Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 569

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 569
---
     |            |     221 |   |     |        |     279 |   |     |                          | — |     |            | —       |   |     |         | 13,187 |
| EDNCENTRAL Co.,Ltd. (*)                                                                                      |     |           |      — |     |            |       — |   |     |        |       — |   |     |                          | — |     |            | —       |   |     |         |      — |
| Gyeonggi-Neoplux Superman Fund                                                                               |     |           |  5,056 |     |            |       — |   |     |        |    (918 | ) |     |                          | — |     |            | —       |   |     |         |  4,138 |

<div align='center'>F-1 8 4</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 16. | Investments in associates (continued) |

|                                                                                                       |     |      2024 |        |     |            |         |   |     |        |        |   |     |                          |   |     |            |   |     |         |        |
| Investees                                                                                             |     | Beginning 
   balance |        |     | Investment 
 and        
 dividend   |         |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in                
 othercomprehensiveincome |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| NewWave 6th Fund                                                                                      |     |         W | 13,716 |     |            | (1,425  | ) |     |        | (1,583 | ) |     |                          | — |     |            | — |     |         | 10,708 |
| Neoplux No.3 Private Equity Fund                                                                      |     |           | 18,981 |     |            | (404    | ) |     |        | (6,425 | ) |     |                          | — |     |            | — |     |         | 12,152 |
| PCC Amberstone Private Equity Fund I                                                                  |     |           | 17,258