Expertise
ความเชี่ยวชาญ
In the 22 years since its founding in 2004, BNB Asset Management has worked in a single field: IPOs. The scope of our business has grown, but what we study has stayed the same: companies preparing to list, and companies that have just entered the market.
ฉบับภาษาไทยของหน้านี้กำลังจัดทำ ขณะนี้แสดงเนื้อหาเป็นภาษาอังกฤษ
One Path
22 Years, One Field
BNB was founded in 2004 as an IPO and Pre-IPO investment firm. It then registered, in turn, as an investment advisory business (2010), a discretionary investment management business (2015), and a general private collective investment business (2019). With each registration, what changed was not our field but the way we serve clients: we have offered the same expertise to institutional investors through advisory and discretionary mandates, and to qualified investors through general private funds.
Staying in one field for a long time is not conspicuous. But the experience gathered across many years of IPO markets becomes the standard for the next decision.
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2004.01
Incorporation
Founded as an IPO and Pre-IPO investment firm
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2010.01
Registration for Investment Advisory
IPO investment advisory for institutional investors (registered 2010-01-29)
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2015.10
Registration for Discretionary Investment Management
IPO discretionary management for institutional investors (registered 2015-10-02)
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2019.01
Registration for General Private Collective Investment
Management of general private IPO funds (registered 2019-01-31); company name changed to BNB Asset Management Co., Ltd.
- Sources: company history on our website; financial investment business report (Q4 FY2025). The 22 years refer to the period from our founding in 2004 to 2026.
Around the IPO Lifecycle
Before and After Listing, as One Flow
BNB's expertise lies in seeing the period from a company's preparation for listing to its life after listing as a single flow. We examine companies at every stage by the same standards and the same procedures.
As of October 13, 2026, all 17 funds listed on our website include IPOs in their principal strategy (based on data provided by the fund administrator, Shinhan Fund Partners).
Pre-IPO
Before listing
We assess the value of unlisted companies preparing to list together with their likelihood of listing and the timing of exit. Because these assets have no market price, they are valued using the fair-value methodology set by the Collective Investment Property Valuation Committee.
IPO
Offering participation
We participate as an institutional investor in the offerings of newly listing companies. Alongside company fundamentals, we analyze IPO market sentiment, the supply-demand environment, and price attractiveness relative to the peer group from multiple angles.
Post-IPO
After listing
We steadily review changes in companies' results and in the market's assessment after listing. We set exit strategies taking into account each company's results and events, industry conditions, and the macroeconomic environment.
Mezzanine · SPAC
Listed-company mezzanine, SPACs
We apply the same perspective to mezzanine securities of listed companies, such as convertible bonds (CB), bonds with warrants (BW), and exchangeable bonds (EB), and to special purpose acquisition companies (SPACs).
One Expertise, Three Channels
One Expertise, Three Ways to Work With Us
BNB delivers the same IPO expertise to clients in three ways. They differ in who makes the investment decision, who executes it and where the assets are held. The differences are set out below so that you can judge which suits your objectives and circumstances.
| Aspect | Investment advisory | Discretionary management | General private funds |
|---|---|---|---|
| Registered | 2010-01-29 | 2015-10-02 | 2019-01-31 |
| For | General investors and professional institutional investors | Professional institutional investors under Article 271(1) of the Enforcement Decree of the FSCMA | Qualified investors (professional investors, or general investors investing at least the minimum of KRW 300 million) |
| Investment decision | The client (BNB provides analysis and opinions) | BNB (within the scope delegated under the contract) | BNB (within the scope set by the collective investment rules) |
| Trade execution | The client | BNB | BNB |
| Custody of assets | The client (BNB holds no assets) | An account in the client's name | Held as fund property by the trustee |
| Scope | IPO shares, linked Pre-IPO and mezzanine investments, secondary-market trading after listing | IPO shares, linked Pre-IPO and mezzanine investments, secondary-market trading after listing | IPO-centered; by fund, Pre/Post-IPO, listed-company mezzanine, SPAC, FoF |
- Sources: investment advisory and discretionary management service pages and the fund guide on our website; business report (FY2025 Q4); fund list on our website (as of 2026-10-13).
- The specific scope and terms of advisory and discretionary services are set by contract. General private funds are open to qualified investors only.
