Daou Data, the largest shareholder of Daou Technology, pledged over half of its Daou Technology shares as collateral to financial institutions, according to a disclosure filing submitted to the Financial Supervisory Service's electronic disclosure system on the 7th. The collateral totals 10.3 million shares, representing 50.79% of Daou Data's 20.278 million share holdings in Daou Technology. Of the pledged shares, 9.3 million support Daou Data's own borrowing of 67 billion won, while 100,000 shares back a 14.9 billion won loan for affiliate Kidari Studio. Daou Technology serves as the largest shareholder of Kiwoom Securities with a 42.48% stake, making the collateral arrangement significant for the brokerage's governance chain despite not directly involving Kiwoom shares.
Daou Data Pledges 10.3 Million Shares Across Four Lenders
Daou Data filed a major shareholding report citing changes to its collateral agreement for Daou Technology shares. The 10.3 million pledged shares remain unchanged from the previous report. The 9.3 million shares supporting Daou Data's own borrowing are distributed as follows: 1 million shares to Woori Bank, 2 million to NH Nonghyup Bank, 2.8 million to KB Kookmin Bank, and 3.5 million to Korea Securities Finance Corporation. Related borrowings listed in the Q1 report total 67 billion won: 10 billion won from Woori Bank, 12 billion from NH Nonghyup Bank, 15 billion from KB Kookmin Bank, and 30 billion from Korea Securities Finance Corporation. The disclosure states the borrowing purpose as general funds.
The remaining 100,000 shares support Kidari Studio's 14.9 billion won operating funds loan from Korea Securities Finance Corporation. The collateral holders are Woori Bank, NH Nonghyup Bank, KB Kookmin Bank, and Korea Securities Finance Corporation — all financial institutions rather than private equity or strategic investors. Daou Data retains 9.978 million unpledged shares, representing 49.21% of its holdings.
Kiwoom Securities Governance Chain Tied to Collateral Structure
Daou Data's borrowings do not appear as liabilities on Kiwoom Securities' financial statements, and the collateral involves Daou Technology shares rather than Kiwoom shares directly. Changes to the collateral agreement would first affect Daou Data's stake in Daou Technology. Daou Technology held 11.134 million voting common shares of Kiwoom Securities as of Q1, representing a 42.48% stake. Combined with special related parties, the total holding is 11.143 million shares with a 42.51% stake.
Kiwoom Securities canceled all 900,457 treasury shares in March. The largest shareholder and related parties' combined holdings decreased by 200 shares from year-end, but the ownership ratio rose from 41.59% to 42.51% due to the reduced share count. While the largest shareholder did not acquire additional shares, the treasury cancellation arithmetically increased Daou Technology's ownership percentage in Kiwoom Securities.
Emoney Pledges 47.74% of Daou Data Shares as Upstream Collateral
Collateral arrangements extend one tier above Daou Data. Emoney, the largest shareholder of Daou Data, pledged 5.77 million of its 12.086 million Daou Data shares to Korea Securities Finance Corporation and Korea Development Bank. This represents 47.74% of Emoney's holdings. Related borrowings total 26 billion won with a collateral value set at 85.962 billion won. The governance chain from Emoney through Daou Data and Daou Technology to Kiwoom Securities now has approximately half the shares at two levels tied to financial institution collateral contracts.
Financial industry observers note that while separate from Kiwoom Securities' operating performance or financial soundness, the use of governance-linking shares for parent company borrowing and affiliate support warrants attention. Assessments focus on how borrowing scale and collateral terms change during contract renewals as indicators of upper-tier governance stability.
FAQ
What percentage of Daou Data's Daou Technology shares are pledged as collateral?
Daou Data pledged 10.3 million shares, representing 50.79% of its 20.278 million share holdings in Daou Technology, according to the disclosure filed on the 7th.
How much did Daou Data borrow using Daou Technology shares as collateral?
Daou Data borrowed 67 billion won from four lenders: 10 billion won from Woori Bank, 12 billion from NH Nonghyup Bank, 15 billion from KB Kookmin Bank, and 30 billion from Korea Securities Finance Corporation, as stated in the Q1 report.
What is Daou Technology's ownership stake in Kiwoom Securities?
Daou Technology held 11.134 million voting common shares of Kiwoom Securities as of Q1, representing a 42.48% stake, with the largest shareholder and special related parties' combined stake at 42.51%.
