Align Partners reveals 1.5% stake in SK Inc., sees 75% valuation discount

Align Partners disclosed that it holds 1.5 percent of SK Inc., arguing that the holding company’s share price does not reflect the value of its indirect stake in SK hynix. The fund estimated SK Inc.’s net asset value at around 100 trillion won and said its market capitalization implied a discount of approximately 75 percent. Align cited a possible valuation re-rating after SK Inc. announces a corporate value enhancement plan later this year, while clarifying that its investment thesis did not necessarily signal an activism campaign. SK Inc. shares rose 12.62 percent to close at 482,000 won on Wednesday.

Align held 1,088,753 SK Inc. shares through its fund, representing 1.5 percent of the company’s outstanding shares.

SK Inc. owns 32.2 percent of SK Square, which owns about 20 percent of SK hynix, giving SK Inc. an effective stake of roughly 6.5 percent in the chipmaker.

Align said the discount reached 91.4 percent when operating businesses were excluded and only net investment assets were considered.

SK Inc. resolved in March to cancel nearly 14.7 million treasury shares, or 20.1 percent of its total issued shares, on Jan. 4 next year.

SK Inc.’s market capitalization was 24.9 trillion won as of Friday, excluding treasury shares. The article gave the estimated net asset value as $75.5 billion.

Published Oct 21, 2026 3:56 pm KST

Headquarters of SK Group in Seoul / Korea Times file

Align Partners disclosed that it holds a 1.5 percent stake in SK Inc. through its fund, arguing that the holding company's share price does not fully reflect the value of its key subsidiary, SK hynix.

According to materials presented by Align CEO Lee Chang-hwan at the "13D Monitor Active-Passive Investor Summit" in New York on Tuesday (local time), the activist fund held 1,088,753 shares of SK Inc., representing 1.5 percent of the holding company's total outstanding shares.

Lee described SK Inc. as an opportunity to gain exposure to world-class artificial intelligence assets at a discounted valuation. SK Inc. holds a 32.2 percent stake in SK Square, which in turn owns about 20 percent of SK hynix. It gives SK Inc. an effective stake of roughly 6.5 percent in the chipmaker.

He explained that the value of SK Inc.'s indirect stake in SK hynix is subject to two layers of discounts due to its ownership structure.

Align estimated SK Inc.'s net asset value at around 100 trillion won ($75.5 billion), implying a discount of approximately 75 percent to its net asset value, based on the holding company's market capitalization of 24.9 trillion won as of Friday, excluding treasury shares.

The discount widens to 91.4 percent, according to the fund, when operating businesses are excluded and only net investment assets are considered.

Align also cited the potential for a valuation re-rating following the announcement of a new corporate value enhancement plan later this year, describing SK Inc. as an attractive investment opportunity.

In March, SK Inc. also resolved to cancel nearly 14.7 million treasury shares, representing 20.1 percent of its total issued shares, on Jan. 4 next year.

Align, however, clarified that disclosing its investment thesis did not necessarily signal the launch of a shareholder activism campaign.

SK Inc. shares rose 12.62 percent to close at 482,000 won on Wednesday, after surging as much as 15 percent during intraday trading.

At the same event last year, activist fund Palliser Capital called for a board overhaul and share buybacks at LG Chem. LG Chem shares also surged more than 13 percent on the first trading day following the announcement.

Align Partners披露其持有SK Inc. 1.5%的股份，并指出SK Inc.的股价并未反映其间接持有的SK海力​​士股份的价值。该基金估计SK Inc.的净资产约为100万亿韩元，并表示其市值折让约75%。Align指出，SK Inc.将于今年晚些时候公布企业价值提升计划，届时其估值可能会重新评估。同时，Align也澄清其投资逻辑并不一定意味着激进投资活动。周三，SK Inc.股价上涨12.62%，收于48.2万韩元。

Align 通过其基金持有 1,088,753 股 SK Inc. 股票，占该公司已发行股份的 1.5%。

SK 公司持有 SK Square 32.2% 的股份，SK Square 持有 SK 海力士约 20% 的股份，这使得 SK 公司在芯片制造商中实际持有约 6.5% 的股份。

Align表示，如果排除经营业务，只考虑净投资资产，则折扣率达到91.4%。

SK株式会社于3月份决定，将于明年1月4日注销近1470万股库存股，占其已发行股份总数的20.1%。

截至周五，SK集团的市值为24.9万亿韩元（不含库存股）。文章估计其净资产值为755亿美元。

发布于2026年10月21日下午3:56（韩国标准时间）

SK集团首尔总部/《韩国时报》资料图

Align Partners披露，该公司通过其基金持有SK Inc. 1.5%的股份，并认为该控股公司的股价并未完全反映其主要子公司SK海力士的价值。

根据 Align 首席执行官李昌焕周二（当地时间）在纽约举行的“13D Monitor 主动被动投资者峰会”上公布的资料，该激进基金持有 SK Inc. 1,088,753 股股票，占该控股公司已发行股份总数的 1.5%。

李表示，SK Inc. 提供了一个以较低估值投资世界一流人工智能资产的机会。SK Inc. 持有 SK Square 32.2% 的股份，而 SK Square 又持有 SK 海力士约 20% 的股份。这使得 SK Inc. 实际持有这家芯片制造商约 6.5% 的股份。

他解释说，由于SK海力士的股权结构，SK株式会社间接持有的SK海力​​士股份的价值受到两层折价的影响。

Align 估计 SK 公司的净资产价值约为 100 万亿韩元（755 亿美元），这意味着根据该公司截至周五的市值 24.9 万亿韩元（不包括库存股），其净资产价值折让约 75%。

该基金表示，如果排除经营业务，只考虑净投资资产，则折价幅度将扩大至 91.4%。

Align 还指出，随着 SK 公司今年晚些时候宣布新的企业价值提升计划，其估值可能会重新评估，因此 SK 公司是一个有吸引力的投资机会。

今年 3 月，SK 公司还决定于明年 1 月 4 日注销近 1470 万股库存股，占其已发行股份总数的 20.1%。

不过，Align公司澄清说，披露其投资理念并不一定意味着发起股东维权运动。

SK Inc. 的股价周三上涨 12.62%，收于 482,000 韩元，盘中一度飙升 15%。

去年同一活动中，激进投资基金帕利瑟资本呼吁LG化学进行董事会改组和股票回购。消息公布后，LG化学股价在首个交易日飙升超过13%。