AeKang was established as ‘Aicon’ in 1990 and its annual sales volume was 30 billion Won in 2002. AeKang's domestic market share was 80% in PB pipe and registered KOSDAQ. However, AeKang was kicked out from KOSDAQ due to bankruptcy at the end of 2002. The main reasons of exit were irrelevant M&A and unethical behavior of new owner. All members of AeKang made efforts to overcome the crisis and AeKang re-enterd KOSDAQ in 2006. It is the only case of re-entry to stock market for small and medium sized company in Korea. The success factors are excellent production technology, market dominance by trust, stable marketing channels, and infrastructure based trust and principle. In conclusion further issues of AeKang were suggested. This case would help to educators of management offering in-depth analysis of situation and strategy for small and medium sized compapny in the crisis.