Process & Roles
Five Stages, Each With Its Own Role
At each stage of the investment process, there is a unit that does the work and a unit that verifies it. Separating the role of judging from the role of checking is how BNB organizes its expertise.
| Stage | What happens | Responsible units and committees |
|---|---|---|
| STEP 1 Preliminary Corporate Valuation Research | Research into potential investment targets from Pre-IPO to Post-IPO; management meetings and attendance at official IR sessions |
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| STEP 2 Comprehensive Valuation Analysis | Combined analysis of company fundamentals, supply and demand in the IPO market, and price attractiveness relative to the peer group |
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| STEP 3 Investment Review & Strategy Formulation | Decisions on whether to invest in each issue and on scenario-based trading strategies; prior confirmation of investment appropriateness and compliance with laws and internal rules |
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| STEP 4 Strategic Execution | Trade execution and portfolio management within risk limits; real-time monitoring |
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| STEP 5 Exit Strategy & Post-Investment Management | Exit strategy for each position, application of the loss-cut principle, post-investment monitoring and internal audit |
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- The assignment of units to each stage is based on the Investment Process and the internal control process by investment stage described on our website.
From Decision to Execution
From Decision to Execution, Fairly
Even a sound decision can change what each client receives if it is not executed fairly—especially in IPO management, where several funds may receive shares in the same offering. BNB adopted its Pre-Allocation Regulation in 2019, amended it in 2020 and has disclosed it on its website, setting out in rules how a decision is carried into execution.
Allocation is set before the order
When the company acquires or disposes of assets in its own name, an order sheet and an asset allocation statement for each fund are prepared in the system before trading. Executed results are divided among the funds according to the statement set in advance, so that no particular fund or beneficiary is favored or disadvantaged.
When less is filled than ordered
When the executed quantity falls short of the order—as with IPO allocations—the shares are allocated according to priorities specified in advance by the portfolio manager, with confirmation by the Compliance Officer. Supporting records are retained.
The person who decides and the person who trades
The roles of portfolio manager and trader are separated. Traders execute orders based on order sheets prepared in advance by portfolio managers and keep records of filled and unfilled orders.
Corrections only with approval
If an allocation must be corrected after execution for an unavoidable reason such as a system error, prior approval from the Compliance Officer is required, and the correction is recorded in the system.
The same standard for discretionary assets
The regulation applies mutatis mutandis when discretionary investment assets are pre-allocated. The compliance function regularly inspects how pre-allocation work is handled.
- Source: BNB Asset Management Pre-Allocation Regulation (adopted 2019-01-17, amended 2020-06-24; posted in website notices).
Organization
Where Our Expertise Sits
BNB's organization is divided into investment management, the management functions that support it, and the compliance function that provides a check on it. As of March 31, 2026, 18 people work across five departments, of whom 7 are investment professionals (per our business report).
Board of Directors · Statutory Auditor · CEO
Chief Operating Officer
The Board of Directors oversees management and the statutory auditor audits operations and accounts, while the CEO and the Chief Operating Officer lead each division and team.
Asset Management Division
Asset Management Team
Responsible for the entire investment process, from company research, valuation, and investment strategy to trade execution and post-investment management.
Management Division
Operations Support Team · Management Support Team
Supports investment operations and maintains the foundations of the Company's operations, so that the investment team can concentrate on its core work.
Compliance Officer · Compliance Team
Compliance
The Compliance Officer also serves as Chief Risk Officer (CRO) and Chief Privacy Officer. Together with the Compliance Team, the Compliance Officer carries out compliance reviews and internal audits before, at the time of, and after investment.
Principal Investment Team
Responsible for prior approval of proprietary investments and conflict-of-interest reviews, ex-ante and ex-post controls on proprietary trading, and verification of transaction records.
- The organizational structure follows the organization chart on our website; headcount follows the financial investment business report (Q4 FY2025, as of 2026-03-31).
How Experience Builds
How Experience Builds
We verify on the ground
Starting from disclosures and IR materials, we identify competitive strengths beyond what disclosures show through management meetings (1:1 Q&A), official IR sessions, company visits, and our network of industry specialists.
We plan ahead
We set investment strategies and scenario-based trading strategies in advance, tailored to the characteristics of each fund, to reduce uncertainty in management.
We look back
When a risk event occurs, we thoroughly identify its cause, capture the lessons in training and operational guidelines, and confirm implementation through regular internal audits.
We learn together
We develop our people's expertise through in-house training programs, lectures by external experts, and support for financial certifications.
- This page describes our organization and procedures; it does not present the performance of any fund or constitute a solicitation to invest.
