Hanwha Galleria shares jumped sharply in early trading on the 24th. As Hanwha Group's third son, Kim Dong-Sun, Director General of Hanwha Galleria, is set to lead the newly established tech-life holding company, expectations for a governance overhaul appear to be priced in.
As of 9:21 a.m., Hanwha Galleria shares were trading at 2,960 won on the Korea Exchange's main board, up 15.18% (390 won) from the previous session. Hanwha Galleria preferred shares were also up 4.13% (270 won) at 6,800 won.
On the 23rd, the Korea Exchange (KRX) finalized an eligibility decision in the preliminary review for relisting the common shares of Hanwha's tentatively named spin-off, "Hanwha Machinery & Service Holdings."
Hanwha plans a spin-off to establish Hanwha Machinery & Service Holdings for the purpose of overseeing subsidiaries such as Hanwha Vision and Hanwha Galleria and making new investments, and then to relist it. The planned establishment date for Hanwha Machinery & Service Holdings is Aug. 1. The listing is slated for Aug. 25.
Meanwhile, the newly established tech-life entity is expected to be led by Kim Dong-Sun, vice chairman of Hanwha Galleria.