Hoban's Hanjin KAL stake gains $683 mil. amid speculation over battle for control

Hoban Group’s stake in Hanjin KAL gained an estimated 918.6 billion won in market value from last Friday to Thursday, as the group became the company’s largest shareholder and speculation grew over a possible control battle. Hoban and related parties held 20.69 percent, narrowly ahead of Hanjin Group Chairman Cho Won-tae and his allies at 20.58 percent. Hanjin KAL shares rose 53.7 percent to 190,400 won on Thursday. Hoban says its investment is for simple investment purposes and has not announced plans to participate in management.

Hoban and related parties disclosed holdings of 13,814,053 common shares in Hanjin KAL.

At Thursday’s closing price, Hoban’s stake was worth approximately 2.63 trillion won, compared with 1.71 trillion won at Friday’s close.

Hanjin KAL shares closed at 123,900 won last Friday and rose by 66,500 won to 190,400 won on Thursday.

Delta Air Lines holds 14.9 percent of Hanjin KAL, while state-run Korea Development Bank owns 10.58 percent; together with Cho’s holdings, the stakes account for approximately 46 percent of the company.

A Korean Air official said Cho and his allies could regain the largest-shareholder position after completing a planned purchase of 325,000 shares by Jan. 1. The reported valuation increase is unrealized, and actual investment returns would require verified acquisition costs, transaction records and changes in Hoban’s holdings over time.

Published Nov 5, 2026 2:16 pm KST

Updated Nov 5, 2026 5:48 pm KST

Kim Sang-yeol, founder and former chairman of Hoban Group / Yonhap

Hoban Group's stake in Hanjin KAL has gained an estimated 918.6 billion won ($683 million) in market value since the beginning of this week, as the construction group's emergence as the holding company's largest shareholder has fueled speculation over a potential battle for control.

The valuation gain follows Wednesday's disclosure that Hoban and related parties held 13,814,053 common shares, or 20.69 percent of Hanjin KAL, narrowly overtaking Hanjin Group Chairman Cho Won-tae and his cohort, whose combined stake stood at 20.58 percent.

Hanjin KAL shares closed at 123,900 won last Friday before climbing to 190,400 won Thursday, a gain of 66,500 won, or approximately 53.7 percent. Applying the increase to Hoban's disclosed shareholding translates into an estimated valuation gain of 918.6 billion won. At Thursday's closing price, its stake was worth approximately 2.63 trillion won, up from 1.71 trillion won at Friday's close.

Investor interest intensified after reports emerged Monday that Hoban had filed a business combination notification with the Fair Trade Commission. Cho has separately disclosed plans to acquire an additional 325,000 shares, further fueling expectations that the two sides could compete to strengthen their shareholder positions.

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

However, becoming the largest shareholder does not automatically translate into management control. Delta Air Lines holds a 14.9 percent stake in Hanjin KAL, while state-run Korea Development Bank owns 10.58 percent. Together with Cho's holdings, these stakes account for approximately 46 percent of the company.

Hoban has maintained that its investment is for simple investment purposes and has not publicly announced plans to participate in management. Cho and his allies could reclaim the largest-shareholder position after completing the planned purchase by Jan. 1, according to a Korean Air official.

For now, the estimated 883 billion won increase represents an unrealized gain rather than confirmed investment profit. The valuation will fluctuate with Hanjin KAL's share price, while calculating Hoban's actual investment returns would require verified acquisition costs, transaction records and changes in its holdings over time.

从上周五到本周四，Hoban集团持有的韩进KAL股份市值估计增长了9186亿韩元，该集团成为韩进KAL的最大股东，市场对可能爆发控制权争夺的猜测也随之升温。Hoban及其关联方持有20.69%的股份，略微领先于韩进集团会长赵元泰及其盟友的20.58%。韩进KAL股价周四上涨53.7%，至190400韩元。Hoban表示，其投资仅出于投资目的，并未宣布参与公司管理的计划。

Hoban及其关联方披露持有韩进KAL 13,814,053股普通股。

按周四收盘价计算，Hoban 的股份价值约为 2.63 万亿韩元，而周五收盘价为 1.71 万亿韩元。

韩进KAL股票上周五收于123,900韩元，周四上涨66,500韩元至190,400韩元。

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；加上赵的持股，这些股份约占该公司46%的股份。

一位大韩航空官员表示，赵显龙及其盟友计划在1月1日前完成32.5万股的收购，届时他们有望重新获得最大股东地位。报道中的估值增长尚未实现，实际投资回报需要核实收购成本、交易记录以及Hoban持股随时间的变化。

发布于2026年11月5日下午2:16（韩国标准时间）

更新于2026年11月5日下午5:48（韩国标准时间）

金相烈，浩盘集团创始人兼前董事长 / 韩联社

自本周初以来，Hoban集团持有的韩进KAL股份市值估计已增长9186亿韩元（6.83亿美元），因为这家建筑集团成为控股公司韩进KAL的最大股东，引发了人们对可能出现控制权争夺战的猜测。

估值上涨源于周三披露的消息，即Hoban及其关联方持有韩进KAL 13,814,053股普通股，占股20.69%，略微超过了韩进集团董事长赵元泰及其同伙，后者合计持股20.58%。

韩进KAL股票上周五收于123,900韩元，周四上涨至190,400韩元，涨幅达66,500韩元，约53.7%。若将此次涨幅计入Hoban披露的持股比例，则其估值增幅约为9186亿韩元。按周四收盘价计算，Hoban持有的韩进KAL股份价值约2.63万亿韩元，高于上周五收盘时的1.71万亿韩元。

周一有报道称，Hoban已向公平交易委员会提交了业务合并通知，此消息一出，投资者对此更加关注。Cho此前也披露了增持32.5万股的计划，这进一步加剧了市场对双方可能展开竞争以巩固各自股东地位的预期。

虎班超越赵元泰，成为韩进KAL的最大股东。

然而，成为最大股东并不意味着自动获得管理控制权。达美航空持有韩进KAL 14.9%的股份，而韩国国营的韩国开发银行持有10.58%的股份。加上赵承熙的持股，这些股份约占公司总股份的46%。

Hoban一直坚称其投资仅出于投资目的，并未公开宣布参与管理的计划。据大韩航空一位官员透露，赵显龙及其盟友有望在1月1日前完成计划中的收购后，重新夺回最大股东的地位。

目前，估计的8830亿韩元增值仅代表未实现收益，而非已确认的投资利润。该估值将随韩进KAL的股价波动，而计算Hoban的实际投资回报则需要核实收购成本、交易记录以及其持股随时间的变化情况。