KB No.29 Special Purpose AcquisitionKB제29호스팩

KB No.29 is a shell SPAC with no revenue, no merger target yet, and a share price that has barely moved over a year.

The company is a special purpose acquisition company listed in June 2024 whose only business is to find and merge with a target company. As of the latest half-year data it has no revenue, a small operating loss, and net income driven by non-operating items, and it has not yet selected or negotiated with any target. The share price closed at ₩2,065, within a narrow 52-week range of ₩2,005 to ₩2,135.

What stands out

• Revenue is zero in both 2024 and 2025 and in the trailing twelve months to H1 2026, so there is no operating business to assess.
• Operating loss was about ₩35M on a trailing basis, while reported net income of about ₩217M is positive, which the data does not explain in detail.
• Borrowings are about ₩2.1B against cash of about ₩193M, with liabilities at 17.3% of equity, and the data does not describe the terms of these borrowings.
• The stock trades near book value (P/B about 1.0x) with a trailing P/E of about 59x, and pays no dividend.
• Several 5%+ holding reports were filed between September and October 2026, and foreign ownership is only 0.5%, with the 20-day retail flow net negative.

What to watch

• Any announcement of a selected merger target, since the filings and profile say none has been chosen yet.
• The next quarterly report and any further 5%+ holding reports, which could signal changes in shareholder base.
• Changes to the deposit and trust arrangements filed in June 2026, and whether the borrowings or cash position change.