A four-year battle for control of KOSDAQ-listed Venue G (019010) has come to an end. Bae Jin-han, CEO of Noblesse Investment and known as a “super ant” in South Korean retail investing circles, has changed the stated purpose of his Venue G stake from “influence over management” to “simple investment.” Bae had repeatedly attempted to gain management participation since acquiring his stake in 2022, but founder and Chairman Kim Man-jin successfully defended the company. At the same time, Venue G’s investments in Samsung Electronics and SK Hynix generated substantial returns, bringing the dispute to a close.

According to the Financial Supervisory Service’s electronic disclosure system on August 20, Bae recently changed the stated purpose of his Venue G stake. The move is widely interpreted as an effective abandonment of his demands for a board seat and management participation. The change comes four years after his initial stake disclosure in 2022 and three years after he declared his intention to seek management involvement in 2023.

Bae built his reputation in the stock market in the 2000s while running a side-dish shopping mall. He earned the “super ant” moniker among investors after generating significant profits from investments in Daedong Machinery, Dae Ryuk Can, and Kukil Paper. He is also well known by his online community nickname “Banchangage” (side-dish store). Bae later stepped away from directly operating the shopping mall and founded Noblesse Investment to focus on capital market activities. More recently, he has led defense-sector expansion efforts through investments in KOSDAQ-listed The Cube & and RNX (123010).

A Four-Year Standoff

Bae’s relationship with Venue G dates back to 2022. In April of that year, he disclosed a 6.05% stake in Venue G, and the following year he changed the stated purpose of his holdings to “influence over management,” launching his shareholder activism campaign. At the time, he emphasized that Venue G had incurred substantial losses on investments made with company funds, damaging shareholder value.

After becoming Venue G’s second-largest shareholder, Bae sent shareholder proposals to management demanding increased dividends and share buybacks, while also pushing for his own appointment to the board and the appointment of his older brother, Bae Ju-han, as an auditor. However, most of Bae’s attempts were voted down at shareholder meetings, with only a partial auditor appointment succeeding.

The control dispute reached its peak last year when Bae filed a lawsuit seeking court permission to convene a shareholder meeting, demanding the removal of Chairman Kim Man-jin and the appointment of Bae Ju-han as auditor. That attempt also ultimately fell through.

Rising Share Price Drives Resolution

The recent trajectory of Venue G’s stock price appears to be the key factor behind Bae’s decision to step back from the prolonged control dispute. Venue G’s shares had traded around the 2,000 won (approximately $1.4) level since 2022, but began climbing earlier this year. The stock hit an intraday high of 7,300 won (approximately $5.2) in May and is currently trading sideways in the 5,000 won (approximately $3.6) range.

The recent share price momentum is attributable to the rising value of the company’s investment portfolio. Venue G exited its department store business—one of its core operations—and has been strengthening investments in wedding halls and golf courses while also taking an active approach to equity investments. In particular, the company has made aggressive investments in Samsung Electronics and SK Hynix, both of which have seen significant share price appreciation.

Based on current prices, Venue G’s Samsung Electronics stake is estimated to be worth approximately 400 billion won (approximately $286.9 million), while its SK Hynix holdings are valued at around 60 billion won (approximately $43.0 million). The asset value far exceeds Venue G’s current market capitalization of 250 billion won (approximately $179.3 million), providing strong support for the share price.

ItemDetailsSamsung Electronics stake value~400 billion won (approximately $286.9 million)SK Hynix stake value~60 billion won (approximately $43.0 million)Venue G market capitalization~250 billion won (approximately $179.3 million)Bae Jin-han’s stakeUnder 10%Largest shareholder group stakeOver 50%

Note: Stake values are estimates as of August 20, 2026.

Industry analysts note that since Bae’s original motivation for the control dispute was management’s investment failures, the rationale for continuing the fight has effectively disappeared. With the recent share price surge amplifying Bae’s potential gains, liquidating his stake may be more advantageous than pursuing control.

An investment banking industry source said, “With Bae’s stake at less than 10% and the existing largest shareholder group holding over 50%, the control dispute was likely an attempt to drive up the share price. With this change in the stated purpose of his holdings, the control battle is over, and Bae’s exit is expected to follow.”