Hanwha Solutions Corp Rights issuance plan finalized at W1.7trn; our thoughts on Tandem Cell’s NASA entry

Research evidence excerpt

Hanwha Solutions Corp Rights issuance plan finalized at W1.7trn; our thoughts on Tandem Cell’s NASA entry

J P M O R G A N Asia Pacific Equity Research

12 June 2026

Hanwha Solutions Corp Overweight

009830.KS, 009830 KS

Rights issuance plan finalized at W1.7trn; our thoughts Price (11 Jun 26):W36,800

on Tandem Cell’s NASA entry Price Target (Jun-27):W60,000

HSC’s W1.7trn rights offering plan has received final regulatory approval, clearing Head of Asia Energy & Chemicals |

a key overhang after three rounds of FSS-driven amendments and a step-down Asia EV Battery

from the original W2.4trn proposal announced in March. Investor reaction was Parsley Ong AC

mildly positive, as HSC reversed the 5% decline intraday to a 3% gain at market (65) 6882-8578

close after the announcement (KOSPI: +0.3%). The approved plan, voluntarily parsley.rh.ong@jpmorgan.com

revised on 26 May, cuts proceeds by W0.1trn versus the prior W1.8trn proposal. J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

HSC will issue 53mn new shares, equivalent to roughly 30% of current common Morgan Broking (Hong Kong) Limited

shares outstanding, with existing shareholder subscription scheduled for 22–23 Michelle Wong

July. The company’s W0.9trn solar technology investment plan remains (852) 2800 8556

unchanged—including tandem pilot line upgrades, tandem mass-production michelle.wong@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

ramp-up, and TOPCon capacity expansion. Meanwhile, out of the company's Morgan Broking (Hong Kong) Limited

unchanged debt repayment obligation of W1.5trn, W0.8trn will now come from Vicky Hsia

equity raise, with the remaining W0.7trn likely from (1) asset sale (47.9% Hanwha (852) 2800 3752