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The number of companies delisted from the South Korean stock market rose fourfold in 2020 from the previous year due to poor financial health or other reasons, data showed Monday.
A total of 16 firms, including solar-battery parts maker Woongjin Energy Co., were delisted from the country's main KOSPI and secondary KOSDAQ markets last year, according to the data from the Korea Exchange.
Three companies were removed from the main bourse and the remainder from the tech-laden KOSDAQ market.
Of the total, 11 were forced out of the stock markets due to substandard opinions from independent auditors on their financial statements, which includes a disclaimer of opinion.
The number was up from one the previous year, with the comparable figure amounting to 13 in 2018.
A disclaimer of opinion is given when an auditor has not been able to obtain appropriate audit evidence and is unable to express an opinion on the financial statements.
Other firms suffered delistings due to poor financial soundness, mergers or failure to submit business reports in time, according to the bourse operator. (Yonhap)
A total of 16 firms, including solar-battery parts maker Woongjin Energy Co., were delisted from the country's main KOSPI and secondary KOSDAQ markets last year, according to the data from the Korea Exchange.
Three companies were removed from the main bourse and the remainder from the tech-laden KOSDAQ market.
Of the total, 11 were forced out of the stock markets due to substandard opinions from independent auditors on their financial statements, which includes a disclaimer of opinion.
The number was up from one the previous year, with the comparable figure amounting to 13 in 2018.
A disclaimer of opinion is given when an auditor has not been able to obtain appropriate audit evidence and is unable to express an opinion on the financial statements.
Other firms suffered delistings due to poor financial soundness, mergers or failure to submit business reports in time, according to the bourse operator. (Yonhap)
