Hanjin KAL: Cho Signs 37.05 Billion Won Deal as Stake Race Shifts

Cho Won-tae’s Additional Hanjin KAL Purchase: Three Key Points

• Hanjin Group Chairman Cho Won-tae disclosed on Nov. 2, 2026, an agreement to purchase an additional 325,000 common shares of Hanjin KAL. According to Asia Business Daily Securities, the deal is valued at 114,000 won per share, or 37.05 billion won in total.
• Once the transaction is completed, Cho Won-tae’s stake in Hanjin KAL, including preferred stock, will rise from 5.75% before the deal to 6.23%. His combined stake with related parties will reach 21.06% after completion.
• Hoban Group has also purchased additional Hanjin KAL shares on the open market and filed a business-combination notification with the Korea Fair Trade Commission. Investors now need to distinguish between the disclosed intent to buy and transaction outcomes that have yet to be confirmed.

What the 37.05 Billion Won Really Signals

Hanjin KAL is the holding company of Hanjin Group. The investment significance of this agreement lies less in the increase in Cho’s personal stake than in the continuing efforts by major shareholders to build their positions. If Cho completes the purchase as agreed, it will alter both his personal ownership and the broader ownership structure including related parties.

An after-hours block trade is the planned purchase method disclosed in the filing. The purchase period runs from Dec. 3 through Jan. 1 next year. Accordingly, the confirmed facts at this stage are the signing of the agreement and the planned method and period; actual completion of the transaction must be assessed separately.

Hanjin KAL Ownership: Mixing Record Dates Distorts the Picture

As of July 10, Hoban Group was Hanjin KAL’s second-largest shareholder with a 20.15% stake. Cho Won-tae and related parties held 20.57% as of June 30, a difference of 0.42 percentage points. Because the figures use different record dates, they alone cannot establish the current ranking or the ownership structure after the transaction is completed.

Once this transaction closes, Cho’s stake based on voting common shares will increase by 0.49 percentage points. Rather than an overwhelming lead, this figure points to a tightly balanced ownership structure. Because the available information does not state Hoban Group’s exact stake following its additional open-market purchases, the scale of the shift can be assessed only after both sides’ latest holdings are aligned to the same record date.

Hoban Group’s Business-Combination Filing Adds Uncertainty

Under the Fair Trade Act, a company meeting the prescribed total-asset and revenue thresholds must file a business-combination notification if it holds at least 15% of another listed company or becomes its largest shareholder through an additional acquisition. Hoban Group said it has completed the filing and is awaiting the outcome.

The Korea Fair Trade Commission has not yet issued its review decision. If Hoban Group continues purchasing Hanjin KAL shares and expands its stake, Cho’s latest acquisition alone will not fully explain the updated ownership structure. Conversely, if no follow-on acquisition is confirmed, whether the disclosed agreement is completed will become the central factor in the next assessment.

Direct Implications for Hanjin KAL Investors

• Hanjin KAL: It is the direct target of Cho Won-tae’s agreement to purchase 325,000 common shares. The planned volume and value have been confirmed, but the available information provides no basis for directly linking the purchase to improved earnings or higher corporate value.
• Hanjin Group: The matter concerns changes in the major-shareholder structure of its holding company, Hanjin KAL. Investment decisions should focus on Hanjin KAL’s ownership disclosures and actual transaction completion, rather than assumptions about the entire group.
• Hoban Group: It is the party behind the additional open-market purchases and the business-combination filing. Its exact Hanjin KAL stake after the transactions has not been confirmed, so the current ownership structure cannot be determined conclusively.

Friendly Stakes: Separate the Numbers From Their Nature

As of the end of the first half of this year, Delta Air Lines held 14.90% of Hanjin KAL and the Korea Development Bank held 10.58%. The report explicitly stated that both institutional investors are known to hold stakes friendly to Cho Won-tae. This means their respective holdings should be considered separately from Cho’s personal stake.

Treating the 21.06% stake including related parties and the holdings of Delta Air Lines and the Korea Development Bank as a single, guaranteed voting bloc would go beyond the available information. The fact that shares are held and the exercise of voting rights on a specific issue are not the same information.

Three Things to Watch in the Next Disclosures

• Whether Cho Won-tae’s Hanjin KAL share-purchase agreement, scheduled to run from Dec. 3 through Jan. 1 next year, is actually completed
• Hoban Group’s exact Hanjin KAL stake after reflecting its additional open-market purchases
• The Korea Fair Trade Commission’s decision on Hoban Group’s business-combination filing

Bottom Line

Cho Won-tae’s agreement to make an additional 37.05 billion won purchase reinforces the push to secure Hanjin KAL shares. Until the agreement’s completion and Hoban Group’s latest stake are confirmed, however, investors should focus on the next ownership disclosure and the Korea Fair Trade Commission’s review decision rather than assuming either side has the upper hand.

This article was automatically summarized and analyzed from the original news report. View Original Article (Asia Business Daily Securities)