---
endpoint: analytics
pattern: Capital Goods
status: done
latency_ms: 125679
conversation_id: 5345f977-6ebd-44b2-87a2-64de6e737b55
citations: 0
created: 2026-05-31 18:28:54Z
---

# Who are the key shareholders of HD Hyundai Heavy?

## HD Hyundai Heavy Industries (329180 KS) — Key Shareholders

HD Hyundai Heavy ("HD HHI") is the operating shipbuilding flagship inside the HD Hyundai group. As of CLSA's most recent disclosure (May–Jun 2025), the shareholder roster is highly concentrated, with the intermediate holding company HD KSOE controlling three-quarters of the equity.

### Direct shareholders of HD HHI (329180 KS)

| Shareholder | Stake | Notes |
|---|---|---|
| **HD KSOE & related parties** (009540 KS) | **75.0%** | Intermediate shipbuilding holdco — the controlling parent [1][2][3] |
| **National Pension Service (NPS)** | **6.6%** (≈7%) | Increased steadily from 5.5% (2021) → 6.5% (2022) → 6.2% (2023) → 6.6% (2024) [1][2][5] |
| **HHI ESOP** (employee stock ownership) | **0.2%** | Internal employee plan [4] |
| **Other / free float** | **~18.2%** | Foreign ownership ~10.9%; foreigners have been raising their stake (from ~21% in Jan-22 to ~33% by Apr-25, on CLSA's broader chart) [2] |

- Shares in issue: **88.8m**; Market cap **US$26.7bn**; 3M ADV US$89.3m [2].
- Float is concentrated: HD KSOE & related parties (~75%) + NPS (~7%) ≈ 82% of cap, leaving roughly 18% effective float [3].

### Recent dynamic — Exchangeable Bond (EB) overhang

On 25 Feb 2025, HD KSOE issued an EB granting holders the right (from 31 Mar 2025) to exchange into **1.73m HD HHI shares at ₩326,700/share** — equivalent to **1.95% of shares outstanding and ~15% of float**. Holders have been actively exercising; **78% of the total exercisable shares still remain**, but CLSA notes prior conversions/sell-offs have not visibly dented the share price [1].

### Ownership chain — who sits above HD KSOE

HD HHI's controlling stake (75%) is held by HD KSOE, whose ownership cascade is:

- **HD Hyundai (267250 KS — listco)** → owns **35.05% of HD KSOE (009540)** [6][8]
- **NPS** owns 6.57% of HD KSOE [8]
- **KCC** owns 3.91% of HD KSOE — flagged as potentially up for sale; HD Hyundai reportedly considering acquiring this block to lift its grip on HD KSOE [8]
- **Asan Foundation** owns 1.59% of HD KSOE [8]
- **Minority shareholders** ~52.88% of HD KSOE [8]
- At the top, **Chairman Mong-Joon Chung (MJ Chung) and related parties hold 37.2% of HD Hyundai** — the ultimate family control point of the group [6]

So the practical control map for HD HHI is: **MJ Chung & related parties (37.2%) → HD Hyundai (35.05%) → HD KSOE (75.0%) → HD HHI (329180)** [6].

### Group context

- HD KSOE is described by CLSA as "HD Hyundai Group's shipbuilding control tower," holding **75% of HD HHI, 42% of HD Hyundai Mipo, and 97% of HD Hyundai Samho** [5].
- HD KSOE has become a key dividend supplier to listco HD Hyundai (alongside HD Hyundai Oilbank, HD Hyundai Marine Solution, HD Hyundai Electric), and CLSA argues commercial-law-driven shareholder-return pressure could push HD Hyundai either to (i) acquire more HD KSOE shares (e.g., picking up KCC's 3.91%) or (ii) demand higher dividends — both routes benefit HD HHI's minority holders by tightening upward pressure on payouts [7].

### What's noteworthy

- **Extreme concentration**: with HD KSOE holding 75% and NPS another ~7%, only ~18% of HD HHI is genuinely floating — a key reason for thin liquidity-adjusted volatility despite the EB overhang.
- **NPS as the only major non-related shareholder**: NPS has been a quiet accumulator (5.5% → 6.6% over 2021–2024), making it the most influential non-affiliated voice in any minority-shareholder vote.
- **Foreign ownership trending up**: from ~21% to ~33% across the broader HD KSOE complex from early 2022 to April 2025; for HD HHI specifically, CLSA pegs foreign holdings at ~10.9% of issued shares.

---
**Sources**
[1] HD Hyundai Heavy – HC O-PF (Price check) — CLSA (21 May 2025) — 607960163LinqAlpha.PDF
[2] Korea shipbuilding (Anchors aweigh: Answering the call for US LNG and naval ship demand) — CLSA (11 May 2025) — 607949990LinqAlpha.PDF — Cover stat block
[3] Korea shipbuilding (Anchors aweigh…) — CLSA (11 May 2025) — 607949990LinqAlpha.PDF — Management & shareholding structure
[4] Korea shipbuilding (Anchors aweigh…) — CLSA (11 May 2025) — 607949990LinqAlpha.PDF — HD HHI shareholding structure table
[5] Korea shipbuilding (Anchors aweigh…) — CLSA (11 May 2025) — 607949990LinqAlpha.PDF — HD Hyundai Group's shipbuilding control tower
[6] Korea shipbuilding (Anchors aweigh…) — CLSA (11 May 2025) — 607949990LinqAlpha.PDF — Group ownership chart
[7] HD KSOE – O-PF (Parent pressure, payout potential) — CLSA (8 Jun 2025) — 607961471LinqAlpha.PDF — HD KSOE share ownership structure
[8] HD KSOE – O-PF (Parent pressure, payout potential) — CLSA (8 Jun 2025) — 607961471LinqAlpha.PDF — HD Hyundai limb and KCC stake discussion

