# Split IPOs Blocked from August 3, Startup Acquisition Structures Will Change First

- Link: https://www.fsc.go.kr/no010101/87260
- Discussion: https://startupxo.com/en/662/
- Posted by mrlatte at 2026-08-01T09:00:00.000Z
- 1 point, 0 comments, kind story, origin archive
- Written in ko, machine translated to en

## Summary

- With approval from the Financial Services Commission, from August 3, it will in principle be prohibited for a listed parent company to have its subsidiary listed separately.
- For subsidiaries created by physical spin-offs, shareholder consent from the parent company is mandatory, and the '3% rule' limiting voting rights of controlling shareholders to 3% applies to voting.
- This effectively narrows the exit routes for listed companies acquiring startups and later listing them separately.
- If current acquisition offers were based on exits through listing, it is appropriate to reconsider the cash proportion and earn-out conditions.

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