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SK Hynix launches $29 billion buyback after shares sell off
The South Korean memory-chip maker said current share prices do not reflect its intrinsic value, after a sharp selloff in recent months.
SK Hynix is embarking on a $29 billion share repurchase program, arguing that its stock is trading below what it considers intrinsic value, according to MarketWatch.
The company’s comments come after a sharp selloff in recent months, which has pushed its shares lower despite the firm’s view of its underlying value.
MarketWatch reports that SK Hynix is effectively using the buyback to signal confidence in its business and to counter the market’s current pricing of the company.
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