The number of listed companies has increased fivefold, and the market capitalization has increased by 55 times. However, even with a -2% index, it's hard to understand what's going on. What happened to the investors? Subscribe, like, comment, watch other videos. This is always done at the very end. Why is the market so messed up? Currently, the KOSPI and KOSDAQ are subscribing, liking, commenting, watching other videos. Hey, we're here today. How many days have passed since the KOSPI? We're shooting around 1:40 p.m. on August 2nd. It's dropping by more than 3% now. Did a war break out? Did NASDAQ cough? If NASDAQ coughs, it's almost like catching a cold. Oh no, I see. Let's check KOSDAQ. Hey, hey, hey. Hey, wait a minute. Isn't this the time when U.S. commercial banks fail, the LegoLand incident erupts, and now, up to now, the investor sentiment in KOSDAQ is...

It's getting worse. Oh, I need to talk about this. I met you well. Let's assume the KOSDAQ index is around 8800. I didn't expect it to drop so much in one day. If you think about the current market capitalization of KOSDAQ, it's about 40 trillion won. When the index was at 800, if you think of it as 40 trillion won, it's easy. But KOSDAQ was launched in January 1997 with a market capitalization of 7.3 trillion won at that time. It was about 77 trillion won when they first started calculating the market capitalization, and now it's 400 trillion won. How many times has it increased? Just do a quick calculation. It has grown 55 times. It's a solid market. I can't even express it. When calculating an index, there is always a reference point. Just like the Consumer Price Index, it's based on 100. When calculating now, if you take KOSPI as an example, in the early 1980s, around 1980, it started...

We set the base point at 100, so when we assume it's around 2,800, it means it has increased 28 times over 44 years. Of course, compared to real estate prices or other things, it's quite lackluster, but still, it increased by 28 times. Let's look at the KOSDAQ. The base point for KOSDAQ was July 1, 1996, but it seems like it was 100 at that time. I'll stop here for now. However, this is not just a secret of the KOSDAQ, it's also a secret of the players in Yeouido. Have you ever seen it? The base point of the KOSDAQ was originally 100. However, something happened. Do you remember the dot-com bubble? In the early 2000s, when dot-com stocks in the United States were soaring, back in the early days of the internet, the KOSDAQ had risen to 2,925 points by today's standards. At that time, something happened, the dot-com...

After the bubble bursts, it drops significantly, about 300 points. So, at that time, this is what people in Korean exchanges were saying. It's too embarrassing, so originally the baseline was 100, but it's more than that. The baseline is now 1. So, if it was originally 100, then the KOSDAQ is not actually 800 now, but originally based on 100, it is 80. So, what does this mean? What year was the reference point? It started in 1996 and calculated the market capitalization based on the standard of 100 in 1997. Since then, if you had invested in the KOSDAQ index for 27 years, the return rate would be -20%. This means that the KOSPI has increased by 28 times. I should have bought real estate instead. The KOSDAQ has a -20% return rate over 27 years. And, I'm sorry, NASDAQ, I'm sorry, let's compare a bit.

Let's go in. In the case of the NASDAQ, I will now compare the same period. It's been much longer, but at the end of 1996, it was at 1291 points. What about now? It's at 18, right? Of course, now it's even correcting down to the 17,000s, but based on 18,000, it has almost increased 14 times. And if we look at it from the peak, it's almost a 14,500% increase. As mentioned earlier, if you had invested for 27 years, the KOSDAQ would be -20%, while the NASDAQ would have a return of almost 1400%. It's worth comparing, right? They are quite similar, even in name. In fact, the name KOSDAQ was borrowed from the NASDAQ. So, NASDAQ created the KOSDAQ market, focusing on technology and growth stocks. Well, they are quite similar, -2% and 1300%. Not much difference. But here's the message. However, in the NASDAQ market and the KOSDAQ market, the same taxes are applied.

