There have been various attempts to cooperate between Korean companies and Hansang companies through The World Korean Business Convention. As a result, several Hansang companies have been listed in the Korean securities market. However, no research has been conducted on the accounting characteristics of Hansang companies. In this paper, we study the accounting information characteristics of the Hansang Company through the Korao Holdings and Cowell E Holdings cases. Findings are as follows. First, Hansang companies are likely to use ‘Functional Currency’. As U.S. dollar is used in both KOLAO Holdings and Cowell E Holdings for their business activities, they adopted U.S. dollar as their functional and reporting Currency. Secondly, Han Sang companies are likely to have a large volume of trade deals with Korea. Accordingly, investors should be aware of the international trade terms such as ‘INCOTERMS’ and the rights and duties of buyer and seller. Third, gain and loss on foreign currency translation is important to understand Hansang companies’ financial statements. Investors need to pay attention to newly released IFRIC 22 Foreign Currency Transactions and Advance Consideration. Additionally, investors' concerns about Hansang companies are as follows. First, headquarters are located in Cayman islands which is known as tax haven. Second, there are some concerns about financial reporting quality due to the distance between auditor and clients. Third, there was no evidence that Korao Holdings stock was undervalued. However, Cowell E Holdings stock price was undervalued based on PER analysis. Further research is needed to know whether Hansang companies is undervalued or not in Korean stock market.