Hoban becomes Hanjin KAL's largest shareholder, overtaking Cho Won-tae

Hoban Group became Hanjin KAL’s largest shareholder as of Wednesday, holding a 20.69 percent stake, according to a regulatory filing. Hanjin Group Chairman Cho Won-tae and related parties held 20.58 percent, making them the second-largest shareholder group. The change does not automatically shift management control, as Cho has backing from Delta Air Lines and Korea Development Bank. The ownership shift comes as Hanjin Group prepares to integrate Korean Air and Asiana Airlines on Dec. 17.

Hoban Group and related parties held 13,814,053 common shares in Hanjin KAL.

Cho and his related parties plan to purchase 325,000 additional shares by Jan. 1 next year, which could restore their position as the largest shareholder.

Delta Air Lines holds a 14.9 percent stake in Hanjin KAL, while state-run Korea Development Bank owns 10.58 percent.

The three shareholder groups—Cho’s, Delta’s and KDB’s—account for approximately 46 percent of Hanjin KAL.

Hanjin Group plans to launch a converged low-cost carrier next year.

Published Nov 4, 2026 6:27 pm KST

Updated Nov 4, 2026 6:50 pm KST

Hanjin Group chairman seeks to regain top shareholder position in January

Korean Air planes can be seen at Incheon International Airport, Aug. 18. Korea Times photo by Shim Hyun-chul

Hoban Group has become the largest shareholder of Hanjin KAL, overtaking Hanjin Group Chairman Cho Won-tae and his related parties, according to a regulatory filing Wednesday, marking a significant shift in the ownership structure of the holding company behind Korean Air.

Hanjin KAL disclosed that Hoban Group and related parties held a combined 13,814,053 common shares, totaling a 20.69 percent stake in Hanjin KAL, confirming the change in its largest shareholder position as of Wednesday.

The disclosure follows growing speculation over whether Hoban's share had surpassed Cho's after the construction group recently purchased additional Hanjin KAL shares and reported it with the Fair Trade Commission.

“However, as disclosed by Hanjin KAL’s recent report, Cho and his related parties could regain their position as Hanjin KAL’s largest shareholder once they complete the planned purchase of 325,000 shares by Jan. 1 next year,” an official from Korean Air said.

As of Wednesday, Cho and his related parties secured a 20.58 percent stake in Hanjin KAL, which shifted their position to the firm’s second-largest shareholder.

Kim Sang-yeol, founder and former chairman of Hoban Group, delivers a commemorative speech during a ceremony marking the group's 30th anniversary at its headquarters in Seoul, June 28, 2019. Yonhap

The change, however, does not automatically mean a shift in management control, as Cho continues to have backing from major shareholders, including Delta Air Lines and state-run Korea Development Bank (KDB).

Delta holds a 14.9 percent stake in Hanjin KAL, while KDB owns 10.58 percent. Combined with Cho and his related parties' holdings, the three shareholders account for approximately 46 percent of the company, providing a substantial voting base for the incumbent management.

Hoban has maintained that its Hanjin KAL shares are held for simple investment purposes and has not publicly announced plans to participate in management. However, its emergence as the largest shareholder is likely to intensify scrutiny of its longer-term intentions, particularly as the holding company prepares for major changes across the airline group.

The ownership shift comes at a sensitive time for Hanjin Group, which is preparing to launch integrated operations between Korean Air and Asiana Airlines on Dec. 17. It will also launch a converged low-cost carrier next year.

Hanjin KAL plays a central role in the airline group's ownership and governance structure. Any prolonged shareholder tensions could complicate the group's efforts to maintain management stability, as it undertakes one of the most significant restructuring processes in the domestic aviation industry.

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

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根据监管文件显示，截至周三，Hoban集团已成为韩进KAL的最大股东，持股比例为20.69%。韩进集团会长赵元泰及其关联方持有20.58%的股份，位列第二大股东。此次股权变更并不意味着管理权的自动转移，因为赵元泰得到了达美航空和韩国开发银行的支持。此次股权变更正值韩进集团准备于12月17日完成对大韩航空和韩亚航空的整合之际。

Hoban集团及其关联方持有韩进KAL 13,814,053股普通股。

Cho及其关联方计划在明年1月1日前增持32.5万股，这可能会使他们恢复最大股东的地位。

达美航空公司持有韩进KAL 14.9%的股份，而韩国国营开发银行持有10.58%的股份。

三大股东集团——赵氏集团、德尔塔集团和韩国产业银行集团——约占韩进KAL的46%股份。

韩进集团计划明年推出一家融合型低成本航空公司。

发布于2026年11月4日 下午6:27（韩国标准时间）

更新于2026年11月4日韩国时间下午6:50

韩进集团董事长寻求在1月份重新夺回最大股东地位。

8月18日，在仁川国际机场可以看到大韩航空的飞机。（韩国时报 沈铉哲 摄）

根据周三提交的监管文件显示，Hoban集团已成为韩进KAL的最大股东，超越了韩进集团会长赵元泰及其相关方，这标志着大韩航空控股公司的所有权结构发生了重大变化。

韩进韩国航空披露，Hoban集团及其关联方共持有韩进韩国航空13,814,053股普通股，占韩进韩国航空20.69%的股份，证实了截至周三韩进韩国航空最大股东地位的变化。

此前，有越来越多的人猜测，在建筑集团Hoban最近增持了韩进KAL的股份并向公平交易委员会报告后，Hoban的股份是否已经超过了Cho的股份。

“然而，正如韩进KAL最近的报告所披露的那样，一旦赵及其关联方在明年1月1日之前完成计划中的32.5万股股票收购，他们就可能重新成为韩进KAL的最大股东，”大韩航空的一位官员表示。

截至周三，赵及其关联方已获得韩进KAL 20.58%的股份，成为该公司第二大股东。

2019年6月28日，在首尔Hoban集团总部举行的集团成立30周年庆典上，Hoban集团创始人兼前董事长金相烈发表纪念演讲。（韩联社）

然而，这一变化并不必然意味着管理控制权的转移，因为赵正昌仍然得到包括达美航空公司和国营韩国开发银行（KDB）在内的主要股东的支持。

达美航空持有韩进KAL 14.9%的股份，韩国产业银行持有10.58%的股份。加上赵显龙及其关联方的持股，这三家股东合计持有公司约46%的股份，为现任管理层提供了强大的投票基础。

Hoban一直坚称其持有韩进KAL股份仅为投资目的，并未公开宣布参与管理的计划。然而，其成为最大股东可能会加剧外界对其长期意图的审视，尤其是在控股公司准备对整个航空集团进行重大调整之际。

此次所有权变更正值韩进集团的敏感时期，该集团正准备于12月17日启动大韩航空和韩亚航空的整合运营。明年，该集团还将推出一家融合型低成本航空公司。

韩进KAL在航空公司集团的所有权和治理结构中扮演着核心角色。任何旷日持久的股东紧张关系都可能使集团维持管理稳定的努力复杂化，因为该集团正在进行国内航空业规模最大的重组之一。

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