Kakao’s board has halted Kakao Mobility’s proposed U.S. American Depositary Receipt (ADR) listing, saying the structure would primarily allow TPG, the private equity firm and second-largest shareholder, to monetize its existing stake without directing funds to Kakao Mobility or providing clear benefits to minority shareholders. The plan would have used TPG’s shares as the underlying asset rather than issuing new shares, and Kakao cited potential conflicts of interest, divided investment demand, a wider discount to net asset value and more complex valuation alongside its parent. Kakao Mobility had submitted a confidential Form F-1 registration statement to the U.S. Securities and Exchange Commission on July 2 for an offering discussed in the market at about $1 billion. Kakao said it does not reject TPG’s need to exit and could reconsider if the listing structure or economic benefits to the company and its minority shareholders change. Further disclosure is planned when details are finalized or within six months.