Shinhan 12th Special Purpose Acquisition신한제12호스팩

A shell SPAC with no operations, trading near its 52-week high, with a merger that was cancelled in March 2026 and no new target confirmed.

Shinhan 12th Special Purpose Acquisition is a blank-cheque company whose only purpose is to merge with an unnamed private business after its KOSDAQ listing. Its share price was ₩2,085 on 23 October 2026, giving a market value of about ₩11.5B, and it has no revenue or dividends. The data shows no confirmed merger target or schedule.

What stands out

• Revenue is not reported, and operating income is negative, at about -₩43M over the twelve months to H1 2026, while net income was positive at about ₩150M, likely from non-operating items.
• Cash of about ₩2.3B exceeds the ₩2.0B of borrowings in the data, and liabilities are 17.3% of equity.
• A merger decision filed in March 2026 was cancelled or invalidated the same month, and a trading halt was recorded on 17 March.
• A September 2026 notice flagged the stock as under risk of administrative issue designation, and an October filing concerned changes to the deposit and trust agreement.
• Price moved only 0.2% over one month, 1% over three months and 0% over one year; the stock sits just below its ₩2,130 52-week high.
• Foreign ownership rose from 1.0% to 0.8% over the last 60 days, and the 20-day flows show retail selling of about ₩107B against institutional buying of about ₩104B.

What to watch

• Whether the company names a new merger target, since the data says none is confirmed.
• Any further notice on the administrative issue designation risk flagged in September 2026.
• The next half-year or annual filings, which would show whether cash is being used or kept for a future deal.