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Cho Jung-ho, chairman of Meritz Financial Group. (Photo=Meritz Financial Group) |
[Alpha Biz= Paul Lee] Cho Jung-ho, chairman of Meritz Financial Group, has overtaken Samsung Electronics chairman Lee Jae-yong to become the richest stockholder in South Korea.
According to a report by the Korea CXO Research Institute on Thursday, Cho’s stock valuation is estimated at 12.4334 trillion KRW, which is 2.2% more than Lee's stock assets, valued at 12.1666 trillion KRW.
This shift is attributed to the struggles of Lee’s key stock holdings, such as Samsung Electronics, Samsung Life Insurance, and Samsung C&T, while Meritz Financial Group has been making significant strides.
Cho is reported to own 97,747,034 shares of Meritz Financial Group.
At the beginning of last year, Cho's stock value stood at 5.7475 trillion KRW, and the gap with Lee, who held 14.8673 trillion KRW in stock assets, was 100 to 38.7. However, Cho’s stock value began to rise rapidly, entering the "10 trillion KRW club" in October, and last month his stock assets surpassed 12 trillion KRW, significantly narrowing the gap with Lee.
As of February 20, the stock asset gap between the two was 100 to 91.2, and today, Cho has successfully surpassed Lee with a ratio of 100 to 102.2.
Meritz Financial Group’s market capitalization ranking, which was 34th in early January of last year, now ranks 15th as of today, entering the top 10 in terms of market size. Its market value has grown from 11.9582 trillion KRW to 24.2595 trillion KRW during this period.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
