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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

SK hynix rises nearly 13% in debut on Wall Street as demand for memory chips soars amid AI frenzy

NEW YORK — Shares of Korean memory chipmaker SK hynix rose 12.8 percent as they made their debut on Wall Street, at a time demand for chips is surging thanks to the frenzy around artificial intelligence. The company is already one of the largest in Korea, along with Samsung Electronics, and is a member of the Kospi index. Even with a recent pullback, the country's Kospi index is up 77 percent so far this year and SK hynix shares have more than tripled. SK hynix priced its American depositary receipts, or ADRs, at $149 each Thursday. They opened Friday at $170 and closed at $168.01. The offering of 177.9 million ADRs raised proceeds of $26.5 billion, making it the biggest-ever initial share sale in the U.S. by a foreign company. An ADR is issued by a bank or broker and is a simplified way for U.S. investors to own foreign stocks through the U.S. markets. SK hynix is going public in the U.S. amid a surge in IPO proceeds. There were 48 IPOs raising a total of $104.8 billion during the second quarter, according to Renaissance Capital. It is the biggest quarter for deal proceeds in five ye

Jul 11, 2026By AP
SK hynix rises nearly 13% in debut on Wall Street as demand for memory chips soars amid AI frenzy

Nasdaq debut 'historical moment,' expects huge AI investment

WASHINGTON -- SK Group Chairman Chey Tae-won said Friday that South Korean chip giant SK hynix's debut on the tech-heavy Nasdaq is a "historical moment" and a "dream come true," expressing his expectation for the group's large-scale investment in the artificial intelligence (AI) sector. Chey made the remarks during a CNBC interview after the chipmaker made its Nasdaq debut through the listing of its American depositary receipts. "First of all, this is a truly historical moment, and we've been waiting for a long, long time," he said. "SK acquired hynix 15 years ago. So it's kind of a dream come true." Aside from memory chip production, Chey pointed out his expectations for his conglomerate's investments in the broader AI industry. "I am expecting at least ... tens of billions of dollars for the AI side," he said. "We are talking about just memory chips, but I am looking at large investments in AI, AI data centers, technologies and startups, or joint ventures with my partners," he said. "I'm expecting huge investments sooner or later." He stressed that the Nasdaq debut will give SK hynix a n

Jul 11, 2026By Yonhap
Nasdaq debut 'historical moment,' expects huge AI investment

LNG reemerges as strategic fuel for Korea's AI, chip ambitions

Liquefied natural gas (LNG) is regaining strategic importance as the government reassesses its energy mix to support massive investments in artificial intelligence (AI) data centers and semiconductor manufacturing, while a prolonged global boom in LNG strengthens prospects for the country's broader LNG supply chain. Seoul is reconsidering LNG's domestic role after previously planning to reduce its share in the country's power mix under long-term decarbonization targets. Growing electricity demand from AI infrastructure and semiconductor manufacturing has renewed focus on LNG-fired power generation as a flexible backup source to balance the intermittency of renewable energy. The government is expected to consider a sharp increase in the share of LNG power in a new electricity plan, which will be drawn up later this year. It is also said to be reviewing a proposal to meet part of Samsung Electronics and SK hynix’s planned semiconductor cluster’s 6.3-gigawatt power demand in the southwestern region with LNG combined-cycle plants. Executives have also called for greater policy support fo

Jul 11, 2026By Lee Gyu-lee
LNG reemerges as strategic fuel for Korea's AI, chip ambitions

SK hynix lists ADRs on Nasdaq to expand global AI presence

SK hynix has listed its American depositary receipts (ADRs) on the Nasdaq stock market, marking a move to expand its presence in global capital markets and strengthen its position as a key supplier in the artificial intelligence (AI) semiconductor ecosystem. The Korean memory chipmaker held an opening bell ceremony at the Nasdaq MarketSite in Times Square, New York, on Friday (local time) to commemorate the start of ADR trading. The event was attended by SK Group Chairman Chey Tae-won, SK Square Executive Vice Chairman Chey Jae-won and SK hynix CEO Kwak Noh-jung, among other senior executives from the group and company. The offering consists of 177.9 million ADRs priced at $149 each, raising about 40 trillion won ($26.5 billion). Each ADR represents one-tenth of a common share listed on the Seoul stock market. ADRs are certificates issued by a U.S. depositary bank that represent shares of foreign companies and trade on U.S. stock exchanges. They allow overseas companies to access U.S. investors while enabling Americans to invest in foreign stocks without opening overseas accounts or deal

Jul 10, 2026By Kang Seung-woo
SK hynix lists ADRs on Nasdaq to expand global AI presence

JoongAng Ilbo begins workout as creditors back debt restructuring

JoongAng Ilbo, one of Korea's major newspaper publishers, won approval Friday to begin a workout program after facing a liquidity crisis. A workout is a debt restructuring process conducted through negotiations with creditors, allowing a company to retain greater control over its restructuring than under court-supervised rehabilitation. The decision came about three weeks after JoongAng Ilbo, the flagship of JoongAng Group, formally applied for a workout with its lead creditor, Hana Bank, on June 19, after a 22 billion won ($15 million) commercial paper issue was officially declared in default amid mounting financial strain across the group. Hana Bank and other financial creditors approved the launch of the workout at the first creditors' meeting, held through a written vote. By 6 p.m., creditors representing more than 75 percent of outstanding financial claims had backed the plan, meeting the threshold required to begin the process. Under Korean law, a workout requires approval from creditors representing at least three-quarters of outstanding financial claims. Following the approval, cre

