SK hynix Completes 40 Trillion Won Share Buyback

Equivalent to 3.3% of shares outstanding
All shares to be canceled

SK hynix completed its large-scale share buyback, worth about 40 trillion won, roughly a month ahead of schedule.

SK hynix headquarters in Icheon, Gyeonggi Province. SK hynix, Yonhap News Agency.

According to industry sources on Oct. 21, SK hynix completed its two-month share buyback, which began in August, that day. The company had said it would spend a total of 40 trillion 4.34 billion won to acquire 24.07 million of its own shares and cancel all of them. The shares represent about 3.3% of the company’s total shares outstanding, making this the largest share cancellation by a listed company in South Korea’s history.

The originally announced buyback period was from Aug. 20 to Nov. 19, but the company completed the purchase a month early.

Samsung Electronics had also completed the purchase of 56.85 million of its own shares, spending about 15 trillion won from Aug. 24 through Oct. 6. In effect, more than 55 trillion won in total was spent on share buybacks over the two months, helping to support the stock market’s downside.

With the large-scale share buybacks now complete, attention is turning to additional shareholder return measures that may be announced alongside upcoming earnings results. SK hynix is expected to announce further shareholder return measures when it reports its third-quarter results on Oct. 28.

This content was produced with the assistance of AI translation services.