This article was published on the ChosunBiz MoneyMove (MM) site at 10:43 a.m. on March 20, 2026.
The investor Bae Jin-han, known as the "banchan shop," and CEO of Noblize Investment, made another investment in KOSDAQ-listed The Cube& (THE CUBE&) after about four years. When he invested in The Cube& in 2020, he succeeded in making a profit from a simple investment; this time, he is expected to enter as an inside director and take part directly in management.
According to investment banks and the Financial Supervisory Service electronic disclosure system on the 20th, CEO Bae and related parties began buying The Cube& shares at the end of last year and, including convertible bonds, have acquired 7.26% as of recently. CEO Bae is also scheduled to be appointed as an inside director at The Cube&'s regular shareholders meeting held on the 20th.
CEO Bae gained recognition by running an online side-dish shopping mall called "Banchan Heaven" in the 2000s and earning large profits from stock investments. He is known to have made significant revenue from Daedong Machinery, Daeryuk Can, and Kukil Paper. After that, he stopped operating the side-dish shopping mall directly and established Noblize Investment to actively operate in the investment market. He is nicknamed the "banchan shop" on online communities and is also called a "super ant" among some investors.
CEO Bae's ties with The Cube& trace back to 2020. He began by purchasing The Cube& shares, then known as Cheongbo Industry, on the market and participated in convertible bond (CB) issuances and third-party allotment rights offerings, securing up to about a 13% maximum equity stake. However, he appears to have exited after 2022 and realized gains. During that period, the stock started in the 4,000-won range, rose to a high of 17,000 won, and after a 1-for-5 reverse split, showed a stock price in the 7,000-won range.
About four years after his first investment in The Cube&, CEO Bae invested again. While the past investment was close to a simple equity investment, this time he is participating directly in management. The purpose of this investment was disclosed as "influence on management rights," and he accumulated shares through on-market purchases alongside acquiring previously issued CBs.
A The Cube& official said, "You should accept CEO Bae's investment and his appointment as an inside director as stated in the disclosure," and added, "Because CEO Bae's investment style is value investing, interpret it as acknowledging the company's value."
On a consolidated basis, The Cube& recorded sales of 24.9 billion won and an operating profit of 700 million won last year. It has posted profits for 16 consecutive quarters. Nevertheless, the stock is around 800 won per share, and market capitalization remains in the 50 billion won range.
The Cube&'s weak stock performance appears to be due to continuously raising external funds under the name of business expansion. The Cube& made investments in domestic and foreign listed corporations, including Nasdaq-listed Exicure, but most resulted in losses.
In other words, analysts say the reason CEO Bae reinvested in The Cube& is the low stock price relative to performance. They believe focusing on the core business could raise corporate value.
In fact, The Cube& appears set to reorganize its business starting this year. It plans to discontinue businesses such as AI, Blockchain and drones that were added to past business objectives and will greatly expand construction material–related businesses. It is reported to be preparing to acquire construction-related corporations for this purpose.
However, CEO Bae is currently in a loss position. The purchase price of The Cube& shares that CEO Bae accumulated from the end of last year to recently was about 1,100 won. That means he is holding shares bought at a price more than 30% higher than the current stock price.
A source in the capital markets industry said, "With CEO Bae also being underwater, he is likely to step into direct management and attempt to boost the stock price," and added, "Given CEO Bae's investment style and the disclosure of influence on management rights, actual business moves are more likely than short-term themes."