Upstage faces IPO uncertainty amid ex-presidential secretary's shareholding controversy

The Korea Times

Upstage faces IPO uncertainty amid ex-presidential secretary's shareholding controversy

Upstage, an artificial intelligence (AI) startup preparing for an initial public offering (IPO), is facing renewed scrutiny over allegations concerning its ties to Ha Jung-woo, the former senior presidential secretary for AI policy and future planning who ran in the June 3 parliamentary by-election in Busan's Buk-A constituency. Investment banking industry observers said Tuesday that the issue has attracted heightened public attention and taken on greater significance because independent lawmaker Han Dong-hoon, who defeated Ha in the election, kept it in the spotlight throughout the campaign. They added that if Han continues to scrutinize the matter in the National Assembly, the controversy could become a source of uncertainty for the company's planned stock market debut. Conflict-of-interest concerns emerged because Ha owned shares in Upstage while serving as senior presidential secretary, and the company was subsequently selected as one of five operators of the government's proprietary AI foundation model project in August 2025. The initiative, often referred to as Korea's "national A

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