Kyobo 18 Special Purpose Acquisition교보18호스팩

Kyobo 18 is a blank-cheque shell company with no revenue, no merger target yet, and a share price that has barely moved in a year.

Kyobo 18 Special Purpose Acquisition is a KOSDAQ-listed shell whose only purpose is to merge with an unlisted company, and no target has been identified. The data shows no revenue, a small operating loss of about ₩68M over the trailing twelve months, and a net profit of about ₩78M, which the data does not explain. At ₩2,005 the market value is about ₩10.1B, and the price has been flat over one month and down 1.7% over one year.

What stands out

• Trailing twelve-month revenue is zero and operating income is about -₩68M, so the business has no operations of its own.
• Net income is positive at about ₩78M in the trailing period, while the 2025 full-year net loss was about ₩20M; the data does not say what drove the difference.
• Cash of about ₩2.4B is larger than borrowings of about ₩1.9B, and the liabilities-to-equity ratio is 20.5%.
• Price is ₩2,005 against a 52-week range of ₩1,981 to ₩2,110, and the price-to-book ratio is about 1.0.
• Foreign ownership is 0%, and 20-day investor flows show retail buying and institutional selling, with no news headlines in the data.

What to watch

• Whether a merger target is announced, since the filings and profile name none and the company's entire purpose depends on one.
• The half-year report and the deposit and trust agreement changes filed on 12 August 2026, which the data does not explain in detail.
• Ongoing 5%+ holding reports, which show some large shareholders changing their stakes.