YG Entertainment has failed to get listed on the KOSDAQ (Korea Securities Dealers Automated Quotations), a Korean stock market exchange equivalent of America’s NASDAQ.
The Korean Exchange announced on November 12th, “YG Entertainment submitted an application to be screened for the KOSDAQ. Results have shown that YG Entertainment is unsuitable to be listed.”
YGE first submitted their application on August 20th, making them possibly the third Korean company, the first and second being SM Entertainment and Mnet Media, to get listed on the KOSDAQ.
Many believed that the results would be positive, as they were agency to many profitable artists such as Big Bang and 2NE1. News of the company’s attempt to get listed skyrocketed their stock.
Unfortunately, they failed the screening results. Representatives of KOSDAQ stated, “A regular screening takes at least two months. In order to properly judge the competence of the company, it will be difficult for YGE to get listed within 2010.”
Many are attributing the failure to dominant conservative views. Representatives of the market stated, “The Korean Exchange is especially conservative when it comes to entertainment companies, as there are many more variables to take into account. It seems that stricter standards were used against the company.”
Still, room for possibility remains, as revealed by a representative of KOSDAQ headquarters, “The insufficiencies of YG Entertainment to get on the KOSDAQ were exposed. Should they fix these areas, they can try again.”
source: allkpop
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