Coupang's Korean dominance: double-edged sword for US investors

Coupang’s ongoing confrontation with Korean regulators is exposing a structural risk for U.S. investors, as the Nasdaq-listed e-commerce giant remains overwhelmingly reliant on the Korean market, where it is facing mounting regulatory pressure. Coupang makes more than 90 percent of its total sales in Korea, resulting in an unusually high dependence on Korea for a Nasdaq-listed company. That concentration has become particularly significant since a massive data breach disclosed in November 2025 triggered a cascade of government investigations, penalties and legal disputes. Coupang shares closed at $13.88 (18,800 won) on Friday, down 50.7 percent from $28.16 on Nov. 28 last year, the last trading day before the company publicly disclosed the breach. The decline cannot be attributed entirely to the data breach that affected more than 33 million customer accounts, or the subsequent regulatory actions. Coupang swung to a $266 million net loss in the first quarter of 2026 as compensation vouchers and weaker customer demand hurt its results, while its second-quarter earnings also fell short o