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To secure technological and industrial competitiveness, the KOSDAQ market is implementing a technology-growth listing system. In general, such listed companies have been recognized for their technological prowess at the time of listing, but there are few cases where the technology has been commercialized or realized. Nevertheless, the largest shareholder sold their shares after the lock-up period using the listing system to obtain capital gain. A company that utilizes the listing system for the purpose of acquiring such private gain may overestimate the pro-forma profit and loss to evaluate the company value higher than that of a company that did not sell its shares. Therefore, we verified whether the technology-growth listed companies, in which the largest shareholder sold their shares after the lock-up period, overestimate the pro-forma profit and loss compared to those that did not. The analysis revealed that the technology-growth listed companies in which the largest shareholder sold their shares after the lock-up period overestimated the pro-forma net income for the first year compared to the companies that did not.