[Yonhap News Photo]
South Korea will open a new over-the-counter stock market in early November as part of efforts to help promising startups raise funds more easily, stock authorities said Tuesday.
The new OTC market named "KRX Startup Market (KSM)" for technology-intensive start-ups with great growth potential will open on November 4, the Korea Exchange said.
KONEX, the market for venture firms and startups, opened in June 2013 to help fledgling firms raise funds via stock sales. The KOSDAQ is South Korea's tech-heavy secondary bourse.
To enter the KSM, startups are required to succeed in raising funds through crowdfunding programs online or receive recommendations from state-run financial institutions.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
