Controversial IPO of Fadu Raises Tech Listing

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Fadu’s controversial IPO raises tech listing concern
The controversy surrounding fabless startup Fadu’s initial public offering has led the Korea Exchange, the country’s sole bourse operator, to implement tighter regulations on its listing track for tech firms.
The suspicions were raised after Fadu released its third-quarter results on November 8, the first mandated earnings report since the listing. The report showed third-quarter sales of 300 million won, a 97.6% on-year drop. Furthermore, it failed to state its second quarter sales had dipped to 59 million won in its report for the IPO submitted to the Financial Supervisory Service in July.