What kinds of investment count toward the '15% in new venture shares' requirement?

The Enforcement Decree defines the 15% requirement in terms of investment under Article 2(1) of the Act on the Promotion of Venture Investment, excluding purchases of shares or bonds held by others.

That Act defines 'investment' as subscribing for shares of a stock company, unsecured convertible bonds, unsecured exchangeable bonds or unsecured bonds with warrants, and acquiring capital contributions in limited companies, among other things. In other words, the core of this requirement is subscribing at issuance for new shares or unsecured mezzanine securities issued by venture companies.