[September 2026 KONEX Monthly Market Report] Trading Value Decreases by 39%... New Listings Follow as Transfer Listings Face Obstacles

While the domestic stock market showed an upward trend in September, the KONEX market showed mixed results, with trading value decreasing despite an increase in trading volume. Although the average stock price per item rose, market capitalization decreased slightly, and individual investors turned to net buying for the first time in a month. The scale of financing also expanded compared to the previous month, but it did not lead to overall market revitalization.

According to the Korea Exchange, the market capitalization of the KONEX market in September was 3.4838 trillion won, a 0.05% decrease compared to the previous month (3.4855 trillion won). On the other hand, the average stock price per item rose by 1.55% during the same period. Among the total 107 items, 42 items rose, 47 items fell, and 18 items remained unchanged.

Trading indicators were mixed. The average daily trading volume was 316,000 shares, a 15.8% increase compared to the previous month (273,000 shares), but the average daily trading value was 570 million won, a 39.4% decrease from the previous month (940 million won). While trading volume increased for two consecutive months, trading value decreased for two consecutive months, continuing the contraction of trading scale.

Bon Systems maintained 1st place in market capitalization with 1.0393 trillion won. This was followed by EMT (265.6 billion won), SK Signet (185.2 billion won), Ensol Bioscience (140.9 billion won), and PharmaResearch Bio (120.1 billion won). The ranking of the top 5 items was the same as the previous month, but the market capitalization of EMT, Ensol Bioscience, and PharmaResearch Bio decreased.

In terms of trading value, Jincostech was the highest at 5.92 billion won, followed by Ensol Bioscience (800 million won), SK Signet (470 million won), PharmaResearch Bio (420 million won), and EMT (340 million won). In particular, the trading value of SK Signet, which saw concentrated trading due to the pursuit of tender offers and voluntary delisting in July-August, decreased significantly from 8.7 billion won in August to 470 million won in September.

In terms of stock price trends by item, The Contents On recorded the highest growth rate, surging 124.7% compared to the previous month. Anymedi Solution (83.4%), Pandora TV (69.0%), Jincostech (35.6%), and Weworld (28.7%) also appeared in the top rising list. On the other hand, Jilgyungyi (-45.4%), CR Food (-41.2%), Logismon (-35.5%), Umji House (-28.1%), and NGVI (-21.4%) fell significantly.

In trading trends by investor, individuals turned to net buying, purchasing 510 million won, shifting from a net sale of 1.71 billion won in the previous month. Institutions also maintained a net buying trend, purchasing 990 million won, while corporations and foreign investors net sold 1.49 billion won and 10 million won, respectively. The trading proportion was highest for individuals at 78.7%, followed by institutions (12.9%), corporations (7.8%), and foreign investors (0.6%).

The scale of financing expanded compared to the previous month. During the month of September, a total of 2 cases of financing worth 10.43 billion won were carried out in the KONEX market. This is a 91.7% increase compared to the previous month (5.44 billion won). Specifically, Volvik raised 10 billion won through a third-party allotment rights offering, and Logismon raised 430 million won through a public offering rights offering.

Although a system has been implemented to allow the transfer listing to KONEX for companies facing the risk of delisting, the transfer procedure for Silla SG, which was drawing attention as the first case, has been suspended. As the Korea Exchange has postponed the relevant delisting procedures following the court's acceptance of an injunction to suspend the effect of the delisting decision, the KONEX transfer listing has also come to a halt.

Since September 23, the Korea Exchange has allowed the transfer listing to KONEX for KOSPI and KOSDAQ companies that became subjects for delisting due to failure to meet market capitalization standards but satisfy certain financial requirements. The targets are companies that have generated operating profit in two out of the last three business years, or in one year while having equity of 20 billion won or more. This system allows companies that meet the requirements to transfer to KONEX and continue trading without a liquidation period.

KOSDAQ-listed Silla SG, mentioned as the first candidate for transfer listing, became a subject for delisting because it failed to meet the 20 billion won market capitalization standard. Accordingly, it applied for preliminary consultation for a new KONEX listing on September 11, and was originally scheduled to submit a formal application on the 28th. However, the application was delayed as the coordination of documents and procedures for the first case took longer. At the time, the Exchange explained that the reason for the delay was not due to Silla SG's failure to meet financial requirements.

Subsequently, the situation changed due to a court decision. On October 2, the Seoul Southern District Court accepted the application for an injunction to suspend the effect of the delisting decision filed by Jooyon Tech and KM Pharmaceutical, which became subjects for delisting due to insufficient market capitalization. It is understood that the court raised issues regarding the opportunity for listed companies to participate in the procedures and the timing of the application of strengthened standards, rather than the market capitalization standard itself.

Accordingly, on the 7th, the Korea Exchange decided to maintain the designation of administrative issues due to insufficient market capitalization, but will temporarily postpone subsequent delisting procedures. Since a KONEX transfer listing is predicated on delisting from the existing market, the transfer listing of Silla SG has also been put on hold as the relevant procedures have been suspended. The suspension of trading for Silla SG's shares continues to be maintained.

In fact, it was found that among companies with insufficient market capitalization, no formal new listing applications for transfer to KONEX were submitted between the implementation date of the system, September 23, and October 13. Silla SG is also remaining in the preliminary consultation stage, and the transfer listing schedule is expected to be determined depending on further decisions by the court and follow-up measures by the Korea Exchange.

'K-pop Goods & Fashion' Two Companies Apply for New KONEX Listings

While the push for KOSDAQ companies to transfer to KONEX has hit an obstacle, applications for new listings from new companies are continuing. Mobi Content Tech and Eastend have successively applied for new listings on the KONEX market and are awaiting listing eligibility reviews by the Korea Exchange.

Mobi Content Tech submitted its new listing application for the KONEX market on September 30. Established in 2023, this company distributes and sells related products through the K-pop commerce platform 'KOCODIVE'. KOSDAQ-listed company Mobidays holds a 70% stake, and the designated advisor is Daishin Securities.

In 2025, consolidated revenue was 28.6 billion won, an increase of 30.5% compared to the previous year. On the other hand, operating profit and net profit were 400 million won each, decreasing by 59.3% and 73.0% respectively compared to the previous year. Despite the expansion in revenue, profitability weakened as the cost of goods sold and selling, general and administrative expenses increased.

Eastend submitted its new listing application for the KONEX market on the 1st. Established in 2016, it is a clothing and fashion company primarily focused on the production and sale of apparel. It also handles fashion accessories and basic cosmetics, and the designated advisor is Kyobo Securities.

In 2025, separate revenue was 26.8 billion won, a decrease of 10.7% compared to the previous year. Operating profit/loss turned from an 800 million won profit the previous year to an 8.9 billion won loss, and net loss recorded was 9.3 billion won. The company turned to a deficit as the decrease in gross profit coincided with an increase in selling, general and administrative expenses.

The Korea Exchange plans to decide whether to approve the listings after reviewing the listing eligibility reports submitted by the two companies and conducting on-site inspections.

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