What is the cornerstone investor system?

The cornerstone investor system allows part of the shares to be allocated to institutional investors to be allocated in advance, before the securities registration statement is filed, to institutional investors that agree to a lock-up of at least 6 months.

The FSCMA amendment introducing it, together with a pre-book-building system that gauges demand before the registration statement is filed, passed the National Assembly on April 23, 2026, and will take effect 6 months after promulgation. The allocation for individual investors (25%) remains unchanged, and details such as the allocation cap are to be set in the Enforcement Decree.