SONOKONG successfully secured an investment of 33 billion won through convertible bonds (CB) and third-party allocated capital increases. SONOKONG, which once led the golden age of character toys, noted that it would strengthen its capabilities in both existing business as well as new ventures such as content and mobility based on the funds secured.
SONOKONG announced that it issued convertible bonds (12th and 13th series) worth 5 billion won and 3 billion won respectively to KB Securities and HK Mobility Company Ltd. On the 18th, including 20 billion won raised from the 11th series convertible bonds and 5 billion won from the third-party allocated capital increase, SONOKONG has secured a total of 33 billion won in investment.
Initially, SONOKONG planned to raise 37 billion won, but with adjustments to the size of some CBs, the final amount raised was 33 billion won. The company stated that it appreciates the market's positive response to its success in securing substantial funds in a short period even amid a constricted investment environment.
A spokesperson for SONOKONG explained the reasons for the successful investment solicitation by saying, "The Nintendo Switch2, which was re-released after eight years, is showing signs of greater-than-expected success, the rapid growth of the Pop Mart vending machine vendor business, the stable revenue base of the imported new car sales business, and the declaration of entry into the new used car business have all drawn positive reactions from the market."
The funds secured this time will be used for ▲ real estate investment for the purchase of an office building in the Gangnam area of Seoul ▲ expanding the sales network and securing inventory related to the Nintendo Switch2 ▲ strengthening character intellectual property (IP) business ▲ and expanding the new used car business, the company noted.
SONOKONG is a company that has led the domestic kids' content market by showcasing popular character toys such as "Turning Mecard" and "Hello Carbot." In recent years, it has experienced poor performance.
A representative from SONOKONG stated, "This funding acquisition is not just a financial achievement but a stepping stone for significant rejuvenation through corporate improvement and business diversification," and expressed aspirations to open a "Gangnam office era" and transform into an IP-centric content corporation in the medium to long term.