This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:07 p.m. on Apr. 30, 2026.
Shinhan Investment securities, Hana securities, and SKS Private Equity (PE) will remain key shareholders of SeoJin System. The two securities firms acquired the equity held by Crescendo Equity Partners and SKS PE, which had been existing financial investors (FIs), in the form of a bridge loan and then sold part of it, but decided to keep the remaining shares for the long term by placing them in a separate fund instead of selling to a third party. Once the remaining equity is acquired through the fund in May, the streamlining of SeoJin System's governance structure is expected to be virtually complete.
According to the investment banking (IB) industry on the 30th, Shinhan Investment securities, Hana securities, and SKS PE are pushing to acquire 4 million remaining shares of SeoJin System. The shares are currently held in blocks of 2 million each by special purpose companies (SPCs) "SJ Value-Up" and "Sistema First." The two entities are investment vehicles that received bridge loans from Shinhan Investment securities and Hana securities, respectively, to acquire equity in SeoJin System. The two securities firms established pledges on the shares acquired by the investment vehicles and on shares provided by the former CEO.
The transaction began with the aim of resolving the put options of SeoJin System's existing FIs. Former CEO Jeon Dong-gyu signed put option contracts with Crescendo and SKS PE in 2024. The two firms had invested a cumulative 350 billion won in SeoJin System over several rounds.
Jeon was to buy about 9 million SeoJin System shares held by the two private equity funds at 32,000 won per share. The funds Jeon would need upon exercise of the put options were estimated at around 300 billion won. Although Crescendo and SKS PE were able to exercise the put options starting in June last year, Jeon had difficulty raising funds. In this situation, Shinhan Investment securities first stepped in as a relief pitcher, and Hana securities joined. They provided bridge loans so Jeon could find a new candidate for the No. 2 shareholder and negotiate stably.
Shinhan Investment securities and Hana securities also eased the liquidity burden on the major shareholder by acquiring 2,087,826 shares from Jeon. On Feb. 26, they purchased 1,043,913 shares each for a total of 60 billion won.
The two securities firms recouped investment funds by selling part of the bridge shares. On Jan. 30, they sold 1,667,648 shares on the market, and on Feb. 9, they disposed of an additional 1.6 million shares. Recently, they sold part of the shares to existing shareholder Neoyoung. On Apr. 15, the two investment vehicles disposed of 1,043,913 shares each in after-hours trading. Then, on the 20th of the same month, SJ Value-Up and Sistema First each sold 500,000 shares, totaling 1 million shares, to Neoyoung in an over-the-counter transaction. The transaction price was 35,200 won per share.
Neoyoung is a related-party company of Neosolutions, an investment company affiliated with Chairman Choi Gyu-ok of Osstem Implant, and is the No. 2 shareholder holding about 13% equity in SeoJin System together with Choi and Neosolutions.
Shinhan Investment securities and Hana securities decided to retain only 4 million bridge shares and acquire them through a fund. The fund will be created jointly by the two securities firms and SKS PE.
In the process, the burden of bridge borrowings and collateral also decreased. The total debt amount, which was around 393.6 billion won at the end of January, fell to around 195.1 billion won as of Apr. 20. The collateral setting amount also decreased from 502.2 billion won to around 271.3 billion won over the same period. By absorbing existing FI shares through a bridge structure, Jeon's direct acquisition burden was reduced, and then the scale of borrowings and collateral under the bridge structure was cut through partial share sales.
SeoJin System's 180 billion won third-party allotment paid-in capital increase decided on Apr. 22 is also tied to efforts to stabilize governance. The company will issue 4,026,846 common shares at 44,700 won per share and allot them to Neoyoung and Taurus Asset Management. The funds raised will be used as 140 billion won in facility funds for U.S. ESS and semiconductor equipment businesses and 40 billion won in operating funds.
The IB industry expects that once the remaining 4 million shares are transferred to the fund of Shinhan Investment securities, Hana securities, and SKS PE, much of SeoJin System's overhang and governance uncertainty will be resolved. In effect, the exit of existing FIs, the reduction of collateral risk on the part of the largest shareholder, and the equity reshuffle centered on friendly shareholders will be wrapped up simultaneously.