Seoul: SK hynix Inc. announced plans to repurchase 24.07 million common shares valued at 40 trillion won (US$28.7 billion).

According to Yonhap News Agency, the South Korean technology company stated that the purpose of the share buyback is to enhance shareholder value by canceling treasury stocks. This strategic decision reflects SK hynix's belief that its stock is currently undervalued compared to its intrinsic value.

The company, recognized as a leading memory chipmaker, disclosed this decision in a regulatory filing, underscoring its commitment to improving shareholder returns and optimizing capital allocation.