Hana 35 Special Purpose Acquisition하나35호스팩

Hana 35 Special Purpose Acquisition is a blank-check shell with no operations and no merger target yet, trading near its 52-week range.

The company is a SPAC listed on KOSDAQ in August 2025, with no business beyond seeking a merger with an unlisted company; the profile says no specific target had been identified as of the filing. Its filed figures show a small operating loss and a net profit for the trailing twelve months, with borrowings of about ₩1.8B against cash of about ₩447M. The shares closed at ₩1,997, roughly flat over one month, three months and one year.

What stands out

• Trailing twelve-month operating loss of about ₩35M and net income of about ₩98M; revenue and margins are not reported because the company has no operations.
• Market capitalisation is about ₩12.0B, with an enterprise value of about ₩592M and a P/B of 1.0; the P/E of 123 reflects small, non-operating earnings rather than a business the market is pricing on profit.
• Dividend yield is 0%, and the data gives no fair value estimate or analyst coverage.
• Net investor flows over 20 days were positive for institutions and foreign investors and negative for retail, with foreign ownership unchanged at 0.5%.
• Recent filings are mostly 5%+ shareholding reports, a half-year report for June 2026 and a July 2026 change to the deposit and trust agreement; the news feed has no headlines.

What to watch

• Any announcement of a named merger target, which is the company's only stated purpose and is not yet in the data.
• The next filings, including the Q3 2026 report and any further changes to the deposit and trust agreement.
• Further 5%+ shareholding reports, and the company's ability to fund its ₩1.8B of borrowings given its cash position.