[Edaily Reporter Shin Ha-yeon ] WINTEC Co.,Ltd.(320000)has reduced the size of its capital increase by approximately 19% and rescheduled the entire process following three requests for corrections from the Financial Supervisory Service (FSS). While the amount allocated for debt repayment remained unchanged, the planned fundraising total decreased by approximately 3.8 billion won as the company reduced working capital intended for raw material purchases.
According to the Financial Supervisory Service’s electronic disclosure system on the 21st, HanWool Semiconductor submitted its fourth amended securities registration statement on the 16th. After filing its initial registration statement on April 15, the company was requested by the FSS to submit amended statements on three separate occasions: April 29, May 29, and June 26.
In this amendment, the number of new shares to be issued—first through a shareholder allocation followed by a public offering of unsubscribed shares—was reduced by 900,000 shares, from the original 4.7 million to 3.8 million. This represents a 19.1% decrease. Consequently, the total planned offering amount also decreased by 3.7895 billion won, from 22.8655 billion won to 19.076 billion won.
The capital increase ratio decreased from 70.47% to 56.42%. As the proportion of newly issued shares relative to the existing number of shares has decreased, this is interpreted as partially alleviating the dilution burden on existing shareholders. The planned issue price rose from 4,865 won to 5,020 won. Since the capital increase ratio is factored into the formula for calculating the planned issue price, the price was adjusted upward as the number of shares to be issued decreased. However, the final issue price will be reconfirmed based on the third trading day prior to the subscription date for existing shareholders.
Of the funds to be raised, the 8 billion won earmarked for debt repayment remains unchanged. Instead, working capital—including the purchase of raw materials needed for the production of chip, film, and display inspection equipment—was reduced from 14.865 billion won to 11.076 billion won.
The funds for debt repayment will be used to repay loans raised through the subsidiary Hanul Vision. These funds were borrowed by Hanul Vision from financial institutions and then lent to HanWool Semiconductor; during the borrowing process, real estate owned by HanWool Semiconductor was also provided as collateral. The company plans to first allocate the proceeds from the capital increase to repay the loans and then use the remaining amount for working capital.
The schedule for the paid-in capital increase has also been pushed back by more than a month. The record date for new share allocation, originally set for July 1, has been changed to August 5. The subscription period for existing shareholders has been postponed from August 6–7 to September 10–11, and the public offering subscription period has been postponed from August 11–12 to September 15–16.
The payment date has been adjusted from August 14 to September 18, and the scheduled listing date for the new shares has been adjusted from August 28 to October 6. Under the initial plan, the payment date and listing date were June 26 and July 9, respectively, but the schedule was successively pushed back following the amendment process. This means it took approximately five months from the submission of the initial securities registration statement last April to the actual payment.
HanWool Semiconductor also significantly expanded the disclosures regarding investment risks in accordance with the amendment requirements. It provided additional explanations on the commercialization potential of R&D achievements, cash liquidity, transactions with related parties, and risks associated with the acquisition of major subsidiaries. It also introduced a new risk item related to credit facilities provided by its affiliate, a new technology business finance company.
In particular, the company disclosed in detail the transactions through which funds managed by its affiliate, the new technology business finance firm JK Ventures, acquired securities issued by HanWool Semiconductor, its largest shareholder, and its subsidiaries. The total face value of the convertible bonds and bonds with warrants issued by HanWool Semiconductor and its affiliates that these funds acquired amounts to 46.9 billion won.
The previous amended registration statement had already addressed risks related to transactions with related parties, the acquisition of major subsidiaries, and stricter oversight standards imposed by financial regulatory authorities. In the first amended registration statement submitted last May, the risk associated with the acquisition of major subsidiaries was added as a separate item, and in the June amendment, explanations regarding cash liquidity, transactions with related parties, and plans for the use of funds were expanded.
The amended securities registration statement is scheduled to take effect on the 1st of next month. The capital increase schedule may be revised again if additional amendments are requested during the review process or if consultations with relevant authorities are prolonged.
