Vice Chair Kim Eung-seok, CEO of Mirae Asset Venture Investment who leads Mirae Asset Group's venture capital (VC) arm, sold a large block of shares he held. As the stock price kept rising on expectations it would benefit from a listing by U.S. aerospace company SpaceX, he sold stock option shares secured in the 1,700-won range at prices above 10,000 won.
According to the Financial Supervisory Service's electronic disclosure system on the 22nd, Vice Chair Kim sold 292,950 shares and 73,000 shares on the 17th and 22nd, respectively, in on-market trades. The disposal prices were 11,538 won and 13,256 won, raising a total of 4.3 billion won. Due to the on-market sales, the equity stake fell from 1.53% (834,550 shares) to 0.88% (468,600 shares).
Vice Chair Kim had steadily accumulated Mirae Asset Venture Investment shares. Starting with an on-market sale of 50,000 shares at 1,940 won per share in Mar. 2020, he bought 21,017 shares on-market in the same month. He continued buying on-market in 2022, and in Jan. last year exercised stock options (360,000 shares) at 1,734 won.
With Mirae Asset Venture Investment's market capitalization surpassing 1 trillion won on the back of SpaceX, it is seen as moving to cash out its holdings. As Mirae Asset Venture Investment is an investor in SpaceX, expectations of huge gains were reflected in the price. It hit the daily upper limit for three straight sessions from the 18th through the previous day.
This is the first time Vice Chair Kim has sold Mirae Asset Venture Investment shares, and it is being assessed as a successful "exit." Based on the stock option exercise price, he earned revenue amounting to eight times his acquisition cost. As of the previous day's closing price (22,200 won), the value of his remaining equity was also tallied at more than 10 billion won.
Born in 1968 and a graduate of Yonsei University's Department of Electrical Engineering, Vice Chair Kim began his ties with the Mirae Asset group when he was appointed an investment officer at Mirae Asset Capital's investment division in 2000. He then moved to Mirae Asset Venture Investment and became CEO in 2005. He has led Mirae Asset Venture Investment for 20 years through this year.