Hanwha Plus No 5 Special Purpose Acquisition한화플러스제5호스팩

Hanwha Plus No 5 is a small SPAC with no revenue, a merger process under way, and a share price near ₩2,625.

This is a blank-cheque company (SPAC) listed on KOSDAQ in March 2025 whose only purpose is to merge with an unlisted company. Its latest filings concern a merger decision and a shareholders' meeting, but the data does not name the merger partner, and the profile says no specific target has been identified. Its market value is about ₩13.0B, with ₩2.19B in cash and ₩2.03B in borrowings.

What stands out

• The company reports no revenue. Its trailing operating loss is about ₩88M, while trailing net income is about ₩73M, so the profit appears to come from non-operating items, which the data does not break down.
• Full-year 2025 shows an operating loss of about ₩212M and a net loss of about ₩56M, so results have been loss-making at the operating level.
• Filings show several amended merger decisions (September and October 2026), a called shareholders' meeting and a record-date notice, which suggests the merger process is advancing, though the target is not identified in the data.
• The shares are up 5.8% over one month and 7.4% over one year, and trade about 9% below the 52-week high of ₩2,890. The 52-week low is shown as ₩0, which looks like a data gap.
• Valuation metrics are not very meaningful for a SPAC: P/E is about 179 and P/B about 1.3, and the large brokerage peers in the data are not comparable businesses.

What to watch

• The name and terms of any merger target, and the outcome of the shareholders' meeting and merger vote, which the data does not yet provide.
• Any further filings on the merger, trading halts, or changes to the record date, as these would signal the next stage of the process.
• The company's cash and borrowings and whether its interest income keeps its net result positive while it has no operating business.