Abstract:
Photos of SK Group Chairman Choi Tae-won appearing at a steakhouse in New York spread, triggering market attention on the group's U.S. investment plans. The photo was taken when Choi Taiyuan went to New York to attend the Van Fleet Awards event at the end of September, as well as another trip earlier. SK Hynix is considering building a NAND flash memory factory in New York State through its U.S. subsidiary Solidigm, and Cui Taiyuan's local activities have come under close scrutiny.
The chef of GUI Steakhouse in Manhattan posted a photo of himself and Cui Taiyuan on his personal Instagram account on the 25th. He wrote in the caption: "Spending a special moment with SK Chairman Choi Tae-won, it is a great honor for him to come to our restaurant." He also uploaded a photo of the restaurant menu with a suspected signature of Choi Tae-won.
SK Group stated that these photos were not taken recently. The group said: "The photos were taken during the Van Fleet Award event at the end of September and on another occasion earlier." Cui Taiyuan attended the annual dinner held by the Korea Association in New York late last month, and congratulated Nvidia CEO Jensen Huang on being awarded the Van Fleet Award at the dinner.
In addition to this event, SK Hynix was evaluating plans to build a new production base in the United States.
As relevant negotiations progress, Solidigm’s plan to raise huge funds to build the factory has changed. SK hynix stated in a regulatory filing submitted on the 23rd that due to the impact of the capital market environment, the company has suspended its evaluation of Solidigm’s pre-listing financing round and IPO plan. Regulators' concerns about dual listings and the recent pullback in the semiconductor sector are seen as the reasons behind the decision.
SK hynix stated that the company’s judgment on Solidigm’s growth potential and investment needs has not changed. The need for new production capacity in the United States remains, and the company is expected to evaluate alternatives such as direct investment and external financing. The proposed U.S. factory is interpreted as a move to disperse production bases and respond to local manufacturing demands, which also means that Cui Taiyuan may still go to New York again.
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