Hanchang한창

Hanchang's shares have collapsed about 99% over the past year, and filings now include a delisting notice and an adverse audit opinion.

Hanchang reports trailing twelve-month revenue of ₩8.3B but an operating loss of ₩5.6B and a net loss of ₩9.6B, with borrowings of ₩21.8B against cash of only ₩0.4B. The share price closed at ₩11 on 2026-10-14, near its 52-week low of ₩9, giving a market cap of about ₩232B. The company profile is not included in the data, so the business description is limited to what the filings and figures show.

What stands out

• Trailing revenue is ₩8.3B, down sharply from ₩66.3B in 2023, and operating margin is -66.9% on a trailing basis.
• The 2025 annual net income of ₩61.1B is a positive outlier, while operating income was a loss of ₩7.8B that year, so the profit appears to come from non-operating items; the data does not explain this.
• Liabilities are about 10.5 times equity and trailing free cash flow is -₩7.6B, which points to heavy financial strain.
• A filing on 2026-08-13 reported an adverse opinion, disclaimer of opinion, or complete capital impairment in the semi-annual review, and a 2026-09-28 filing is titled 'Delisting'.
• Foreign ownership fell from 14.7% to 14.1% over 60 days, and no news headlines are in the data.

What to watch

• The delisting process and its timing, as shown in the filings, which could affect whether shares remain tradable.
• Further lawsuits, fines, and debt guarantee decisions named in recent filings.
• Details of the convertible bond issue and any dilution, plus the next periodic report; the data does not give the content of these filings.