Hanchang한창

Hanchang's share price has collapsed about 99% over the past year, and recent filings flag a possible delisting and a disclaimer-type audit opinion.

Hanchang, a KOSPI-listed retail and trade company, reported trailing twelve-month revenue of about ₩8.3B against an operating loss of about ₩5.6B and a net loss of about ₩9.6B as of H1 2026. The share price closed at ₩11 on 14 October 2026, versus a 52-week high of ₩118, and the company's market value is about ₩232B. The company profile is not included in the data, so its business details cannot be described here.

What stands out

• Revenue fell sharply in 2024 (down 95.3%) and the company has posted operating losses in most recent years, with a trailing operating margin of -66.9%.
• The 2025 annual net income of ₩61.1B was positive, but the trailing twelve months show a net loss of ₩9.6B, so that year's profit does not carry forward.
• Liabilities are about 10.5 times equity and trailing free cash flow is about -₩7.6B; the data shows cash of ₩385B against no listed borrowings, but the balance sheet cannot be fully assessed from this data alone.
• Recent filings include a delisting notice (28 September 2026), a 'complete capital impairment' or adverse audit-type notice in the half-year review (13 August 2026), a debt guarantee decision, fines, several lawsuits, and convertible bond and rights offering decisions that were later amended.
• Foreign ownership fell from 14.7% to 14.1% over 60 days, and the 20-day investor flow data shows net selling from foreign and institutional investors with net buying from retail investors.

What to watch

• Whether the delisting process moves forward, and what the company's filings say about timing and any appeal.
• The outcome of the lawsuits and the fines, and any further filings on debt guarantees or capital raising such as the convertible bonds and rights offering.
• The 5%+ holding report filed on 15 October 2026, which may show who is taking a larger stake; the data does not say who.