Hyundai Motor Group is Boston owned by Softbank GroupIt will buy all of the remaining shares (9.65%)..
Hyundai Motor Group is Boston owned by Softbank GroupIt will buy all of the remaining shares (9.65%) of Imix and incorporate them into 100% subsidiaries. It's Boston at SoftBank in June 2021It is the first independent management in five years since the acquisition of Lee Na-mix. Through this, it plans to internalize its own physical artificial intelligence (AI) technology and accelerate the development of next-generation humanoids. An official from the robot industry said, "The incorporation of Boston Dynamics' complete subsidiary is a signal that Hyundai Motor Group has launched to take a leap forward in the robotics industry," but added, "The key is how quickly we can secure manpower and technology to speed up the commercialization of robots." ◆ Hyundai Motor Co. Strengthens Robots' Dominance The industry evaluates that the acquisition of the stake could be a poison or medicine for Hyundai Motor Group. The advantage is BostonBy having ImaMix as a complete subsidiary, Softbank, a competitor in the robot sector, will be able to push ahead with its management plan without worrying about intervening. It is also worth evaluating that it has secured a remaining stake in SoftBank at a price significantly lower than its current corporate value. The equity acquisition put option (right to trade shares on set terms) signed with SoftBank will be traded at the price set at the time of the 2021 contract. Boston as interest in physical AI has exploded this yearLee Na-mix's ransom has increased 24 times. The corporate value, which was only $1.1 billion (KRW 1.25 trillion at the time) when Hyundai Motor Group bought it from Softbank in 2021, increased to KRW 30 trillion (Hyundai Motor Group's estimate) last year. As a result, it will be able to make about 2.5 trillion won in profits by acquiring the remaining stake in Softbank worth about 500 billion won. ◆ Sales of performance and robot research institutes are challenging The downside is performance. Although the humanoid market is growing, it is difficult to guarantee whether it can lead to actual profits through fierce competition. It's Boston with no full-scale commercialization yetLee Na-mix has been making losses since Hyundai Motor Group took over. Net loss in 2022 was KRW 254 billion, but the scale is gradually increasing to KRW 336 billion in 2023, KRW 441 billion in 2024, and KRW 528.4 billion last year. This is why Softbank initially signed a put option contract with Hyundai Motor Group. Although the outlook for the mid- to long-term robot industry is promising, it is not clear whether it will be able to make significant profits right away, so it is a kind of "insurance" to sell its stake back to Hyundai Motor Group. In addition, Hyundai Motor Group's sale of its stake in the robot and AI research institute "RAI Institute," which was established with Boston Dynamics in 2022, to Softbank for about $100 million (153.8 billion won). Hyundai Motor Group invested $424 million in 2022 to buy a stake in RAI Institute. It will lower it by $324 million (KRW 500 billion) and sell it to Softbank for $100 million. As Hyundai Motor Group profits from put options, it is reported that the two companies have agreed to trade at a discounted price in the sale of its stake in RAI. In the industry, Hyundai Motor Group is BostonIt is seen as a step toward consolidating capabilities with NaMix's own research institute. However, there are concerns that the sale of RAI Institute may lose its prior technology. An official from the business community said, "With this deal, Hyundai Motor Group has given up some of its technology to Softbank instead of obtaining funds and complete management rights." ◆ The outlook for future IPOs in the U.S The incorporation of the complete subsidiary of Boston Dynamics is an important process to solidify the governance structure of Hyundai Motor Group Chairman Chung Eui-sun. As Chairman Chung Eui-sun settles down his governance structure in the future, he needs tens of trillions of won to pay inheritance tax following the succession of Chung Mong-koo, honorary chairman of Hyundai Motor Group. Boston Dynamics' listing on the Nasdaq in the U.S. could serve as a way for Chairman Chung to hold stable funds through old stock sales. Hyundai Motor Group is the only conglomerate among the nation's top 10 conglomerates to fail to resolve its circular shareholding structure. 1Hyundai Mobis → Hyundai Motor → Kia → Hyundai Mobis 2 Hyundai Motor → Kia → Hyundai Steel → Hyundai Motor → Hyundai Motor → Hyundai Glovis → Hyundai Motor 4 Hyundai Motor → Hyundai Steel → Hyundai Mobis → Hyundai Motor. Hyundai Mobis serves as a holding company for Hyundai Motor and plays a key role in the circular investment chain. Therefore, in order to stabilize the governance structure, Chairman Chung must increase his stake in Hyundai Mobis. The problem is that Hyundai Motor Group switched to Chung's system in 2020, but its stake in key affiliates is low, with Chung's stake in Hyundai Mobis standing at 0.33%. Even if Chung's stake in honorary chairman Chung is added, it is far below Kia's largest shareholder (17.66%). In order for Chairman Chung to succeed in management in a stable manner, he needs to break up the complicated circular investment structure and raise his stake around Hyundai Mobis. Inheritance tax is also a challenge. Honorary Chairman Chung's stake in affiliates such as Hyundai Motor, Hyundai Mobis, and Hyundai Steel is estimated to exceed 10 trillion won. It is observed that the total tax burden could be more than 6 trillion won if the largest shareholder premium is applied. Hyundai Motor Group is Boston in the investment banking industryIt is expected to be listed on Nasdaq around 2028, when the actual deployment of the mix humanoid robot "Atlas" begins. Some analysts say that the corporate value, which is currently around 30 trillion won, will exceed 100 trillion won in the process of being listed due to the growth of the robot industry. Based on this, it's BostonChairman Chung, who holds a 22.6% stake in ImaMix, is expected to secure more than 20 trillion won in funds. Based on this, it is expected to speed up the succession of shares and reorganization of the group's governance structure.
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