[비즈한국] Recent changes have occurred within the board of directors at the virtual asset exchange Coinone. Kim Chang-hwan, a non-executive director at Coinone and an official from the second-largest shareholder, Com2uS078340 Group, has been appointed as an executive director. Coinone explained that Director Kim was appointed on an interim basis to meet the required number of executive directors. It is not unusual for a Com2uS representative to participate in the Coinone board. However, with recent rumors circulating in the financial sector regarding an acquisition of Coinone by Korea Investment & Securities, it is uncertain whether the Com2uS Group will be able to exert the same level of influence on Coinone post-acquisition.
Coinone's shareholders consist of: The One Group (34.30%), Com2uS Holdings063080 (21.95%), Coinone CEO Cha Myung-hoon (19.14%), and Com2uS Plus (16.47%). The One Group is a company where CEO Cha Myung-hoon is the largest shareholder. Therefore, CEO Cha is the largest shareholder of Coinone, while the Com2uS Group is the second-largest.
According to the corporate registry, Coinone non-executive director Kim Chang-hwan took office as an executive director on April 1. A non-executive director is an individual who does not engage in the company's day-to-day management and generally does not work on-site at the company. In contrast, an executive director works on-site to handle management duties. Director Kim Chang-hwan currently serves as an executive at Com2uS. He is in a position to represent Com2uS’s interests on the Coinone board.
Coinone stated that Director Kim took on the role of executive director on an interim basis. A Coinone official explained, "Following the recent resignation of former co-CEO Lee Sung-hyun, he was appointed temporarily to meet the required number of executive directors," adding, "Once a new executive director is appointed, Director Kim Chang-hwan will return to his role as a non-executive director."
The fact that a Com2uS official serves as an executive or non-executive director suggests that Com2uS is involved in Coinone’s management to some extent. However, recent observations suggest potential changes in Coinone's management control. There is concrete talk about Korea Investment & Securities pursuing an acquisition of Coinone.
If Korea Investment & Securities were to acquire only the stake held by CEO Cha Myung-hoon's side, they would exceed a 50% majority stake, allowing them to lead Coinone's management. In this scenario, Com2uS’s calculations could become complex. While Com2uS holds a significant stake in Coinone, their influence could be reduced compared to the present, depending on the stance of Korea Investment & Securities. Consequently, some speculate that Com2uS might sell its stake in Coinone.
The involved parties maintain that nothing has been decided. Com2uS has not issued a specific statement regarding the sale of its Coinone stake. An official from Korea Investment & Securities stated, "We are reviewing various options, but nothing has been confirmed." A Coinone official also explained, "As interest in the virtual asset industry has recently increased, we are receiving various proposals for collaboration," adding, "While we have discussed collaboration with various entities while keeping all possibilities open, no specific collaboration model, method, or partner has been decided at all."