This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:55 p.m. on Aug. 24, 2026.
KOSDAQ-listed Q AID(377460) (formerly WINIA AID) will convert about 84.9 billion won of WINIA rehabilitation secured claims and rehabilitation claims that it had fully written off in the past into WINIA equity. It converted claims deemed unrecoverable into unlisted shares, and observers say cash recovery will still be difficult because the shares are of an unlisted company with a nontrivial bankruptcy risk. However, with Q AID now facing a delisting review, analysts say the attempt to recover the claims was necessary to gain recognition for efforts to improve its finances.
According to the Financial Supervisory Service's electronic disclosure system on the 24th, Q AID will acquire 169,864,167 common shares of WINIA by converting 84,932,08,000 won in WINIA rehabilitation secured claims and rehabilitation claims into equity. After the conversion, Q AID's equity stake in WINIA will reach 19.7%.
The claims in question are currently treated as assets with no value on Q AID's books. When WINIA entered rehabilitation in 2023, most of the trade receivables were written down. At the time, a significant portion of Q AID's sales, then a subsidiary of WINIA, came from WINIA's distribution, logistics, and after-sales service (AS).
However, the entire Dayou Winia Group, including WINIA and Q AID, faltered, and Q AID also turned from a company posting operating profit in the tens of billions of won into a loss-making company starting in 2023. Trading of its shares was then halted due to the commencement of rehabilitation and a disclaimer of opinion, and a substantive delisting review is underway. During rehabilitation, it was acquired through a pre-approval M&A by a consortium of UAMCO (United Asset Management) and Hyundai Rental Care, and the rehabilitation process has now concluded.
For Q AID, maintaining its listing by improving profitability and securing financial soundness is another key task for survival. The company expects this debt-to-equity swap to contribute in part to improving Q AID's finances.
A Q AID official said, "As disclosed, the WINIA equity acquired this time will lose its effect after the distribution of residual property in the liquidation process is completed," adding, "It means we will receive a distribution of the remaining WINIA property according to our equity."
There are cases in which, during a group company's liquidation, a subsidiary's rehabilitation claims are converted into equity and then the equity is canceled, but Q AID is said to take the position that it has the right to receive a distribution of the remaining assets because management control has been separated through the sale.
However, even if a distribution is made, the amount is not expected to be large. WINIA is currently proceeding with liquidation-type rehabilitation, and during liquidation, repayment to creditors and asset distribution according to equity will take place.
WINIA is also currently up for sale. The Hanmi Technology Industry consortium emerged as a prospective acquirer of WINIA and even paid a 3 billion won deposit, but it did not pay the 30 billion won balance by the deadline on the 24th of last month. The industry believed Hanmi Technology Industry had given up on acquiring WINIA, but the sale has been rekindled as 10 billion won was recently paid together with WINIA Land. The amount the Hanmi Technology Industry consortium still needs to pay is about 20 billion won.
If this liquidation-type rehabilitation falls through, WINIA is expected to proceed to bankruptcy. Industry watchers say that if WINIA goes bankrupt, the funds Q AID can recover will be less than under liquidation-type rehabilitation. WINIA's asset value is currently said to be 50 billion won, with liabilities of 530 billion won.
An industry official said, "Even if liquidation-type rehabilitation takes place, the assets Q AID can receive as a distribution do not seem large, and in the case of bankruptcy, recovery at a meaningful level will be difficult," adding, "However, since it is attempting to recover part of assets that had been fully written off, its efforts to improve finances may be recognized in the delisting review."