2025

HILLSTONE
PARTNERS

Investment in a new paradigm

FINANCE

30-Year Legacy Private Equity Fund

In 2013, Hillstone Partners (formerly CGI Korea) acquired Korea M&A, Korea's first M&A advisory firm established in 1995, integrating two specialized firms into one unified team. Based on the powerful synergy of combining a private equity fund with a specialized M&A advisory firm, Hillstone Partners has led innovative investments and successful mergers and acquisitions at the forefront of Korea's financial market.

Willbes
Willbes
Acquisition
Acquisition of Willbes (KOSPI) from Korea Investment Corporation
Business restructuring and new business development
Net profit increase : $300K → $7.3M
KTB Investment Securities
KTB Network
Acquisition
Willbes' acquisition of KTB Network
Assets under management over $2B, invested in 1,800+ companies
KTB Asset Management AUM approximately $10B
Auction
Auction
Divestiture
Investment in internet shopping site Auction in 1999
Sold to eBay.com in 2001 (NASDAQ)
Korea's first overseas M&A case
JOBKOREA
JobKorea
Divestiture
Investment in online job site JobKorea in 1999
Sold to Monster.com in 2005 (NASDAQ)
50x investment return over 6 years

Hillstone Partners has not only built a solid growth foundation through traditional mergers and acquisitions (M&A) but is also actively pursuing innovative investments centered on technology-based startups to keep pace with rapidly changing market environments. In particular, we are creating synergy by combining the strengths of traditional finance with the potential of blockchain technology, and based on this, we are steadily advancing toward becoming a global digital asset company.

Click the video to watch the opening ceremony of Hillstone Business Center

BLOCKCHAIN

Leading Blockchain Technology Expertise in Korea

Hillstone Partners recognized the innovative potential of blockchain technology early on and strategically entered the virtual asset market by establishing the 'Hillstone Blockchain Research Institute' for systematic research and development. Based on our extensive M&A and investment experience, Hillstone Partners has continuously pursued investments and mergers & acquisitions by rigorously selecting blockchain companies according to strict criteria.

Currently, Hillstone Partners is focused on serving as a critical bridge connecting traditional financial systems with decentralized finance (DeFi) ecosystems, providing investors with a new dimension of financial services. We are building an innovative platform that utilizes blockchain networks, cryptocurrencies, NFTs, and metaverse infrastructure to enable investors to easily conclude investment contracts and safely transfer assets within the scope permitted by current legal frameworks.

Hillstone Partners' ultimate goal is to build strong connections with various services available in decentralized finance, ultimately growing into a comprehensive virtual asset financial platform that is completely decentralized.

Hillstone Blockchain Center

Hillstone Blockchain Center has established strategic partnerships with numerous law firms, financial institutions, and leading blockchain companies to build legitimate crypto financial services. We are continuously working to ensure the healthy development of blockchain technology and secure legal stability.

Technology Innovation and Legal Research through Regular Industry Conference Hosting

Over the past few years, we have continuously hosted professional conferences related to blockchain technology, sharing knowledge with industry experts and discussing the direction of technological development. Recognized as one of the most active companies in technology and legal fields, we have achieved many productive results in the practical application of blockchain technology and the establishment of legal frameworks. We continue to lead the industry through ongoing research and development.

💡 Click on posters to watch conference videos

Hillstone Blockchain Conference Poster Blockchain Conference Poster 2 Blockchain Conference Poster 3 Blockchain Conference Poster 4 Blockchain Conference Poster 5

Government and Institutional Policy Cooperation

We collaborate with various partners including local governments and associations to widely promote blockchain technology through National Assembly forums, broadcasting, and media outlets, actively participating in policy discussions to create a sound regulatory environment.

Hillstone Finance

Hillstone Partners' core objective is to enable all individual investors to easily access high-yield investment products that were previously difficult to access. Traditionally, highly profitable funds including private equity funds have been operated in structures that are very difficult for individual investors to access.

Hillstone Partners aims to remove the geographical and economic barriers of these closed financial markets through innovative blockchain technology. We transparently provide detailed information about various alternative investment products that have been difficult for individual investors to access, including private equity funds, global fund products, crypto fund products, and digital asset management, supporting investors to make investment decisions more easily and quickly.