Jul 10, 2026By Jun Ji-hye
JoongAng Ilbo begins workout as creditors back debt restructuring

Ferrari strengthens Korea footprint with Hyosung, Samsung collaborations

Ferrari is deepening its ties with Korean companies through technology collaborations and an expanded luxury retail footprint, with CEO Benedetto Vigna describing Korea as an inspiring market and calling for broader cooperation in electrification and digital technologies during last month's Korea-Italy business roundtable in Rome. Held on the sidelines of President Lee Jae Myung's state visit to Italy, the meeting underscored Ferrari's view of Korea not only as a key luxury car market but also as a strategic technology partner. Earlier this year, Ferrari unveiled a one-off 12Cilindri Tailor Made model in Seoul featuring Korean artistic elements, including traditional lacquerware and horsehair craftwork, highlighting its efforts to localize the brand in one of Asia's fastest-growing luxury markets. The momentum continued in June, when reservations for Casa Ferrari, a brand immersion pop-up in Seoul's Seongsu neighborhood, reached nearly 2,000 within an hour of opening. Vigna's remarks also drew renewed attention to Ferrari's long-standing relationships with Korean partners, particularly H

Jul 10, 2026By Lee Gyu-lee
Ferrari strengthens Korea footprint with Hyosung, Samsung collaborations

Gov't reviews support for workers of troubled supermarket chain Homeplus

The government has reviewed the progress in rolling out supportive measures for workers of the troubled supermarket chain Homeplus after a court decided to terminate its rehabilitation proceedings, the finance ministry said Friday. First Vice Finance Minister Lee Hyoung-il chaired a task force meeting to review the progress in implementing support measures for affected workers and subcontractors after vowing last week to provide up to 21 million won ($13,980) in substitute payments for unpaid wages. The government said the labor ministry received 692 inquiries and provided information on available support programs. The task force also identified 33.3 billion won in unpaid wages for June and vowed to closely monitor any additional delays in wage payments. Last week, Korea also offered low-interest loans of up to 10 million won at a rate of 1.5 percent within the amount of their unpaid salaries. During the meeting, the participants vowed to continue closely monitoring damage suffered by workers and business partners affected by the termination of Homeplus' rehabilitation proceedings and to

Jul 10, 2026By Yonhap
Gov't reviews support for workers of troubled supermarket chain Homeplus

Hyundai Motor, Kia, GM Korea on verge of strike amid faltering wage talks

Hyundai Motor, Kia and General Motors (GM) Korea are edging closer to labor action amid their stalled wage negotiations, sparking concerns over production disruptions that could cost hundreds of billions of won. Hyundai Motor's union will stage a two-hour partial strike each day starting Monday, as it failed to find a breakthrough in its wage negotiation with the carmaker’s management. Unionized workers from the automaker are demanding management provide a performance bonus equivalent to 30 percent of the firm’s net profit last year — a figure seen by its management as highly excessive, as the carmaker suffered a net profit fall of more than 20 percent in 2025 in the aftermath of U.S.-imposed auto tariffs. This year’s negotiations have also stalled over a new contentious issue: manufacturing automation driven by advances in physical artificial intelligence (AI). Earlier this year, Hyundai Motor Group shared plans to gradually deploy Boston Dynamics' Atlas humanoid robots across major production facilities in Korea and overseas, prompting strong opposition from the union. In respon

Jul 10, 2026By Lee Min-hyung
Hyundai Motor, Kia, GM Korea on verge of strike amid faltering wage talks

Samsung Electronics' largest union urges withdrawal of local voucher wage bill

Samsung Electronics' largest labor union on Friday called for the withdrawal of a proposed revision to the Labor Standards Act that would allow employers to pay part of workers' wages with local gift certificates, arguing that the bill undermines the principle that wages should be paid in legal currency. According to a wage agreement reached in May, employees in Samsung Electronics' Device Solutions (DS) Division could receive performance-based incentives of up to 600 million won ($397,000) each if earnings meet expectations, while employees in the Device eXperience (DX) Division, the company's consumer electronics business, are expected to receive company shares worth about 6 million won. The Samsung Electronics Labor Union (SELU) criticized proposed legislation, introduced Wednesday by Rep. Park Min-kyu of the ruling Democratic Party of Korea, which would amend the Labor Standards Act to allow employers to pay part of workers' wages, including performance bonuses, in local gift certificates or other non-cash forms with employees' explicit consent or under a collective bargaining agre

Jul 10, 2026By Nam Hyun-woo
Samsung Electronics' largest union urges withdrawal of local voucher wage bill

Naver donates $300,000 for Venezuela earthquake relief

As Venezuela recovers from a devastating earthquake, Naver is stepping in with corporate donations and thousands of users on its online giving platform are joining the relief effort. Naver said Friday it donated $300,000 to support recovery efforts following the powerful earthquake that struck Venezuela in June. The company said the donation will be distributed through its online donation platform, Happy Bean, with UNICEF, the U.N. Refugee Agency and the U.N. World Food Programme each receiving $100,000. The funds will be used to support relief and reconstruction efforts in areas affected by the earthquake. Naver said the initiative continues its long-standing support for disaster relief efforts in Korea and overseas. The company donated 1 billion won ($661,993) last year to support recovery from torrential rains and another 1 billion won for wildfire recovery in the Gyeongsang and Ulsan regions. In 2023, it donated $1 million to support recovery efforts following the earthquakes in Turkey and Syria. The company's online donation platform, Happy Bean, has also seen strong public participati

Jul 10, 2026By Lee Kyung-min
Naver donates $300,000 for Venezuela earthquake relief
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