This article was posted on the ChosunBiz MoneyMove (MM) site at 4:09 p.m. on Feb. 24, 2026.
The value of equity held by Anda HH Asset Management (hereinafter Anda HH), the second-largest shareholder of Daehan Shipbuilding, has risen more than sevenfold compared with when it invested. It has been 1 year and 4 months since it invested 125 billion won. It is reported that Anda H agreed to pay half of the investment gains to KHI Group, the major shareholder of Daehan Shipbuilding, and even if it gives away more than 50%, a high revenue is already expected.
According to the investment banking industry on the 24th, Daehan Shipbuilding closed at 94,300 won that day, pushing the value of the equity (24.89%) held by Anda H to more than 900 billion won. That amounts to 7.2 times the invested principal. Daehan Shipbuilding's stock price has surged more than 40% so far this year.
Anda H invested 125 billion won in Daehan Shipbuilding in October 2024 in the form of exchangeable bonds (EB) through 'AH Project Private Equity Fund No. 10.' KHI, led by Chairman Kim Gwang-ho, repaid convertible bonds (CB) worth about 100 billion won to the Korea Investment & Securities Co.-SG PE consortium, and in that process attracted investment from Anda H. Afterward, Daehan Shipbuilding went public in August last year and Anda H exchanged the EBs it held for about 9.59 million common shares.
According to the investment banking industry, Anda H is believed to have agreed in a contract with Chairman Kim at the time of the EB investment that it would pay 50% of the investment gains to KHI. An industry source said, "Chairman Kim had no reason to refuse Anda H's proposal to invest under more favorable terms than Korea Investment & Securities Co.-SG PE."
The existing financial investor (FI), the Korea Investment & Securities Co.-SG PE consortium, invested a total of 130 billion won, of which it was guaranteed a double-digit annual interest rate for the 80 billion won CB invested principal. It is reported that the remaining 20 billion won principal was also recognized as having a value of about 60 billion won through separate negotiations.
The EB that Anda H invested in had a guaranteed annual yield at maturity in the 8% range, lower than Korea Investment & Securities Co.-SG PE. In addition, it included a contract clause to share excess profits with KHI Group on a 5:5 basis. However, because the structure limited downside while allowing upside in the event of listing and stock price increases, it was an attractive investment from Anda H's perspective.
Anda H's held equity was under a six-month lockup after listing, but it was lifted on the 1st. It is now in a position to sell shares and realize gains. However, because the volume is so large and the overhang (potential sell volume) burden is significant, it is likely to sell over time through off-exchange block deals.