| Hi all, it's Sohee Kim in Seoul. On Thursday, a South Korean flag waved above the entrance to the New York Stock Exchange as Coupang Inc. made its American trading debut. The e-commerce startup, sometimes called the Amazon of South Korea, saw its stock jump 41% during the day—and made its founder a billionaire eight times over. Such a large listing from South Korea is unusual. Coupang, now valued at more than $84 billion, was the largest initial public offering from the country in more than a decade. But it may be just the beginning of plenty more South Korean IPOs to come. Coupang's founder, a U.S. citizen and Harvard dropout named Bom Kim, underscored the significance of the moment in an interview with Bloomberg. "One of the things I really do want to highlight is that this is really a story of Korea," he said. Kim explained that Korea had been one of the poorest countries in the world, and is now among its largest economies. "The industry and the creativity of Korea has propelled the miracle of the Han River, and we are just part of that story." South Korean tech companies have long been saddled with what some investors call the "Korea discount"—meaning a diminished valuation that stems from concerns about corporate governance. Indeed, it's notable that Coupang decided to list its shares in New York instead of South Korea's stock exchange, which only recently opted to allow unprofitable startups to IPO at all. It's no secret that valuations tend to be much higher in the U.S. Coupang's success in New York is likely to be a model for other tech startups in its home country. On Thursday, the company briefly exceeded a market value of $100 billion, which if it were listed in the Korean market, would make it the largest company after Samsung Electronics Co. It also dwarfs the value of Korean tech giants like Naver Corp., Kakao Corp. and other powerful family-run conglomerates. Next in line could be companies like Market Kurly, which competes against Coupang making overnight deliveries, and is eyeing a U.S. listing this year, according to the Wall Street Journal. Similarly, the founder of Viva Republica Ltd., operator of Korea's largest fintech startup, Toss, said in an interview in May that he was aiming to go public in two to three years, with a listing in South Korea, Hong Kong, the U.S., or two of those destinations. Other startups that could ride Coupang's momentum include Krafton Inc., the creator of hit game PUBG, which is planning an initial public offering in mid-to-late 2021 with a valuation expected to top $27 billion. (Unlike money-losing Coupang, the game maker generates nearly $1 billion in annual profit.) Korea's No. 1 hotel app, Yanolja, is also planning to go public this year. So is Kakao Bank, the nation's biggest mobile-only bank. For now, Coupang's success is already making its peers look more valuable by association. Investors are busily raising the valuations of Naver and Kakao—internet giants that are aggressively expanding shopping business with big investments—as well as Shinsegae Group's E-mart, one of the country's largest retail conglomerates. Coupang may be the first South Korean tech startup many people outside of the country had heard of. It won't be the last. —Sohee Kim | 
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