SK Chairman Chey Tae-won profits over $1 million in one day after buying $4 million in SK Hynix shares

SK Group Chairman Chey Tae-won has significantly boosted his stake in SK Hynix, purchasing 3.62 million common shares on the open market for approximately 4.9 billion won. This investment, made at an average price of 1,353,677 won per share, has already yielded a substantial unrealized gain of over 1.2 billion won within a single day, as SK Hynix stock surged 27.61% to 1,687,000 won by mid-morning on July 31st.

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Don't buy and sell SK Hynix stock; just hold onto it.

The timing of this substantial purchase, following a recent sharp decline in SK Hynix's stock price, is being interpreted as a strong signal of Chey's commitment to responsible management and his unwavering confidence in the future of the semiconductor industry. This proactive step aims to reassure investors and underscore the company's intrinsic value.

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Memory chips will continue to be used, and the rise in SK Hynix and Samsung Electronics stock prices from last year to this year is because they saw this phenomenon.

Chey has previously voiced his optimism regarding the semiconductor sector's long-term trajectory. During the Jeju Forum hosted by the Korea Chamber of Commerce and Industry on July 17th, he emphasized the enduring demand for memory chips in the era of artificial intelligence. He advised investors to maintain a long-term perspective on SK Hynix shares, stating, "Don't buy and sell SK Hynix stock; just hold onto it."

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In this situation, memory is still needed in the future, so if you give it time, it will go up in an 우상향 (upward trend). However, what will happen next month? I don't know.

He further elaborated on market volatility, noting that stock prices can fluctuate based on expectations, rising sharply with positive outlooks and falling with disappointments. However, Chey asserted that memory chips will remain essential, predicting a long-term upward trend for SK Hynix and Samsung Electronics. While acknowledging the unpredictability of short-term market movements, he reiterated his belief that holding such stocks is the most prudent strategy for preserving wealth.

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For this type of stock investment, just hold onto it. Don't buy and sell it. We believe that will be the best way to preserve your assets.