Princess Anne visited HD Hyundai Heavy Industries' Ulsan shipyard on the 14th, the only private company visit during her Korea trip. HD Hyundai stocks surged on the morning of the 15th, with the parent company rising 7.05% to 203,500 won at 9:26 AM. The visit highlighted a 49-year relationship between the British royal family and HD Hyundai, dating back to founder Chung Ju-yung receiving the Commander of the Order of the British Empire in 1977 and meeting Princess Anne in London in 1983 during Seoul Olympics promotion activities. Chairman Chung Ki-sun discussed Korea-UK shipbuilding and maritime industry cooperation with Princess Anne and her delegation. The visit occurred as the UK government pursues shipbuilding industry development policies.
HD Hyundai Stocks Rise Following Royal Visit
HD Hyundai stocks showed strong gains on the morning of the 15th at 9:26 AM. HD Hyundai rose 7.05% to 203,500 won, HD Construction Machinery increased 5.29% to 129,300 won, HD Hyundai Electric climbed 4.14% to 830,000 won, and HD Hyundai Heavy Industries gained 2.25% to 476,500 won. Market analysts attributed the rise to expectations of increased UK orders following discussions between Chairman Chung Ki-sun and Princess Anne about bilateral shipbuilding cooperation.
Princess Anne, accompanied by Vice Admiral Sir Timothy Laurence and British Ambassador to Korea Colin Crooks, visited HD Hyundai Heavy Industries' Ulsan headquarters on the 14th. HD Hyundai was the only private company Princess Anne visited during her Korea trip.
Princess Anne Tours Ulsan Shipyard and Reviews Historical Ties
The visit built on decades of connections between the British royal family and HD Hyundai. Founder Chung Ju-yung received the Commander of the Order of the British Empire in 1977 for contributions to Korea-UK trade. In 1983, Chung Ju-yung met Princess Anne in London while promoting Seoul's Olympic bid, when Princess Anne served on the British Olympic Committee. HD Hyundai released photos from that 1983 meeting on the day of Princess Anne's visit.
Chairman Chung Ki-sun, grandson of the founder, presented HD Hyundai Heavy Industries' shipbuilding technology and competitiveness to Princess Anne and her delegation. Princess Anne toured the shipyard's vessel construction sites, special ship facilities, and engine factory. She received briefings on collaborations with UK defense contractors Rolls-Royce and Beaufort.
Chairman Chung stated: "The UK is not simply a partner country but a special partner that was with HD Hyundai from the beginning. Based on HD Hyundai's best technology and ship construction capabilities, we will contribute to the development of the UK's shipbuilding and maritime industry."
HD Hyundai Maintains Partnerships with UK Defense Contractors
HD Hyundai Heavy Industries has collaborated with Rolls-Royce since 2012, beginning with the Korean Navy frigate project. Rolls-Royce supplies MT30 gas turbines as core propulsion equipment, which HD Hyundai Heavy Industries integrates into propulsion packages. This solution is applied to the Korean Navy's next-generation frigates.
Beaufort, a supplier of survival equipment for naval crew members, has worked with HD Hyundai Heavy Industries since 2013, starting with submarine life-saving equipment delivery. HD Hyundai Heavy Industries applies multiple Beaufort equipment systems to vessels including the Philippine offshore patrol vessel currently under construction.
FAQ
What did Princess Anne do during her visit to HD Hyundai Heavy Industries on the 14th?
Princess Anne toured HD Hyundai Heavy Industries' Ulsan shipyard, including vessel construction sites, special ship facilities, and the engine factory. She met with Chairman Chung Ki-sun to discuss Korea-UK shipbuilding and maritime industry cooperation and received briefings on collaborations with UK defense contractors Rolls-Royce and Beaufort.
Why did HD Hyundai stocks rise on the morning of the 15th?
HD Hyundai stocks rose following Princess Anne's visit to HD Hyundai Heavy Industries on the 14th. At 9:26 AM on the 15th, HD Hyundai gained 7.05% to 203,500 won. Market analysts attributed the increase to expectations of expanded UK orders following bilateral shipbuilding cooperation discussions, occurring as the UK government pursues shipbuilding industry development policies.
What historical connection exists between Princess Anne and HD Hyundai founder Chung Ju-yung?
Chung Ju-yung received the Commander of the Order of the British Empire in 1977 for contributions to Korea-UK trade. In 1983, Chung Ju-yung met Princess Anne in London while promoting Seoul's Olympic bid, when Princess Anne served on the British Olympic Committee. HD Hyundai released photos from that 1983 meeting during Princess Anne's visit on the 14th.
