This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:07 p.m. on Aug. 21, 2026.
SeoJin System changed the fundraising structure it had planned as a 300 billion won perpetual convertible bond (CB) into a two-track approach by adding a 4-year plain CB. That came after the failure to form a project fund by anchor investor STIC Investments. SeoJin System is expected to continue with its plan to raise 300 billion won by issuing 150 billion won each in perpetual CBs and plain CBs.
According to the investment banking (IB) industry on the 21st, SeoJin System recently reorganized its 300 billion won mezzanine fundraising tranche into 150 billion won in perpetual CBs and 150 billion won in 4-year plain CBs. Initially, it planned to issue the entire 300 billion won as perpetual CBs. With the formation of STIC Inve's project fund falling through, it is seen as diversifying the fundraising method after it became difficult to meet the target amount with the existing structure alone.
Initially, STIC Inve was to serve as the anchor investor by creating a separate project fund to take on more than half of the 300 billion won in perpetual CBs. However, a large-scale tax issue arose at SeoJin System's Vietnam manufacturing subsidiary, disrupting the recruitment of limited partners (LPs) for the project fund, and the fund formation ultimately collapsed.
The newly added plain CB is characterized by a 4-year maturity. In addition to the existing investor demand focused on perpetual CBs, the company can broaden the target to institutions that prefer plain CBs with a fixed maturity. The aim is to split the fundraising, which had focused on a single product, into two tracks to fill the gap left by STIC Inve.
However, the Vietnam tax risk remains a variable for fundraising. SeoJin Vietnam received a tax payment notice from the local customs office totaling about 118.3 billion won, including value-added taxes on imports. Objections are underway for part of the assessment. Because the tax issue could lead to actual cash outflows, new investors are expected to weigh the related risk in their investment decisions.
SeoJin System is pursuing this large-scale fundraising to secure investment resources needed for expanding new businesses such as ESS and semiconductor equipment. The company is building a local production base to serve the U.S. ESS market and is expanding its Vietnam production lines. With large-scale facility investments underway, whether this fundraising succeeds is expected to affect future investment timelines.