[COVER STORY] Hoban's insatiable appetite: Group founder targets Korean Air

Hoban Group founder Kim Sang-yeol has pushed the company to a 20.15 percent stake in Hanjin KAL, putting it just 0.42 percentage point behind Hanjin Group Chairman Cho Won-tae and his related parties. The gap leaves Hoban in position to challenge control of Korean Air’s parent company, especially if Korea Development Bank sells its 10.58 percent stake. Hanjin KAL is scheduled to launch the integrated airline on Dec. 17 after Korean Air’s takeover of Asiana Airlines.

Hoban Group’s stake in Hanjin KAL has reached 20.15 percent, compared with 20.57 percent held by Cho Won-tae and his related parties.

Korea Development Bank holds 10.58 percent of Hanjin KAL and has not yet decided how to sell its stake.

The integrated airline is scheduled to launch on Dec. 17 following Korean Air’s takeover of Asiana Airlines.

Published Sep 15, 2026 7:00 am KST

KDB holds key in battle for management control of Hanjin KAL

Kim Sang-yeol, founder and former chairman of Hoban Group / Korea Times file

Kim Sang-yeol, founder and former chairman of Hoban Group, has built the company into one of Korea’s most aggressive investors, with his latest bet on Korean Air bringing Hoban’s Hanjin KAL stake nearly level with that of the airline’s controlling shareholder.

Hoban Group has so far amassed a 20.15 percent stake in Hanjin KAL, the parent company of Korean Air, putting it just 0.42 percentage point behind Hanjin Group Chairman Cho Won-tae and his related parties, which collectively own 20.57 percent.

That narrow gap puts Kim in a position to challenge the balance of power at Korea’s flagship airline — particularly if Korea Development Bank (KDB) decides to sell its 10.58 percent stake.

The state-run bank has yet to decide how to sell its stake in Hanjin KAL. The decision may determine who holds the upper hand in the management rights for the integrated airline that is scheduled to launch on Dec. 17 following Korean Air's takeover of Asiana Airlines.

Korea Times graphic by Bae So-young

Hoban has expanded far beyond its housing construction roots through a string of acquisitions and investments, including Taihan Cable & Solution and Seoul Shinmun Daily. Although Kim stepped down as chairman, his name remains inseparable from Hoban’s aggressive expansion strategy.

Hoban started joining the race to acquire the management rights for Hanjin KAL in March 2022 by buying 9.4 million shares, or 13.97 percent, from activist fund KCGI for 564 billion won ($420 million). Hoban has since continued accumulating shares to the current level by injecting around 878.2 billion won.

Hoban Group has disclosed that its investment in Hanjin KAL is intended "solely for investment purposes," and remained publicly silent on any plans to officially seek management participation.

Given Hoban Group’s continued accumulation of shares and the size of its investment, however, its explanation does not appear entirely convincing. Many market observers believe that seeking management participation may ultimately be part of Hoban’s core strategy.

Hoban has not launched a management challenge and did not oppose Cho’s reappointment as an inside director at Hanjin KAL’s shareholders’ meeting in March. But closing the stake gap with the controlling family to less than half a percentage point comes as an apparent management challenge to the current leadership of Korean Air.

The state-run bank received its 10.58 percent stake after injecting 500 billion won into Hanjin KAL in 2020 to support Korean Air’s acquisition of Asiana. KDB has no obligation to sell immediately after the two airlines' integration and has said it will consider its exit based on market conditions.

Hanjin Group Chairman Cho Won-tae delivers a commemorative speech during an event marking the group’s 80th anniversary at Grand Hyatt Seoul, Sept. 23, 2025. Yonhap

But the method of the sale could matter more than the timing.

If KDB sells its entire stake to Hoban, the firm’s ownership would jump to 30.73 percent. That would instantly turn Hoban into a much more formidable force and make it difficult to dismiss the group as merely a financial investor.

A fragmented sale would have the opposite effect. Selling the shares in blocks to institutional investors could dilute Hoban’s influence, while giving Cho more time to consolidate his own shareholder base.

Cho has powerful allies. Delta Air Lines owns 14.9 percent, while LX Pantos owns 3.83 percent.

Funds affiliated with Daishin Asset Management and Eugene Asset Management hold another 9.06 percent combined. Chances are their holdings can give Cho a substantial cushion in any shareholder contest.

Korean Air's Boeing 787-9 passenger jet / Courtesy of Korean Air

Japan Airlines (JAL) has also entered the race. JAL announced a strategic partnership with Korean Air earlier this month and acquired shares in Hanjin KAL, although the amount and purchase price were not revealed.

That could prove significant if the ownership battle intensifies. JAL has not been confirmed as a voting ally of Cho, but its arrival gives the Hanjin side another potential strategic partner just as KDB’s exit looms.

“Given that Cho’s friendly shares currently far exceed Hoban Group’s stake, the latter is unlikely to significantly affect management control of Hanjin KAL,” an industry official said.

“However, the key will be whether Hoban Group moves to acquire additional shares or changes the stated purpose of its investment in Hanjin KAL.”

Kim has several options at his disposal. He could buy KDB’s stake, and challenge Cho for a role in joint management. Another possible scenario is that he may negotiate a sale of Hoban’s stake at a premium, even if the company fails to gain management control.

