This article was displayed on the ChosunBiz MoneyMove (MM) site at 9:36 a.m. on July 26, 2026.
The management rights of KOSDAQ-listed Soosung Webtoon(084180) were put on the mergers and acquisitions (M&A) market on the 26th. The decision appears to have been made due to short-term liquidity pressure and tightened delisting standards. The sale is expected to exclude highly profitable subsidiaries and proceed by transferring the main entity, Soosung Webtoon.
According to the investment banking (IB) industry on the 26th, Toomics Holdings, the largest shareholder of Soosung Webtoon, has been pushing since last month to sell management control of Soosung Webtoon through a paid-in capital increase or issuance of convertible bonds (CB) totaling 20 billion won. The method is to issue new shares and transfer control with no separate control premium. Accounting firm Haesol is said to be the sale manager.
Soosung Webtoon was a logistics equipment company founded in 1982, and it took its current name after Toomics Holdings, the parent company of the webtoon platform operator Toomics, acquired it in 2023. Most of its sales now come from the webtoon business. Soosung Webtoon handles webtoon production, and through its subsidiary Toomics, it operates the global webtoon platform "Toomics."
The profitability of the webtoon business is somewhat disappointing. The Toomics webtoon platform, which serves 11 languages and has 60 million cumulative global members, is generating stable revenue, but Soosung Webtoon's core webtoon production business remains in the red. On a separate basis, Soosung Webtoon posted an operating loss of 2.2 billion won last year, marking five consecutive years of losses since 2021. It also recorded a first-quarter operating loss of 500 million won this year, extending the losing streak.
Accordingly, its financial condition is precarious. On a separate basis, first-quarter cash and cash equivalents amounted to only 1.7 billion won. Current assets were 10.8 billion won, compared with current liabilities of 27.5 billion won. That means liabilities due within a year exceed assets that can be liquidated. Considering the debt ratio is around 51%, it is difficult to judge it as immediate financial distress; however, as most assets consist of the value of subsidiary equity, the company is exposed to short-term liquidity risk.
This situation at Soosung Webtoon is reflected in the terms of the control sale. Of the 20 billion won in proceeds from the sale of management control, Toomics Holdings plans to use about 9.8 billion won to repay the 23rd tranche of convertible bonds (CB), and allow the remaining roughly 10 billion won to be used for the acquirer's business. The plan is to sell control through a new share issuance to immediately address the urgent CB repayment issue.
The sale of control also includes a spin-off clause for Toomics, a relatively strong asset. Soosung Webtoon currently holds about 70% equity in Toomics, which was excluded from the sale. The largest shareholder side of Soosung Webtoon is said to have designed a structure to transfer Toomics equity to another company and receive equity in that company in return.
The transfer of control will proceed in stages. After the payment for the paid-in capital increase or CB, the buyer will appoint part of the board, and after the completion of the Toomics split, the buyer will appoint the remaining board members.
Given the size of the investment relative to the company's condition, the industry sees the sale of control as challenging. Above all, considering Soosung Webtoon's current share price, there remains a possibility of delisting. As of the close on the 24th, Soosung Webtoon's share price was 534 won, with a market capitalization of 9.7 billion won. Starting this month, KOSDAQ delisting rules have been tightened to a share price below 1,000 won and a market capitalization of 20 billion won.
An industry official said, "Because the relatively higher-value subsidiary Toomics is being separated, the sale price looks somewhat expensive," and added, "Since maintaining the listing is possible only if the sale goes through, it does not look easy to find a buyer."