New Risk • Jun 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩2.1b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩2.1b free cash flow). Share price has been highly volatile over the past 3 months (32% average weekly change). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩25.0b market cap, or US$16.6m). New Risk • Mar 27
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₩6.3b (US$4.2m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Market cap is less than US$10m (₩14.3b market cap, or US$9.49m). Minor Risk Revenue is less than US$5m (₩6.3b revenue, or US$4.2m). Announcement • Mar 18
HANJOO ART Co.,LTD. announced that it has received KRW 4.565664 billion in funding from Aks Co., Ltd. On March 17, 2026. HANJOO ART Co.,LTD. announced that it has closed the transaction. New Risk • Mar 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Market cap is less than US$10m (₩7.50b market cap, or US$5.13m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Feb 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 29% per year over the past 5 years. Market cap is less than US$10m (₩11.0b market cap, or US$7.69m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). New Risk • Feb 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₩16.0b market cap, or US$11.1m). Announcement • Feb 09
HANJOO ART Co.,LTD. has completed a Follow-on Equity Offering in the amount of KRW 999.999744 million. HANJOO ART Co.,LTD. has completed a Follow-on Equity Offering in the amount of KRW 999.999744 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,302,083
Price\Range: KRW 768 Announcement • Feb 06
HANJOO ART Co.,LTD. has filed a Follow-on Equity Offering in the amount of KRW 999.999744 million. HANJOO ART Co.,LTD. has filed a Follow-on Equity Offering in the amount of KRW 999.999744 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,302,083
Price\Range: KRW 768 Announcement • Jan 20
HANJOO ART Co.,LTD. announced that it has received KRW 3.000000272 billion in funding On January 20, 2026, HANJOO ART Co.,LTD closed and amended the terms of the transaction. The company issued 3,957,784 common shares at a price of KRW 758 per share for aggregate gross proceeds of KRW 3,000,000,272. Announcement • Dec 10
HANJOO ART Co.,LTD. announced that it expects to receive KRW 3.499999812 billion in funding HANJOO ART Co.,LTD. announced a private placement to issue 4,617,414 shares at an issue price of KRW 758 per share for gross proceeds of KRW 3,499,999,812 on December 9, 2025. The transaction will include participation from new investor P&A Fund. The transaction has been approved by shareholders, expected to close on January 20, 2026 and restricted to a hold period. New Risk • Nov 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.5b (US$9.92m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩5.0b free cash flow). Earnings have declined by 29% per year over the past 5 years. Market cap is less than US$10m (₩14.5b market cap, or US$9.92m). New Risk • Aug 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩13.8b (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩5.0b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 29% per year over the past 5 years. Market cap is less than US$10m (₩13.8b market cap, or US$9.95m). New Risk • May 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩2.9b free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 27% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (₩17.9b market cap, or US$12.8m). New Risk • Mar 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩2.9b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩2.9b free cash flow). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (₩14.1b market cap, or US$9.57m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). New Risk • Mar 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₩14.0b (US$9.54m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (₩14.0b market cap, or US$9.54m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). New Risk • Mar 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (₩15.2b market cap, or US$10.4m). Announcement • Mar 13
HANJOO ART Co.,LTD., Annual General Meeting, Mar 28, 2025 HANJOO ART Co.,LTD., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 38, godeokbizvalley-ro, gangdong-gu, seoul South Korea New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 42% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩30.2b market cap, or US$20.7m). New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Shareholders have been diluted in the past year (39% increase in shares outstanding). Market cap is less than US$100m (₩26.1b market cap, or US$18.1m). Board Change • Dec 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Dec 07
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (38% increase in shares outstanding). Market cap is less than US$100m (₩29.2b market cap, or US$20.5m). New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 10% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (₩47.7b market cap, or US$34.9m). Announcement • Apr 24
Enterpartners Co., LTD has filed a Follow-on Equity Offering in the amount of KRW 999.99725 million. Enterpartners Co., LTD has filed a Follow-on Equity Offering in the amount of KRW 999.99725 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 239,750
Price\Range: KRW 4171
Transaction Features: Rights Offering Reported Earnings • Mar 23
Full year 2023 earnings released: ₩619 loss per share (vs ₩1,201 loss in FY 2022) Full year 2023 results: ₩619 loss per share (improved from ₩1,201 loss in FY 2022). Revenue: ₩10.5b (down 5.7% from FY 2022). Net loss: ₩5.84b (loss narrowed 27% from FY 2022). Board Change • Dec 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jul 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 56% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩39.6b market cap, or US$30.9m). Announcement • Jul 08
Enterpartners Co., LTD (KOSDAQ:A058450) completed the acquisition of Studio The Black Co., Ltd. from Ahn Chang-ho. Enterpartners Co., LTD (KOSDAQ:A058450) agreed to acquire Studio The Black Co., Ltd. from Ahn Chang-ho for KRW 9 billion on June 7, 2023. The transaction is expected to close on July 6, 2023. Enterpartners Co., LTD (KOSDAQ:A058450) completed the acquisition of Studio The Black Co., Ltd. from Ahn Chang-ho on July 6, 2023. Announcement • Jul 07
Enterpartners Co., LTD announced that it has received KRW 2.49999933 billion in funding On July 6, 2023, Enterpartners Co., LTD closed the transaction. Announcement • Jun 09
Enterpartners Co., LTD (KOSDAQ:A058450) agreed to acquire Studio The Black Co., Ltd. from Ahn Chang-ho for KRW 9 billion Enterpartners Co., LTD (KOSDAQ:A058450) agreed to acquire Studio The Black Co., Ltd. from Ahn Chang-ho for KRW 9 billion on June 7, 2023. The transaction is expected to close on July 6, 2023. Announcement • Jun 08
Enterpartners Co., LTD announced that it expects to receive KRW 2.49999933 billion in funding Enterpartners Co., LTD announced a private placement of 2,824,858 common shares at an issue price of KRW 885 per share for gross proceeds of KRW 2,499,999,330 on June 7, 2023. The transaction will include participation from individual investor, Changho Ahn for 2,824,858 shares. The transaction has been approved by board of directors of the company. The expected date of payment is July 6, 2023. The securities have a hold period of one year. The expected date of payment is July 6, 2023. The method of capital increase is through third party allocation. Announcement • Jan 18
ILYA Co., Ltd has completed a Follow-on Equity Offering in the amount of KRW 999.18 million. ILYA Co., Ltd has completed a Follow-on Equity Offering in the amount of KRW 999.18 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 819,000
Price\Range: KRW 1220
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 20% share price gain to ₩1,745, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 42% over the past three years. Announcement • Nov 16
ILYA Co., Ltd announced that it expects to receive KRW 13.599899939 billion in funding ILYA Co., Ltd announced a private placement of 14,994,377 common shares at issue price of KRW 907 per share for gross proceeds of KRW 13,599,899,939 on November 14, 2022. The transaction includes participation from Ritco Fund. The transaction is expected to close on February 17, 2023. The transaction has been approved by the board of directors of the company. The shares to be issued shall have a hold period of 1 year from the closing. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 16% share price gain to ₩812, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 13x in the Chemicals industry in South Korea. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩552, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 12x in the Chemicals industry in South Korea. Total loss to shareholders of 56% over the past three years. Reported Earnings • May 19
First quarter 2022 earnings released: ₩1.50 loss per share (vs ₩33.00 loss in 1Q 2021) First quarter 2022 results: ₩1.50 loss per share (up from ₩33.00 loss in 1Q 2021). Revenue: ₩3.32b (up 80% from 1Q 2021). Net loss: ₩49.7m (loss narrowed 94% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Board Change • May 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
