Korean Conglomerates Reshape Overseas Bases... Top 30 Groups Make a "Mass Shift" from China to the U.S.

U.S. affiliates reach 1,308... China's fall to 529
Five largest groups add 648 U.S. affiliates
Hanwha adds 311 U.S. affiliates

The overseas business bases of Korea’s top 30 business groups are shifting from China to the United States. The number of affiliates in the U.S. has increased 3.3-fold in the past 10 years, while the number in China has fallen by 171. Hanwha recorded the largest increase among the 30 groups, adding 311 U.S. affiliates.

According to CEO Score, Corporate Data Research Institute, on Nov. 4, the 28 groups among the top 30 designated large business groups in 2026 for which comparable data were available had 4,935 overseas affiliates as of the end of June. That was an increase of 1,906, or 62.9%, from 3,029 in 2016.

By country, the United States had the most affiliates, with 1,308 (26.5%). The number increased by 914, or 232.0%, from 394 in 2016. The U.S. share of all overseas affiliates also rose from 13.0% to 26.5%.

By contrast, China had 529 affiliates (10.7%), down 171, or 24.4%, from 700 in 2016. China’s share also fell from 23.1% to 10.7%, widening the gap between the number of affiliates in the U.S. and China to 779.

Corporate Data Research Institute CEO Score

The number of affiliates in Vietnam rose by 107, or 93.9%, from 114 to 221. This appears to reflect an increase in local production subsidiaries as Korean companies relocated many of their existing production lines in China to Southeast Asia and other regions with lower labor costs. The number in France also grew from 14 to 189, an approximately 13.5-fold increase.

By group, Hanwha had the most overseas affiliates, with 889. The number rose by 663, or 293.4%, from 226 in 2016. Its U.S. affiliates also increased by 311, from 63 to 374. Samsung followed with 677, SK with 555, Hyundai Motor with 460, and CJ with 377.

The top 10 groups had a combined 4,015 overseas affiliates, accounting for 81.4% of the total. By contrast, Lotte’s overseas affiliates fell by 48, from 287 to 239, while LG’s declined from 335 to 320.

The number of U.S. affiliates held by the five largest groups—Samsung, SK, Hyundai Motor, LG, and Hanwha—increased by 648, from 240 in 2016 to 888 in 2026. Over the same period, their affiliates in China fell by 61, from 330 to 269.

Hanwha recorded the largest increase in U.S. affiliates, adding 311. The number of entities involved in solar power production and sales, power generation projects, and energy storage system (ESS) businesses grew. The acquisition of Philly Shipyard by Hanwha Ocean and Hanwha Systems also contributed to the increase.

SK added 203 U.S. affiliates. Entities involved in batteries, energy solutions, and contract manufacturing of pharmaceuticals were added. Hyundai Motor added 57 through its expansion into automobile production, robotics, and advanced air mobility, while Samsung added 43 through its acquisition of Harman and battery joint ventures. LG added 34 as the number of entities involved in battery production and joint ventures increased.

LG recorded the largest decline in affiliates in China, with a decrease of 35. The sale of LG Display’s Guangzhou LCD business entity and the separation of LX Group from LG were among the factors. SK Group’s affiliates in China also fell by 12, from 86 to 74. Samsung’s affiliates in China declined by eight, from 74 to 66. Hanwha’s affiliates in China also fell by six, from 24 to 18.

CEO Score CEO Jo Wonman said, "As the trade war between the U.S. and China intensified, and reciprocal tariffs became a particular point of contention after the Trump Administration took office, large corporations were found to have shifted many of their overseas bases from China to the United States."

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