Ahn Cheol-soo: “Choi Tae-won, don’t think of stabbing shareholders in the back ... Solidigm IPO: Are you doing it or not?”

[Financial News] Ahn Cheol-soo, a lawmaker from the People Power Party, called on SK Group Chairman Choi Tae-won to state his position clearly in response to foreign media reports that Solidigm, SK hynix’s indirect subsidiary, had selected lead underwriters for a planned listing on the U.S. stock market next year.
On the 8th, Rep. Ahn posted a message on Facebook titled, “SK Chairman Choi Tae-won, don’t think of stabbing shareholders in the back—make your position clear. Solidigm IPO: are you doing it or not?”
Ahn said, “Last night, foreign media outlet Bloomberg reported that SK hynix subsidiary Solidigm had selected Goldman Sachs and Morgan Stanley as lead underwriters for an IPO,” adding, “It specifically reported that the company is planning to list in 2027 and would be valued at $100 billion upon listing.”
SK hynix has previously said that it is considering several options, but that no concrete plans have been finalized at this time.
Ahn said, “Our shareholders, especially retail investors, have suffered substantial financial losses from the issue of subsidiaries being listed separately, as seen in the cases of LG Energy Solution and Doosan Bobcat,” adding, “SK hynix subsidiary Solidigm, too, cannot avoid controversy over a duplicate listing.”
He added, “If outside funding flows in through an IPO, SK hynix’s stake in Solidigm will fall, and existing shareholders’ share will also shrink,” saying, “That would be another blow to Hynix shares, which have fallen at least 40% from their peak amid the correction that began in July.”
Ahn also criticized SK, saying, “Since rumors of a Solidigm IPO surfaced in August, SK has consistently offered evasive explanations instead of confirming the facts, saying ‘reviewing various options,’ ‘nothing has been finalized,’ ‘comprehensive consideration,’ ‘options under discussion’ and ‘enhancing shareholder value over the long term.’ Meanwhile, did it hire staff for Solidigm’s IPO, select lead underwriters and leak a valuation for the listing behind the scenes? How are shareholders supposed to accept this kind of backstabbing management unless SK sees them as nothing more than a source of funds?”
He went on to urge, “What possible reason could a company on track to generate 350 trillion won in annual revenue this year have for seeking to raise funds for a subsidiary while provoking controversy over a duplicate listing? SK Group Chairman Choi Tae-won should state his position clearly on Solidigm’s listing, even now.”
Solidigm, meanwhile, was launched after SK hynix acquired Intel’s NAND flash business in 2021. Its main business is high-capacity enterprise solid-state drives (SSDs) used in artificial intelligence (AI) data centers.
[email protected] Kim Su-yeon Reporter