Hanwon Systems: Stock Issues and Shareholder Concerns

Tae highlights the troubling inequities faced by minority shareholders in Hanwon Systems amid major shareholder manipulations.

### Hanwon Systems' Dominance and Stock Price Drop
Hanwon Systems specializes in electric thermal management, manufacturing air conditioning systems for automobiles and supplying major companies like Volkswagen, Ford, and GM. The company's **global leadership in the field** was highlighted in a recent public announcement, but its stock price dropped **nearly 10%** following news of a major share acquisition by Hanwha Co. and a reduction in the total number of shares. The discrepancy between the share price and the actual stock price, along with the announcement of **additional share issuance**, has left individual investors frustrated and questioning the company's **direction**.

### Total Shares and Their Impact
The company currently has **500 million issued shares**, with a recent issue of **65 million shares**, representing about **12.2% of the total**. An additional share issuance of **27%** is planned, leading to a **greater division of shares** and potentially affecting **minority shareholders**. The increase in issued shares can lead to a **disparity in value** between major and minor shareholders.

### The Issue of Stock Buybacks and Shareholder Dynamics in Korea
In the U.S., minority shareholders have the right to **request stock buybacks**, but this is not legally guaranteed in Korea, leaving them **without recourse**. Hanwha is receiving around **1 trillion won less** by selling **2% less equity**, while the Korean Tire Group is reducing its investment by **1.5 trillion won** and increasing its capital by **600 million won**. Major shareholders in Korean Tire are set to receive additional shares through a third-party allocation, creating a structure that **benefits them at the expense of minority shareholders**.

### The Impact of Korea Tire's Share Deal
Korea Tire's share distribution will total 26,700,000 after the deal, with existing major shareholders retaining a **significant portion**. The new share issuance will give them **more than 50% ownership**, leading to **almost complete control** over the company's management. The situation has raised concerns about the **lack of compensation for individual investors** and the need for **legal action and regulatory intervention**.

### Impact of Major Shareholder Changes and M&A Dynamics
The report indicates a final shareholding ratio of **55%**, with financial and strategic investors involved. The merger is expected to create a **significant company** in the air conditioning and automotive parts industry, but concerns are raised about the **deteriorating value for existing shareholders** and the **influence of major shareholders on decision-making**. The situation draws parallels to high-profile M&A cases in the U.S., highlighting the **ongoing accountability of those with money and power**.

### Challenges in the Korean Stock Market
The speaker expresses frustration with the stock exchange dynamics, where **those in the know benefit** while others are left out. They emphasize their responsibility as a YouTuber to **highlight the overlooked issues** in the Korean stock market. The speaker plans to monitor Tesla's vehicle delivery numbers and the upcoming employment report, with a potential **live stream before the ISM Services PMI release**.

### Hanwon Systems and the Current Market Dynamics: A Deep Dive
* 🔍 Hanwon Systems is a leading company in electric thermal management, particularly known for manufacturing **air conditioning systems for automobiles**, supplying major clients like **Volkswagen, Ford, and GM**.
* 📉 Recently, the company's stock price dropped **nearly 10%** following a public announcement, highlighting their position as the **top global manufacturer** in this sector.
* 💰 The trading volume was reported at approximately **1.367 trillion won**, with Hanwha Co. acquiring major shares and reducing the number of shares from **130 million to 120 million**.
* 📊 The price per share was adjusted from **1,050 won to 10,000 won**, resulting in a total price decrease of around **100 billion won**, yet the actual stock price is currently **3,800 won**, indicating a **significant disparity**.
* 📈 A planned increase in shares is expected, with an additional **12% issuance** on top of the previously announced **65 million shares**, leading to concerns over the **dilution of existing shareholders' equity**.
* ⚖ The lack of legal protections for minority shareholders in Korea contrasts with practices in the U.S., where minority shareholders can **request stock buybacks**, leaving Korean investors **vulnerable to the actions of major shareholders**.
* 💸 Hanwha's capital increase plan, which initially aimed to **sell 25.5% equity**, has now been reduced to **23%**, reflecting a shift in investment strategy amidst rising costs and potential conflicts of interest among major shareholders.
* 📅 As the market anticipates significant reports such as the employment data and ISM Services PMI, investors are urged to **remain vigilant of the ongoing developments surrounding Hanwon Systems** and the broader implications for **minority shareholders**.

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