I will give you a physics lesson. How much? Ah, I will give you 50 million won. Nowadays, they are talking about raising it up to 100 million won in the political circle. If you inherit the same tax from there, where will you go unless you are shot in the head? Are Korean citizens fools? Still, we have the National Assembly, right? As I mentioned earlier, it started with 7 trillion won, and now it has grown to 400 trillion won. It has grown 55 times. So, the market has grown bigger, right? However, remember -2%. You need to consider this as well. Now, let's take a look at why KOSDAQ looks like this. Let's take a look at the fundamental reason, the number of listed companies. When KOSDAQ was launched, it started with about 341 companies. Now, there are 179 companies. By the way, in KOSPI, at least 80 billion companies are listed in a year, and sometimes up to 110 billion companies are listed. After a year, around next year, there will be about 1820.

It means that it has been adjusted. After two years, you will hear that the number of listings has exceeded 2,000. It is increasing rapidly as much as five times during this period. As I mentioned earlier, the market capitalization increased by 55 times, and the number of listed companies increased by five times. However, how much is the index? -20%. This is comparing KOSDAQ to NASDAQ. In theory, even if only the number of listed companies increased, the index should be at 5,000 points on KOSDAQ. Even if only the number of listed companies increased, arithmetically, I apologize, I will apologize on behalf of you. Oh, this is not an indirect advertisement or product placement. It's just about drinking Bacchus for free. You know Bacchus ambassador, right? From here, the mystery begins. So where did all that money go? The number of listed companies increased by five times, and the market capitalization increased by 55 times, but how come the index is -2%?

Just by looking at it, I don't understand. With my common sense, I can't understand. So, the stock price has actually dropped by that much, right? Yes. And many companies listed on the KOSDAQ market or companies that have conducted capital increases have only used it as a capital-raising warehouse. So, what happened to the investors who invested in them? This is ridiculous. On KOSDAQ, the cumulative number of delisted stocks is astonishing. Let's pick the most recent one. As of August 1st, there have been 178 delisted stocks accumulated from 1996 to August 1st, 2024. Here it is. Out of the 341 companies that were listed at the beginning, 178 have been delisted. Currently, there are around 1,700 listed companies, so comparing 178 delisted stocks to that number, what does it mean? Therefore, now, passing by or briefly passing through KOSDAQ, like a passing breeze, and now being listed.

When combined, nearly 297 companies, almost around 2,800 companies, have passed through the KOSDAQ. First of all, I think you might be curious about this. Even if many companies are delisted, it doesn't affect the index on the surface. Because when calculating the index, we divide the market capitalization at the base point by the reference point market capitalization and then multiply it by 100. Of course, now we added one more digit to the KOSDAQ. But if a company receives a delisting notice, we subtract both the denominator and the numerator at the same time in the denominator and numerator. So, it doesn't affect the index. It's common sense. So, I wanted to take a look at this data, but I haven't been able to extract the market capitalization yet. If anyone knows, please let me know. Through the KOSDAQ market, every year, about 2-3 trillion won flows into the companies that are newly listed through IPOs, which means they are listed. Why is it that at least 80 companies every year, approximately

If about 110 companies are newly listed, these companies absorb about 2-3 trillion won only within the KOSDAQ. So the index should rise accordingly, but why does it look like this? And there have been about 16 trillion won of funds raised only within the KOSDAQ in the recent three years, asking for more money even after being listed. Where did all this money go? Therefore, those who know will understand that it has become too easy for deficit-listed companies. There are many ways for deficit companies and unrealized profit companies to be listed. The threshold for listing on the KOSDAQ market in Korea has become very low. There is no threshold, so there are many ways such as special listing for technology, growth, unrealized profit companies, or unicorn companies. Therefore, now it only needs to meet the market capitalization criteria. For example, if a company is in deficit, losing 1 trillion won in operating losses each year, but is still listed on the market.

