Why does SK always leave people scratching their heads [Kim So-yeon Column]

Why does SK always leave people scratching their heads [Kim So-yeon Column]
Reporter Kim So-yeon
Posted: 2026.10.16 16:48:39 Updated: 2026.10.16 20:56:57
“It looks like we are moving beyond a triple split toward a quintuple split.”
The business community is buzzing with rumors that Solidigm, a subsidiary of SK hynix, plans to list on the Nasdaq and is seeking pre-IPO investors ahead of the listing.
Attention is pouring in from all over the world. The French newspaper 'Le Monde Diplomatique' even published an in-depth analysis titled, "Despite criticism of the quintuple split, why is Hynix pushing for Solidigm's Nasdaq listing?"
Beyond the superficial issues—the complex split controversy involving SK → SK Square → SK hynix → AI Company → Solidigm, and the chronic dilution of parent company shareholder value due to repeated dual listings—there is another strange scene.
It is the fact that former Solidigm CEO Noh Jong-won has unexpectedly formed a private equity fund and emerged as a pre-IPO investor for Solidigm. Reports suggest he intends to invest as much as 2 trillion won.
Born in 1975, former CEO Noh Jong-won was a key figure in SK hynix's acquisition of the Intel NAND business unit, the predecessor of Solidigm.
In recognition of his success in the $9 billion acquisition in 2021, he was appointed as the first president in his 40s at Hynix.
However, as a semiconductor winter began immediately after the acquisition, Solidigm recorded consecutive losses in 2022 and 2023 and entered a state of capital impairment.
The perception that he had "fallen into the winner's curse" was widespread. Eventually, Noh, who was the president of Hynix, was appointed CEO of Solidigm in early 2023. Personnel evaluations circulated, suggesting, "Isn't this an instruction to clean up his own mistake with his own hands?"
When the semiconductor market surged last year, CEO Noh moved to SK Americas, which oversees SK Group's US government relations and semiconductor strategy, before recently leaving the company.
And immediately after leaving the company, he established a private equity fund called TechBridge and stepped forward to invest a massive sum of approximately 2 trillion won in Solidigm. Rumors say such whispers were already circulating in the first half of this year, even before he left the company.
That is not all.
Chairman Kim Ji-hoon of Stonebridge, who is set to form the investment fund alongside TechBridge, is also known to be a close associate of Chairman Chey Tae-won. It is reported that Solidigm has selected Goldman Sachs and Morgan Stanley as lead managers and is pursuing a method of recruiting investors through a public competitive bidding process.
Nominally, TechBridge will participate in the public bidding, but it goes without saying that a fund operated by former CEO Noh, who knows Solidigm's internal affairs and every single figure, and Chairman Kim, who is close to Chairman Chey Tae-won, appears to have the advantage.
A strong sense of déjà vu. A similar story existed before: Alchemist Capital Partners Korea and the late CEO Eun Jin-hyuk. The late CEO Eun, who passed away suddenly abroad last year, also had deep ties not only to SK Group but also to Chairman Chey Tae-won.
In fact, until just before his death, CEO Eun was plagued by rumors asking, "Is CEO Eun truly the actual owner of Alchemist?"
In 2020, Alchemist acquired Magnachip Semiconductor's foundry business along with another asset manager (GP) and changed its name to 'Key Foundry.'
At that time, SK hynix and the Saemaul Geumgo Union were key investors, and one year later, SK hynix acquired Key Foundry. The person who led the investment in and acquisition of Key Foundry at that time was none other than former CEO Noh Jong-won.
In the midst of this, the National Tax Service's decision to launch a special tax audit on Alchemist last May has drawn attention.
These are my reflections while watching the Solidigm IPO controversy, wondering why so many scenes that constantly make people scratch their heads appear in connection with SK Group and Chairman Chey Tae-won.
https://www.mk.co.kr/news/economy/12177981