Part A — What Happened
South Korea's Financial Supervisory Service (FSS) has broadened its examination of Mirae Asset Securities (006800.KS) following one of the country's most embarrassing IPO stumbles of 2026: the brokerage received zero shares in SpaceX's Nasdaq debut on June 12, despite having planned to secure roughly 2.3 million shares worth an estimated USD 312.5 million (approximately ₩423 billion) for its domestic clients.
SpaceX priced its initial public offering at USD 135 per share, raising USD 75 billion — the world's largest IPO of 2026 — and closed its first trading day at USD 161.11, a gain of 19.3%. Mirae Asset had positioned itself as the primary gateway for Korean professional investors to participate directly in the milestone listing. However, Goldman Sachs, the lead underwriter, exercised final discretionary authority and allocated zero sellable shares to the Korean brokerage.
All subscription deposits were fully refunded to investors on June 13. FSS on-site inspection began June 5, shifted to a formal examination June 9, and has since been extended without a predetermined end date.
Part B — Why It Matters for Investors
The FSS probe is examining at least three separate issues:
1. Investor classification and disclosure. The watchdog is assessing whether Mirae Asset adequately warned professional investors — individuals and corporate clients who subscribed with a minimum of USD 100,000 — that receiving zero shares was a real possibility. Marketing materials reportedly highlighted "direct IPO participation" and "the largest SpaceX weighting" without sufficient caveat.
2. Chairman's pre-marketing remarks. Park Hyeon-joo, founder and chairman of Mirae Asset Group, gave a media interview in April 2026 touting substantial allocation volumes before any underwriting terms had been finalised. The FSS is investigating whether those remarks constituted prohibited "indirect marketing."
3. Currency exchange fees. Investors were charged approximately KRW 5 per U.S. dollar on subscription conversions — translating to around ₩500,000 on the minimum USD 100,000 subscription — without sufficient clarity that no shares might be received in return.
Customer Care Program. To limit reputational damage, Mirae Asset Securities announced a "Customer Care Program" expected to launch in the week of June 17 and close within June 2026. Compensation covers exchange fees and accrued interest on tied-up subscription funds, calculated at roughly 10% per annum. The firm estimates total payouts at approximately ₩1 billion. An industry official noted there is no legal liability since deposits were refunded in full; the program is voluntary.
Broader ETF fallout. Two space-themed ETFs sold to Korean retail investors — Mirae Asset Global Investments' TIGER US Space Tech ETF (₩3 trillion in cumulative inflows year-to-date) and Korea Investment Management's ACE US Space Tech ETF (₩252 billion in net retail purchases in 2026) — also failed to secure IPO shares and subsequently purchased SpaceX stock in the secondary market at approximately USD 162, roughly 20% above the offering price, adding to investor dissatisfaction.
Key Numbers
| Metric | Value |
|---|---|
| SpaceX IPO Price | USD 135 per share |
| SpaceX Day-1 Close | USD 161.11 (+19.3%) |
| Capital Raised by SpaceX | USD 75 billion (≈ ₩114 trillion) |
| Mirae Planned Allocation | 2,314,815 shares (~USD 312.5 M) |
| Mirae Final Allocation | 0 shares |
| FSS Inspection Start | June 5, 2026 |
| Customer Care Program Est. Total | ~₩1 billion |
Sources: The Korea Herald, Seoul Economic Daily, KED Global, Digital Today
