Chey Tae-won, chairman of SK Group, bought SK hynix(000660) shares for about 4.78564 billion won for the first time. With volatility in the domestic stock market growing, centered on semiconductor stocks, the move is seen as signaling a commitment to responsible management.
SK hynix disclosed on the 30th that Chairman Chey bought 3,620 of the company's common shares on the open market.
The purchased shares are worth 4.78564 billion won based on the closing price that day. Chairman Chey directly bought SK hynix shares for the first time.
Chairman Chey is said to have decided to buy shares based on trust in SK hynix's corporate value and the growth potential of the semiconductor industry, while judging that the recent share price had fallen below the company's value.
By setting the purchase size below 5 billion won, thereby avoiding the obligation to disclose a trading plan at least 30 days in advance, the move is seen as a swift signal of commitment to responsible management.
SK hynix shares climbed to 2,987,000 won on the 25th of last month, a record high. After a steep decline, they closed at 1,322,000 won on the day, about a month later.
Recently, Chairman Chey said of SK hynix's share price, "Because memory is continuously needed, it will trend upward over time," adding, "Instead of buying and selling, just holding on to it is a good way to preserve wealth."