# Hanmi Science Chairman Faces Tender Offer Rule Violation

> Shin Dong-guk's off-exchange share purchases may violate South Korea's Capital Markets Act, risking voting rights and disposal orders.
- Title: Hanmi Science Chairman Faces Tender Offer Rule Violation
- Summary: Shin Dong-guk's off-exchange share purchases may violate South Korea's Capital Markets Act, risking voting rights and disposal orders. Hanmi Science chairman…
- Keywords: shin dong-guk, hanmi science, hanyang precision, south korea, financial services commission, capital markets act, tender offer, voting rights, disposal order, stock-backed loans, finance, markets
- Source: BigGo Finance — https://finance.biggo.com/news/a8b18451-d449-4a27-85f9-a38aed3d65e2
- Author: BigGo Finance
- Published: 2026-10-16T03:26:14+00:00
- Read time: 1 min
- Topics: shin dong-guk, hanmi science, hanyang precision, south korea, financial services commission, capital markets act, tender offer, voting rights, disposal order, stock-backed loans, finance, markets
## Shin Dong-guk Faces Rule Scrutiny
Shin Dong-guk, chairman of Hanyang Precision and largest individual shareholder of Hanmi Science, faces potential violations of South Korea's Capital Markets Act.
## Off-Exchange Purchases Triggered Rule Concerns
His off-exchange share purchases in February and July totaled 9,397,663 shares (13.74%) of Hanmi Science, exceeding 10 sellers.
## Rule Violation Threshold Met
The July transaction occurred before six months had elapsed from the February deal, potentially triggering the Capital Markets Act's 10-seller threshold.
## Voting Rights and Disposal Orders
If confirmed, voting rights on affected shares would be restricted and South Korea's Financial Services Commission could issue a disposal order.
## Stock-Backed Loans at Risk
Shin holds 432.2 billion won (approximately $321.4 million) in stock-backed loans, raising concerns about margin calls and share price declines.
## Refinancing Process
Shin refinanced loans through Hana Securities and Korea Securities Finance Corporation after his NH Investment & Securities loan expired.
## Collateral Maintenance Ratio
The collateral maintenance ratio for Hana Securities was set at 200%, potentially risking margin calls if stock price drops.
## Potential Disposal Order Impact
Forced sales could trigger share price declines, margin calls, and financial strain on Shin personally.
## Market Reaction
Market analysts warn of margin calls and forced liquidation risks if stock price declines due to disposal orders.
## Key takeaway

Hanmi Science chairman Shin Dong-guk faces potential Capital Markets Act violations from off-exchange share purchases, which could lead to voting rights restrictions and forced share sales.