Coupang Inc.: Data breach fines finally announced; a big step toward putting an end to this chapter

研报英文原文证据摘录

Coupang Inc.: Data breach fines finally announced; a big step toward putting an end to this chapter

Equity Research

China Technology

12 June 2026

Coupang Inc.

Data breach fines finally

announced; a big step toward Company Update

CPNG OVERWEIGHTputting an end to this chapter

China Technology POSITIVE

$410m total fines announced; to be expensed in Q2 while Price Target USD 30.00

CPNG will appeal to lower the fines; Retain OW Price (10-Jun-26) USD 15.12

Potential Upside/Downside +98.4%

Source: Bloomberg, Barclays Research

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•• PIPC fines: South Korea's Personal Information Protection Commission (PIPC) announced on

6/11 that Coupang was fined ~$278mn for Coupang's Korean subsidiaries related to the Nov

2025 data incident. Separately, there is an ~$132mn administrative fine unrelated to the data

incident for alleged violations tied to collection and storage of data related to a third-party

advertising program. In total, the estimated administrative fines are ~$410mn.

•• Next move: PIPC directed Coupang to take corrective actions related to these

matters. Coupang said it has not received PIPC's formal written decision, and the final

amounts, findings, and corrective measures may differ from PIPC's announcement. The