SK Hynix announced a 40 trillion won, or approximately $28.9 billion, share buyback and cancellation plan, agreeing to purchase 24.07 million shares by November 19 and cancel them in full. JPMorgan said the announcement came much sooner than expected, as the market had anticipated a related announcement around late September. The move was followed by renewed criticism over the potential Nasdaq listing of Solidigm, SK Hynix’s U.S. NAND subsidiary. The Korea Corporate Governance Forum said the plan could create ineffective shareholder returns while expanding an existing three-tier overlapping listing structure into five tiers: SK Inc., SK Square, SK Hynix, a U.S. AI company and Solidigm. The Forum also questioned the value of the buyback after SK Hynix issued 40 trillion won in ADRs (U.S.-traded depositary receipts) in early July, arguing that shareholder returns would be effectively nonexistent even if the shares were canceled. It said the company’s goal of returning more than 50% of cumulative free cash flow (cash generated after capital spending) from 2025 to 2027 was difficult to reconcile with the Solidigm listing issue. The dispute also includes calls for disclosure about Solidigm CEO Noh Jong-won and a California-based private-equity fund he reportedly established after leaving SK Hynix. The Forum said governance transparency, the treatment of all shareholders and the future of Solidigm’s listing plans are now as important as the size and completion of the buyback.