The head of Korea's primary stock exchange pledged to enhance oversight of illegal trading practices and increase value for shareholders.
Korea Exchange Chairman Jeong Eun-bo says, “Right now, Korea’s capital market is at a critical crossroads toward becoming an advanced market,” adding, “We will do our utmost to shape the market environment so that it leads to the ‘new normal’ of a ‘Korea premium,’ not a ‘Korea discount’ (undervaluation of the Korean stock market).”
Eun-bo delivered these comments during his opening speech at the Korea Capital Market Conference in Seoul, emphasizing that the nation's equity market faces a pivotal moment in addressing its ongoing undervaluation issues.
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The conference, spanning two days and organized by the KRX, assembled representatives from domestic and international financial firms, such as Goldman Sachs and Nasdaq.
Jeong stated that the KRX would back the government's value enhancement initiative by facilitating dialogue between corporations and investors.
He further committed to by improving the KRX's surveillance systems through a collaborative task force established in July with regulatory bodies to eliminate market manipulation schemes.
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Additionally, Jeong announced that the KRX would tighten its delisting standards to enhance market transparency.
The Korea Exchange organized the "Korea Capital Market Conference" on the 29th at Seoul's Westin Josun Hotel in Jung-gu district. Approximately 1,000 attendees participated in the event, comprising key domestic and international institutional investors, securities and asset management industry representatives, index providers, and individual investors.
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Chairman Jeong delivered opening remarks to begin the conference, which was followed by congratulatory speeches from NYSE Vice Chairman Michael Harris, Financial Services Commission Chairman Lee Ok-won, and National Policy Committee party secretaries Kang Jun-hyeon and Kang Min-guk. The proceedings included an opening ceremony expressing hopes for achieving "Kospi 5000."
Chairman Jeong further explained that measures to improve the integrity of the IPO market would include broadening mandatory lock-up requirements for institutional investors and reinforcing the responsibilities of lead managers. Additionally, ongoing initiatives will focus on strengthening and simplifying delisting criteria to avoid market disruptions caused by financially unstable and failing companies.