Coupang reported to the U.S. Securities and Exchange Commission that it was “the Korean government determined as an independent contractor” to the delivery person, increasing the difficulty in listing on the New York Stock Market.
Coupang, who attempted to go public on the NYSE, rewarded Tuan Pam, chief technology officer (CTO) from Uber last year, for a stock option worth $27.43 million, and paid $27.64 million (30.5 billion won) to Uber-style platform delivery system. In the rapidly growing'active customer' system, delivery workers were reported to New York Stock Market as an independent business operator, and the false statement that “the Korean Ministry of Labor decided” became a fire.
The Ministry of Labor responded to the report by the Hankyoreh Newspaper, saying,'We need to further check the overall situation of the Ministry of Employment.' In the fourth quarter of last year, when Coupang grew intensively, there were 14.8 million active customers, an increase of 25.9% from 11.8 million in the previous fourth quarter of 2019, dominating about 30.8% of the Korean internet shopping population, and net sales per customer in the fourth quarter of last year (256 Dollar), an increase of 59.0% from the fourth quarter of 2019 ($161), and attempted to go public on New York Stock Market.
U.S. nationality chairman Kim Bum-seok, Coupang, applied for a listing under a governance structure that monopolizes management rights with a 2% stake with 29 times'differential voting rights' shares per share. I will share 100 billion won of stock.' On the other hand, it was recorded that platform workers in charge of delivery were classified as independent businesses and that the government recognized them as workers.
Coupang stated in the listing document that'Coupang Flex and ITS delivery workers are not workers under the Labor Standards Act'.'If it becomes difficult to classify Coupang Flex and ITS delivery workers as independent contractors, the cost of defending and solving them It seems that they chose the NYSE, which has Uber, to avoid the Korean stock market, saying, “It can be an important factor in our business.”
Coupang Holding Company Coupang LLC's Board of Directors, former Fed Kevin Wash, joined the board of directors in 2019, and appointed Uber's chief engineer of controversy as a platform business in the United States, giving high-priced stock options, and Chief Financial Officer (CFO). All executives related to funding, such as the CAO, are from US finance.
In the United States, Uber has no legal regulations yet, as the media is focused on determining whether a platform worker is a worker, such as a vehicle calling platform and a food delivery service.
Coupang wrote to the New York Stock Market that "domestic regulators including the Ministry of Employment and Labor in Korea have decided that Coupangplex partners and Coupangitz delivery partners are independent contractors, not employees."
Coupang, which imitated the Uber system, added product delivery to 'CoupangPlex Partners' as a'per-case fee' system in the Labor Standards Act worker'Koochin' (Coupangman) and platform worker's delivery to specific days and specific regions. It was classified as an'independent contractor' by filling it with'Coupangitz', a food ordering and delivery company that grew intensively for the quarter, and recorded that "we believe that these are independent contractors" in this listing.
Although Coupang caused a cumulative operating deficit of 4.2 trillion won in the investment of 3 trillion won by Chairman Jeong-eui Son, a capitalist in Japan, additional investments were made by asset managers such as Blacklock and Sequoia, a private equity fund in the United States connected to the Korean Ministry of Equipment, and Coupang continued to “control technology “Final-stage delivery system coordination” was announced, and “final delivery” was the key, and investment increased in this, and it was a deficit operation.
Minister of SMEs and Startups Kwon Chil-seung said at a briefing on the 16th that “American companies are listed in the United States” in relation to the Coupang listing. There is.”