The shares to be issued as a result of capital increase through partial or full restriction of the pre-emptive rights of the existing shareholders of a company or capital increase through private placement are traded on the ECM.

The ECM aims that the proceeds of an IPO or private placement directly satisfy the financial requirements of the issuing company. Thus, IPO or private placement sales by a shareholder are not allowed on the ECM.

In private placements, prospectus and circular are not required. In the case of private placements, the number of buyers shall not exceed 100 and the transaction should be executed on the Exchange.