Large SK Hynix Buy Seen on YouTube Stream Wasn’t SK Chairman Chey’s Trade
Summary
- SK Group Chairman Chey Tae-won bought 3,620 common shares of SK Hynix in the open market for about $3.5 million.
- SK Group said the SK Hynix share purchase was meant to show confidence in the value of its semiconductor business and its commitment to responsible management during a decline in the stock price.
- A large purchase of 3,619 SK Hynix shares worth $3.5 million spotted on Suka’s July 29 broadcast was confirmed to be a separate transaction because it took place on a different date from Chey’s purchase.
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Online speculation that SK Group Chairman Chey Tae-won was behind a large SK Hynix share purchase spotted on economic YouTuber Suka’s livestream has proved unfounded. The order drew attention because its size and value were similar to Chey’s recent purchase, but it was a separate transaction.
Industry officials said on Aug. 1 that Suka uploaded a video to his YouTube channel, SukaWorld, on July 30 titled “Suka Witnesses a Historic Moment (Hello, SK Chairman).” The clip shows him watching the SK Hynix order book during a live market broadcast shortly before the market close on July 29.
A block of 3,619 SK Hynix shares was executed at 1.4 million won a share at the time. The transaction was worth about $3.5 million. Watching the screen, Suka reacted with surprise, saying, “Huh? Wow, someone bought 3,600 shares all at once. Took it all in one shot. That’s impressive.”
Speculation spread online after a regulatory filing showed that Chey had bought 3,620 common shares of SK Hynix in the open market. The trade shown on Suka’s broadcast involved 3,619 shares, while Chey’s purchase totaled 3,620 shares.
The two transactions took place on different dates, however. The large purchase shown on Suka’s broadcast was executed on July 29, while Chey’s SK Hynix purchase was made on July 30. With different execution dates, the two are unlikely to have been the same trade.
Chey bought 3,620 common shares of SK Hynix in the open market on July 30 for about $3.5 million. SK Group said the purchase reflected confidence in the value of its semiconductor business and a desire to show management accountability during a recent decline in the stock price.
Online commenters described the similarity as a remarkable coincidence. Reactions included: “Even the purchase price was only slightly different,” “The share count was so similar that people could easily get confused,” and “That really is an uncanny coincidence.”
Shin Hyun-bo, Hankyung.com reporter, greaterfool@hankyung.com
Korea Economic Daily
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