SK Hynix (SKHY.US) launches major shareholder return plan: plans to repurchase and cancel KRW 40 trillion worth of shares; over 50% of cumulative free cash flow will be returned to shareholders

Golden Ten Data APP reports that South Korean storage giant SK Hynix (SKHY.US) announced on Wednesday that it will repurchase and cancel shares worth 40 trillion KRW (approximately $28.61 billion) and plans to allocate at least 50% of its cumulative free cash flow to shareholder returns through next year. The company believes that its current share price does not fully reflect its true value, which is why it has decided to launch a comprehensive shareholder return initiative. As of press time, SK Hynix's US-listed shares were up more than 4% in after-hours trading.