Hoban Group increased its stake in Hanjin KAL to 20.15% on the 10th, narrowing the gap with the largest shareholder to 0.41 percentage points. The stake expansion raised concerns about potential management control disputes over the Korean airline holding company. Shinhan Securities analyst Choi Min-ki stated that while the stake increase enhances Hoban Group's influence, immediate management changes remain difficult due to the concentration of friendly shareholdings supporting current management.
Hoban Group Stake Reaches 20.15%, Gap Narrows to 0.41%P
On the 10th, Hoban Group, the second-largest shareholder, expanded its Hanjin KAL stake by 1.69 percentage points to 20.15%. The gap with the largest shareholder's holdings (20.57%) narrowed to approximately 0.41 percentage points. When comparing only Hoban Group's stake with Chairman Cho Won-tae and specially related parties, the shareholding difference has contracted to 0.41%.
The Korea Development Bank (KDB) currently holds a 10.58% stake in Hanjin KAL. Some market observers focus on KDB as a potential casting vote, noting the bank initially entered with the purpose of restructuring the domestic aviation industry. If the merger between Korean Air and Asiana Airlines completes by year-end, public fund recovery becomes possible.
Shinhan Securities Assesses Friendly Shareholder Concentration as Key Variable
Shinhan Securities analyst Choi Min-ki stated in a report on the 13th that "the direction of management control depends on the scale of friendly shareholdings and whether voting rights are concentrated as key variables." Delta Air Lines, holding the third-largest stake after Hoban Group, maintains a joint venture with Korean Air and is evaluated as a core friendly shareholder (14.90%) to the largest shareholder.
Other estimated friendly shareholders including LX Pantos, GS Retail, Naver, Hanil Cement, and Hyosung account for approximately 6.82%. The combined estimated shareholding ratio of the largest shareholder, Delta Air Lines, and friendly shareholders totals around 42.28%. Even if KDB's entire stake transfers to Hoban, an 11.5 percentage point gap would still exist. Choi assessed that undisclosed friendly shareholdings likely exist.
Hoban Group has expanded its Hanjin KAL stake since acquiring KCGI shares in 2022. While the current holding purpose is stated as simple investment, the group participated in acquiring management control of Kumho Industrial, then Asiana Airlines' largest shareholder, in 2015.
Hanjin KAL Stocks Surge 19.7% on NXT, Premarket Up 5.57%
Following Hoban Group's stake expansion disclosure on the 10th, Hanjin KAL stocks surged 19.7% to close at 150,800 won on NextTrade (NXT). In premarket trading on the 13th, the stock climbed to 154,700 won in early trading before settling 5.57% higher than the previous closing price.
![Hanjin KAL ownership structure chart]()
Hanjin KAL ownership structure
![Hanjin KAL NXT premarket stock price trend chart]()
Hanjin KAL NXT premarket stock price trend
FAQ
What stake does Hoban Group now hold in Hanjin KAL?
Hoban Group increased its Hanjin KAL stake to 20.15% on the 10th, expanding by 1.69 percentage points. This narrowed the gap with the largest shareholder (20.57%) to approximately 0.41 percentage points.
Why does Shinhan Securities assess immediate management changes as unlikely?
Shinhan Securities analyst Choi Min-ki stated that friendly shareholdings supporting current management total around 42.28%, including Delta Air Lines' 14.90% stake and other estimated friendly shareholders at 6.82%. Even if KDB's entire 10.58% stake transfers to Hoban, an 11.5 percentage point gap would remain.
