Korean Air cannot confirm Hoban has overtaken Cho in Hanjin KAL

Korean Air said Tuesday it cannot confirm whether Hoban Group has overtaken Hanjin Group Chairman Cho Won-tae as Hanjin KAL’s largest shareholder because Hoban’s latest purchases have not been disclosed. Hanjin KAL said it will provide details of its ownership structure in a regulatory filing in a month. Cho agreed to buy additional shares, which would raise his combined stake with related parties to 21.06 percent. The contest comes as Korean Air prepares to launch its integrated operations with Asiana on Dec. 17.

Cho agreed to purchase 325,000 Hanjin KAL common shares for 37.05 billion won through an after-hours block trade scheduled between Dec. 3 and Jan. 1 next year.

As of July 10, Hoban held 20.15 percent of Hanjin KAL, while Cho and related parties held 20.57 percent.

Hoban acquired shares previously held by private equity fund KCGI in 2022 and has since accumulated more through its affiliates.

Hanjin KAL holds a 26.05 percent stake in Korean Air.

Delta Air Lines holds 14.9 percent of Hanjin KAL, and state-run Korea Development Bank holds 10.58 percent; together with Cho’s previously disclosed stake, the three holdings amount to 46.05 percent.

Published Nov 3, 2026 4:01 pm KST

Hanjin KAL ownership battle reignites as Hoban, Cho Won-tae vie for shares

A Korean Air plane in flight / Courtesy of Korean Air

Hanjin KAL's position as Korean Air's largest shareholder remains unsettled, as Korean Air cannot confirm whether Hoban Group has overtaken Hanjin Group Chairman Cho Won-tae, citing a lack of information on the scale of Hoban's latest share purchases in Hanjin KAL, the nation’s flag carrier said Tuesday.

“It has yet to be confirmed over whether Hoban’s stake in Hanjin KAL surpassed that of Cho, so Hanjin KAL will provide an update regarding specific details over the stake structure in a month in a regulatory filing,” a Korean Air official said. Hanjin KAL is the parent firm of Korean Air.

Hoban Group recently purchased additional shares in Hanjin KAL, prompting it to file a business combination report with the Fair Trade Commission after determining that its combined holdings had surpassed those of Cho and related parties.

However, the exact size of Hoban's latest purchases has not been disclosed, preventing confirmation of whether it has officially taken the top shareholder spot in Hanjin KAL.

Following a report on Hoban’s filing to the watchdog on Monday, Cho signed an agreement to purchase 325,000 additional common shares in Hanjin KAL for 37.05 billion won ($27.62 million) through an after-hours block trade between Dec. 3 and Jan. 1 next year. This will lift his combined holdings with related parties to 21.06 percent.

The competing purchases mark a new stage in a contest that has been building since 2022, when Hoban acquired shares previously held by private equity fund KCGI to become Hanjin KAL's second-largest shareholder. The group has since accumulated additional shares through its affiliates, steadily narrowing the gap with Cho.

As of July 10, Hoban held a 20.15 percent stake, compared with 20.57 percent held by Cho and related parties. The 0.42-percentage-point gap has since become the focus of attention, raising the possibility of Hoban’s acquisition of management rights in Hanjin KAL. Hoban has not publicly commented on such a scenario, saying that the stake increase is “only for simple investment purposes.”

Hanjin Group Chairman Cho Won-tae speaks during a ceremony marking the group's 80th anniversary at a hotel in Seoul in this Oct. 23, 2025 photo. Yonhap

The ownership contest, however, does not necessarily translate into an immediate threat to Cho's management control.

His side has backing from major shareholders, including Delta Air Lines, which holds 14.9 percent, and state-run Korea Development Bank (KDB), with 10.58 percent. Combined with Cho's previously disclosed stake, the three holdings amount to 46.05 percent, giving his side a substantial voting base.

Even if Hoban's sustained accumulation of shares and latest regulatory filing have intensified speculation over its longer-term ambitions for management control in Hanjin KAL, the stakes extend beyond the ownership structure of Hanjin KAL, which holds a 26.05 percent stake in Korean Air.

The airline is now tasked with integrating Asiana's operations, reorganizing its low cost carrier portfolio and making substantial investment decisions to strengthen its competitiveness as a consolidated carrier. The integrated Korean Air will officially launch on Dec. 17.

Any prolonged uncertainty over the holding company's ownership structure could complicate the group's ability to maintain a stable governance framework. The role of major shareholders, particularly Delta and KDB, will also remain important in determining whether Cho can retain firm control within the airline group.

Korean Air counts on allied shareholders to contain Hoban’s influence

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Industry officials argue there is only a small chance Hoban would be able to rapidly exercise management control due to the strong alliance between Cho and other shareholders.

“Cho's side currently has a solid bloc of friendly shareholders, making Hoban’s immediate threat to his management control unlikely in a near future,” an industry official said.

However, Hoban's continued accumulation of Hanjin KAL shares is a concern for the holding company as the group prepares to launch the integrated Korean Air and a consolidated low cost carrier, according to the official.

“KDB's eventual exit is another major variable, although it is too early to predict how the situation will unfold,” the official said.

