An unprecedented downturn has gripped the domestic M&A market for listed companies in the first half of this year, with stock purchase request payments distributed to shareholders plummeting by more than 80% compared to the previous year. This clearly suggests that along with the disappearance of large-scale transactions, the overall vitality of the M&A market has been significantly dampened.

According to the "2026 First Half Corporate Mergers and Acquisitions (M&A) and Stock Purchase Request Payment Status" released by the Korea Securities Depository on July 22, 2026, the total amount of stock purchase request payments distributed to shareholders during listed company M&As in the first half of 2026 was finalized at 5.4 billion won. This represents a dramatic decline of 82.9% compared to 31.6 billion won during the same period last year.

As stock purchase request payments sharply declined, the number of listed companies that made such payments also noticeably decreased. The number fell from 41 companies in the first half of last year to 33 companies this year, and the total number of listed companies with completed or ongoing M&As also decreased by 2.6% from 77 companies during the same period last year to 75 companies.

Industry experts attribute the sharp decline in stock purchase request payments primarily to the "absence of large-scale transactions" in the M&A market during the first half of this year. As large-scale mergers and acquisitions failed to materialize, the number of shareholders exercising stock purchase rights decreased, and consequently, the scale of payment disbursements also significantly declined. This is interpreted as an indicator showing both quantitative and qualitative contraction in the M&A market.

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Examining the detailed status, by market, the number of companies participating in M&As was 22 companies in the KOSPI market and 53 companies in the KOSDAQ market, with KOSDAQ market accounting for a higher proportion. By M&A type, mergers accounted for the largest share with a total of 62 cases, followed by stock exchanges and transfers with 11 cases, and business transfers with 2 cases.

'Stock purchase request rights' refer to the right for shareholders to demand that a company purchase their shares at a fair price when they oppose specific decisions that have a significant impact on the company's operations, such as corporate mergers or business transfers. This is an important institutional mechanism designed to protect shareholders' property rights and ensure the soundness of corporate governance.

In conclusion, the listed company M&A market in the first half of 2026 has performed poorly overall due to the combined effects of the absence of large-scale transactions and weakened investment sentiment. The phenomenon of sharply declining shareholder rights exercise suggests that companies are prioritizing conservative management practices over aggressive growth strategies, raising deep concerns about the direction of the M&A market in the second half of the year.