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Interest is hot as Coupang promotes listing on the US stock market.

There are many analyzes that the reason why they chose the US stock market is because of'differential voting rights'.

In short, differential voting rights are not one voting right per share, but rather multiple voting rights. In the United States, this is only possible for certain stocks.

This time, Coupang decided to give 29 votes per share to founder Kim Bum-suk while promoting listing on the U.S. stock market. In this case, having only 1.73% of the stake can secure more than half of the voting rights.

The Korean government is also promoting the introduction of this system, and the controversy over the pros and cons is heating up again.



This is reporter Kim Jung-woo.



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2014, Alibaba, China's largest e-commerce company, was listed on the New York Stock Exchange, not Hong Kong.



They chose New York, where differential voting rights were allowed because they feared that the exercise of management rights could be restricted if the existing majority shareholders' stakes were lowered due to the inflow of external investment.



The Korean government is also pursuing the introduction of differential voting rights so that the founders maintain management rights even when venture companies receive large-scale investments, and the controversy over the pros and cons ignited again.



For unlisted venture companies, if the founder's share falls below 30% after external investment, it has conditions such as giving up to 10 voting rights per share, but opposing opinions say that it can have an adverse effect of increasing the dominance of the total number of conglomerates. .



[Kim Woo-jin/Professor at Seoul National University Business School: If you can exercise 50 more voting rights, you can pursue your own personal interests while discarding the profits of ordinary shareholders who have the remaining 90 dividends.]



Even now, the total number of 55 large companies Using a circular investment structure, the company is exercising 57% of the voting rights with a 3.6% stake, which means that the chaebols can set up an unlisted venture company and use the differential voting rights to help her inheritance.



Those in favor argue that it will help the founder grow the company in a stable business environment.



[Choesujeong / SME Research Fellow: (in Kupang) did feel perhaps attractive in that they can continue to lead those spirit had when founding yiradeunji innovative business spirit]



Although legislation promoting with the government and the ruling party, hot, the National Assembly discussed View.



(Video coverage: Senior Citizen·Kyunjong Kim, Video editing: Seungyeol Lee)