大韩航空周二表示，由于Hoban集团的最新收购尚未披露，因此无法确认Hoban集团是否已超越韩进集团会长赵元泰，成为韩进KAL的最大股东。韩进KAL表示，将在一个月后通过监管文件披露其股权结构详情。赵元泰已同意增持股份，这将使其与关联方合计持股比例达到21.06%。此次股权争夺正值大韩航空准备于12月17日启动与韩亚航空的整合运营之际。

Cho同意通过12月3日至明年1月1日期间进行的盘后大宗交易，以370.5亿韩元的价格购买32.5万股韩进KAL普通股。

截至 7 月 10 日，Hoban 持有韩进 KAL 20.15% 的股份，而 Cho 及其关联方持有 20.57% 的股份。

Hoban 于 2022 年收购了私募股权基金 KCGI 先前持有的股份，此后通过其关联公司又积累了更多股份。

韩进KAL持有大韩航空26.05%的股份。

达美航空持有韩进KAL 14.9%的股份，韩国国营开发银行持有10.58%的股份；加上赵显龙此前披露的股份，这三家公司共持有46.05%的股份。

发布于2026年11月3日下午4:01（韩国标准时间）

韩进KAL所有权之争再度升温，何班和赵元泰争夺股份。

一架正在飞行中的大韩航空飞机 / 图片由大韩航空提供

韩国国家航空公司周二表示，由于缺乏有关Hoban集团最近收购韩进KAL股份规模的信息，韩进KAL作为大韩航空最大股东的地位仍然悬而未决，大韩航空无法确认Hoban集团是否已经超越韩进集团会长赵元泰。

一位大韩航空官员表示：“目前尚无法确认何班在韩进KAL的持股比例是否超过赵承熙，韩进KAL将在一个月后通过监管文件提供有关股权结构的具体细节。”韩进KAL是大韩航空的母公司。

Hoban集团最近收购了韩进KAL的更多股份，导致其合并持股量超过了赵氏及其关联方的持股量，因此向公平交易委员会提交了企业合并报告。

然而，Hoban 最新收购的具体规模尚未披露，因此无法确认其是否已正式成为韩进KAL的最大股东。

继周一有关Hoban向监管机构提交文件一事被报道后，赵承东签署协议，将于12月3日至明年1月1日期间通过盘后大宗交易，以370.5亿韩元（约合2762万美元）的价格增持韩进KAL的32.5万股普通股。这将使其及其关联方合计持股比例增至21.06%。

此次竞购标志着这场自2022年以来不断升级的争夺战进入了新阶段。当年，Hoban收购了此前由私募股权基金KCGI持有的股份，成为韩进KAL的第二大股东。此后，Hoban通过其关联公司不断增持股份，稳步缩小与赵承熙之间的差距。

截至7月10日，Hoban持有韩进KAL 20.15%的股份，而赵显龙及其关联方持有20.57%的股份。这0.42个百分点的差距引发了广泛关注，也引发了人们对Hoban可能收购韩进KAL管理权的猜测。Hoban尚未就此公开置评，仅表示增持股份“纯粹出于投资目的”。

这张摄于2025年10月23日的照片显示，韩进集团会长赵元泰在首尔一家酒店举行的集团成立80周年庆典上发表讲话。（韩联社）

然而，所有权之争并不一定意味着对赵的管理控制权构成直接威胁。

他的阵营得到了主要股东的支持，包括持股14.9%的达美航空和持股10.58%的韩国国营开发银行（KDB）。加上赵显龙此前披露的持股，这三方合计持股46.05%，使其阵营拥有相当可观的投票权。

尽管 Hoban 持续增持股份以及最新的监管文件加剧了人们对其长期掌控韩进 KAL 的野心的猜测，但其持股范围已超出韩进 KAL 的所有权结构，韩进 KAL 持有大韩航空 26.05% 的股份。

该航空公司目前的任务是整合韩亚航空的运营，重组其低成本航空公司组合，并做出重大投资决策，以增强其作为一家综合性航空公司的竞争力。整合后的韩亚航空将于12月17日正式成立。

控股公司所有权结构的任何长期不确定性都可能影响集团维持稳定治理框架的能力。主要股东，特别是达美航空和韩国产业银行，在决定赵承熙能否继续牢牢掌控航空集团方面，仍将发挥至关重要的作用。

大韩航空指望其盟友股东能够遏制何班的影响力。

【封面故事】何班集团创始人野心勃勃，将目标瞄准大韩航空

业内人士认为，由于赵和其他股东之间强大的联盟，Hoban 能够迅速行使管理控制权的可能性很小。

一位业内人士表示：“赵某一方目前拥有一批关系稳固的友好股东，因此霍班对其管理控制权的直接威胁在短期内不太可能发生。”

据该官员称，由于该集团正准备推出综合性的大韩航空和一家合并后的低成本航空公司，Hoban 不断增持韩进大韩航空的股份令控股公司感到担忧。

“KDB最终的离任是另一个主要变数，尽管现在预测事态将如何发展还为时过早，”这位官员表示。