BlackRock's Samsung stake surpasses Lee family as KOSPI soars

BlackRock headquarters in New York Courtesy of BlackRock — BlackRock headquarters in New York/ Courtesy of BlackRock

SEOUL, September 25 (AJP) - Samsung Electronics Co. remains a top pick for BlackRock Inc., which has reaped outsized gains from its bullish bet on the KOSPI — this year's best-performing major equity index globally. The world's largest asset manager now holds a larger stake in Korea's chip titan than the controlling Lee family.

BlackRock owns 5.07 percent of Samsung Electronics, a position valued at 25.4 trillion won ($18.1 billion) based on Tuesday's closing price of 85,400 won per share. By comparison, the combined holdings of Samsung Electronics Chairman Lee Jae-yong and other Samsung family members are worth 24.6 trillion won.

In its latest disclosure to the Financial Supervisory Service, BlackRock reported ownership of more than 5 percent in 10 listed companies, including Korea's four major financial holding groups, representing 1.1 percent of total KOSPI market capitalization. Crossing the 5 percent threshold grants the firm voting rights in shareholder decisions.

During the 2024 to 2025 proxy season, BlackRock Fund Advisors supported about 89 percent of management proposals but backed only 90 percent of director appointments, signaling more assertive shareholder engagement, particularly on board independence.

The U.S. asset manager has also drawn attention in Korea by signing a memorandum of understanding with the Ministry of Science and ICT on artificial intelligence investment — a move that could lead to multibillion-dollar projects in the country.

Kim Dong-young davekim0807@ajupress.com