Photos of SK Group Chairman Chey Tae-won visiting a steakhouse in New York have surfaced, drawing attention to the group's investment plans in the United States. The images were taken during Chey's trip to New York in late September for the Van Fleet Award ceremony and on a separate, earlier occasion. SK hynix (000660.KS) is weighing construction of a NAND flash plant in New York state through its U.S. subsidiary Solidigm, putting Chey's activities in the region under scrutiny.
Shim Sung-chul, the chef who runs GUI Steakhouse in Manhattan, posted photos of himself with Chey on his Instagram account on the 25th. "A special moment with SK Chairman Chey Tae-won. I am truly grateful for the honor of his visit," Shim wrote. He also posted a photo of a restaurant menu that appeared to carry Chey's signature.
SK Group said the photos were not from a recent visit. "These were taken during the Van Fleet Award event in late September and on another, earlier occasion," the group said. Chey attended the Korea Society's annual dinner in New York late last month, where he congratulated Nvidia Chief Executive Jensen Huang on receiving the Van Fleet Award.
Beyond that event, SK hynix was at the time reviewing plans for a new production facility in the United States. Reuters reported on Sept. 18 that Solidigm was considering upstate New York as a candidate site for a NAND flash plant. On the 20th of this month, the New York Post reported that New York Governor Kathy Hochul was in talks to bring a Solidigm plant to the area near Utica.
As those discussions have taken shape, Solidigm's plan for raising the large sums needed to build the facility has shifted. SK hynix said in a regulatory filing on the 23rd that it was halting its review of a pre-IPO funding round and an initial public offering for Solidigm, citing capital market conditions. Concerns from financial regulators about duplicate listings and the recent correction in semiconductor shares are seen as factors behind the decision.
SK hynix said its view of Solidigm's growth potential and the need for investment has not changed. With new production capacity in the United States required, the company is expected to weigh alternatives including direct investment and outside financing. Solidigm currently operates a NAND production facility in Dalian, China. The proposed U.S. plant is read as an effort to diversify production bases and respond to demands for more local manufacturing. That leaves open the possibility of further trips to New York by Chey.
