[News Space=Reporter seungwon lee] Although Hanmi Pharmaceutical Group has officially declared a ‘professional management system’ by ending the management dispute that has lasted over a year, the controversy over Hanyang Precision Chairman Shin Dong-kook’s management intervention is once again shaking the group.

Chairman Shin owns a 23.38% stake in Hanmi Science, the holding company of Hanmi Pharmaceutical, and is the largest shareholder, surpassing the founding family, and is deeply involved in the group as a whole.

In particular, as Chairman Shin expands his influence beyond the headquarters to the production site, discontent is growing among the working-level staff and shareholders. In fact, there is even testimony that the advisory committee directly appointed by Chairman Shin reigns over the factory managers and manages personnel and field operations. This is causing internal backlash and growing concerns that the purpose of the 'professional management system' is being undermined.

The Uneasy Cohabitation of the ‘Four-Party Alliance’… The Aftermath of the Management Rights Dispute

Last year, the winner of the Hanmi Pharmaceutical management rights dispute was the four-party alliance of 'Song Young-sook, Lim Ju-hyun, Shin Dong-guk, and La Defense Partners'. They secured management rights by suppressing the rival forces including the eldest son, President Lim Jong-yoon, and the second son, CEO Lim Jong-hoon. However, since each has different interests, a complete cooperative relationship has not been established, and 'uncomfortable coexistence' continues.

In fact, internal rifts are being exposed to the extent that there are even rumors that Chairman Song Young-sook is avoiding meeting Chairman Shin.

Chairman Shin Dong-guk, the essence of the controversy over 'acting like an owner'

There are two main interpretations of Chairman Shin's intervention in management.

One is the theory of grouping. There is speculation that Chairman Shin, who owns Hanyang Precision, is strategically planning to grow Hanmi Pharmaceutical and incorporate it into his group in the future. In fact, Chairman Shin directly owns most of the shares of four unlisted affiliates in addition to Hanmi Pharmaceutical, and is strengthening his influence within the group based on his strong cash mobilization ability.

Another theory is that he secured a management premium. Another view is that Chairman Shin's disposal of Hanmi Pharmaceutical's shares was a preliminary step to maximize the management premium and sell it at a higher price. In fact, Chairman Shin has sold Hanmi Science shares on the market in the past and converted them into cash.

Background of the management dispute and the new chairman's strategy

Chairman Shin began to participate in the group's management in earnest by purchasing a 12.5% ​​stake in Hanmi Science for 42 billion won in 2010. During the management rights dispute between 2024 and 2025, he joined hands with mother and daughter Song Young-sook and Lim Ju-hyun to form a four-party alliance, and defeated the Lim Jong-yoon and Lim Jong-hoon brothers.

Recently, the power game within the group has been reignited with Hanmi Pharmaceutical's declaration of independent management and Hanmi Science's opposition to it.

On-site opposition and shareholder value controversy

As Chairman Shin’s management intervention deepens, Hanmi Pharmaceutical executives and some shareholders are expressing discontent, saying, “The purpose of the professional management system has become meaningless.” The Hanmi Science Minority Shareholders’ Association also withdrew its support after the stock price fell by over 25% after declaring support for the three-party alliance, and the controversy over the damage to shareholder value continues.

The Ideal and Reality of an 'Ownerless System'

The 'professional management system without an owner' of Hanmi Pharmaceutical Group is once again being put to the test by Chairman Shin Dong-kook's actual exercise of influence. The industry is paying attention to how Chairman Shin's actions will affect the group's future governance structure and shareholder value, and how long the four-party alliance will continue to coexist uneasy.