This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Hanwha Techwin is a defense subsidiary of the Hanwha Group, specializing in the manufacture of weapons systems and military equipment. Its core business includes the production of the K9 Thunder self-propelled howitzer, one of South Korea's primary defense exports, and the K10 ammunition resupply vehicle. The company also manufactures naval guns, surveillance systems, and other military-grade electronics.
According to the Stockholm International Peace Research Institute (SIPRI), Hanwha Techwin is a significant player in the global arms trade. Its products are purpose-built for military applications and are marketed directly to national defense forces. The company's operations are integral to the South Korean defense industrial base, which is a major exporter of weapons platforms.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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