Coupang PIPC imposes record W625B fine; regulatory overhang largely clearing; Maintain OW

Research evidence excerpt

Coupang PIPC imposes record W625B fine; regulatory overhang largely clearing; Maintain OW

J P M O R G A N Asia Pacific Equity Research

11 June 2026

Coupang Overweight

CPNG, CPNG US

PIPC imposes record W625B fine; regulatory overhang Price (10 Jun 26):$15.12

largely clearing; Maintain OW Price Target (Dec-26):$27.00

South Korea’s Personal Information Protection Commission (PIPC) imposed total Internet and Telco

ACadministrative fines of W625B (W424B for the data breach plus W201B for Stanley Yang

unlawful collection of online activity records), the largest fine ever levied on a (82-2) 758-5712

single company in Korea. The headline outcome is in line with our expectations stanley.yang@jpmorgan.com

and equates to roughly 1.5% of Coupang’s 2025 local filing revenue (vs the 3% Benjamin Kim

statutory cap). Coupang has stated it regrets the decision and intends to pursue legal (82-2) 758-5580

procedures to clarify the facts (per local news, Han Kyung). The FTC’s ongoing benjamin.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

review of alleged tying (bundling) of Coupang Eats and Coupang Play with Wow Branch

Membership remains the key remaining regulatory issue, but we believe the most

material regulatory repercussions are now largely behind the company. Maintain

OW, supported by our 'Korea wealth effect' thesis in non-FMCG categories (per

our 'Korea wealth effect' report, link).

• PIPC levied total W625B fine. The Personal Information Protection

Commission (PIPC) imposed total administrative fines of W625B on CPNG

for: 1) leaking the personal data of ~37.5M users, and 2) for the unauthorized

collection of online activity records from more than 10M members.

• W424B fine for data breach. The PIPC concluded that the leakage of