Hanul Semiconductor has eliminated the "funding variable" that the market was most wary of ahead of the year-end. By disclosing the results of its convertible bond (CB) issuance, the company has officially normalized its financial schedule, putting an end to uncertainty surrounding the CB issuance.
On December 30, Hanul Semiconductor announced through a disclosure on the results of its 3rd and 4th convertible bond issuances that the entire planned amount of 12 billion won had been fully paid in as scheduled. The company emphasized that the structure decided by the board of directors was maintained without any changes to issuance conditions, reductions, or payment delays, highlighting that this disclosure represents not only a simple capital raising but also proactive risk management.
From the market's perspective, the key point of this disclosure is timing and certainty, rather than the amount. The fact that the results disclosure was made just before the year-end means that the funds have already been reflected in the company's accounts. Considering that CB-related risks typically arise in the gap between the issuance decision and the actual payment, Hanul Semiconductor has effectively eliminated this risk window altogether.
In particular, the market is paying attention to the fact that there was no change in the number of shares during this financial stabilization process. As of the issuance date, there was no new share issuance or listing schedule, which means the structure blocks the possibility of short-term share dilution.
Recently, investors’ focus regarding convertible bonds has shifted from whether the fundraising is successful to the timing of conversion and the potential increase in the number of shares. In this context, Hanul Semiconductor’s disclosure of the CB issuance results is seen as meaningful because it proactively managed unnecessary factors that could cause stock price volatility. By eliminating concerns about short-term share dilution, the company has removed one variable that the market has perceived as a burden.
The securities industry interprets this disclosure as a signal of a turning point in Hanul Semiconductor’s financial situation. Now that uncertainty related to capital raising has been resolved, market attention is expected to shift toward how the raised funds will be used and actual business performance. The focus of the financial story has shifted from "the possibility of securing funds" to the "execution and results" stage.
A Hanul Semiconductor official stated, "The results of this CB issuance are more meaningful than just the numbers, as we have addressed financial risks through disclosure ahead of the year-end," adding, "A company that has eliminated a variable disliked by the market is now ready to be evaluated for its next steps."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