When issuing stocks, it's said that a company's value is about 520 billion won in market capitalization, and they can go public because they have future value. For example, why isn't Wall Street making money now? But if they spread rumors like this, saying that Wall Street can earn around 3 trillion won in two years, then yes, you can receive around 600 billion won in market capitalization. Just pump it up among securities firms, pump, pump it up, then we can also go public. It's amazing, right? That's possible. But the original intention is good because why? Let's support growing companies and tech companies. Let's add fuel to them. So when they grow, we can nurture this ecosystem, the industry, and enhance technology companies. However, what is the reality? Over the past 27 years, it's been -20%. As I mentioned earlier, instead of 80 companies each year, only about 11 companies are listed on the KOSDAQ.

Being listed on the KOSDAQ is a good thing for a company. Naturally, it's to attract investment. And the number of shares keeps increasing because the capital increases through issuing new shares. However, what about investors? They can't recoup their investment, and since the shares are not repurchased, only the number of shares increases. From the company's perspective, it's good, but from the investors' perspective, it's heartbreaking. This is tears of blood. Please make a Kakao emoticon of this. Add a beard here. I mentioned this before, isn't it the cradle of venture companies and growth companies? Everything is good up to there. So, even after going public, you have to do well. Of course, it's inevitable that most companies can't make money after attracting investments. But how long do investors have to be trapped in uncertainty?

We need to continue to make fundamental mourning. Another important thing is that companies with an interest coverage ratio of less than 1 on the KOSDAQ are now called zombie companies. This is not only about the KOSDAQ, but in general, 42% of companies are unable to pay bank interest even though they make operating profits and save money. This is based on the third quarter of last year. So, this is not about being profitable or in deficit, but about companies that make profits but still cannot pay interest, accounting for a whopping 42%. Nowadays, as it is the Olympic season, I have prepared the KOSDAQ Villain Olympics. Don't be surprised. I briefly explained it earlier, but within the KOSDAQ, there have been 178 cumulative delistings. As of August 1, 2024, there will be a substantial review. Companies are undergoing a substantial review to decide whether to kill, save, or give them a chance for redemption.

Six companies have been suspended from trading, including three due to spec mergers. Excluding those, there are about one to three management stocks, five revitalization stocks, and one non-compliant disclosure company. When it comes to being a villain, almost anywhere in the world, you can find companies that can be listed on the stock market and even win a gold medal in being a villain. This is the KOSDAQ. And let's not forget embezzlement. Don't be surprised, everyone. As of yesterday, when I looked for companies that have announced embezzlement or breach of trust, there are over 1,200 cases. How many listed companies did I mention earlier? Currently, out of 179 listed companies, there are 1,719 cases of embezzlement disclosure. Of course, this includes revised disclosures or ongoing situation disclosures. For example, if there are first, second, and third rulings for the same embezzlement, then there have been three disclosures for the same embezzlement case. This may cause a bit of a shock effect, but still, no matter how you look at it, it's too many.

There are cautious investment stocks that are surprising. There are 28 warning stocks, which are risky. Now, in the past year, the number of listed companies has reached 1,700, with 2,200 cautionary and risky stocks. How about the KOSDAQ recently? It's something to be proud of, right? And why do many arguments come up about quickly expelling zombie companies? But zombies are not just zombies. Even in English, killing a zombie takes a long time. You have to shoot the heart accurately and remove the head. In theory, there is an improvement period in the KOSDAQ as well. During this period, trading will be suspended. If you receive an audit opinion properly and solve the problem within that time, trading can be maintained. This can be granted for up to a maximum of 2 years. But if the review is pending here, or if the company sues the exchange, then that period just goes on indefinitely.

