People are always eager to find a reason for a decline, this image was sent to me by a group friend, and after looking at it, I can only say: it’s a bit absurd.

The decline of SK Hynix is basically unrelated to this divorce case!

Because Choi Tae-won does not directly hold SK Hynix. He holds about 17.9% of SK Holdings, which holds about 32% of SK Square, and SK Square is the largest shareholder of SK Hynix.

There are three layers of equity relationships in between, and the 944 billion Korean won decided by the court is a cash division.

Unless Choi Tae-won impulsively decides to raise funds by starting large-scale sales and pledging SK shares, this matter will not immediately affect the fundamentals of Hynix.

What truly caused this round of sharp decline in the Korean stock market are three overlapping issues:

1⃣ The market wants to question: when will the data centers worth several hundred billion dollars actually make a profit?

So once the capital expenditure of upstream cloud vendors is questioned, the market will first cut the valuations of the highest-valued and most profit-elastic suppliers. SK Hynix happens to qualify on both counts.

2⃣ The market expects that SK Hynix’s operating profit margin in the second quarter could reach 75%, which is no longer a normal profit margin for a manufacturing company; it’s almost like producing memory using a money printer.

3⃣ The Korean market is experiencing a typical de-leveraging stampede, with foreign capital selling off, margin financing being forced to reduce positions, and quantitative funds simultaneously cutting back.

This large bearish candlestick has already released a lot of panic, if tomorrow’s earnings report doesn’t significantly fall short of expectations, there is a high probability that there will be a rebound!

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