Hanwha Energy, one of the core corporations of Hanwha Group's succession, and its subsidiary Hanwha Impact have secured 1.3 trillion won in cash from the sale of equity in Hanwha Ocean, raising attention on whether they will increase their stake in Hanwha Corporation, which is the holding company. Hanwha Energy, which is 100% owned by Kim Seung-yeon’s three sons, is currently the second largest shareholder of Hanwha Corporation, steadily increasing its equity.
Although Hanwha Corporation has not yet met the requirements for a holding company, it possesses equities in numerous affiliates including Hanwha Aerospace (33.95%), Hanwha Life (43.24%), Hanwha Galleria (36.31%), Hanwha Solutions (36.31%), and Hanwha Hotels & Resorts (49.8%).
Currently, the largest shareholder of Hanwha is Chairman Kim Seung-yeon (22.65%), with Hanwha Energy (22.16%) as the second largest shareholder. Hanwha Energy secured 3,898,993 shares of Hanwha through a public purchase last July, and in December, it acquired 5,436,380 shares from Korea Zinc.
The equity rate difference between Chairman Kim and Hanwha Energy is 0.49 percentage points, meaning Hanwha Energy would become the largest shareholder if it acquires more than 370,000 shares. The three sons, Kim Dong-kwan (4.91%), Kim Dong-sun (2.14%), and Kim Dong-won (2.14%), each hold shares of Hanwha, resulting in a combined equity rate greater than that of Chairman Kim.
Hanwha Energy can increase its equity in Hanwha Corporation. Hanwha Impact's purchase of Hanwha Corporation shares falls under circular investment, making it impossible. Through the sale of equity in Hanwha Ocean, Hanwha Impact and Hanwha Energy respectively liquidated 890.411 billion won and 409.589 billion won in cash. As of the end of the third quarter last year, Hanwha Energy's cash and cash equivalents totaled 183.4 billion won, while Hanwha Impact held 31.8 billion won in cash assets.
Hanwha Impact may consider distributing special dividends. Shares of Hanwha Impact are held by Hanwha Energy (52.07%) and Hanwha Solutions (47.93%). Hanwha Solutions recorded an operating loss of 320 billion won last year, resulting in a deficit. Hanwha Impact stated that it currently has no plans for special dividends and intends to use the funds for its own business.
Hanwha Aerospace, which purchased equity in Hanwha Ocean from Hanwha Energy and others, is playing a crucial supporting role for the group’s affiliates. When Hanwha Group acquired Hanwha Ocean in 2023, Hanwha Aerospace shouldered 1 trillion won, while its subsidiary Hanwha Systems contributed 500 billion won. It later invested in a rights offering for Hanwha Ocean shareholders, a rights offering for Hanwha Precision Machinery, and secured equity in Next Decade.