SK Hynix shares surged more than 12% in Seoul on Thursday after the company announced a $28.7 billion stock buyback.
The company announced it is speeding up its 40 trillion won ($28.7 billion) share buyback and cancellation plan, while aiming to increase shareholder returns to over 50% of the cumulative free cash flow from 2025 to 2027.
The news follows the company’s earlier announcement this month that it plans to invest 54 trillion Korean won in new memory chip manufacturing plants, driven by increasing demand for components essential for artificial intelligence.
The South Korean chipmaker is also reported to have consented to allocate 60% of this year’s employee bonuses as shares, with the remaining 40% paid in cash, according to a preliminary wage agreement.
Meanwhile, other tech stocks in Asia also rose Thursday. In South Korea, Samsung Electronics gained 8.69%; in Japan, SoftBank Group advanced 3.79%, while Nintendo was up more than 3%.
By CEO NA Editorial Staff
