Hanwha 63 City building in Yeouido, Seoul. Hanwha Group is a large business conglomerate (chaebol) in South Korea. Founded in 1952 as Korea Explosives Co. the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives, their original business, to retail and financial services. In 1992 the company adopted its abbreviation as its new name: Hanwha.