[On the Brink] Rn2 Technologies ① Subsidiary Loses 4.5 Billion Won in a Year... Funds Remain Unaccounted For

Impairment Recognized Just Six Months After 10 Billion-Won Acquisition

Opaque Fund Flow Through Investment Associations

KOSDAQ-listed company Rn2 Technologies has decided to sell 'Apex Investment,' which it acquired last year for 10 billion won, for 5.5 billion won. This means a loss of 4.5 billion won in just a year, and as it is not clear how the invested capital was managed or the exact causes of the loss, controversy is expected.

According to the Financial Supervisory Service’s electronic disclosure system on August 6, Rn2 Technologies announced on August 3 that it would be disposing of its 100% stake in Apex Investment for 5.5 billion won. The company has received a deposit of 550 million won, and the remaining balance of 4.95 billion won is scheduled to be paid on September 3, at which point the transaction will be completed.

Apex Investment is a new technology financing company. In July 2025, Rn2 Technologies acquired a 100% stake in Apex Investment for 10 billion won. In 2024, Apex Investment recorded sales of 4 billion won and net profit of 1.9 billion won. Its total equity capital stood at 8.75 billion won.

After acquiring Apex Investment, Rn2 Technologies acquired stakes of 99.1% in MJPE Investment Association No. 1 and 91.7% in MH Association, contributing most of the capital to these two associations.

With the capital contributed in this way, Rn2 Technologies attempted to acquire its own convertible bonds (CB). In October 2025, Rn2 Technologies designated MJPE Investment Association No. 1 as the buyer for its 10 billion won seventh issuance of CB. This created a peculiar circular structure, where Rn2 Technologies' second-tier subsidiary attempted to acquire the parent company's convertible bonds. Ultimately, Rn2 Technologies changed the buyer to Baro Savings Bank and also lowered the amount to 6 billion won.

Afterwards, Rn2 Technologies also used these associations to acquire another KOSDAQ-listed company, RnTx. In December 2025, Rn2 Technologies entered into a contract with IWIN, the former largest shareholder of RnTx, to acquire a 28.32% stake in the company at 1,800 won per share, totaling 16.6 billion won. Rn2 Technologies was to invest 6 billion won, while the two associations would each invest 5.3 billion won to acquire the shares.

However, the structure of the contract changed after the settlement date was postponed on January 9, 2026. Rn2 Technologies was to contribute 14.5 billion won, and the two associations would each contribute 1 billion won. The transaction was finalized on January 23, 2026, and Rn2 Technologies became the largest shareholder of RnTx.

Here, Rn2 Technologies did not disclose these two associations as joint holders. When a listed company becomes the largest shareholder, it is required to publicly file a report on the acquisition of a large shareholding. In this report, persons with special relationships must also be listed together. This is because share sales and purchases by the largest shareholder and related parties can influence the stock price. Since Rn2 Technologies did not include these associations in the joint filing, the market has no access to information on share transactions by these associations.

With the details of the investment remaining opaque, Apex Investment's performance continued to deteriorate. As of the end of the previous year, Apex Investment posted a net loss of 800 million won. In addition, 2.7 billion won was recognized as impairment losses, including goodwill amortization. In the first quarter of this year, Apex Investment also recorded a net loss of 1 billion won.

Meanwhile, multiple attempts were made to contact Rn2 Technologies to inquire about the reasons for Apex Investment's losses and the decision to sell the company at a 4.5 billion won discount after just one year, but the company could not be reached.

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