This article was displayed on the ChosunBiz MoneyMove (MM) site at 10:04 a.m. on Jun. 10, 2026.
KOSDAQ-listed THE CUBE& (The Cube&) and RNT-X declared moves into the defense industry around the same time, and the industry is casting skeptical eyes on their actual business capabilities.
The companies' existing businesses—auto parts and optical sensors—are related to defense technology, but the foundation appears insufficient to achieve results in defense. In particular, because the two companies are connected around one figure, suspicions are being raised that they may be aiming for a short-term stock boost.
According to the capital market industry on the 10th, The Cube& and RNT-X recently added defense businesses to their articles of association and appointed military-related figures as outside and inside directors.
The Cube& plans to add defense businesses—such as manufacturing and sales of defense products, unmanned aerial vehicle development, missile development, and missile depot maintenance—to its articles of association at an extraordinary shareholders meeting on the 12th. Along with the amendment, it will change its trade name to Cheongbo Co., Ltd. and appoint Kang Tae-won, former deputy director of the Agency for Defense Development (ADD), as an outside director. It appears to be attempting a shift from its focus on auto parts to becoming a defense corporations.
RNT-X is also preparing to enter the defense acquisition business by appointing Hwang Seong-hwan, who retired as an Army brigadier general and worked at the Defense Acquisition Program Administration and Hanwha, as CEO. Along with the amendment to its articles, it plans to change its corporate name to MSDI (Missile Systems Defense Industry), meaning a missile business.
With moves that look almost like twins—bringing in military figures, changing the articles, and changing their names—the industry is focusing on one person. It is Bae Jin-han, the second-largest shareholder of The Cube& and at the top of the governance structure of RNT-X. Bae made his name by earning big profits in the 2000s while running a side-dish business through Daedong, Daeryuk Can, and Kukil Paper. Among some investors, he is also called a superant. The timing when these corporations declared entry into defense aligns with when Bae's influence expanded.
Bae first disclosed his equity holdings in The Cube& in Mar., and was also appointed as an inside director. As of the first quarter, Bae's The Cube& equity stake was 8.74%, making him the second-largest shareholder. About a month later, in Apr., The Cube& resolved to hold a shareholders meeting and said it would add defense-related items to its articles of association.
At RNT-X, Bae's name appears at the very top of the governance structure. The previous largest shareholder of RNT-X entered into a stock transfer agreement in Apr. with Withwin Investment Association No. 91. The largest shareholder of Withwin Investment Association No. 91 is Arsente Investment Association No. 1, and Bae holds 93% equity in Arsente Investment Association No. 1. This means Bae is at the very top of RNT-X's governance structure. RNT-X also added defense-related items to its articles of association through a shareholders meeting on the 29th of last month, about a month after signing a management control transfer agreement.
It is not in itself a problem for a listed company to enter a new line of business. However, investors are concerned that both companies have focused on riding short-term themes to boost share prices. The Cube& attempted virtual assets and Blockchain businesses and failed, while RNT-X recently said it would enter a superconductor business and even sought financing, only to ultimately abandon it.
An industry official said, "Given that they have tried to boost share prices using theme stocks multiple times in the past, they may have a similar objective this time as well."
Their capacity to invest in new businesses is also not large. As of the first quarter, their cash-like assets were 27.4 billion won for The Cube& and 4.2 billion won for RNT-X. In the case of RNT-X, it is pursuing new financing of 50 billion won, but concerns were also raised internally, with CEO Seong Young-cheol expressing opposition at the board, citing unclear funding sources. If RNT-X succeeds in raising funds, it appears set to invest in licensed missile production it previously declared.
In the defense industry, there is a view that while their entry into defense is possible, even if they succeed it will be hard to lead to fundamental improvement. An official in the defense industry said, "It is common to see parts companies enter defense," but added, "However, to do so, you need to build a long-term record."
The Cube& was asked about the background and details of its entry into defense, but only responded that "it is difficult to answer at the working-level."