DEEP RESEARCH · SOLID-STATE BATTERIES

KOSDAQ Reform and the Solid-State Battery-Aerospace Portfolio

Reading Korea's KRW 150tn growth fund through Non-China supply chains, sulfide solid-state batteries, and aerospace materials

Published: 2025-12-21 · Policy, asset allocation, and materials analysis · Original Naver post

0. Bottom line first

Official fact: The source highlights a KRW 150tn National Growth Fund, focus on AI, secondary batteries, and aerospace, more precise technology-special listing rules, and delisting of zombie companies.

Interpretation: The next KOSDAQ leaders are likely to be companies that prove technology sovereignty, scale-up capacity, and regional-cluster fit at the same time.

1. Policy frame: KOSDAQ as an industrial incubator

The source reads the December 2025 measures to improve KOSDAQ trust and innovation as a reform of Korea's capital-raising system, beyond a simple Korea-discount fix. The core is not a policy of listing as many companies as possible, but a grow-and-kill discipline that supports verified firms while forcing out weak ones.

The macro backdrop is the U.S. Genesis Mission. The source interprets it as a supply-chain restructuring strategy aimed at reviving U.S. manufacturing and reducing China dependence to zero. FEOC exclusion under the IRA and CHIPS Act raises the strategic value of Korean materials, parts, and equipment companies that can build Non-China battery and aerospace supply chains.

2. Solid-state batteries: sulfides and wet process rise

The EV chasm is tied to fire safety and driving range. Liquid-electrolyte lithium-ion batteries carry thermal-runaway risk and density limits, while solid-state batteries target both safety and higher energy density through nonflammable solid electrolytes and bipolar structures. They are also attractive in aerospace, where batteries must handle vacuum and extreme temperatures.

Cost is the last commercialization hurdle. Dry synthesis offers performance but is energy-intensive and hard to scale. Wet synthesis helps uniform particle control and mass production, but residual solvent can hurt conductivity. The source argues that third-generation wet synthesis from companies such as Solivis is changing the game.

3. Government-selection portfolio: private and listed pillars

In private companies, Solivis is presented as the most aggressive candidate. Founded by Hanyang University professor Shin Dong-wook, it has more than 20 years of research know-how, 11-12 mS/cm performance versus Japanese competitors' 8 mS/cm, a 40-ton-per-year plant in Hoengseong, 2025 operation, KRW 42.2bn of cumulative investment, preliminary-unicorn selection, and up to KRW 20bn of guarantee support. The source also mentions a possible technology-special IPO in the second half of 2026.

4. High-beta alpha and aerospace materials

Among KOSDAQ and smaller names, Lemon, Hannong Chemicals, and CIS are framed as high-beta policy-benefit candidates. Lemon applies electrospun nanofiber supports to solid-state batteries, with results showing 5.5-8x longer life and 1.5x higher capacity. Hannong Chemicals leads a government project for lithium-metal-polymer all-solid polymer electrolyte materials with LG Energy Solution and KRICT. CIS develops continuous manufacturing equipment for solid-state electrolytes and has a lineup that can address both dry and wet processes.

The aerospace side includes SeAH Besteel Holdings and HVM. SeAH's points are talks around special alloys such as nickel-chromium-titanium for rocket and satellite engines and its special-alloy plant in Texas. HVM's points are cooperation with a first-tier supplier to SpaceX, vacuum melting technology, and aerospace-grade high-purity titanium alloy manufacturing.

5. Asset-allocation conclusion

Interpretation: I read the policy not as money printing, but as a capital-market effort to build Korea's supply-chain survival capacity amid U.S.-China rivalry. In 2025, pilot lines produce samples; from 2026, mass-production investments and the BDC system can help companies cross the valley of death.

• The key words are Non-China, High-Tech, and Mass-Production.
• Technology alone is not enough; the proof must be CAPA from pilot to mass production.
• Policy-benefit stocks can be volatile, so listed core materials and high-beta technology names should be evaluated separately.