Jeong Gi-sun Becomes Second-Largest Shareholder of HD Hyundai... Receives 3.54% Stake from Chung Mong-joon

Gift Valued at 583.8 Billion Won as of August 4

Chung Jeong-sun, Chairman of HD Hyundai, will become the second-largest shareholder of the company after receiving a portion of its shares as a gift from his father, Chung Mong-joon, Chairman of the Asan Foundation.

Jeong Gi-seon, Chairman of HD Hyundai. The Asia Business Daily DB

On August 4, HD Hyundai announced in a regulatory filing that Chairman Chung Mong-joon will transfer 2.8 million shares of HD Hyundai (representing a 3.54% stake) to Chairman Chung Jeong-sun on September 3. Based on the closing price that day (208,500 won per share), the value of the shares to be transferred amounts to 583.8 billion won.

As a result, Chairman Chung Jeong-sun’s ownership stake will increase from 6.12% to 9.67%, making him the second-largest shareholder of HD Hyundai, behind only the National Pension Service (7.12%). At the same time, Chairman Chung Mong-joon’s stake, previously the largest at 26.60%, will decrease to 23.05%.

This is reportedly the first time Chairman Chung Mong-joon is directly transferring shares to Chairman Chung Jeong-sun. Industry observers note that this transfer further solidifies the third-generation owner-management system at HD Hyundai.

Chairman Chung Jeong-sun is the grandson of the late Chung Ju-yung, Honorary Chairman of Hyundai Group, and the eldest son of Chairman Chung Mong-joon, marking him as a third-generation member of the Hyundai family. He is also a cousin of Euisun Chung, Executive Chair of Hyundai Motor Group.

In 2018, Chairman Chung Jeong-sun acquired a 5% stake in Hyundai Robotics (now HD Hyundai) using 300 billion won received from Chairman Chung Mong-joon. He has continued to increase his shareholding since then.

This content was produced with the assistance of AI translation services.