 — S-Tech M, which listed in April 2025 — as companies increasingly bypassed the market for direct KOSDAQ listings via technology special listing tracks, according to Korea Exchange data released May 3, 2025. The number of listed companies fell 30.5% from 154 in 2017 to 107 currently, while market capitalization dropped 46.7% from 6.2529 trillion won in 2018 to 3.3349 trillion won as of May 2, 2025. Korea Exchange attributed the decline to expanded KOSDAQ technology special listing eligibility, which allowed promising firms to skip KONEX entirely. In response, the government announced a capital market reform plan in March 2025 that includes audit cost subsidies (launched June 2025) and stricter float requirements (effective May 2, 2025).
KONEX Market Cap Falls 46.7% Since 2018
KONEX new listings declined from 14 companies in both 2022 and 2023 to 6 companies in 2024, 4 companies in 2024 (previous year reference in source), and 1 company in 2025, Korea Exchange reported May 3, 2025. Daily trading volume peaked at approximately 7.4 billion won in 2021 before falling to 421.19 million won on May 2, 2025. Of the 107 listed companies, 32 recorded zero share transactions on May 2, 2025. Jin Hyun-chul, team leader of Korea Exchange's KONEX Market Division, stated that the primary cause of low market activity is companies' increased preference for KOSDAQ listings, noting that the proportion of KOSDAQ new listings using technology special tracks has remained stable in recent years while KONEX new listings have declined.
Korea Exchange Launches Audit Subsidies and Float Requirements in 2025
The government's capital market reform plan announced in March 2025 includes 70% subsidies (up to 90 million won) for KONEX-listed companies' external audit costs and designated advisory fees, which began in June 2025. Korea Exchange plans to expand the existing 100 billion won KONEX investment fund to over 200 billion won and is reviewing tax support measures for individual investors. New float requirements effective May 2, 2025 mandate that KONEX-listed companies maintain publicly traded shares ranging from the previous 5% to a maximum of 15% depending on listing tenure, with dispersed shareholder counts strengthened to at least 50 individuals. Korea Exchange will recruit participating companies this month for customized consulting programs running from August to November 2025, providing listing experience support from exchange staff for companies preparing KOSDAQ transfers.
Securities Industry Questions Effectiveness of Reform Measures
A securities industry official stated that the market will revive only if quality companies consistently list, market liquidity substantially increases, or drastic tax incentives for KONEX investment are introduced, emphasizing that investors need a market they want to buy into. Jin Hyun-chul of Korea Exchange's KONEX Market Division responded that KONEX serves as an incubating market where companies accumulate listing experience and establish disclosure and internal control systems before growing into KOSDAQ, and that the exchange will continue strengthening foundations for innovative companies to naturally transition to KOSDAQ through customized support by growth stage.
FAQ
How many companies listed on KONEX in 2025?
One company — S-Tech M — listed on KONEX in April 2025, according to Korea Exchange data released May 3, 2025.
What policy measures did Korea Exchange implement in 2025 to revive KONEX?
Korea Exchange began providing 70% subsidies (up to 90 million won) for audit costs and advisory fees in June 2025, and raised float requirements from 5% to a maximum of 15% effective May 2, 2025, as part of the government's capital market reform plan announced in March 2025.
