Large SK Hynix Buy Seen on YouTube Stream Was Separate From SK Chairman’s $3.5 Million Purchase
Summary
- SK Group Chairman Chey Tae-won said he bought 3,620 shares of SK Hynix common stock on the open market for about $3.5 million.
- SK Group said the purchase was intended to show confidence in the value of the semiconductor business and its commitment to responsible management during the recent decline in the share price.
- The large purchase of 3,619 SK Hynix shares captured in the July 29 broadcast was confirmed to be a separate transaction because its execution date differed from Chey’s purchase on July 30.
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News that SK Group Chairman Chey Tae-won had bought SK Hynix shares on the open market fueled online speculation that a large buy order spotted during a live broadcast by economics YouTuber Schuka was Chey’s trade. The order size and share count were similar, but the transaction was in fact separate from Chey’s purchase.
According to industry officials on Aug. 1, Schuka uploaded a video to his YouTube channel, Schuka World, on July 30 titled “Schuka Witnesses a Historic Moment (Hello, SK Chairman).” The video shows him watching the SK Hynix order book during a live market broadcast just before the market close on July 29.
At the time, 3,619 SK Hynix shares were executed in a single trade at 1.4 million won each. The order was worth about $3.7 million. Schuka reacted with surprise, saying, “Huh? Wow, someone bought 3,600 shares all at once. They took it all in one shot. That’s impressive.”
Speculation spread online after a regulatory filing showed Chey had bought 3,620 SK Hynix common shares on the open market. The trade captured on Schuka’s broadcast involved 3,619 shares, while Chey’s purchase totaled 3,620 shares, making the two appear nearly identical.
The transactions, however, took place on different dates. The large purchase shown on Schuka’s broadcast was executed on July 29, while Chey bought SK Hynix shares on July 30. With different execution dates, the two are unlikely to have been the same trade.
Chey bought 3,620 SK Hynix common shares on 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 commitment to responsible management during the recent decline in the stock price.
Online commenters said they were struck by the coincidence. Reactions included, “Even the purchase price was only slightly different,” “The share counts were so similar that it was easy to get confused,” and “It really is remarkable for a coincidence.”
Shin Hyun-bo, Hankyung.com reporter greaterfool@hankyung.com
Korea Economic Daily
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