An industry official stated, “The Financial Supervisory Service (FSS) has recently been closely scrutinizing rights offerings, examining factors such as the necessity of raising funds and the impact of dilution on existing shareholders’ stakes,” adding, “The repeated requests for amendments can also be viewed as an effort to provide sufficient information to minority shareholders and reduce the potential for investor harm.”
According to the Financial Supervisory Service’s electronic disclosure system on the 21st, HanWool Semiconductor submitted its fourth amended securities registration statement on the 16th. After filing its initial registration statement on April 15, the company was requested by the FSS to submit amended statements on three separate occasions: April 29, May 29, and June 26.
In this amendment, the number of new shares to be issued—first through a shareholder allocation followed by a public offering of unsubscribed shares—was reduced by 900,000 shares, from the original 4.7 million to 3.8 million. This represents a 19.1% decrease. Consequently, the total planned offering amount also decreased by 3.7895 billion won, from 22.8655 billion won to 19.076 billion won.
The capital increase ratio decreased from 70.47% to 56.42%. As the proportion of newly issued shares relative to the existing number of shares has decreased, this is interpreted as partially alleviating the dilution burden on existing shareholders. The planned issue price rose from 4,865 won to 5,020 won. Since the capital increase ratio is factored into the formula for calculating the planned issue price, the price was adjusted upward as the number of shares to be issued decreased. However, the final issue price will be reconfirmed based on the third trading day prior to the subscription date for existing shareholders.
Of the funds to be raised, the 8 billion won earmarked for debt repayment remains unchanged. Instead, working capital—including the purchase of raw materials needed for the production of chip, film, and display inspection equipment—was reduced from 14.865 billion won to 11.076 billion won.
The funds for debt repayment will be used to repay loans raised through the subsidiary Hanul Vision. These funds were borrowed by Hanul Vision from financial institutions and then lent to HanWool Semiconductor; during the borrowing process, real estate owned by HanWool Semiconductor was also provided as collateral. The company plans to first allocate the proceeds from the capital increase to repay the loans and then use the remaining amount for working capital.
The schedule for the paid-in capital increase has also been pushed back by more than a month. The record date for new share allocation, originally set for July 1, has been changed to August 5. The subscription period for existing shareholders has been postponed from August 6–7 to September 10–11, and the public offering subscription period has been postponed from August 11–12 to September 15–16.
The payment date has been adjusted from August 14 to September 18, and the scheduled listing date for the new shares has been adjusted from August 28 to October 6. Under the initial plan, the payment date and listing date were June 26 and July 9, respectively, but the schedule was successively pushed back following the amendment process. This means it took approximately five months from the submission of the initial securities registration statement last April to the actual payment.
HanWool Semiconductor also significantly expanded the disclosures regarding investment risks in accordance with the amendment requirements. It provided additional explanations on the commercialization potential of R&D achievements, cash liquidity, transactions with related parties, and risks associated with the acquisition of major subsidiaries. It also introduced a new risk item related to credit facilities provided by its affiliate, a new technology business finance company.
In particular, the company disclosed in detail the transactions through which funds managed by its affiliate, the new technology business finance firm JK Ventures, acquired securities issued by HanWool Semiconductor, its largest shareholder, and its subsidiaries. The total face value of the convertible bonds and bonds with warrants issued by HanWool Semiconductor and its affiliates that these funds acquired amounts to 46.9 billion won.
The previous amended registration statement had already addressed risks related to transactions with related parties, the acquisition of major subsidiaries, and stricter oversight standards imposed by financial regulatory authorities. In the first amended registration statement submitted last May, the risk associated with the acquisition of major subsidiaries was added as a separate item, and in the June amendment, explanations regarding cash liquidity, transactions with related parties, and plans for the use of funds were expanded.
The amended securities registration statement is scheduled to take effect on the 1st of next month. The capital increase schedule may be revised again if additional amendments are requested during the review process or if consultations with relevant authorities are prolonged.
An industry official stated, “The Financial Supervisory Service (FSS) has recently been closely scrutinizing rights offerings, examining factors such as the necessity of raising funds and the impact of dilution on existing shareholders’ stakes,” adding, “The repeated requests for amendments can also be viewed as an effort to provide sufficient information to minority shareholders and reduce the potential for investor harm.”
