[Edaily Marketin Reporter Hur Jieun ] Hoban Group has closed in on HANJINKAL Chairman Cho Won-tae, the largest shareholder, by acquiring shares in HANJINKAL(180640). Hoban’s stated purpose for investing in HANJINKAL remains “pure investment.” However, the prevailing view in the industry is that Hoban’s moves are a strategic move to secure management control, such as entering the aviation industry.

According to the Financial Supervisory Service’s electronic disclosure system on the 16th, Hoban Group’s stake in HANJINKAL has risen to 20.15%. This is the result of Hoban Hotel & Resort and Hoban Industries acquiring an additional 919,074 shares of HANJINKAL this month. Consequently, the gap between Hoban’s stake and that of Chairman Cho Won-tae and his affiliates (20.56%) has narrowed to 0.41 percentage points. In effect, Hoban has risen to a position where it can directly threaten Chairman Cho’s management control.

870 billion won invested over 4 years and 4 months… Share value nears 1.8 trillion won

Ho-ban’s accumulation of HANJINKAL shares has continued steadily since March 2022. At the time, Hoban became a major shareholder of HANJINKAL overnight by acquiring shares held by the Kang Sung-boo Fund (KCGI), which was in a management control dispute with the HANJIN Logistics Corporation. In October 2023, Hoban solidified its position as the second-largest shareholder by successively acquiring shares held by PanOcean and others. It continued to make steady on-market purchases in 2024 and 2025, and has not stopped buying this year either.

The entities making the share purchases have also diversified. Initially, Hoban, Hoban Construction, and Hoban Hotel & Resort took the lead, but according to this disclosure, Hoban Industries has now joined as a buyer. Major affiliates with ample cash reserves are taking turns purchasing HANJINKAL shares at the group level.

Over the past four years and four months, Hoban Group has invested a total of 878 billion won in acquiring HANJINKAL shares. Due to the rise in the stock price, the current value of these holdings is approaching 1.8 trillion won. Excluding the 125.9 billion won in cash that Hoban Construction raised by selling a portion of its holdings on the open market in December 2022, this reflects the group’s steadfast commitment to its buying strategy.

A Simple Investment

Not Subject to Disclosure Requirements… Speculation About a Return to the Aviation Industry

According to its public filings, Hoban Group’s stated purpose for investing in HANJINKAL is “simple investment.” A simple investment involves receiving dividends or seeking capital gains from rising stock prices without interfering in the company’s management. However, the prevailing view in the market is that it is highly unlikely that Hoban’s listed affiliates would tie up capital in a company unrelated to their core business solely for the purpose of realizing simple capital gains.

This view is further reinforced by Hoban Group’s track record of demonstrating a strong commitment to entering the aviation industry, such as its past attempt in 2015 to acquire Kumho Industries, the parent company of Asiana Airlines at the time. With the launch of “Integrated KoreanAirLines” scheduled for this coming December, there is speculation that Hoban will use its investment in HANJINKAL as a springboard to make another attempt to enter the aviation industry.

There is also a view that Hoban is maintaining its status as a “simple investor” to avoid unnecessary disclosure obligations. Unlike general investors, simple investors are only required to disclose changes in shareholdings by the 10th of the following month and are not required to disclose the source of their investment funds. Consequently, some analysts suggest that Hoban’s decision to maintain its status as a simple investor—despite currently holding over 20% of the shares—is a strategic choice to avoid necessary disclosure obligations and market scrutiny.

An industry insider explained, “December, when the merger between KoreanAirLines and Asiana Airlines is officially completed, will likely serve as a turning point,” adding, “The key point to watch is whether Hoban will change its investment purpose and take action, such as submitting a shareholder proposal.”