The Korea Exchange will publish its first list of companies with persistently low price-to-book ratios on Nov. 2, implementing a disclosure system linked to the government’s Capital Market Structural Improvement Plan announced in March. Companies are assessed by market and industry over six consecutive half-year periods, or three years, using 11 sectors based on the Global Industry Classification Standard. The threshold is the bottom 25% of each industry for KOSPI companies and the bottom 10% for KOSDAQ companies. A safeguard adds a seventh preceding half-year to the review when a company exceeds the threshold in only one of the six periods. For the inaugural list, companies whose latest PBR exceeds the threshold as of Oct. 22 will be excluded. Companies that disclose a Corporate Value Enhancement Plan, including PBR improvement measures, at least seven business days before publication can avoid listing for one year, but the exemption does not apply after 12 consecutive qualifying half-years. KRX will provide historical PBR data through its inquiry service from the 14th, hold briefings across six regions for about 600 participants, and publish future lists through KIND on the first trading day of May and November, with related tags on brokerage mobile trading systems.