This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:13 p.m. on Jun. 18, 2026.
HANCOM and Hancom WITH will split and sell their controlling equity in affiliate HANCOM InSpace to multiple financial investors (FIs). Chief Executive Choi Myeong-jin, the No. 2 shareholder at HANCOM InSpace, will become the largest shareholder and secure management control.
According to the investment banking (IB) industry on the 18th, HANCOM decided to divide and sell its entire 26.08% equity in HANCOM InSpace to multiple venture capital (VC) firms and other FIs. Both existing and new investors are said to have taken part in the joint equity acquisition.
With this transaction, instead of a specific FI rising as the sole largest shareholder, Choi, the existing No. 2 shareholder, has secured major-shareholder status and taken management control. Roughly six years after HANCOM InSpace was brought into the HANCOM Group in 2020, the company is returning to a founder-centered management system.
According to the Financial Supervisory Service's electronic disclosure system, HANCOM disclosed that it disposed of 3,094,234 shares of HANCOM InSpace at 10,317 won per share, securing a total of 31.92321 billion won. HANCOM said the transaction delivers a 269.87% investment return against the total investment of 8.63089 billion won.
Soon, Hancom WITH is also set to divide and sell 719,442 shares (6.2%) of HANCOM InSpace at the same price to FIs. Once that transaction is completed, the entire 32.28% equity held by the HANCOM Group will pass to outside investors.
HANCOM InSpace is a satellite, geospatial information, and AI data analytics company founded in 2012 by Choi, formerly of the Korea Aerospace Research Institute (KARI). The HANCOM Group incorporated HANCOM InSpace as an affiliate in 2020 by acquiring part of Choi's equity. It later added to its equity to become the largest shareholder, while Choi remained as the No. 2 shareholder and continued to manage the company.
HANCOM InSpace launched Sejong-1, a private Earth observation satellite, in 2022, and placed Sejong-2 into orbit last year, building out its satellite data collection infrastructure. It has also expanded its data analytics business linking satellites, drones, and ground observation equipment.
The company applied for a preliminary KOSDAQ listing review last year, but the listing process was prolonged amid controversy over duplicate listings. In Feb. this year, it received a notice of non-approval from the Korea Exchange (KRX). Previously, it had raised a 12.5 billion won pre-IPO round from POSCO Technology Investment, Cornerstone Partners, InLight Ventures, DT& Investment, and Eight W Partners, but after the listing fell through, HANCOM moved to sell its entire equity stake.