This article was published on the ChosunBiz MoneyMove (MM) site at 3:17 p.m. on Jan. 21, 2026.
Activist fund Align Partners is aggressively increasing its equity stake in listed corporate agency A+ Asset, pressuring the largest shareholder. Although it failed to fill its target volume in last month's tender offer, it has secured equity through on-market purchases, narrowing the gap in equity percentage with the largest shareholder.
There are views that if the previously subdued battle for control intensifies again after the failed tender offer, the stock could also enter an upward trend. Bolstered by Align Partners' on-market purchases, A+ Asset's stock has risen more than 20% so far this year.
According to the Financial Supervisory Service's electronic disclosure system on the 21st, Align disclosed in a report on holdings of a large number of shares that its equity in A+ Asset was recorded at 16.67% (3,769,732 shares), up 4.53 percentage points from the previous report (12.14%).
This equity increase was achieved entirely through on-market purchases. Looking at the detailed change history, Align bought A+ Asset shares for 12 consecutive trading days from Jan. 2 to Jan. 19. The acquisition price ranged from 9,062 won to 11,002 won.
With Align's pursuit, the equity gap with the largest shareholder, Chairman Kwak Geun-ho's side, narrowed to 11.82 percentage points. Earlier, Chairman Kwak's side also increased its stake to 28.49% through on-market purchases, but Align accumulated shares at a faster pace, reducing the gap.
However, the shares purchased this time do not carry voting rights at the March regular shareholders meeting because they were acquired after the ex-rights date. A representative of Align Partners said the firm invested based on A+ Asset's medium- to long-term value and noted that even if voting rights are not secured at this shareholders meeting, on-market purchases are fully possible.
Converted at the current share price, the additional equity Align targets is about 30 billion won. Industry sources interpret Align's continuation of aggressive on-market purchases despite lacking tangible voting rights at this point as a strategy to pressure the largest shareholder ahead of next year's shareholders meeting while inducing a control dispute premium to lift the stock price.
Despite Align's offensive, Chairman Kwak's side appears to be keeping quiet. Although there is breathing room through this year, because Align's pace of accumulating equity is steep, analysis suggests they will prepare next moves to defend control at next year's shareholders meeting, such as courting white knights (friendly shareholders who help defend control) or securing additional equity.
Earlier, Align conducted a tender offer for A+ Asset at 9,000 won per share until the 15th of last month. It aimed to secure about 20% of the issued shares. However, as expectations grew that Chairman Kwak's side would counterattack, the stock rose above the tender offer price, and Align managed to add only 7.15%.
A+ Asset is a GA founded in 2007 by Chairman Kwak, a former executive director of Samsung Life Insurance's corporate sales division. GAs can sell products from various insurers, and A+ Asset sells insurance products through partnerships with 34 life and nonlife insurers. Through the third quarter of last year, it recorded sales of 501.7 billion won and operating profit of 22.5 billion won.
Despite solid results, before Align Partners' activist campaign, A+ Asset's market capitalization languished at around 130 billion won, suffering perennial undervaluation. But after Align's offensive, the stock surpassed the 11,000 won level and its current market capitalization has exceeded 240 billion won.