This article was published on July 28, 2026, at 19:21 on Signal, a capital markets compass.
The accounts receivable of Beijing Hanmi, an affiliate of Hanmi Pharmaceutical (128940), reportedly surged from around 20 billion won early this year to about 100 billion won in the second quarter. Most of Beijing Hanmi's accounts receivable arose from Runmeikang, an affiliate of Kori Group, a personal company of Hanmi Pharmaceutical owner-family member and board chairman Lim Jong-yoon. Most of the surging receivables are reportedly unrecovered.
According to investment banking (IB) industry sources on the 28th, Hanmi Pharmaceutical and Hanmi Science (008930) held board meetings that day to review the overall situation regarding Beijing Hanmi's accounts receivable. In particular, Hanmi Pharmaceutical's board reportedly examined the reasons for the sharp increase in receivables and the failure to recover them. Beijing Hanmi's unrecovered receivables ballooned from 20 billion won at the end of the first quarter to 100 billion won in the second quarter. Most arose from transactions with Runmeikang.
Founded in 1996, Beijing Hanmi is regarded as the most successful model among pharmaceutical companies that have entered China. Beijing Hanmi is an independent pharmaceutical company capable of handling all areas from research and development (R&D) to production and sales. It records annual sales of around 400 billion won. Its main products include the children's digestive aid "Mamiai," the cold medicine "Yitanjing," and the adult digestive aid "Maechangan," among some 20 products in total. Beijing Hanmi also possesses new drug development capabilities through its R&D network with Korea's Hanmi Pharmaceutical.
As Beijing Hanmi's unrecovered receivables surge, there are concerns that Hanmi Pharmaceutical's financial burden will increase. Beijing Hanmi is an affiliate in which Hanmi Pharmaceutical holds a 73.7% stake. In the second quarter of this year, Beijing Hanmi posted sales of 60.7 billion won, but operating profit was just 600 million won, a 96.6% plunge from the same period last year. Pre-tax losses turned to a deficit of 1.1 billion won. On top of this, if the "cash-cow subsidiary" Beijing Hanmi fails to recover nearly 100 billion won in accounts receivable, these results would be offset as expenses, likely adversely affecting Hanmi Pharmaceutical's earnings as well. In such a case, considerable backlash from Hanmi Pharmaceutical shareholders is expected.
Beijing Hanmi is currently led by board chairman Lim Jong-yoon, a member of Hanmi Pharmaceutical's owner family. Chairman Lim Jong-yoon recognizes revenue by supplying drugs to Runmeikang. Beijing Hanmi is the connecting link between Hanmi Pharmaceutical and Chairman Lim Jong-yoon. With most of the generated receivables going unrecovered, the leadership of President Hwang Sang-yeon, who took office as CEO early this year, is also said to be put to the test. There is talk that he may not be demonstrating the same subsidiary management ability as former Hanmi Pharmaceutical CEO Park Jae-hyun, a pharmaceutical expert.
The spark of dispute over the shareholders' agreement among the Hanmi Pharmaceutical owner family is currently growing. As Shin Dong-kook, chairman of Hanyang Precision Chemical, continued to buy Hanmi Science shares and rose to become the largest shareholder, the view has gained weight that the shareholders' agreement among Chairman Shin, Hanmi Pharmaceutical Group chairwoman Song Young-sook, vice chairwoman Lim Ju-hyun, and private equity firm La Defense Partners is being shaken. Chairman Shin also purchased Hanmi Science shares from Chairman Lim Jong-yoon's side this year. Chairman Lim Jong-yoon is pursuing the listing of Kori Hong Kong, led by Runmeikang.
According to the Financial Supervisory Service's electronic disclosure system, Chairman Shin Dong-kook's side holds a 29.83% stake, while chairwoman Song Young-sook (3.84%), vice chairwoman Lim Ju-hyun (9.15%), Killington LLC (9.81%), and President Lim Jong-hoon (5.09%) combined amount to only 27.89%, falling short of Chairman Shin's stake. To date, under the shareholders' agreement with chairwoman Song Young-sook, vice chairwoman Lim Ju-hyun, and La Defense Partners, Chairman Shin cannot exercise voting rights individually. One IB industry official said, "Since Chairman Shin Dong-kook actively used even loans to secure his stake, securing a majority and selling would be his only exit strategy."
