This article was published on Aug. 27, 2025, at 8:32 a.m. on the ChosunBiz MoneyMove website.
Shin Dong-guk, chairman of Hanyang Precision and the largest individual shareholder of Hanmi Science, is pushing for a share sale. He is reported to be in contact behind the scenes with multiple financial institutions, including NH Investment & Securities, to sell the 23.4% stake held by him and Hanyang Precision in Hanmi Science.
According to the investment banking (IB) industry on the 27th, Chairman Shin is currently testing the waters with securities firms regarding his intention to sell his equity in Hanmi Science for an exit.
Chairman Shin is said to want to sell his equity at a premium over the market price. Chairman Shin and Hanyang Precision each hold 16.43% and 6.95% of Hanmi Science's equity, respectively. The current market price of the equity held is approximately 650 billion won, but there are even claims that he wants more than 1 trillion won.
Chairman Shin is currently in conflict with the owner family of Hanmi Pharmaceutical Group, including Chairwoman Song Young-sook and her daughter, as well as the private equity firm Radefangs. This indicates a fracture in the so-called 'four-party alliance.' It comes about a year after a management dispute was resolved between Chairwoman Song's family and brothers Lim Jong-yoon and Lim Jong-hoon.
Chairwoman Song, Vice Chair Lim Joo-hyun, and Radefangs recently placed a provisional seizure on the Hanmi Science shares and the residence of Chairman Shin, the Hannam The Hill apartment in Yongsan, Seoul. This is presumed to be due to Chairman Shin's breach of the shareholder agreement made among the four parties.
In this situation, last month, Hanyang Precision issued an exchangeable bond (EB), suggesting that the shares of Hanmi Pharmaceutical held by Chairman Shin and Hanyang Precision could be the targets of exchange, leading to speculation that they are attempting to exit their investments in Hanmi Pharmaceutical, followed by Hanmi Science in sequence.
According to the IB industry, the circumstances surrounding Chairman Shin's equity sale are said to be recognized by Radefangs. However, it is noted that it is not yet a situation warranting active response.
Chairman Shin's goal is to sell his equity at a high price. The current share price of Hanmi Science stands around 40,000 won, which is a significant increase compared to a year ago (early 30,000 won), but still low compared to the prices in 2021 (70,000-80,000 won) and even lower than those in 2018 (90,000-100,000 won). It is reported that Chairman Shin, having held his equity in Hanmi Science since 2010, has not been able to let go of his aspirations for the higher past prices.
However, securities firms are reportedly indifferent to Chairman Shin's proposal. They believe that there is no benefit in investing in a corporation where the sparks of a management dispute could reignite at any time.