SK Group Chairman Chey Tae-won purchased approximately 4.8 billion won ($3.4 million) worth of SK hynix shares, marking his first-ever direct investment in the company. This move is viewed as an act of responsible management and an effort to stabilize investor sentiment after the chipmaker's stock price fell by more than half from its peak in late June.
The share purchase follows a sharp stock decline, which occurred despite SK hynix reporting record quarterly profits. The drop was attributed to earnings that missed high analyst expectations and a lack of a detailed shareholder return plan during its recent earnings call. The company has since stated it will announce additional shareholder return measures by the end of the year.