DEEP RESEARCH · INBODY/TREASURY SHARE DISPOSAL

InBody Treasury Share Disposal: What Naver’s 8.5% Stake Means and What Remains Unclear

A disclosure-driven note on Naver becoming InBody’s fourth-largest shareholder

Written: 2025-10-29 · Disclosure event/healthcare partnership · Original Naver Blog post

Investment decisions are your own responsibility. This material is research, not a recommendation to buy or sell.

0. Bottom line first

Naver acquired an 8.5% treasury-share stake in InBody and became the fourth-largest shareholder. The stated disclosure purpose is to strengthen cooperation in the global healthcare business. When asked what they plan to do, InBody’s side reportedly said the details are Naver’s internal matter and will be disclosed by Naver later. My reaction is: why does a fourth-largest shareholder smell like a major shareholder, and what exactly is going on?

Transaction structureStrategic stake transfer through treasury share disposal

InBodyDisposes treasury shares

NaverAcquires 8.5%, fourth-largest shareholder

PurposeStrengthen global healthcare cooperation

UndisclosedSpecific plans to be announced by Naver

The key variable is what concrete cooperation is announced after the stake acquisition.

1. Key disclosure numbers

Item	Detail
Disclosure time	2025.10.29 16:25:04
Company	InBody, market capitalization KRW 393.0 billion
Report	Material disclosure: treasury share disposal decision
Common shares disposed	1,145,875 shares, KRW 32.5 billion
Share of total	8.5%
Preferred shares disposed	-
Purpose	Strengthening global healthcare business cooperation
Broker	Shinhan Securities Co., Ltd.
Decision date	2025-10-29
Disclosure link	https://dart.fss.or.kr/dsaf001

2. The odd points I see

Official fact: The original post cites Global MedTech Telegram and states that Naver secured an 8.5% stake in InBody, becoming the fourth-largest shareholder.

Interpretation: The phrase “fourth-largest shareholder” can sound like a simple strategic investment, but to me it carries the scent of a more meaningful shareholder role. If the purpose is global business, Naver’s Line-related Japan network comes to mind first, while InBody itself appears to have a stronger global network. That remains a question.

Why does a fourth-largest shareholder feel like a major shareholder?
What role will Naver play in global healthcare cooperation?
How will InBody’s global network combine with Naver’s platform capabilities?

Sources

Original Naver Blog post: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=224057954154
Source 1: https://t.me/globalmedtech
Source 2: https://dart.fss.or.kr/dsaf001

Naver original