[Edaily Reporter Park Sun-Yeop ] Hoban Group has narrowed the gap in shareholding ratios with HANJIN Logistics Corporation Chairman Cho Won-tae to 0.42 percentage points by acquiring additional shares of HANJINKAL(180640). While the immediate impact on the management control landscape is limited—as Chairman Cho’s friendly shareholders now hold nearly half of the shares—analysts suggest that the key variable in future management control competition will be who the Korea Development Bank (KDB) sells its HANJINKAL shares to following the merger of KoreanAirLines(003490)and Asiana Airlines(020560).
In a report released on the 13th, Bae Se-ho, an analyst at iM Securities, assessed, “Although Hoban Group stated that its purpose for holding HANJINKAL shares remains the same as before—namely, simple investment—considering the scale of the investment and the difference in shareholding ratios compared to the largest shareholder, it is increasingly likely that they have management control in mind.”

As of the 10th, Hoban Group held a 20.15% stake in HANJINKAL. This represents an increase of 1.69 percentage points from the previous 18.46%, with the additional acquisition costing 128.9 billion won. Consequently, the gap between the 20.57% stake held by Chairman Cho Won-tae and his affiliates and Hoban Group’s stake has narrowed to 0.42 percentage points.
Hoban Group has been steadily purchasing HANJINKAL shares since first acquiring a stake in April 2022. The cumulative net purchase amount is 878.2 billion won, with an average purchase price of approximately 60,000 won per share. Based on the closing price of 134,700 won on the 10th, the paper profit amounts to approximately 1 trillion won, with a paper return on investment of 125.3%. If we factor in the 19.7% rise in the stock price on Nextrade (NXT) following the news of the additional stake acquisition, the paper profit rises to approximately 1.22 trillion won, and the return on investment increases to 152.2%.
However, analysts assess that it would be difficult for Hoban Group to immediately exert influence over management control based solely on the current ownership structure. Combining the 20.57% stake held by Chairman Cho and his affiliates with the 14.90% held by Delta Air Lines—classified as a friendly stakeholder—along with the 10.58% held by the Korea Development Bank and the 3.83% held by LX Pantos, the combined stake reaches 49.88%. The National Pension Service also held a 5.44% stake as of the end of last year.
KDB’s 10.58% stake in HANJINKAL has been identified as the biggest variable in the future ownership structure. In 2020, to support the merger of KoreanAirLines and Asiana Airlines, KDB invested 500 billion won in a HANJINKAL capital increase and acquired 300 billion won worth of exchangeable bonds. The investment agreement at the time included provisions granting KDB the right to prior consultation on major management matters and establishing a security interest over Chairman Cho’s shares.
With the merger date for KoreanAirLines and Asiana Airlines set for December 16, it is generally assessed that KDB has effectively achieved its investment objectives. The exchangeable bonds were fully redeemed upon maturity last December, with an estimated internal rate of return (IRR) of 4.5%. The shares acquired through the rights offering also yielded a return of 90.3% and an IRR of 12.2% based on the closing price on the 10th.
Analyst Bae predicted that KDB is likely to begin preparing in earnest to sell its stake in HANJINKAL starting in 2027. He said, “If Hoban Group acquires KDB’s stake, a management control dispute at HANJINKAL could intensify.”
However, analysts note that HANJINKAL’s stock price already reflects a significant control premium. As of the 10th, HANJINKAL’s market capitalization stood at approximately 9 trillion won, which is 240% higher than the net asset value (NAV) of 2.645 trillion won calculated by iM Securities by combining the value of its equity stakes and unlisted subsidiaries.
If Hoban Group sells its stake, the stock price could plummet as expectations of a control battle fade. Conversely, if Hoban Group does not dispose of its shares, the high stock price is expected to persist, supported by limited tradable supply and expectations of a control battle. Assuming the National Pension Service maintains its current stake, the shares held by HANJINKAL’s general shareholders account for only 24.53% of the total shares.
Analyst Bae stated, “The current stock price already reflects the possibility of a control dispute to a significant extent,” adding, “Whether Hoban Group sells its stake and the future of the Korea Development Bank’s stake will be the key variables determining HANJINKAL’s stock price and corporate governance structure.”