On May 16, 2025, Netflix unveiled the full season of the South Korean melodrama *Dear Hongrang* (탄금), a captivating mystery series inspired by Jang Da-hye’s novel titled *Tangeum: Swallowing Gold*.
Analyzing the Ending of *Dear Hongrang*: Unraveling Hongrang’s Fate, Identity, and Jae-yi’s Heartbreaking Journey
The story of *Dear Hongrang* begins with a young boy named Hongrang fleeing through a snowy forest at night, haunted by a menacing figure. In a fateful moment, he falls and confronts his pursuer, a mysterious man cloaked in white with long white hair.
As dawn breaks, Hongrang has inexplicably disappeared. His family, desperate to find him, embarks on spiritual rites and extensive searches — both nationally and beyond — yet their efforts yield no results. The family’s patriarch, Shim Yeol-guk, the chief merchant of the nation, exhausts his riches to locate his son, while opportunistic individuals appear with false claims of being Hongrang, facing severe consequences when discovered.
Meanwhile, Hongrang’s mother, Min Yeon-uil, falls into deep despair, pushing her to the brink of grief. Jae-yi (Jo Bo-ah), Hongrang’s stepsister from Yeol-guk’s prior marriage, becomes a target for Yeon-uil’s anguish. Often blamed for her brother’s disappearance, Jae-yi endures harsh treatment but remains devoted to finding him, embodying unwavering love amidst neglect.
In the backdrop is Mu-ji (Jung Ga-ram), Yeol-guk’s adopted son, who is set to inherit the family business. Unbeknownst to Jae-yi, Mu-ji harbors feelings for her but feels constrained by his role as her brother.
The plot thickens when a man sent by Yeol-guk returns with a young man (Lee Jae-wook) claiming to be Hongrang. Without recollection of his past due to trauma, the new arrival undergoes testing, leading the family to accept him as their lost son based on shared birthmarks.
Despite the family’s welcome, Jae-yi remains doubtful. To her, this man is an outsider. Her refusals lead to increased scorn from Yeon-uil, who is utterly convinced of her son’s return. The impostor claims to have survived in a harsh environment as a foot soldier, burdening Jae-yi with further doubts about his identity.
Hongrang begins to integrate into the family business under Mu-ji’s guidance, who starts feeling insecure about his position. However, Jae-yi intensifies her quest to prove he is an impostor.
As Jae-yi and Mu-ji probe deeper into the man’s past, they uncover his notorious reputation as an assassin known as “Soul Ripper” , evoking serious dangers and revealing hidden truths.
Feeling the weight of Jae-yi’s inherent kindness, the impostor softens and begins to reciprocate her compassion, complicating the dynamics between them further.
As the narrative unfolds, it is revealed that the impostor is involved with a covert group tracking a sinister figure known as the “Snow Man,” connected to a series of missing children, including the impostor himself. This dark figure orchestrates a plot intertwined with child exploitation, involving a painter who uses children as living canvases for grotesque artworks.
Complications arise when Yeon-uil attempts to marry Jae-yi off to a cruel husband. Jae-yi’s futile escape leads to Mu-ji and the impostor plotting her rescue. Although Mu-ji fails, the impostor gathers substantial evidence of the groom’s past offenses, ultimately saving Jae-yi and bringing her back to safety.
In an unexpected twist, after a rushed return to the Shim household, the impostor and Jae-yi share a moment of intimacy, leaving her in confusion about her feelings.
Following their reconnection, the marital arrangement between Jae-yi and the abusive man is annulled upon Yeol-guk presenting the evidence against him. Meanwhile, Yeon-uil’s machinations against Yeol-guk lead to a power shift, resulting in a new guild being created in Mu-ji’s name.
In a shocking turn, Yeon-uil captures Mu-ji, and Jae-yi attempts rescue, only to be thwarted by the impostor, who negotiates for Mu-ji’s release by agreeing to exile.
As *Dear Hongrang* progresses, Jae-yi discovers a token the impostor possesses, meant to signify his claim to her rightful brother’s identity. Unbeknownst to her, the token is a false artifact that spirals her emotions and leads to an unexpected romance.
Torn between her budding feelings and loyalty, Jae-yi decides to leave with Mu-ji. Yet on the day of their departure, the impostor confesses his truth — he is not Hongrang, and professes his love for her. Together, they seek refuge in the mountains as they begin anew.
Back in the city, Mu-ji informs Yeol-guk of the impostor’s deception while making a bold offer involving his desire for succession and marriage to Jae-yi.
In a parallel narrative thread, the king—unbeknownst to the others—learns about the impostor’s identity, which links to his involvement with the Snow Man and dark secrets about the painter. This sets the stage for a widespread manhunt.
The impostor and Jae-yi are ultimately captured, and during a harrowing interrogation led by Yeol-guk, the impostor’s traumatic past comes to light through markings on his back, revealing his history of abuse tied to a sinister spiritual tapestry.
After Yeol-guk’s former lover tragically dies, revealing a complicated backstory, the impostor’s quest for vengeance against the king escalates. It culminates in a fierce confrontation where he dispatches the Snow Man, but not without sacrificing his own life in a fatal encounter.
In an emotional climax, Jae-yi comforts the gravely wounded impostor as he dies, leaving behind dreams of a future that was never meant to be. The aftermath finds Yeol-guk’s former lover avenging herself by eliminating Yeol-guk.
As *Dear Hongrang* draws to a close, two years have passed. Jae-yi has taken charge of the household and the guild. While Yeon-uil remains mired in denial regarding her son’s fate, Jae-yi reminisces atop the rooftop, finding solace in memories of her profound yet fleeting connection with her lost love.
Is There a Season 2 for *Dear Hongrang*?
Currently, there are no plans for a season 2 of *Dear Hongrang*. The series has effectively concluded all major story arcs, including the resolution of Hongrang’s fate, the impostor’s true identity, and the overarching conflicts surrounding the characters. The series ends on a bittersweet note, leaving no loose plotlines, allowing fans to reflect on Jae-yi’s growth through love and loss.
All 11 episodes of *Dear Hongrang* are now available for streaming on Netflix.