Hanwha Solutions Finalizes Rights Offering Terms with Reduced Subscription Price and Volume, Massive Dilution Persists

Hanwha Solutions finalized the terms of its rights offering through a board resolution on July 21, 2026, with major shareholder Hanwha participating.
The final subscription price was set at 22,100 KRW, a 33.6% decrease from the initial indicative price of 33,300 KRW, and the total offering size was reduced to 1.1713 trillion KRW for 53 million new shares.
Hanwha plans to subscribe up to 18,654,715 shares, representing 120% of its allocation, while existing shareholders face a massive dilution risk of 30.8%.
[AI Summary]This amendment finalizes the binding parameters of the rights offering, resulting in dilution exceeding 25% of market cap and a discounted issuance that inevitably harms existing shareholder value. The participation of the largest shareholder supports control stability, but the undisclosed use of the substantial funds raised adds uncertainty.