Among the 64 key subsidiaries of the 50 largest conglomerates, 62 companies (96.9%) were found to hold their own shares. This is 23.3 percentage points higher than the average of all listed companies (73.6%). There are indications that the shares are being used as a means to protect management rights.

Leaders Index, a corporate analysis research institute, stated on the 24th that the analysis of the shareholding and cancellation status of 2,265 listed companies, which can be compared from 2022 to 2024, showed these results.

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The average shareholding ratio of the key subsidiaries of the 50 largest conglomerates was 4.7%. This was also 1.4 percentage points higher than the average of all listed companies (3.3%). The total value of the shares held by these corporations was 34.9658 trillion won as of the end of last year, representing 54.2% of the total value of shares held by all listed companies.

Among the key subsidiaries of the 50 largest conglomerates, the place where the shareholding ratio has increased the most since 2022 is Young Poong Group. The shareholding ratio increased from 1.1% to 12.3% amid a management rights dispute over Korea Zinc.

The increase in the shareholding ratio of Shinsegae, the holding company of Shinsegae Group, was the second largest, rising from 0.1% in 2022 to 10.9% in 2024. Following that, ▲ Celltrion increased from 2.1% to 5.5%, ▲ LG from 1.4% to 3.9%, and ▲ Mirae Asset Securities from 23.7% to 24.9%, showing remarkable increases.

Conversely, there were also key subsidiaries of the 50 largest conglomerates that saw a decrease in their shareholding ratio. Hyosung is a representative example, with its ratio decreasing from 5.5% in 2022 to 0.1% at the end of last year, a drop of 5.4 percentage points. Half of this was due to the cancellation of shares.

During the same period, Hyundai Department Store also reduced its shareholding ratio from 6.6% to 3.4% by canceling half of its shares. NAVER also saw a decrease in its ratio, which dropped by 2.6 percentage points to 6% due to share cancellations.

Among the key subsidiaries of the 50 largest conglomerates, LOTTE Corporation had the highest shareholding ratio at 32.5%. It was followed by TY Holdings of Taeyoung Group at 29.8%, and Mirae Asset Life Insurance and Mirae Asset Securities at 26.3% and 24.9%, respectively. SK Group's holding company SK recorded a ratio of 24.8%.

In addition, the shareholding ratios were high for ▲ Doosan at 18.2%, ▲ KCC at 17.2%, ▲ Kumho Petrochemical at 16%, ▲ E1 at 15.7%, and ▲ Samchuly at 15.6%. However, among these companies, only three companies—Mirae Asset Securities, SK, and Kumho Petrochemical—actually canceled their shares since 2022.