[Market Focus] HS Hyosung and Kakao Weaken on "Kim Keonhee Butler Gate" Summons Ripple

The special prosecutor's team led by Min Junggi, which is investigating the so-called "Butler Gate" case involving Kim Keonhee, has summoned Kim Beomsoo, founder of Kakao, and Cho Hyunsang, Vice Chairman of HS Hyosung, as witnesses. As a result, related stocks are showing a simultaneous decline in the domestic stock market on the morning of July 15, 2025.

As of 9:48 a.m. on this day, HS Hyosung shares were trading at 75,300 won per share, down 4.32% from the previous session. At the same time, Kakao was down 1.72% at 57,300 won, and Kiwoom Securities was down 1.46% at 236,500 won.

This is interpreted as an aftermath of the full-scale investigation into the Butler Gate case surrounding Kim Keonhee. The special prosecutor's office announced to the press the previous day that "summons have been issued to four individuals in connection with the so-called Butler Gate." The individuals summoned are Kim Beomsoo (founder), Cho Hyunsang (vice chairman), Kim Ikrae (former chairman of Daou Kiwoom Group), and Yoon Changho (former president of Korea Securities Finance). They have been requested to appear at 10:00 a.m. on July 17, 2025.

Currently, the special prosecutor's team is investigating suspicions that Mr. Kim, who is known to have served as Kim Keonhee's butler, received an illicit investment of approximately 18 billion won from Kakao Mobility and others in 2023 for IMS, a rental car company he helped establish, despite IMS being an insolvent company. The suspicion centers on his relationship with Kim Keonhee as the basis for the investment.