Transparent Financial DAO Implementation

Hillstone Partners has made establishing a completely transparently operated Decentralized Autonomous Organization (DAO) a core strategy. The DAO that Hillstone Partners is building overcomes the limitations of existing centralized organizational structures and presents an innovative governance model where all stakeholders can participate in fair and transparent decision-making processes.

Transparent Decision Making

All work and decision-making processes are transparently recorded on the blockchain, allowing participants to monitor and participate in the decision-making process in real-time.

Professional Standing Committee

The standing committee consists of specialized institutions in blockchain and finance fields, rigorously sourcing and verifying various investment products to be uploaded to the DAO platform using virtual assets.

Decentralization

All processes proceed in a completely decentralized manner without intermediaries, ensuring efficiency and reliability through automated execution via smart contracts.

Complete Transparency

All transaction records, decision-making processes, and fund flows are permanently recorded on the blockchain, providing complete transparency that anyone can verify and confirm.

RWA NFT Issuance

Hillstone Partners aims to achieve innovative realization of small-scale investment, transparent trading, and fractional ownership by converting various real-world assets such as real estate, artworks, and bonds into blockchain-based NFTs through the RWA (Real World Asset) approach.

Hillstone Partners' RWA-based NFTs are innovative technology that securely proves fractional ownership of physical assets in digital NFT form, enabling anyone to easily invest in and trade high-value assets that previously required large capital.

Real Estate Investment

Real Estate Investment

Fractionalizing commercial buildings and residential real estate into NFTs to provide opportunities for small investors to invest in premium real estate.

Art Investment

Art Investment

Tokenizing high-value artworks and rare collections to lower the barriers to art investment and provide liquidity.

Bond Products

Bond Products

Implementing various bond products such as corporate bonds and government bonds as NFTs to build a more efficient bond trading market.

GROUP STRUCTURE

Systematic Group Structure Through Global Network

Hillstone Partners provides global investment and asset management services through strategically established entities in major financial hubs worldwide. We have built an operational structure optimized for each region's unique regulatory environment and market characteristics, providing stable and efficient customized financial services to investors around the world.

Each entity established in Delaware USA, Singapore, British Virgin Islands, and Dubai UAE operates in full compliance with strict laws and regulations of their respective regions, providing professional and innovative solutions to meet the diverse and complex requirements of global investors. Each entity creates synergy effects through differentiated services that leverage regional characteristics.

Global Compliance

Each regional entity of Hillstone Partners provides specialized services that perfectly align with the complex and strict financial regulatory environment and unique market characteristics of their respective regions. We proactively comply with global regulatory requirements and implement optimized investment solutions within the legal framework of each region.

Each entity maintains close cooperative relationships with local financial authorities and has established flexible operational systems that can quickly respond to changing regulatory environments. Through this global network, we provide safe and reliable cross-border investment opportunities to investors and can execute various investment strategies utilizing each region's market characteristics.

Hillstone Partners Global Corporate Structure
USA Entity
Delaware State Corporation
US Blockchain Business Operations
Global Investment Platform Base
Singapore Entity
Singapore Financial Hub Entry
Asia Crypto Business Hub
Regulatory-Friendly Environment
Virgin Islands Entity
British Virgin Islands Company Registration
International Investment Structure Base
Tax Optimization Platform
Dubai Entity
UAE Dubai DMCC Free Zone
Middle East Crypto Hub Entry
NFT Fund Management Base

