Eight KOSDAQ-listed companies have received delisting decisions this year after failing to meet market-capitalization requirements, with the number rising in the second half as volatility and large-cap concentration intensified. The affected companies are Koiz, Wonpung Mulsan, Shinra ESJ, K-M Jeyak, Gold&S, Soosung Webtoon, AFW and Sejin TS. Financial authorities raised the KOSDAQ maintenance threshold from 4 billion Korean won to 15 billion won at the start of the year, then increased it to 20 billion won in July. A company whose market capitalization remains below 20 billion won for 30 consecutive trading days is designated as a managed stock, and faces delisting if it fails to exceed the threshold for 45 consecutive trading days within 90 trading days. The first assessment under the 45-day rule is due in the middle of next month. Seventeen KOSDAQ companies had been designated as managed stocks for insufficient market capitalization as of the 25th, while the Korea Exchange expects about 50 KOSDAQ companies to be delisted in the second half under the strengthened criteria. On KOSPI, Iljeong Industrial was delisted in the first half and SHD received a delisting decision on the 23rd; 13 companies have been designated as managed stocks under the revised requirements. Gold&S, K-M Jeyak, Jooyontech and CS have sought provisional injunctions challenging managed-stock designations. Separate rules introduced in July also put 15 KOSPI companies and 30 KOSDAQ companies with shares below 1,000 Korean won at risk of delisting if they cannot maintain that minimum for 45 consecutive trading days. A measure introduced in early September allows eligible companies facing delisting solely for insufficient market capitalization to transfer to KONEX (a junior Korean stock market) without a liquidation sale. Eligibility requires profits in two of the last three fiscal years, or a profit in one fiscal year and equity capital of at least 20 billion Korean won. Excluding Koiz and Wonpung Mulsan, which completed liquidation sales and were delisted on the 14th and 21st, respectively, the other affected KOSDAQ companies are expected to assess whether they qualify. Shinra ESJ said on the 11th that it had decided to transfer its listing to KONEX and planned to submit a pre-listing consultation application, making it highly likely to become the first transfer-listing case.