This article was posted on the ChosunBiz MoneyMove (MM) site at 5:19 p.m. on Dec. 12, 2025.
RN2 Technologies, a KOSDAQ-listed company that has faced allegations it tried to artificially boost its stock price while attempting various businesses such as secondary batteries and Blockchain, will welcome a new owner in about nine months since March this year. Those who previously managed the company were confirmed to be the forces that made large gains this year through presidential election theme stocks. They made big money from the election theme, but failed at RN2 Technologies, which had been their main focus.
On Dec. 12, according to the Financial Supervisory Service electronic disclosure system and the investment banking industry, RN2 Technologies is recently pursuing large-scale fundraising through a paid-in capital increase and issuance of convertible bonds (CBs). The paid-in capital increase is a third-party allotment to Newjin No. 1 fund and is about 10 billion won in total, with payment due on the 17th. In addition, it will issue 10 billion won worth of CBs through MJIP Investment Fund No. 1 to raise a total of about 20 billion won.
With this fundraising, RN2 Technologies will get a new largest shareholder. Once the paid-in capital increase payment is completed, Newjin No. 1 fund will secure 15.9% of RN2 Technologies and become the largest shareholder. The previous largest shareholder, TS No. 1 fund, will be diluted from 18.7% to 15.7% and drop to the second-largest shareholder. It is a change of major shareholder about nine months after TS No. 1 fund became the largest shareholder of RN2 Technologies in March.
RN2 Technologies is a manufacturer of electronic components used in telecommunications and medical devices and was listed on the KOSDAQ market in 2016. Under TS No. 1 fund's management, RN2 Technologies announced aggressive business expansion into secondary batteries and Blockchain, and its stock, which lingered in the 4,000-won range earlier this year, rose to 10,000 won in the second half of this year. However, it has since fallen back to the 5,000-won range and is trading sideways.
In connection with this, market participants have observed that RN2 Technologies' business expansion appears aimed more at propping up the stock using themes than at improving its financial structure. RN2 Technologies has been posting losses since 2023. This year, it recorded about a 2.6 billion won operating loss on a consolidated basis through the third quarter, and a third consecutive year of losses is expected. Most of the companies acquired for the new businesses are also in the red.
Behind market participants' suspicion that they are trying to force the stock price up is the current largest shareholder, TS No. 1 fund. According to the capital markets industry, the person who effectively controls RN2 Technologies through TS No. 1 fund is known as a person surnamed Wi. Wi is a former entertainment agency executive who became publicly known after marrying a female entertainer. But their marriage ended after three years because of Wi's fraudulent acts. Wi also appears in a no-money M&A case that led to Digitech Systems being delisted.
It is reported that the person surnamed Wi was involved in an unusual surge of a presidential election theme stock this year. He is said to have raised the stock of a company that acquired CBs and made considerable gains. It was confirmed that Wi acquired the CBs of that company through an investment fund.
But things look difficult at RN2 Technologies. They wanted to exit by selling management rights, but the company's finances were so poor that they had to raise funds through a third party. Wi and his group raised the funds to acquire RN2 Technologies from private lenders, and it is known their financial state was so poor they could not pay interest for four months. A private lender surnamed Hwang, who financed the RN2 Technologies acquisition, had ties from lending CB acquisition funds during suspicions of presidential election theme stock manipulation.
RN2 Technologies is expected to use part of the funds raised to acquire another company. TS No. 1 fund is reported to have proposed a condition in the management rights sale that RN2 Technologies use about 8 billion won of the funds it raised to acquire a new company and transfer that company's management rights. Currently, three of the six directors of RN2 Technologies are expected to be appointed by the new acquirer, and the management rights will fully transfer after the new company's acquisition is completed.
There are also allegations that RN2 Technologies' current management is linked not only to Wi but also to former Jokwang I.L.I. Chairman Kim U-dong, known as a first-generation corporate raider. That is because AndyInvestments, established by Andypos, which Kim once controlled, appears on the list of major contributors to TS No. 1 fund. Some of the current management also previously worked at Andypos.