HISTORY

30 Years of Record: From Traditional Finance to Blockchain

95-01
Foundation Era
1995 Korea M&A establishment
1997 Korea Investment Development Corporation's Willbes (KOSPI) acquisition
1999 KTB Network, Auction, JobKorea acquisition advisory
2001 Auction sale advisory to eBay.com (NASDAQ) - Korea's first overseas M&A case
03-07
Expansion Era
2003 Game company (Endoors, NextPlay) investment
2005 JobKorea sale advisory to Monster.com (NASDAQ) - 50x investment return over 6 years
2007 Korea Cable TV sale advisory to CJ
10-13
Growth Era
2010 CGI Korea establishment with 5 partner companies
2010 Endoors sale advisory to Nexon
2011 Plasmart sale advisory
2013 Company name change from CGI Korea to Hillstone Partners
14-16
Innovation Era
2014 Expansion into FinTech and new technology investment areas
2015 Global partnership network establishment
2016 Specialization in next-generation technology investment begins
17-20
Blockchain Era
2017 China and global startup specialized fund formation
2018 Hillstone Blockchain Research Institute opening and fund formation
2019 Hillstone Business Center opening at Pangyo Startup Campus
2020 First program contract with global accelerator Techstars in Korea
21-25
Digital Asset Era
2021 Hillstone Finance service launch (HSF Token issuance)
2021 Metaverse-NFT dedicated fund formation
2022 Carbon DAO construction with Environmental Climate SDX Foundation
2022 Joint venture establishment with UAE Royal Strategic Partners (RSP)
2022 Dubai Free Zone DMCC Korea tour host
2022 Seongnam City metaverse business advisory
2022 Partnership contracts with cryptocurrency exchanges LBANK and DOEX
2022 Hillstone investment briefings held in Berlin, Germany and Barcelona, Spain
2022 Jeju KAL Hotel Casino sale advisory
2022 Jang Keun-suk NFT and KMGM Hold'em seed rights NFT issuance
2022 MARVELS Awards Blockchain Investment Excellence Award
2023 Philippines COD Hotel Casino 'Beluga' operation service and advisory
2023 Convergence Management Excellence Award at MARVELS & CICON 2023
2024 NFT demonstration with National Museum of Natural History Construction Committee
2025 SDX Foundation's Salim NFT fund establishment advisory
2025 Korea-Philippines-Singapore smart circular energy international cooperation establishment
2025 Artifact and artwork-based RWA NFT issuance

PORTFOLIO

Acquisition, Divestiture and Investment Portfolio

ACQUISITION

Growth acceleration through strategic acquisitions

• Willbes (KOSPI)'s acquisition of KTB Network Co.

• Willbes (KOSPI)'s acquisition of MSTech Co.

• Hansol Group's acquisition of Korea marvel Co.

• Hansol Group's acquisition of Oksori Co.

• Hansol Group's acquisition of Hansol PNS Co. (former Kwanglim)

• Shinwon Group's acquisition of KwangMyung Electrics Co.

• GeoPyung Group's acquisition of Taepyungyang Fashion Co.

• Hansol Group's acquisition of YoungWoo company Co.

• PoHang saving bank's acquisition of YongDuk saving bank

• ChangNyung saving bank's acquisition of Paradise saving bank

• KCC Corporation co.'s acquisition of JinYang MoonMak Factory asset

• Korea Tarpaulin Inc.'s acquisition of Korea KDK Co.

• Dreamwiz.com's acquisition of the division of Portal business of Intizen Co.

• Cnexus Inc.'s acquisition of Enter one Co. (KOSDAQ)

• Merger of DaeKyung Env., DaeKyung EnTech and DaeKyung clico.

• IONE venture capital Co.'s acquisition of C&L venture capital

• Job Korea Co.'s acquisition of OAB Co.

• Job Korea Co.'s acquisition of Humanpia Co.

• Yes 24 Co.'s acquisition of Wow book

• Merger of Wow book Co. and Gold book Co.

• Saehan Information Technolgy Inc.'s acquisition of Dongseo Express Co.

• Hanbitnet Co.'s acquisition of Jung&Lee Accounting Institute

• ACE High Tech's acquisition of KBP Japan

TEAM

Experts in blockchain, investment, content, and international business come together to drive innovation

Board of Members

Executive Leadership

Steven Choi Chairman
Steven Choi

Chairman

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Yonsei University College of Science

Auburn University MBA

Former Chairman of Korea Venture Startup Investment

Former Vice Chairman of Korea-China Business Forum

Corporate consulting and investment advisory including youth startups

Chairman of Croud Asset International Finance and Investor Management

Rayol Hwang CEO
Rayol Hwang

CEO

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Seoul National University, College of Liberal Arts (Dropout)

Vice Chairman, Korea Blockchain Industry Promotion Association

Executive Director, Korea Fintech Alliance

Chair, Investment Committee, Korea NFT Content Association

CEO, Hillstone Investments LLC (USA)

CEO, Umind

CEO, Xpace

Sang-Woo Kim Director
Sang-Woo Kim

Director

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KAIST Industrial & Systems Engineering (Bachelor)

KAIST Management Engineering (Master)

CEO of Brodin Media Co., Ltd.

CEO of KLS Partners Co., Ltd.

