This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:32 p.m. on Aug. 20, 2026.
STIC Investments, the No. 2 shareholder that bet more than 100 billion won on Chaevi, a specialist in operating fast-charging infrastructure for electric vehicles, has run into difficulties recovering its investment. Even after giving up all loss-protection mechanisms, including a put option, with an exit targeted after an initial public offering (IPO), falling shares have left it with a large mark-to-market loss.
According to the investment banking (IB) industry and the securities industry on the 20th, the valuation of the 21.22% equity (9,963,600 shares) in Chaevi held by STIC Investments through its special purpose company (SPC) Stick Special Situation Mobility LLC is about 50 billion won based on the closing price on the 20th (5,020 won), down more than 50% from the investment amount.
STIC Investments previously rated the growth potential of the EV market highly and invested more than 100 billion won in Chaevi, a charging infrastructure operator. Starting with participation in Chaevi's Series B fundraising in 2021 and then joining the Series C fundraising, it poured 100 billion won into new share subscriptions alone. It also acquired existing shares.
Chaevi's share decline led to valuation losses. On Apr. 29, the first day of listing, Chaevi's shares briefly rose and then quickly turned lower. They have remained weak since. The current share price is about 40% of the offer price (12,300 won), and it has also halved from STIC Investments' initial purchase price (10,381 won).
Delayed improvement in earnings appears to be fueling the decline. When it pushed for a listing at the start of the year, the company set targets of 125.9 billion won in revenue and an operating loss of 22 billion won for this year, but it already posted a cumulative operating loss of 19.7 billion won in the first half alone. Revenue was 49.6 billion won, falling short of half the target.
The fact that STIC Investments gave up loss-protection mechanisms during the listing process is also cited as a factor stoking exit concerns. When it first invested in Chaevi, the company secured an option contract guaranteeing a 15% annual return if Chaevi failed to meet qualified listing requirements, but it nullified the contract early this year.
During the IPO process, including the preliminary listing review by the Korea Exchange (KRX), concerns were raised that STIC Investments' return-guarantee agreement would harm the interests of general shareholders, leading to an amendment of the shareholders' agreement with the aim of prioritizing Chaevi's listing. STIC Investments also agreed to forgo key shareholder rights at listing, such as an "appointment right for directors" and a "right to access information."
STIC Investments is said to have decided not to rush the recovery of its investment for now. With the number of EVs in use on an upward trajectory, it judged that an EV charging operator's earnings would not shrink. In particular, Chaevi is the No. 1 infrastructure operator in Korea by number of fast-charging ports.
An IB industry source said, "The idea was that once listed, the investment could be recovered through on-exchange sales or block deals, but the calculation went awry as the share price fell," adding, "Because of a six-month lockup commitment, they were also unable to recover part of the investment early after the listing."
Meanwhile, KB Asset Management is facing the same exit concerns as STIC Investments. KB Asset Management participated in Chaevi's Series C fundraising in 2023, investing 49 billion won. As of the end of June, it was the No. 3 shareholder with 10.99% equity, and the valuation of its stake has halved to about 25.9 billion won.