This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:01 p.m. on Aug. 4, 2026.
KOSDAQ-listed SeoJin System(178320) is struggling to issue 300 billion won in perpetual bonds, and there is talk that the largest shareholder could directly inject funds into the company, potentially reducing the size of the perpetual bond offering. If the size of the perpetual bonds decreases, expectations are that the issuance will also speed up.
According to the investment banking (IB) industry on the 4th, SeoJin System has been pursuing the issuance of 300 billion won in perpetual bonds since the first half of this year.
SeoJin System carried out a 180 billion won third-party allotment paid-in capital increase in April and has once again moved to raise funds. Producing energy storage systems (ESS), semiconductors, communications, and electric vehicle parts, SeoJin System plans to expand its global business by increasing production capacity through continued investment.
However, SeoJin System's perpetual bond issuance is facing difficulties. Issues including taxes have emerged, making investors reluctant to commit.
SeoJin System's local subsidiary in Vietnam was asked by the Vietnamese tax authorities early this year to pay about 100 billion won in value-added taxes. During this process, a former CEO who was staying in Vietnam was also subjected to an exit ban. As this risk surfaced, SeoJin System is said to have not yet completed attracting investment.
However, last month the former CEO decided to lend most of the roughly 129.3 billion won secured by selling equity in the company to STIC Investments back to the company. As such, the company now has room to reduce the issuance size. If the size of the fundraising decreases, the issuance process could pick up speed.
An IB industry official said, "SeoJin System, which needs to accelerate investment, requires rapid fundraising," adding, "If it reduces the size of the perpetual bond issuance, it could also solve the issue of fundraising speed."
In fact, SeoJin System has expanded its production capacity through proactive investment over several years, strengthening its position in the market. The amount of property, plant and equipment (PPE) acquisitions, which reflects the scale of capital expenditures, has exceeded 100 billion won every year since 2020, and in 2025, PPE acquisitions reached 292.6 billion won.
SeoJin System's operating profit on a consolidation basis fell from 5 billion won in 2020 to around 1.1 billion won in 2025, but revenue has increased significantly, rapidly boosting market share. During the same period (2020–2025), SeoJin System's revenue surged more than threefold, from 321.9 billion won to 1.0663 trillion won.
Recently, as demand for AI data centers has surged, SeoJin System's standing in the market has also solidified. Even if data centers are built immediately amid intensifying competition in AI, delays in connecting to the power grid are prompting more efforts to secure on-site power facilities. In the United States, where AI investment is most active, it reportedly takes three to five years to connect data centers to the grid.
Accordingly, demand for ESS needed to build power grids is also surging. SeoJin System has been expanding its business by signing a 78.5 billion won contract to supply solid oxide fuel cell (SOFC) modules and parts with Bloom Energy, the global No. 1 fuel cell company, thereby joining the AI data center power supply chain.