Business · Markets · 17 hrs ago
Hoban edges ahead in Hanjin KAL ownership as shares surge
Hoban Construction has narrowly overtaken chairman Cho Won-tae’s side as the largest shareholder in Hanjin KAL, the holding company of South Korea’s Hanjin Group.
Hoban’s stake is 20.69%, just above Cho’s group at 20.58%, a difference of 0.11 percentage points.
Cho has agreed to buy shares worth 370.5 billion won, a deal that would lift his group’s stake to 21.07% if completed.
The change in largest shareholder does not itself transfer control of Hanjin Group, since other major shareholders and the board structure also matter.
Hanjin KAL shares rose sharply, and its preferred shares climbed even more, in part because the preferred shares have a small supply and can be more volatile.
The preferred shares generally lack voting rights, limiting their direct role in a control contest.
Whether the rivalry leads to a public share offer remains a key question; analysts say a large private share sale may be more likely, and ordinary shareholders might not get the same premium.
Hoban Construction’s 20.69% stake in Hanjin KAL narrowly surpassed Hanjin Group chairman Cho Won-tae’s group, making Hoban the holding company’s largest shareholder.
The difference was 0.11 percentage points, or 75,134 shares.
Hanjin KAL shares rose 55.7% over the week, while preferred shares surged 194.3%.
Cho agreed to buy shares worth 37.05 billion won, a move that could lift his group’s stake to 21.07%.
Analysts said the ownership shift does not by itself transfer control, and the shares’ future direction may depend on whether the contest leads to a tender offer.
- Who
- Hoban Construction and its affiliates, and Cho Won-tae and his affiliates, are competing over Hanjin KAL shares.
- What
- Hoban narrowly became Hanjin KAL’s largest shareholder, while Cho agreed to buy more shares.
- When
- Hoban’s stake was reported as exceeding Cho’s on November 4; the share surge was reported during the week ending November 6, 2026.
- Where
- Hanjin KAL, the holding company of Hanjin Group, in South Korea.
- Why
- The ownership contest and expectations of a possible management-control dispute encouraged investor interest.
Hoban Construction and affiliates
Cho Won-tae and affiliates
Shareholding
Hoban Construction and affiliates
Hoban held 20.69% of Hanjin KAL, narrowly ahead of Cho’s group at 20.58%.
Cho Won-tae and affiliates
Cho agreed to buy 325,000 shares, which could raise his group’s stake to 21.07%.
Stated position and action
Hoban Construction and affiliates
Hoban maintained that its shareholding purpose was simple investment.
Cho Won-tae and affiliates
Cho’s share purchase was presented as a move to secure additional shares.
Hoban had narrowed the gap with Cho’s group to 0.42 percentage points.
Hanjin KAL preferred shares stood at 26,200 won.
Cho agreed to buy 325,000 Hanjin KAL ordinary shares for 37.05 billion won.
Hanjin KAL preferred shares hit the daily price limit.
Hanjin KAL disclosed that Hoban Construction and its affiliates had become its largest shareholder group.
Hanjin KAL preferred shares were reported at 77,100 won, up 194.3% from October 30.
- Hoban stake
- 20.69%
- Cho group stake
- 20.58%
- Ownership gap
- 0.11 percentage points, or 75,134 shares
- Cho share purchase
- 325,000 shares for 37.05 billion won
- Hanjin KAL share rise
- 55.7% over the reported week
- Preferred share rise
- 194.3% from October 30 to November 6, 2026
What people are saying
If this year's annual shareholders' meeting attendance rate of about 94% is applied, the special resolution threshold needed to remove directors or amend the articles of incorporation amounts to about 62.7% of all issued shares.
Rather than a vote-count contest between the two sides, negotiations over a block sale of Hoban's shares are likely to be a realistic path.