Hanjin KAL Corp., the holding company of South Korea’s Hanjin Group, saw its shares soar past the daily limit on Tuesday morning following speculation over a potential proxy fight with Hoban Construction Co., which recently increased its stake in the company.

The shares were trading at 108,500 won ($77) as of 10:52 a.m. on Tuesday, up 21.64 percent from the previous session, after hitting the upper limit of 115,900 won earlier. Its preferred shares also hit the ceiling at 29,700 won, up 29.98 percent.

The surge came after Hoban Construction disclosed that it increased its ownership in Hanjin KAL from 17.44 percent to 18.46 percent, including shares held by related parties. While Hanjin Group Chairman Cho Won-tae and his affiliates hold a 30.54 percent stake, excluding shares held by state-run Korea Development Bank (10.58 percent), the gap between the two parties narrows to just 1.5 percentage points.

Hoban maintained that the acquisition was purely for investment purposes, but industry watchers are raising concerns over a potential battle for control between the two parties.

Hoban voted against a proposal to raise the director’s compensation cap from 9 billion won to 12 billion won at the Hanjin KAL shareholders’ meeting in March 2025.

Meanwhile, financial firm Mason Capital saw its shares jump over 16 percent after news broke that consumer finance company Leadcorp would acquire it.

Mason Capital shares were up 16.31 percent at 378 won as of 10:53 a.m., after hitting the daily ceiling of 422 won earlier in the session.

Leadcorp disclosed on Monday that it signed a stock purchase agreement to acquire 47.3 percent of Mason Capital’s common shares to secure management control. The acquisition is part of Leadcorp’s strategy to diversify its business and secure future growth engines.

Hanjin KAL shares closed at 115,900 won, and Mason Capital shares closed at 383 won.

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