CIO of R&D Asia Co., Ltd.

CTO of R&D Asia Platform Co., Ltd.

Hyung-In Yang Director
Hyung-In Yang

Director

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Kyung Hee University Economics & Trade (Graduate)

Daemyung Accounting Firm CPA

Samil Accounting Firm CPA

Dongbu Securities Manager

SGP Holdings Director

Jinil Accounting Firm Director

Artman Asset Management Director

Danny Jang Director
Danny Jang

Director

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New York University

Midcom, Inc (NASDAQ) COO

ERA Corp Vice President

GN Group CEO

Liuba H.Y.Min Director
Liuba H.Y.Min

Director

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Korea University Russian Language & Literature (Bachelor)

Moscow State University Journalism & Broadcasting (Master)

CEO of Westlake Co., Ltd.

CEO of Grand Asia Culture Hub Co., Ltd.

Yong-Seok Jeon Director
Yong-Seok Jeon

Director

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Sungkyunkwan University Materials Science (Bachelor,Master,PhD)

Boryung Pharmaceutical Central Research Institute Senior Researcher

Kolon Life Science Central Research Institute Principal Researcher

CEO of J-Wells Omicell Co., Ltd.

Bio Healthcare Specialist Investor

Sang-Yeop Lee Director
Sang-Yeop Lee

Director

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Yonsei University Business Administration (Graduate)

Hitotsubashi University MBA

Nomura Securities Sales Executive

Thomson Financial Team Leader

Mirae Asset Securities Assistant Manager

Pino Holdings CMO & CFO

Resurs Korea Branch Manager

Edaily General Manager

Advisory Group

Professional Advisory Council

Jong-Geun Kim Content Advisor
Jong-Geun Kim

Content Advisor

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Hongik University Aesthetics (Master)

Paris 1 Panthéon-Sorbonne University Contemporary Art History DEA

Museum of Contemporary Art Director

Hongik University Art Department Adjunct Professor

Korea Art Association Art Criticism Academic Committee Chairman

이지연 Marketing Advisor
Ji-Yeon Lee

Marketing Advisor

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Korea University Education PhD

Former Golf Magazine CEO

Pukyong National University Professor

Golf Association Chairman

한호현 Technology Advisor
Ho-Hyeon Han

Technology Advisor

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Kyung Hee University Computer Engineering Professor

Korea Electronic Signature Forum Chairman

Korea Artificial Intelligence Society Vice Chairman

PRESSKIT

Press Coverage & Media Archive

Article / Fabworld Today /

What Inspires Hillstone Partners' CEO Rayol Hwang

Fabworld Today delves into the inspirations and motivations that drive CEO Rayol Hwang's visionary leadership at Hillstone Partners, exploring his passion for democratizing financial markets and fostering blockchain innovation.

Article / AllNewsBuzz /

What Rayol Hwang Sacrificed for Hillstone Partners' Success

AllNewsBuzz examines the personal sacrifices and entrepreneurial journey of CEO Rayol Hwang in building Hillstone Partners into a leading blockchain investment firm, highlighting his dedication to innovation and market transformation.

Article / Disrupt /

Meet Rayol Hwang, CEO of Hillstone Partners

Disrupt Magazine introduces CEO Rayol Hwang and his transformative leadership at Hillstone Partners, showcasing his entrepreneurial journey, innovative investment strategies, and vision for the future of blockchain technology and digital asset markets.

Article / Forbes /

DeFi Matures As Innovative Crypto-Based Futures Issuance And Trading Rises

Forbes analyzes the maturation of the DeFi ecosystem and the rise of innovative crypto-based futures products, featuring insights from leading investment firms including Hillstone Partners on the evolution of decentralized finance and its impact on traditional financial markets.

Article / Nasdaq /

Retail Investors are the Future of Venture Capital

Nasdaq explores the democratization of venture capital and how retail investors are reshaping the investment landscape, featuring insights from industry leaders including Hillstone Partners on the transformation of traditional investment models through innovative blockchain-based solutions.

Article / London Daily Post /

How Rayol Hwang Is Revolutionizing Hillstone Partners

London Daily Post explores how CEO Rayol Hwang is transforming Hillstone Partners through innovative blockchain technologies and strategic vision, positioning the company at the forefront of the digital asset revolution.

