This article was displayed on the ChosunBiz MoneyMove (MM) site at 9:22 a.m. on Dec. 24, 2025.
Kim Dong-Sun, the third son of Hanwha Group, is seeking to expand into semiconductors. He has begun scouting targets to acquire semiconductor materials, parts, and equipment companies. While acquiring distribution and food corporations through Hanwha Hotels & Resorts and Hanwha Galleria, he is also expected to pursue a "two-track" M&A to bring semiconductor materials, parts, and equipment companies under Hanwha Vision.
According to the investment banking (IB) industry on the 24th, Kim is said to be searching for listed and unlisted companies operating in the semiconductor materials, parts, and equipment industry.
Kim has carried out aggressive M&A this year. The main vehicle for the M&A was Hanwha Hotels & Resorts. In May, it acquired a 58.62% management-control equity stake in OURHOME for 870 billion won, and earlier this month, it acquired Shinsegae Food's catering division through OURHOME.
On the 8th, he acquired the Paraspara Seoul resort for 30 billion won on the condition of assuming 390 billion won in liability. He is currently pushing a plan to acquire the JoongAng Group-affiliated resort chain Phoenix JoongAng at a corporate value of 250 billion won.
Through Hanwha Galleria, Kim sold the Five Guys hamburger chain business two and a half years after entering it, successfully exiting and recouping the investment. The sale price is known to be between 60 billion and 70 billion won, and given that the investment was around 20 billion won, the industry estimates he earned roughly triple the profit.
The reason Kim, who has focused on M&A of distribution-related companies, has reached into the semiconductor space is to create synergy with Hanwha Vision.
Kim oversees future vision at Hanwha Vision. Recently, there has even been talk that he created a task force (TF) under Hanwha Vision and is pushing for a spin-off. He also appointed Kim Jae-hyun, head of technology at Hanwha Food Tech, as the new CEO of Hanwha Vision's semiconductor subsidiary Hanwha Semitek (formerly Hanwha Precision Machinery).
Hanwha Semitek has entered the market for thermocompression (TC) bonder equipment, which is essential for producing high bandwidth memory (HBM), but it is lagging behind competitors such as HANMI Semiconductor. To overcome this and strengthen competitiveness, it has turned to M&A.
Hanwha Vision, together with Hanwha Impact Partners, also made an in-kind contribution to establish Fabless Pioneer Holdings, a semiconductor design specialist corporation.
An IB industry official said, "Not only Hanwha but Doosan Group is also expected by the industry to fully jump into acquiring semiconductor materials, parts, and equipment companies starting next year," adding, "With the semiconductor industry on the verge of a super-boom, quite a few materials, parts, and equipment companies are likely to emerge seeking to boost corporate value and sell management control."