Hyper Corporation Announces Rights Offering... Exposed to Massive Dilution and Financial Risks

4 consecutive years of operating losses (KRW -4.3bn in 2025) and net losses
Debt-to-equity ratio 226.25% (Q1 2026), loan dependency 53.04%
Current capital increase ratio 70.34%, causing severe dilution for existing shareholders
Coupang accounts for 78.59% of sales (2025), single-customer concentration risk
Largest shareholder changed 4 times in 10 years, undermining management stability
Outstanding convertible bonds worth KRW 10.3bn; early redemption obligation on 16th CB due to loss of term benefit
Negative operating cash flow for 4 consecutive years (KRW -8.3bn in 2025)
Low inventory allowance ratio of 0.54%, but trade receivables allowance ratio of 42.34%
Designated as 'investment caution stock' 9 times and 'investment warning stock' once
Continued cost burden if new drug development division sale is delayed