U.S. President Joe Biden delivers a speech at Philly Shipyard in Philadelphia, Penn., in this July 2023 file photo. AFP-Yonhap

Concerns are growing among investors over the possibility that Hanwha Group's forthcoming acquisition of Philly Shipyard may cause a financial burden to the Korean conglomerate, according to industry officials Sunday.

The nation's seventh-largest business group said Friday that Hanwha Systems and Hanwha Ocean will acquire a 100 percent stake in the Philadelphian shipyard for $100 million from Norwegian energy firm Aker and other shareholders.

On the day of the announcement, the closing stock prices of Hanwha Systems and Hanwha Ocean fell 6.9 percent and 0.94 percent, respectively, from the previous session, although the news temporarily raised their stock prices on Friday morning.

In contrast, the closing price of HD Hyundai Heavy Industries, Hanwha Ocean's chief rival, rose 3.1 percent from the previous session, despite the possibility that its partnership agreement with Philly Shipyard signed in April may not be fulfilled.

Hi Investment & Securities analyst Byun Yong-jin pointed out that Philly Shipyard fell into partial capital impairment due to its snowballing losses over the past six years. The analyst warned that Hanwha could be forced to invest a larger amount of money to normalize Philly Shipyard.

"The shipyard is facing difficult business conditions due to the growing costs after the COVID-19 pandemic and the unstable supply chain in the American shipbuilding industry," he said. "It will be difficult to transplant the Korean shipyard's high efficiency and productivity into the U.S. shipyard."

Korea Investment & Securities analyst Kang Kyung-tae mentioned Hanwha's overestimation of Philly Shipyard's valuation.

"Hanwha seems to have offered 87.24 Norwegian krone ($8.30) per share, which is 135 percent higher than the closing price of Philly Shipyard on Wednesday," he said. "After the announcement of the share purchase agreement, Philly Shipyard closed at 67.6 krone."

A large ship under construction is docked at Philly Shipyard in Philadelphia, Penn., in this undated file photo. Courtesy of Hanwha Group

Both analysts, however, acknowledged the deal's importance, as it will make Hanwha the first Korean firm that is allowed to build ships in the U.S. territory and to maintain, repair and overhaul American naval vessels. According to the U.S. Jones Act, any foreign-built, foreign-owned or foreign-flagged vessels are banned from engaging in coastwise trade within the United States.

"We look forward to leveraging our shipbuilding and manufacturing know-how in continuing the success of Philly Shipyard as it meets the expanding needs of the U.S. for decades to come," Hanwha Ocean CEO Kwon Hyek-woong said.

The acquisition deal is expected to be closed by the fourth quarter, following approval from the Committee on Foreign Investment in the United States (CFIUS).

Given that U.S. Secretary of the Navy Carlos Del Toro described the deal as a game-changing milestone in the new U.S. maritime statecraft, Hanwha is not expected to face difficulties in winning the CFIUS' approval.