Hoban集团创始人金相烈已推动该公司持有韩进KAL 20.15%的股份，仅比韩进集团会长赵元泰及其关联方少0.42个百分点。这一差距使Hoban集团有能力挑战大韩航空母公司的控制权，尤其是在韩国开发银行出售其持有的10.58%股份的情况下。韩进KAL计划在大韩航空收购韩亚航空后，于12月17日正式成立。

Hoban集团在韩进KAL的持股比例已达20.15%，而赵元泰及其关联方的持股比例为20.57%。

韩国开发银行持有韩进KAL 10.58%的股份，但尚未决定如何出售其股份。

在韩国航空收购韩亚航空之后，这家综合性航空公司计划于12月17日正式成立。

发布于2026年9月15日 上午7:00（韩国标准时间）

韩国产业银行在争夺韩进航空管理权的斗争中掌握关键。

金相烈，浩班集团创始人兼前董事长 / 《韩国时报》资料图

Hoban集团创始人兼前董事长金相烈将公司打造成为韩国最激进的投资者之一，他最近对大韩航空的投资使Hoban持有的韩进KAL股份几乎与该航空公司控股股东的股份持平。

截至目前，Hoban集团已持有韩进KAL（大韩航空的母公司）20.15%的股份，仅比韩进集团会长赵元泰及其关联方少0.42个百分点，后者合计持有20.57%的股份。

这一微小的差距使金正恩有机会挑战韩国旗舰航空公司的权力平衡——尤其是在韩国产业银行（KDB）决定出售其 10.58% 的股份的情况下。

这家国有银行尚未决定如何出售其持有的韩进KAL股份。该决定可能决定谁将掌控这家计划于12月17日成立的综合航空公司的管理权。这家航空公司是在大韩航空收购韩亚航空后成立的。

《韩国时报》图表，作者：裴素英

通过一系列收购和投资，Hoban的业务范围早已远远超出其最初的住宅建设业务，其中包括收购Taihan Cable & Solution和首尔新闻日报。尽管金先生已卸任董事长一职，但他的名字仍然与Hoban的激进扩张战略密不可分。

Hoban于2022年3月开始参与韩进KAL的收购，以5640亿韩元（约合4.2亿美元）的价格从激进投资基金KCGI手中购入940万股，占股13.97%。此后，Hoban持续增持股份，目前已持有约8782亿韩元的股份。

Hoban集团已披露，其对韩进KAL的投资“仅用于投资目的”，对于任何正式寻求管理层参与的计划，目前仍保持沉默。

然而，鉴于Hoban集团持续增持股份及其投资规模，其解释似乎并不完全令人信服。许多市场观察人士认为，寻求管理层参与最终可能是Hoban的核心战略之一。

霍班并未发起管理层挑战，也未反对赵承熙在3月份韩进航空股东大会上再次被任命为内部董事。但将与控股家族的持股差距缩小到不足0.5个百分点，显然是对大韩航空现任管理层的挑战。

这家国有银行在2020年向韩进KAL注资5000亿韩元，以支持大韩航空收购韩亚航空，从而获得了韩进KAL 10.58%的股份。韩国产业银行（KDB）没有义务在两家航空公司整合后立即出售股份，并表示将根据市场情况考虑退出。

2025年9月23日，韩进集团会长赵元泰在首尔君悦酒店举行的集团成立80周年纪念活动上发表纪念演讲。（韩联社）

但出售方式可能比出售时机更重要。

如果KDB将其全部股份出售给Hoban，Hoban的持股比例将跃升至30.73%。这将使Hoban的实力瞬间大幅提升，使其难以再被视为单纯的金融投资者。

分散出售则会产生相反的效果。将股份分批出售给机构投资者可能会削弱霍班的影响力，同时也能让赵承熙有更多时间巩固自己的股东基础。

Cho拥有强大的盟友。达美航空公司持有14.9%的股份，而LX Pantos持有3.83%的股份。

大信资产管理公司和尤金资产管理公司旗下的基金合计持有另外9.06%的股份。这些持股很可能为赵承熙在任何股东争夺战中提供相当大的缓冲空间。

大韩航空波音787-9客机 / 图片由大韩航空提供

日本航空（JAL）也加入了这场竞争。本月初，JAL宣布与大韩航空建立战略合作伙伴关系，并收购了韩进KAL的股份，但收购数量和价格并未披露。

如果所有权之争愈演愈烈，这可能会产生重大影响。虽然尚未证实日航会成为赵显龙的投票盟友，但它的加入无疑为韩进方面增添了一位潜在的战略伙伴，而此时韩国产业银行（KDB）的退出已成定局。

一位业内人士表示：“鉴于赵氏家族目前持有的友好股份远远超过浩邦集团的持股比例，后者不太可能对韩进KAL的管理控制权产生重大影响。”

“然而，关键在于Hoban集团是否会增持股份，或者改变其对韩进KAL投资的既定目的。”

金正日有多种选择。他可以收购韩国产业银行的股份，并与赵承熙争夺共同管理权。另一种可能性是，即使公司最终未能获得管理控制权，他也可以溢价出售何班持有的股份。