![\"A](\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/06\/news-p.v1.20260617.e9340aec605249aba713799d0763f441_P1.png\"\/ "\\"Hanyang")
A view of Hanyang Securities’ headquarters in Yeouido, Seoul. Hanyang Securities<\/p>\nA view of Hanyang Securities’ headquarters in Yeouido, Seoul. Hanyang Securities<\/p>\n
Shares of Hanyang Securities tumbled in early trading following a string of corporate rehabilitation and workout filings by affiliates of JoongAng Group. The decline is attributed to weakened investor sentiment after credit rating agencies reviewed exposure to JoongAng Group and found Hanyang Securities held the largest exposure in the industry.<\/p>\n
According to the Korea Exchange, Hanyang Securities was trading at 20,050 won, down 2,700 won, or 11.89%, from the previous session on Friday. Its preferred shares, Hanyang Securities Preferred, fell 3,400 won, or 14.26%, to 20,450 won.<\/p>\n
The drop is seen as a result of growing concerns over credit risk related to JoongAng Group affiliates. Following a default on securitized borrowings by JTBC, major affiliates including JoongAng Ilbo and Contentree JoongAng entered workout or rehabilitation procedures, bringing the financial sector’s related exposure into market focus.<\/p>\n
According to industry sources, Hanyang Securities’ exposure related to JoongAng Group affiliates, including JoongAng Ilbo and JTBC, totaled 84 billion won. This amounts to about 13% of the firm’s equity capital of 647.8 billion won as of the end of March this year, exceeding its annual operating profit of 75.3 billion won last year. Korea Ratings offered an analysis that, in the worst case of writing off the entire amount, the possibility of swinging to an operating loss could not be ruled out. NICE Investors Service also said its review found that Hanyang Securities was the only firm holding exposure exceeding 0.5% of total assets and 2.0% of equity capital.<\/p>\n
However, credit rating agencies see the likelihood of large-scale losses materializing immediately as limited. This is because Hanyang Securities has secured collateral including trade receivables from JTBC’s program supply contracts, contract repayment claims related to Olympic broadcasting rights, lease deposits for JTBC’s headquarters building, and shares in SLL JoongAng.<\/p>\n
The credit rating industry plans to focus for the time being on examining the cash-generating capacity of the collateral assets and the level of recovery on the related claims. Shin Seung-hwan, a senior research fellow at NICE Investors Service, said, “We expect a deterioration in the soundness of JTBC claims, which has filed for rehabilitation, and an increased burden of provisioning.” He added, “Because collateral has been established, some of the negative impact on credit quality can be mitigated.”<\/p>\n
![\"null](\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/06\/news-p.v1.20260617.5eb4bb3476ae4616a0900b40d2bc73f1_P1.jpg\"\/ "\\"Hanyang")
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