Same day, different holiday: Mid-autumn festivals across East Asia
N.Korea could use nuclear weapons at any stage of conflict: Pentagon
Yoon hosts luncheon meeting with Korean atomic bomb victims in Hiroshima on Chuseok
Swimmer, gamers celebrate Chuseok with gold medals
Memorials commemorating Itaewon crowd crush to be erected at accident site
The many regional flavors of songpyeon, a Korean holiday dessert
Opposition leader proposes meeting with Yoon amid growing party feud
NewJeans hits 1 bln streams mark on Spotify with debut album
Expressway traffic congestion persists on 2nd day of extended Chuseok holiday
Whisky imports surge 40% through August, suggesting record-breaking year
SK Square unveils W2tr bet on chips, blockchain
Chip-to-energy giant to start issuing digital asset this yearBy Son Ji-hyoung
Published : March 28, 2022 - 15:20
It is the first time SK Square unveiled its investment roadmap since November, when it spun off from telecommunication affiliate SK Telecom.
Under the plan, announced during its shareholder meeting held Monday, SK Square will target chip companies in the United States and in Japan across the global semiconductor value chain.
Prior to the carveout, SK Square has already been dedicated to investing in semiconductor industry. It holds about a 20 percent stake in memory chip maker SK hynix.
Under SK’s influence, SK hynix took part in Bain Capital-led deal to buy Toshiba‘s memory chip operation in 2018, and clinched a $7 billion deal to acquire Intel’s solid-state drive business assets and NAND flash operations in December.
SK Square‘s fresh investment will not be limited to chips, as it was seeking more aggressive investment in “Next Platform” including blockchain and digital assets.
On the sidelines, SK Square unveiled a plan to launch a white paper explaining the element and property of its new digital coins in the first half of and issue new cryptocurrency before the third quarter. The new digital asset will be building blocks of a new blockchain-based economic system across SK Telecom’s metaverse platform and other SK Square affiliates‘ internet service.
SK Square added it is open to collaborating with investors at home and abroad for co-investment in chips, blockchain, among others.
“This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho, chief executive officer and vice chairman of SK Square, said in a statement.
Since a spinoff, SK Square has invested a total of 130.3 billion won to pursue strategic collaboration, in digital asset exchange Korbit, Kakao-backed virtual human maker Onmind and agricultural technology firm Green Labs.
Other portfolio firms include e-commerce platform 11st, app store operator One Store, security device maker SK Shieldus, advertising company Incross and mobility service firm T Map Mobility, as well as SK hynix.
Of them, SK Shieldus and One Store aims to go public in the first half of this year. Proceeds from share sales of SK Square’s portfolio firms will be used to buy back SK Square shares and cancel them, or implement an extraordinary dividend payout, Park said.
S. Korea wins bronze in pistol mixed team event for 14th shooting medal
Traffic heavy on expressways following Chuseok
S. Korea to extend $5 mil worth of fertilizer aid to Ukraine via U.S. agency