HANMI Semiconductor, which has been growing by supplying the TC bonder, a core equipment for high bandwidth memory (HBM), exclusively to SK hynix, has reached an inflection point.
This is because Hanwha Semiconductor has signed a supply contract worth 42 billion won with SK hynix, creating a crack in the exclusive system.
In this context, KWAK Dong-shin, chairman of HANMI Semiconductor, is reportedly laying the groundwork for the third generation succession by gifting equity worth 72.6 billion won to his two children.
◇ Is SK's monopoly shaking? …Contract signed with Hanwha Semiconductor
HANMI Semiconductor was established in 1980, based on HANMI Mold, founded by chairman KWAK Dong-shin's late father, KWAK No-gwon. This company has rapidly grown into a semiconductor equipment firm by exclusively supplying TC bonders to SK hynix for the past 8 years.
However, recently, SK hynix signed a supply contract with Hanwha Semiconductor, which is currently in a patent dispute with HANMI Semiconductor, leading to changes in the collaborative structure. Consequently, HANMI raised the supply price by 28% and withdrew technical personnel, but concerns spread as both stock prices and institutional demand showed weakness.
The core product, 'thermal compression (TC) bonder,' is equipment that combines DRAM using heat and pressure during the HBM production process. It is one of the key equipment determining the quality of HBM.
HANMI Semiconductor has been supplying TC bonders exclusively to SK hynix since 2017. In just 2024, it signed supply contracts worth a total of 257.3 billion won. In January of this year, it signed a contract worth 10.8 billion won.
◇ Chairman KWAK Dong-shin gifts equity to his children...becomes a powerful figure surpassing four sisters
Currently, HANMI Semiconductor has established a solid one-person governance system centered around chairman KWAK Dong-shin. If the shares held by KWAK and his sister, son, and uncle (related parties) are combined, it reaches 54.84%, with KWAK holding 34.01% of shares, firmly establishing himself as the largest shareholder.
Chairman KWAK did not establish a solid one-person governance system from the beginning. When HANMI Semiconductor was listed on the KOSPI in 2005, KWAK's shareholding ratio was only 2.59%.
Chairman KWAK rose to the position of largest shareholder after two rounds of inheritance. In September 2007, he received 2.4 million shares from former chairman KWAK, raising his equity stake to 12.6%, and then in 2008, he received 3.78 million shares, increasing his shareholding to 27.42%.
Chairman KWAK is the youngest among four daughters and one son. The company has stated that there were no disputes with his sisters during the succession process.
A source from HANMI Semiconductor said, "I understand there were no complaints as they received equal shares of various assets instead of equity during the inheritance."
He added, "My sisters are actively running their own businesses, and since chairman KWAK took office, the stock price has risen significantly, which they are rather grateful for."
Chairman KWAK is currently exercising control over six unlisted affiliates, including KWAK Shin Holdings, which holds a 60% equity stake.
◇ Gifting 726 million won equity to two sons... Chairman KWAK lays groundwork for third generation succession
Chairman KWAK plans to gift approximately 480,000 shares (worth a total of 72.6 billion won) to his eldest son, HO Seong, and his second son, HO Jung, on the 22nd of next month.
The two children have already held a small equity stake since the mid-2000s, and with this gift, their shareholding will expand to 2.55% each. Consequently, the stock value for the two sons, aged 23 and 16, respectively, will increase to 2.107 billion won based on the closing price of 85,600 won on the 23rd.
However, given the age of the children, there is a perspective that it may still be premature for a full-scale management succession. A source from HANMI Semiconductor remarked that the ongoing equity succession is merely "a matter of inheriting a portion of the assets held by parents, and discussions about succession have not yet taken place."
◇ Crisis for core business amidst luxury goods controversy...stock price drops by a third
Amidst this situation, concerns have risen in the market as chairman KWAK and HANMI Semiconductor's equity-holding KWAK Shin Holdings have begun distributing luxury watch brand "Jacob & Co.". The watch distribution business launched last year is facing criticism among investors for its unclear synergy with the core business.
Last year, the stock price soared to 180,000 won in June but plummeted to 60,000 won at the beginning of this month, dropping to a third of its value. An individual investor stated, "Now is the time to focus on strengthening semiconductor competitiveness and stock price recovery rather than getting involved in watch sales unrelated to the core business."
◇ The challenge is the relationship with SK hynix...diversifying customers is necessary
Moreover, the significant challenge confronting HANMI Semiconductor is the reestablishment of its trading relationship with SK hynix. Recently, SK hynix's decision to introduce 42 billion won worth of TC bonders for HBM in partnership with Hanwha Semiconductor was a choice to respond to the surging demand for HBM.
This may pose a risk for HANMI Semiconductor, which has relied on an exclusive supply structure until now. There are urgent calls in the industry to diversify customers to other semiconductor companies such as Micron.
As shareholder anxiety grew, HANMI Semiconductor suddenly canceled the corporate briefing scheduled for the 22nd and announced that it would resume the briefing after May 15, the date for the first quarter results announcement.
An industry source noted, "Even if there is an exclusive supplier with excellent technology, the market position can be shaken if conflicts of interest arise with trading companies, and it is a critical time for continuous innovation and building trust."