JTC is a Japanese tax-free shop operator that manages stores in major destinations across the country, which are customized for tourist groups visiting Japan. The company started the listing procedures in 2016, and went public on KOSDAQ on April 6, 2018. The size of public offering for the listing is around KRW 89.5B. As such, Korean investors have shown great interest in JTC, as it was the first Japanese company to be listed on the Korean Stock Exchange in the last six years.

Shin & Kim has, as the deal counsel of this transaction, mediated the disputes solved a variety of issues arising from the differences in laws and commercial practices between the two nations, Korea and Japan. In the process of IPO, Shin & Kim not only has led the listing and public offering of the KDR (Korea Depositary Receipts), which is depositary receipts issued in the Korean market for foreign stocks, but also has written and reviewed all documents related to such listing and public offering, such as the articles of association of the issuing company, a depositary agreement, an acquisition agreement, and a registration statement. Moreover, Shin & Kim took the lead in cooperation and communication with the relevant agencies in Korea and Japan with regard to the issuance of KDR, and offered solutions to various legal issues, thereby contributing to the successful completion of the listing of the Japanese company.