Within this, it doesn't include and essentially, a decision to delist has been made. So, what will the listed company do? Alright, I understand. We will continue to work hard in the future. Will they work hard as an unlisted minority? No, they won't. Because the shareholders will go crazy. Then, how do these companies handle it? They will go to court now. In 2019, Gamma filed a lawsuit against the Korea Exchange for the delisting decision. The lawsuit to confirm the nullity of the delisting decision was successful, so it resumed. So, what will happen? This case has emerged, so from now on, even if they receive a delisting decision, they will go to court. Hey, Gamma won after a long time. Since shareholders are causing a fuss like this, then where will the final decision on delisting be made? Not at the Korea Exchange, but at the court. It may even take about 5 to 6 years or 6 to 7 years if it goes up to the Supreme Court.

So, what is the period of this trading suspension going to be? It could last for the next 3 years, 5 years, or even longer. You may not all agree at first. Your opinions, please leave them in the comments. Frequent delisting itself is not necessarily a bad thing. Because this is the ecosystem, corporate ecosystem, industrial ecosystem, and the capital market ecosystem. For example, what would happen if all living things on this planet were born but never died? How would it be? Why do we even repot plants and pull out dead ones until they die? But if a sick tree keeps sucking up nutrients, what happens next to the healthy roots that don't get nutrients? So, we need to quickly remove zombie companies and create a market focusing on healthy companies. But it wasn't easy. This was done by a great journalist last time.

I wrote a column in 2019 during my time at Money Today Broadcasting (MTN). At that time, I mentioned Lee Dae-ho, and his name is good. He became the immortal KOSDAQ Dasan, and Dasan became the market of immortals where many are born and many die. This is because it is a growth company that includes loss-making companies, creating a healthy ecosystem where many are born and do not die. What happens when a market where many are born and do not die becomes a place where nutrients are shared, and where it starts to rot from somewhere? You need to cut it off, but if you can't cut it off, it continues to rot. The reason I wrote this column at that time is because the system has changed. So, more improvement time is given. For example, if an external auditor's opinion of refusal is included in the audit report, in the past, if the audit opinion was not properly received, it was considered formally delisted.

As a listed company, it means that it did not even have the minimum requirements to be met. So, it was just a formal listing page. The improvement period is six months, and within that, they received a re-audit. But that was extended from 2019 to one year, and if rejected in 2023, it changed to allowing trading recovery if a proper audit opinion is received in 2024. So basically, the trading suspension period has increased from one year to two years. It has become an almost indestructible market. That's why this criticism was made. To become a thriving market, this is what needs to be done. Honestly, if I invested and had bad luck, I could face delisting. Since no one knows what that is, what's important is to make it easier for relisting after delisting. People need to accept delisting, so it should be made easy to relist after delisting. Just being in a trading suspension state for 2, 3, 5 years now.

First, instead of just going ahead, let's give out awards, then after improving the issue, if it's satisfied again, we can list it again. We will carefully review the documents again. This is what a healthy market is. So, I also make proposals. Some people are talking about it, and I strongly argue that we need a promotion system. We need to divide it into the first league, the second league, and the third league. Everything is just decaying now, and strange companies cannot make money. Instead of cramming all these companies into one place, for example, the first league could consist of excellent companies. For example, based on ROE standards, or it could be based on profitability, or even on dividend payouts to shareholders, both quantitatively and qualitatively. The first league will strictly include only excellent companies, and in the second league, companies that are not yet profitable, unavoidably in deficit, or emerging industries.

We put it in, but if there is a possibility, it goes up when we have a black mark. And the third league is for unfavorable companies, for example, companies that are not transparent in their disclosures or have caused any accounting issues even once. These companies are demoted to the third league for a specific period. So, when the issue is resolved, they can move up step by step. In Korea, if a company is listed only on the KOSDAQ market, it is perceived as a successful entrepreneur or businessman. However, this is also how it works. For example, the chairmen or CEOs of KOSDAQ companies play golf together, Mr. Kim, your drive is really strong. But if they were recently demoted to the second league, it means they are in trouble. And some CEOs say, Finally, we are moving up from the third league to the second league.

