Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 564

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 564
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 9</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) |

|                                                                                             |     |      2023 |   |     |            |        |     |        |       |   |     |               |   |     |            |   |     |         |        |
| Investees                                                                                   |     | Beginning 
   balance |   |     | Investment 
 and        
 dividend   |        |     | Equity 
 method 
 income 
 (loss) |       |   |     | Change in     
 other         
 comprehensive 
 income        |   |     | Impairment 
 loss       |   |     | Ending  
 balance |        |
| Shinhan Time Secondary Blind New Technology Investment Trust                                |     |         W | — |     |            |  4,750 |     |        |     4 |   |     |               | — |     |            | — |     |         |  4,754 |
| Shinhan DS Secondary Investment Fund                                                        |     |           | — |     |            |  1,815 |     |        | 5,662 |   |     |               | — |     |            | — |     |         |  7,477 |
| Shinhan-openwater pre-IPO Investment Trust 1                                                |     |           | — |     |            |  5,000 |     |        |   (27 | ) |     |               | — |     |            | — |     |         |  4,973 |
| Shinhan-Eco Venture Fund 2nd                                                                |     |           | — |     |            |  3,650 |     |        |   (40 | ) |     |               | — |     |            | — |     |         |  3,610 |
| Heungkuk-Shinhan the1st Visionary Technology Investment Trust no. 1                         |     |           | — |     |            |  3,200 |     |        |   (46 | ) |     |               | — |     |            | — |     |         |  3,154 |
| Hantoo Shinhan Lake K-beauty Technology Investment Trust                                    |     |