The stakes have never been higher in tvN’s weekend drama Undercover Miss Hong. The latest episodes delivered major turning points as Hong Geum Bo (Park Shin Hye) successfully pulled off a daring slush fund withdrawal, the mysterious identities behind the Yeouido Pirates were finally revealed, and an unexpected alliance formed to take down Hanmin Securities’ corruption. With ratings hitting double digits for the first time, viewers are clearly hooked on this 1990s-set office comedy thriller.
Episode 11 aired on February 21, while episode 12 followed on February 22 at 9:10 p.m. KST . Here is everything that went down and what it means for the undercover mission moving forward.
The 24 Billion Won Slush Fund Heist Success
The highlight of episode 11 was watching Hong Geum Bo and her roommate Go Bok Hee (Ha Yoon Kyung) execute a high-stakes financial heist. With Kang No Ra (Choi Ji Soo) buying them precious time by distracting Chief Song Ju Ran (Park Mi Hyun), Go Bok Hee successfully impersonated the chief to secure a bank guarantee document .
This allowed Hong Geum Bo to withdraw 24 billion won in slush funds from three different banks. The team broke the money into smaller transactions to avoid detection, showing Geum Bo’s expertise from her days as a securities inspector. However, despite the victory, Geum Bo expressed frustration, pointing out that this amount was not even a tenth of what Chairman Kang Pil Beom (Lee Deok Hwa) had embezzled over the years .
The heist scene showcased the clever teamwork between the women of room 301. Viewers saw how Kim Mi Sook (Kang Chae Young), recovering in the hospital after her suicide attempt, remained connected to the team through Geum Bo, who even took temporary custody of Mi Sook’s daughter Bom .
The Yeouido Pirates Identity Shock
For weeks, viewers have been curious about who was running the Yeouido Pirates—the PC communication network that spread stock market rumors and exposed corporate secrets. Episode 11 finally delivered the answer in a twist that caught everyone off guard.
Hong Geum Bo, convinced that the “Captain” was someone inside Hanmin Securities, used a fake confidential document to lure them out. The bait worked perfectly, revealing the Captain as none other than Albert Oh (Jo Han Gyul), the free-spirited grandson of Chairman Kang .
It turns out that Albert Oh, feeling disillusioned with the corporate world, had teamed up with computer enthusiast Lee Yong Gi (Jang Do Ha) to form the Pirates. Albert provided insider information as a member of the founding family, while Lee used his hacking skills to spread the information online. Their partnership gave them access to secrets that even top executives at Hanmin Securities did not know .
Albert Oh Discovers Hong Geum Bo’s True Identity
The revelation about the Pirates led to an even bigger problem for Geum Bo. When Albert Oh and Lee Yong Gi realized that Geum Bo and Go Bok Hee were investigating the slush funds, they grew suspicious. Albert Oh began questioning why this “20-year-old rookie” was so interested in company corruption.
His investigation led him to uncover the truth: Hong Geum Bo was not a fresh-faced college graduate but a 35-year-old securities inspector working undercover . This discovery put Geum Bo’s entire mission at risk. If Albert Oh exposed her identity, Chairman Kang would destroy her, and she would lose any chance of recovering the embezzled funds.
A New Alliance Forms
Instead of exposing her, Albert Oh made a surprising choice. After learning the truth about Geum Bo and her mission, he and Lee Yong Gi agreed to join forces with her and Go Bok Hee .
This formed what the show calls the “dream team” —four people with completely different skills working toward the same goal. Hong Geum Bo brings her regulatory knowledge and investigative experience from her securities inspector days. Go Bok Hee contributes street smarts and quick thinking developed through years of surviving workplace chaos. Albert Oh offers insider access to the founding family’s secrets, while Lee Yong Gi provides technical hacking skills .
Episode 12, which aired on February 22, showed this newly formed team launching their first official mission together. Stills released before the episode showed the four members working in sync, with Geum Bo using a voice modulator to communicate while Lee Yong Gi operated computers beside her . Other photos captured Go Bok Hee, Albert Oh, and Lee Yong Gi wearing masks and waiting in an abandoned building while Geum Bo watched through binoculars from a distance .
Shin Jung Woo’s Growing Suspicion
While the dream team formed, Shin Jung Woo (Go Kyung Pyo) found himself in a complicated position. As the new CEO of Hanmin Securities brought in by DK Ventures, he has his own reasons for wanting to take over the company. However, his relationship with Geum Bo—his ex-girlfriend from over a decade ago—keeps pulling him back into her orbit.
In episode 11, Shin Jung Woo warned Geum Bo about dangerous plots involving Chief Song and urged her to leave the company for her safety . But Geum Bo refused to back down, determined to see her mission through.
