KOSDAQ M&A market has been somewhat changed after 1998 currency crisis. A lot of fund got invested to IT (Information Technology) and internet industry and Investment on IT (Information Technology) and internet industry led IT business boom. But this boom was not trend but just boom. Specially internet company is suffered from lack of profit model and IT company is suffered from saturation of industry demand. Thus many private companies want to be public company and are making the plan on IPO but it is not easy to be listed in KOSDAQ because of more strong restrictions and consolidation of minimum condition to list. Thereby many private company and owner changed their mind into reverse merger or backdoor listing and are trying to realize it. Even if reverse merger or backdoor listing is easier than general IPO, it is difficult to meet minimum condition of backdoor listing or reverse merger too. But many companies tried and got an success in KOSDAQ which was specially less restricted than KSE for M&A. we will understand the characteristics of KOSDAQ M&A trend (particularly backdoor listing and A&D) in 2001 through this study and analyze the reason to be happened.