[Edaily Reporter Kim Hyung-il ] The number of companies listed on KOSDAQ under the Technology Special Listing scheme has surpassed 300 for the first time in 21 years since the system was introduced in 2005. The Technology Special Listing program, which began with a focus on the biotech sector, has expanded its scope to include high-tech industries such as artificial intelligence (AI), semiconductors, defense, and aerospace, establishing itself as a major listing pathway on the KOSDAQ market.

On the 4th, the Korea Exchange announced that with SkyLabs’ listing on the KOSDAQ market, the cumulative number of companies listed under the Technology Special Listing program has reached 300. SkyLabs is a medical device manufacturer, and its initial public offering price is 10,000 won.

The technology-based special listing system was first introduced in 2005 for the biotech sector. Subsequently, the eligible sectors were expanded from 2011 to 2013, and the scope was broadened to include all sectors starting in 2013. In 2017, the “Growth Potential Recommendation” special listing system was established to diversify the technology evaluation methods. Starting in 2019, the application of a single-factor technology evaluation was expanded to include companies in the materials, parts, and components sector; companies with excellent market evaluations; and KONEX-listed companies, while the scope was further broadened to include deep-tech companies and firms attempting a relisting. Starting with the biotech sector in 2019, the KOSDAQ introduced and expanded sector-specific qualitative review criteria, covering AI, aerospace, and energy in 2025, and advanced robotics, cybersecurity, and K-content in 2026.

The number of companies listed under the Technology Exemption Program reached 100 in 2020 and increased to 200 in 2023. With the listing of SkyLabs on September 4 of this year, the total reached 300. The scale of public offering funds raised through the Technology Exemption Program has also expanded. The cumulative amount raised through public offerings by the 300 companies listed under the Technology Exemption Program totals 8 trillion won, of which biotech companies raised 4.5 trillion won, accounting for 55.5% of the total.

The industry composition of companies listed under the technology-based special listing track is also shifting toward high-tech sectors. As of this year, high-tech companies accounted for 88.2% of all technology-based special listing companies. Their share of the total public offering size and market capitalization at the time of listing stood at 96.3% and 96.6%, respectively. In detail, biotech companies were the most numerous at 151, followed by 34 AI companies, 32 semiconductor companies, and 12 defense and aerospace companies, all of which entered the KOSDAQ market through the technology-based special listing program.

Foreign technology companies have also continued to enter the domestic stock market. The Korea Exchange explained that since introducing the special listing system for foreign companies in 2019, four companies— Psomagen, Inc.(950200), NeoImmuneTech, Inc.(950220), #TERAVIEW HOLDINGS PLC, and #IngeniaTherapeutics—have entered the KOSDAQ market.

There have also been cases where a company’s market value increased following its listing. According to the exchange, the market capitalization of companies listed under the Special Technology Listing Scheme has risen by an average of 147% compared to the time of their initial listing. Alteogen Inc., currently the company with the highest market capitalization on KOSDAQ, has seen its market capitalization increase more than 140-fold since its listing. The Korea Exchange cited #Nota Inc., Alteogen Inc.(196170), Park Systems Corp.(140860), and Rainbow Robotics(277810)as examples of companies that have grown following their technology-based special listing. These four companies recorded their highest-ever revenue since their establishment in 2025.

Companies listed under the Technology Exemption Program also account for a significant share of the top-ranked firms by market capitalization on the KOSDAQ market. Currently, five of the top 10 KOSDAQ companies by market capitalization are Technology Exemption Program companies, and five of the top 10 companies by percentage increase in market capitalization relative to their initial public offering (IPO) valuation are also Technology Exemption Program companies.

Along with the expansion of the Technology Exemption listing program, listing oversight and investor protection measures are also being strengthened. For companies listed under the Technology Exemption Program, the lock-up period for major shareholders and others is one year—longer than for general companies—and companies recommended for their growth potential are subject to a buyback right for six months after listing. While the revenue requirement can be deferred for five years and the large-scale loss requirement for three years, starting this July, these deferrals will apply only to companies listed under the Technology Exemption Program that have complied with “Value-Up” disclosure requirements.

An official from the Korea Exchange stated, “We plan to continue our efforts to foster high-tech industries as a cradle for deep-tech companies and strengthen our alignment with government policies,” adding, “We intend to thoroughly evaluate the value and growth potential of cutting-edge technologies while making every effort to protect investors and enhance market confidence.”

Meanwhile, to date, five technology-exemption companies have been delisted due to reasons such as a refusal of an audit opinion. Over the past five years, 11 technology-exemption companies among newly listed firms were designated as “monitored stocks,” and two companies met the criteria for delisting.