This case study analyzes the introduction of the Comprehensive Financial Investment Business (CFIB) system, its effects, and the operational behaviors of nine CFIB-designated securities firms based on governance structures. The CFIB system was introduced in 2013 through an amendment to the Capital Market Act to promote the scaling up of domestic securities firms and foster competitive global investment banks. Initially, the system aimed to transform market structures by strengthening the linkage between capital markets and enterprises, enabling better capital allocation to innovative firms. However, over a decade later, criticisms have arisen that CFIB funds are disproportionately allocated to high-yield real estate financing rather than venture capital as anticipated. This study examines changes in equity capital, profit structures, and asset soundness before and after meeting the KRW 3 trillion equity requirement for CFIB designation. Privately governed CFIBs, led by specific owners, aggressively expanded capital and diversified revenue sources, while those with dispersed corporate governance remained conservative, relying heavily on traditional commission income. Additionally, firms with dispersed ownership structures tended to increase low-credit-quality loan assets and under-provision loan loss reserves as a means to achieve the required equity capital. The findings highlight that governance significantly affects capital strategies, profit structures, and asset soundness. This study emphasizes the importance of corporate governance and enhanced internal controls for risk management to foster qualitative growth in the capital market. It also recommends further analyses to assess the CFIB system’s impact on corporate innovation and policy development.