The drama also revealed that Shin Jung Woo still keeps mementos from his relationship with Geum Bo, suggesting unresolved feelings . When Geum Bo mentioned during her birthday dinner that “the carols on the street are a trailer for my birthday celebration,” it shocked Kang No Ra because she had heard the exact same phrase from her fiance Shin Jung Woo when he talked about his past love . This small moment confirmed that Shin Jung Woo is indeed Geum Bo’s mysterious ex-boyfriend.
Birthday Dinner Brings Emotional Moments
Amid all the tension, episode 11 offered a warm break when Geum Bo celebrated her birthday with her family at their chicken restaurant. Her parents and younger sister Hong Jang Mi (played by ITZY’s Yuna in a special appearance) gathered to mark the occasion .
Kang No Ra, who had been keeping her distance, showed up to join the celebration, creating a rare happy moment for the characters. The three roommates—Geum Bo, Go Bok Hee, and Kang No Ra—shared memories of their time living together in room 301, bringing emotional depth to an episode otherwise filled with suspense .
Ratings Hit New Highs
The excitement from episodes 11 and 12 clearly resonated with viewers. Episode 11 achieved the drama’s highest ratings yet, with a nationwide average of 10.6 percent and a peak of 12.6 percent. In the metropolitan area, it scored an average of 10.7 percent and peaked at 13.1 percent . This marks the first time the show has surpassed double-digit ratings since its January 17 premiere.
The ratings success shows that the drama’s mix of office comedy, financial thriller elements, and 1990s nostalgia is connecting with audiences. The growing chemistry between the four main characters—Park Shin Hye, Ha Yoon Kyung, Jo Han Gyul, and Jang Do Ha—has become a major draw for viewers.
What the New Alliance Means Going Forward
With the dream team now officially working together, the mission to recover Hanmin Securities’ remaining slush funds enters a new phase. Albert Oh’s insider knowledge as the chairman’s grandson gives the team access to information they could never have obtained otherwise. Combined with Lee Yong Gi’s technical abilities and Geum Bo’s investigative expertise, they now have the tools to go after the bigger portion of the embezzled money.
The team faces significant risks. If Chairman Kang discovers that his own grandson is working against him, the consequences would be severe. Additionally, Shin Jung Woo’s growing suspicions about Geum Bo’s true identity could either help or hinder the mission, depending on which side he ultimately chooses.
Fan Reactions to the Latest Episodes
Online discussions about Undercover Miss Hong have heated up following these episodes. Viewers are praising the chemistry between Park Shin Hye and Jo Han Gyul, with many noting how Albert Oh’s supportive, non-judgmental attitude toward Geum Bo makes him a refreshing character .
Fans also appreciate how Go Bok Hee has evolved from a seemingly superficial secretary into a genuinely resourceful ally. Her willingness to risk her job and safety to help Geum Bo steal the slush fund has won over many viewers who initially dismissed her as just comic relief .
The revelation about the Yeouido Pirates sparked considerable discussion, with viewers surprised that Albert Oh—who initially seemed like a lazy rich kid more interested in movies than work—turned out to be the mastermind behind the information network.
Some fans are expressing disappointment with Shin Jung Woo’s character, finding him less engaging compared to Albert Oh’s charm and mysterious background . However, others appreciate the complicated history between Jung Woo and Geum Bo and look forward to seeing how their relationship develops.
The 1990s Setting Adds Authentic Charm
Part of what makes these recent episodes work so well is the attention to period detail. The show captures late 1990s Korea, from the fashion and music to the workplace culture and technology. PC communication networks like the Yeouido Pirates were a real part of Korean internet history, and the drama uses this setting cleverly to build suspense around information leaks and anonymous rumors.
Park Shin Hye mentioned in a press conference that she drew on her own memories of growing up in that era to prepare for the role. She noted that the patriarchal, male-dominated society of 1990s Korea felt familiar, allowing her to naturally incorporate those emotions into her performance .
With 12 episodes down and 4 remaining, Undercover Miss Hong has set the stage for an intense final act. The dream team now has the resources and skills to pursue Chairman Kang’s remaining slush funds, but they also face greater danger now that more people know Geum Bo’s secret.
Episode 12 aired on February 22, setting up the conflicts that will drive the story toward its conclusion. Viewers can catch the drama on tvN every Saturday and Sunday at 9:10 p.m. KST. For international audiences, the show is available on streaming platforms with subtitles in multiple languages, including English, Indonesian, and others.
The combination of sharp writing, strong performances, and genuine suspense has turned Undercover Miss Hong into one of the most talked-about dramas of early 2026. With the ratings now in double digits and the story reaching its most exciting point yet, all eyes are on how Geum Bo and her unlikely team will finish what they started.
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