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Hyosung Group chief sells 4.9% stake in heavy industry subsidiary to U.S. tech fund

Published: 23 May. 2025, 16:39

Hyosung Group Chairman Cho Hyun-joon [NEWS1]

Hyosung Group Chairman Cho Hyun-joon has sold a 4.9 percent stake in Hyosung Heavy Industries to a major U.S. tech-focused investment fund, the company said Friday.

Hyosung Heavy Industries said in a regulatory filing that Cho sold 456,903 shares of the company in an after-hours deal at 568,100 won ($412.50) per share. The total transaction is valued at approximately 259.6 billion won.

Following the sale, Cho's ownership in the company went down from 14.89 percent to 9.99 percent. The largest shareholder in Hyosung Heavy Industries remains Hyosung Corporation, the group's holding company, with a 32.47 percent stake.

The U.S. fund had reportedly been exploring investment opportunities in Korea's power solution sector. The fund is said to have made the investment based on Hyosung Heavy Industries' future growth potential and technological competitiveness.

Hyosung stated that it had been in discussions with the fund to establish a strategic partnership.

"This is a long-term investment by the fund focused on key growth sectors," a company official said, adding that the two sides plan to deepen their cooperative ties in the future.

Yonhap