Alpha Asset Management, a private equity fund led by actress Jun Ji Hyun’s husband Choi Joon Hyuk, is grappling with a 45% loss on its investment in Wemade, as the company’s cryptocurrency Wemix faces its second delisting.
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South Korean actress Jun Ji Hyun. Photo from Instagram/sassy_girl_junjihyun |
According to Chosun Biz, the fund purchased 15 billion won and 20 billion won worth of Wemade shares in Oct. 2023 and Jan. 2024 respectively. At the time, the shares were valued at 34,894 won (US$25.8) and 63,887 won, but the current price has dropped to approximately 25,000 won, resulting in a valuation loss of 15.8 billion won.
The second delisting of Wemix from domestic cryptocurrency exchanges, following its initial delisting in Dec. 2022 and resulting from a loss of 9 billion won worth of the virtual currency due to a hacking incident in February, has dampened hopes for a rebound in Wemade’s stock value, experts say. Despite these setbacks, Wemade has stated that it “remains firmly committed to Wemix and its blockchain business” and will “actively pursue various initiatives, including additional listings on global exchanges,” according to The Korea Times.
Its other investors, including Pactus Company and Hanwha Investment & Securities, have also experienced losses, with their combined valuation loss nearing 12 billion won.
Alpha Asset Management was founded in 2002 by Choi’s father Choi Gon, a former chairman of an international steel manufacturer. The firm currently manages assets exceeding 1 trillion won.
Choi, 44, has an extensive background in finance, having served as the head of the derivatives division at Bank of America’s Seoul branch before becoming CEO of Alpha Asset Management in 2019.
Choi married Jun, also 44, in 2012.
Jun made her screen debut in 1998 and rose to fame with her role in the 2001 romantic comedy film “My Sassy Girl,” which played a significant role in the international success of South Korean cinema.