Article / Time Bulletin /

The Mission Behind Hillstone Partners and CEO Rayol Hwang

Time Bulletin delves into the core mission and vision that drives Hillstone Partners under CEO Rayol Hwang's leadership, focusing on democratizing access to financial markets through blockchain innovation.

Article / US Times Now /

The Greatest Challenge in Bringing Blockchain to Finance

US Times Now explores the fundamental challenges and regulatory hurdles in integrating blockchain technology into traditional finance, featuring insights from industry leaders including Hillstone Partners on overcoming adoption barriers.

Article / The Open News /

Why Hillstone Partners' Rayol Hwang Is Obsessed With Innovation

The Open News explores CEO Rayol Hwang's relentless drive for innovation at Hillstone Partners, examining how his obsession with cutting-edge technology and disruptive business models shapes the company's strategic vision in the blockchain and digital asset space.

Article / Thrive Global /

What Makes Hillstone Partners Stand Out From The Pack

Thrive Global examines the unique differentiators that set Hillstone Partners apart from other investment firms, highlighting their innovative approach to blockchain investments, strategic vision, and commitment to fostering the next generation of financial technology companies.

Photo / Hillstone /

MOU Signing Ceremony for Strategic Partnership on Climate Action

MOU Signing Ceremony for Strategic Partnership on Climate Action - 1
MOU Signing Ceremony for Strategic Partnership on Climate Action - 2
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MOU Signing Ceremony for Strategic Partnership on Climate Action - 4
MOU Signing Ceremony for Strategic Partnership on Climate Action - 5
MOU Signing Ceremony for Strategic Partnership on Climate Action - 6
MOU Signing Ceremony for Strategic Partnership on Climate Action - 7

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Photo / Hillstone /

SDX Foundation-Artist Franky-Hillstone RWA NFT Joint Business Collaboration

SDX Foundation-Artist Franky-Hillstone RWA NFT Joint Business Collaboration

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Photo / Hillstone /

Citation Award & Ambassador Appointment (Philippines National Police)

Citation Award & Ambassador Appointment - 1
Citation Award & Ambassador Appointment - 2

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Photo / Hillstone /

Hong Kong OTC USDT Liquidity Contract

Hong Kong OTC USDT Liquidity Contract - 1
Hong Kong OTC USDT Liquidity Contract - 2

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Philippines Local Partner Meeting (Manila)

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Philippines Local Partner Meeting - 2
Philippines Local Partner Meeting - 3

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Philippines Former President Duterte Scholarship Foundation Organizing Committee (FOC)

Philippines Former President Duterte Scholarship Foundation Organizing Committee

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Web3.0 Event Collaboration with Gate.IO

Web3.0 Event Collaboration with Gate.IO

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Web3 Seoul Assemble (LBank & Hillstone)

Web3 Seoul Assemble (LBank & Hillstone)

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NFT Promotion to Dubai Royal Family

NFT Promotion to Dubai Royal Family

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Jeju KAL Casino Sale Advisory

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Jeju KAL Casino Sale Advisory - 2
Jeju KAL Casino Sale Advisory - 3

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Photo / Hillstone /

NFT Fund Preparation (Dubai)

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NFT Fund Preparation (Dubai) - 2

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Video / Hillstone /

This is blockchain 01 - AI / BIG DATA

🎬 1 Video - Blockchain convergence with AI and Big Data

Video / Hillstone /

This is Blockchain 02 - Internationalization

🎬 1 Video - Insights on blockchain internationalization

Video / Hillstone /

This is Blockchain 04 - Digital Economy Foundation / Digital Currency Seminar

🎬 1 Video - Expert seminar on digital economy and digital currency

Photo / Hillstone /

JD Capital Partnership

JD Capital Partnership

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HILLSTONE PARTNERS

14-2, Pangyoyeok-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea
Startup Campus Building 1, 6th Floor

HILLSTONE INVESTMENTS LLC

180 Maiden Lane, New York, NY 10038

HILLSTONE GLOBAL

British Virgin Islands, BVI 2021594

HILLSTONE FOUNDATION

73 Upper Paya Lebar Road #06-01c Centro Bianco, Singapore

HILLSTONE INFORMATION TECHNOLOGY L.L.C

PO Box 48800, Dubai, United Arab Emirates

© 2025 Hillstone Partners. All rights reserved.