Hanwha rose 29% to ₩124,900 by 9:12 a.m. on August 25 as trading resumed after its August 1 spin-off. The surviving company retained stakes in Hanwha Aerospace, Hanwha Ocean, Hanwha Solutions and Hanwha Life Insurance, while Hanwha Machinery & Service Holdings received Hanwha Vision, Hanwha Galleria, Hanwha Hotels & Resorts, Hanwha Momentum, Hanwha Robotics and approximately ₩100 billion in cash. Analysts said the restructuring could narrow Hanwha’s holding company discount by reducing the impact of unlisted subsidiaries and concentrating about 80% of listed subsidiary value in defense-related assets. Hanwha Machinery & Service Holdings rose 26%, triggering a static volatility interruption. Mirae Asset Securities maintained its Buy rating and raised its target price from ₩100,700 to ₩185,000. The firm estimated net asset value at ₩18.12 trillion and forecast the discount to narrow from 54.75% to 50.85% over 12 months. Hanwha’s second-quarter consolidated profit reached a record ₩2.41 trillion, up 80% year over year, while shareholder-return measures including a minimum dividend of ₩1,000 per share and the cancellation of treasury and preferred shares were expected to support a revaluation.