'Memory chips will keep rising': Chey Tae-won buys W4.8b in SK hynix shares

SK Group Chairman Chey Tae-won purchased 3,620 common shares of SK hynix on the open market for about 4.8 billion won ($3.31 million), the chipmaker disclosed Thursday. SK hynix said in a regulatory filing that Chey made the purchase that day, signaling his commitment to responsible management amid sharp turbulence in the domestic stock market, particularly among semiconductor stocks. Based on the closing price, the transaction was valued at 4.79 billion won.

It is the first time Chey has bought SK hynix shares. The purchase reflects his confidence in the chipmaker's underlying value and his view that its share price has become excessively undervalued. SK hynix shares hit an all-time high of 2.99 million won on June 25, only to fall to a closing price of 1.33 million won on Thursday — a drop of more than half in just over a month. Chey recently commented on the stock's outlook, saying, "Memory chips will always be needed, so given time, the price will keep trending upward." He added, "Rather than buying and selling, simply holding on is the best way to preserve your wealth."