This article was displayed on the MoneyMove (MM) site of ChosunBiz at 10:26 a.m. on Sept. 4, 2026.
KOSDAQ-listed Haisung Aero-Robotics(059270) is facing allegations that it may have helped the new largest shareholder, Kay Humas, recoup its acquisition funds. After Kay Humas acquired Haisung Aero-Robotics, Haisung Aero-Robotics invested in a Kay Humas affiliate and moved to raise external funding, prompting criticism that this flow of funds may have aligned with the largest shareholder's recovery of its investment. The claim is that after buying a listed company, it immediately used that company to retrieve the investment money.
According to investment banks (IB) and the Financial Supervisory Service's electronic disclosure system on the 4th, Haisung Aero-Robotics acquired a total 16.18% equity in aircraft parts maker Ains Sky in two rounds in April and July. It first secured 8.55% equity in April for about 3.8 billion won, then invested another 3.7 billion won three months later, for a total outlay of 7.5 billion won.
Kay Humas is the reason Haisung Aero-Robotics' investment in Ains Sky is drawing attention. As of the end of last year, the largest shareholder of Ains Sky was Kay Humas, with about 30% equity. Haisung Aero-Robotics, after being acquired by Kay Humas, effectively bought shares of the largest shareholder's affiliate.
Earlier in March, Kay Humas became the new largest shareholder by purchasing 14.33% equity in Haisung Aero-Robotics from the previous largest shareholder, TPC, for 13.6 billion won. Of the acquisition price, about 7.6 billion won came from own funds, while the remaining 6 billion won was borrowed from outside. Kay Humas pledged all of the acquired Haisung Aero-Robotics shares as collateral for the borrowing fund. As a financial investor (FI), the Kay Robot Value Chain New Technology Core Fund No. 1, funded by Kay Humas affiliate Irobotics, participated.
After being acquired by Kay Humas, Haisung Aero-Robotics moved to invest in Ains Sky and issue convertible bonds (CB). After buying Ains Sky equity on Apr. 20, the month after the change in largest shareholder, it issued 20 billion won in CBs in May. The proceeds were allocated as 10 billion won for mass-production facilities for robot speed reducers, 6 billion won for working capital, and 4 billion won for acquiring other corporations' securities. After the CB issuance, it invested another 3.7 billion won in Ains Sky in July.
With a large sum flowing to an affiliate about four months after Kay Humas acquired Haisung Aero-Robotics, the industry also raised suspicions about the transaction process. If Haisung Aero-Robotics bought equity that Kay Humas had held, Kay Humas would effectively recoup part of its acquisition funds. In fact, a week after Haisung Aero-Robotics' first investment in Ains Sky, on Apr. 27, Kay Humas repaid in one shot the 6 billion won it had borrowed for the Haisung Aero-Robotics acquisition.
However, it has not been confirmed whether Haisung Aero-Robotics bought Ains Sky equity held by Kay Humas. Because the Ains Sky investment was split into two rounds, it skirted disclosure thresholds. When a KOSDAQ-listed company acquires shares or investment securities of another corporation, it becomes subject to ad hoc disclosure if the acquisition amount is 10% or more of equity at the end of the previous fiscal year. Disclosures must reveal information on the counterparty to the transaction.
Haisung Aero-Robotics' equity at the end of 2025 was about 39.6 billion won, making the 10% threshold about 3.96 billion won. The amounts Haisung Aero-Robotics executed for Ains Sky in April and July, about 3.8 billion won and 3.7 billion won, both fall slightly short of that threshold. It was therefore not subject to ad hoc disclosure related to investments in other corporations. Whether the investments were intentionally split is expected to be clarified in future regular disclosures.
Haisung Aero-Robotics said each funding and investment step was a normal transaction in the course of business expansion. It said the CB was issued for robot speed reducer production facilities, working capital, and new business investments.