In the year after next, if we say that we can move up to the first league, even among them, the perception of reputation will make each other nervous. Shareholders, just like investors, will be much more intuitive in managing investment risks. But can I make a prophecy here? There is also a possibility of the KOSPI and KOSDAQ markets merging into one scenario. In Japan, there was something called JASDAQ. Just like Nasdaq in the United States, Japan benchmarked it and created a market for growth companies, so JASDAQ disappeared. They integrated into one, but they also have a second league and a third league for promotion. In our country, let's just merge KOSPI and KOSDAQ and divide them into first, second, and third leagues. Let's have a promotion and relegation system. Some ideas like this are emerging, and even in the Korean Exchange, it seems that they are now in the stage of considering this a bit.

Do you know what will happen then? Investors can also see it more intuitively. But there could be a counterargument here. There is already an index within the KOSDAQ, right? Have you ever heard of KOSDAQ 1? Have you ever invested in KOSDAQ 150 index? Why not? Among the 1,700 companies in the KOSDAQ, only 150 excellent companies are selected. Why aren't you doing this? They are excellent companies in the KOSDAQ, but you don't even know what they are. You don't even understand the concept, and they are actually excellent companies. It's not even 9 minutes because they are in the same market. That's why the total net assets of the ETF tracking the KOSDAQ 150 are only 1.2 trillion won, and it's decreasing. It means people are not investing. They are not using it as a benchmark. For example, in the case of the KOSPI 200, foreigners

Investors also look at benchmarks a lot because there are actually excellent companies that make money well. However, the KOSDAQ 150 includes both companies in deficit and in profit, and I don't know what criteria are used. There is even something called the KRX 300, which includes both KOSPI and KOSDAQ companies. They mixed about 200 KOSPI companies and about 100 KOSDAQ companies together. But do you know that? Most people don't actually use it, and many of you may know, but in Korea, when a company is included in the KOSDAQ 150, they receive futures contracts. They give futures for short selling. Hey, you've entered the KOSDAQ 150. Welcome. It's your first time short selling. Saying this, they just put on the hood and quietly enter the KOSDAQ 150 index, where no one really pays attention. So, in some circles, they suggest creating a more excellent group, like the KOSDAQ 50 or KOSDAQ 100.

I come up with this kind of idea, but I consider it meaningless because if I receive the same evaluation in the same market due to the institutionalization, I would rather companies in the KOSDAQ 50 make what choice. I would choose to go to the KOSPI and go public. Why should I be in a market that has been down 20% for the past 27 years? I would rather go public on the KOSPI. Just like a great journalist wrote a column in 2019, the KOSDAQ market should become a diverse and mature market. If we solve the problematic element that shareholders had difficulty accepting the listing page, even if it fails again, I will give the opportunity to revive, recover, and relist. To make the market healthy, we need to do it quickly, and that's the point. Laughter comes out, right now, KOSPI, KOSDAQ.

Hyundai is falling by 3.5%, but it's not about individual stocks. How much did Hynix drop just now? 99%. So, both KOSPI and KOSDAQ need to increase their value. Investors need to decide for themselves what to do. Each person has their own way. Until the system changes completely, you need to increase the value of your life through investments. It may seem like a promotion for a book, but it's not. This book, which you have taken a step towards, has recommendations from excellent people like Hong Jin-chae, Lee Dae-ho, and Kangtokki7. There are people who have steadily accumulated wealth by investing even in KOSDAQ, which has recorded -20% over 27 years. We also aim to do the same without getting stuck in a swamp, as if the swamp has turned into a swimming pool.

We are those who are trying to swim, those who are trying to swim in the universe, and it's so fascinating, right? In this strange market, what can we do? How can we pay taxes in this market? These are amazing people. Please, I hope our viewers will come to their senses, so that you can add value, we can add value, and our subscribers can add value. Thank you. Poof.

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