This article was posted on the ChosunBiz MoneyMove (MM) site at 3:52 p.m. Jan. 21, 2026.
RFTtech, which had grown through aggressive M&A in recent years, is reorganizing its affiliates. It attempted to expand its portfolio beyond its core mobile components business into areas such as bio, semiconductors and secondary batteries, but this did not lead to improved results. After last year's planned sale of management control fell through, its moves are seen as efforts to adjust its business structure.
On the 21st, according to the investment banking industry, RFTtech's subsidiary HANJOO ART held an extraordinary general meeting of shareholders and appointed executives from P&A Investment Partnership, its new largest shareholder. At the same time, it added new business purposes such as real estate and medical devices to its articles of incorporation, signaling entry into new businesses.
HANJOO ART welcomed a new largest shareholder about a year and a half after being acquired by RFTtech in May 2024. Through a third-party paid-in capital increase of about 3.5 billion won recently carried out, the largest shareholder changed to P&A Investment Partnership.
HANJOO ART used to supply plastic parts for LG Electronics' smartphones, but after LG Electronics withdrew from the smartphone market it diversified its business direction. It entered new businesses by successively acquiring a restaurant franchise business and a movie prop production business.
After coming under RFTtech, HANJOO ART once again challenged new businesses. The two companies jointly entered the secondary battery logistics automation system equipment business, but similarly failed to achieve improved results.
According to HANJOO ART's quarterly report, sales from the "advanced equipment business" recorded 4 billion won in 2024, but there were no sales items through the third quarter of last year. It appears the new business was effectively abandoned. With recent deterioration in its existing franchise and prop businesses, HANJOO ART's cumulative operating loss through the third quarter of last year amounted to 4.7 billion won.
There is another example of RFTtech reorganizing affiliates. On the 19th, it signed a contract to sell RFTbio to Access Bio and decided to sell part of its existing holdings, about 910,000 shares. In addition, it plans to issue an additional 3,370,000 shares through a third-party paid-in capital increase and hand over the position of largest shareholder. The transaction amount is about 57 billion won in total. (Related article☞ [Exclusive] Access Bio diversifies into aesthetic medical business...pursues acquisition of RFTbio)
The capital markets industry analyzes that RFTtech's successive affiliate sales are an attempt to reorganize the business after the collapse of the management rights sale. RFTtech signed an agreement last year to transfer management rights to fund operators Pound Equity Partners and Busan Equity Partners, but the deal ultimately fell through. It is believed the company intends to shed noncore affiliates and seek management efficiency focused on its existing mobile equipment business.
Since being acquired in 2019 by current largest shareholder Lee Jin-hyung, RFTtech embarked on aggressive M&A to expand its scale. Starting with the acquisition of RFTbio in 2020, it acquired Hanju Hitech in 2022 and HANJOO ART in 2024, among others, aiming to diversify into healthcare, semiconductors and entertainment beyond its existing communications equipment business.
However, RFTtech has left a substantial stake in both affiliates it is selling, postponing a full exit. After the paid-in capital increases at RFTbio and HANJOO ART, RFTtech's holdings are about 980,000 shares (18.37%) and 3,550,000 shares (18.93%), respectively. Considering previously invested convertible bonds (CBs) and others, the stake it could secure later is expected to increase.
A capital markets industry official said, "Even if the position of largest shareholder of the affiliates is handed over to other companies, RFTtech's influence is likely to remain for the time being," and added, "By reorganizing affiliates, RFTtech may not exit now but could pursue a full exit (realizing gains) later if business performance improves."