Chey Tae-won, SK Group chairman, buys 4.8 billion won worth of SK hynix shares..."showing commitment to responsible management"

[Financial News] Chey Tae-won, chairman of SK Group, bought about 4.8 billion won worth of SK hynix shares on the open market. The move is seen as an effort to underscore his commitment to responsible management at a time when South Korea's stock market has been under severe pressure, especially among semiconductor stocks, including SK hynix. 
SK hynix disclosed on the 30th that Chey purchased 3,620 common shares of the company through open-market buying. Based on the closing price of 1,322,000 won that day, the purchase was worth about 4.79 billion won. 
This is the first time Chey has bought SK hynix shares. He is said to have decided on the purchase as part of responsible management, based on his confidence in the value of semiconductor companies and his view that SK hynix shares have recently been excessively undervalued. 
SK hynix shares hit an all-time high of 2,987,000 won on the 25th of last month, but then plunged and closed at 1,322,000 won on the 30th, just a little over a month later.  
Chey recently said of SK hynix shares, "Memory will continue to be needed, so over time it will trend upward," adding, "Rather than buying and selling, holding on to it is a good way to preserve wealth." 

[email protected] Lim Su-bin Reporter