Alteogen, the current market capitalization leader on KOSDAQ, announced plans to transfer its listing to the main KOSPI market next year, drawing attention to which company will fill the top position on Korea's secondary stock exchange.
As the government moves to improve the KOSDAQ market structure, expectations are growing that institutional investor inflows will accelerate from next year, potentially benefiting top-tier stocks by market capitalization.
According to Korea Exchange data as of December 26, Alteogen accounts for 10.49% of the KODEX KOSDAQ150 ETF, which tracks the 150 major KOSDAQ stocks. The fund, which has the largest net assets among KOSDAQ150 index-tracking ETFs excluding leveraged products, determines weightings based on free-float market capitalization.
Other top constituents include EcoPro (5.70%), EcoPro BM (5.09%), ABL Bio (4.60%), HLB (3.24%), Peptron (2.95%), LegoChem Biosciences (2.65%), and Rainbow Robotics (2.21%).
When Alteogen transfers to the KOSPI next year, it will exit the KOSDAQ150 index and new stocks will be added. In this process, passive funds currently tracking Alteogen will flow into the remaining constituents. Given Alteogen's weighting exceeds 10%, analysts suggest that even with new additions, top-tier stocks by market cap are likely to benefit the most.
EcoPro BM, currently in second place, is considered the leading candidate for the top spot. The company was once regarded as the flagship KOSDAQ stock but has trailed Alteogen since the secondary battery sector downturn began last year. However, analysts say investors should wait for an earnings rebound, as demand weakness is expected to persist with Europe relaxing its ban on internal combustion engine vehicle sales and the United States reducing electric vehicle subsidies.
The market is eyeing pharmaceuticals, biotechnology, and robotics as next-generation sector leaders. These sectors are expected to show favorable momentum while digesting major events including CES 2026 and the JP Morgan Healthcare Conference 2026 in early next year.
ABL Bio is emerging as a candidate to succeed Alteogen as the leading biotech stock. After announcing a 3.8 trillion won technology licensing deal with Eli Lilly on November 12, its share price surged 92% from 97,500 won to 187,500 won, propelling it to fourth place by market cap. LegoChem Biosciences, HLB, Peptron, and Samchundang Pharmaceutical, all within the top 10 by market cap, are also mentioned as strong contenders. Rainbow Robotics is worth watching as a representative robotics stock.
"The government's measures to enhance trust in the KOSDAQ market are expected to drive institutional fund inflows primarily into top-tier stocks by market capitalization," said Na Seung-du, a researcher at SK Securities.
