Comprehensive overview of the Tmon and Wemakeprice incident

Summary

1) Gmarket founder Koo Young-bae, after selling Gmarket, was prohibited from engaging in the same industry for 10 years and founded Qoo10 in Singapore.

2) The shopping mall realizes that it is not profitable and is preparing for the NASDAQ listing of its logistics subsidiary, 'Quten Express'.

3) To enlarge the company's size for listing, it was undervalued due to domestic capital erosion.

Acquisition of existing online shopping malls (Wemakeprice, Tmon, Interpark, AK Mall, etc.)

4) Not interested in management, solely focused on increasing logistics and sales of 'Q10 Express' to go public on NASDAQ

5) Goldman Sachs was in charge and planned to go public this year, but kept failing.

6) In the meantime, the financial condition of the undercapitalized shopping malls purchased at low prices has worsened.

7) Wemakeprice and Tmon have experienced delays in paying partner companies due to cash shortages since June.

8) Then, Tmon sells prepaid gift cards that are shipped one month later at a 10-8% discount to attract customer funds and process payments.

9) Companies that haven't received payment due to reaching their limit are either not delivering goods or canceling travel packages.

10) After the gift card company assessed the situation and stopped selling on Tmon, the cash flow for Tmon/Wemakeprice was cut off.

11) Last week, Chairman Gu Young-bae entered the country and met with gift certificate store owners, asking them to trust him and distribute the gift certificates.

12) Cash flow at T-Mall was blocked due to the suspension of gift card sales

Sellers and coupon companies face a chain of bankruptcies with unsettled amounts totaling hundreds of billions.