SK headquarters in Seoul / Courtesy of SK Group

Dunamu, operator of crypto exchange Upbit, designated as conglomerate

By Kim Hyun-bin

SK Group has become Korea's second-largest business group in terms of assets, surpassing Hyundai Motor Group, thanks to its rapidly growing semiconductor and battery businesses, according to the Fair Trade Commission (FTC), Wednesday.

In the "Status of Designation of Business Groups Subject to Disclosure in 2022" report released by the antitrust agency, SK's total assets stood at 291 trillion won as of the end of 2021, up about 52 trillion won from 2020.

The number of SK affiliates reached 186, an increase of 38 from last year. During the same period, Hyundai Motor Group's assets stood at 257.845 trillion won, up 11 trillion won, and the number of its affiliates stood at 57, up four.

"SK has risen to second place in terms of total assets for the first time due to increased semiconductor sales, new establishments following physical divisions and growth of the oil business," the FTC said.

SK hynix, a subsidiary of SK, acquired Intel's SSD business and Dalian NAND Flash manufacturing facility assets by splashing out 10 trillion won. In addition, the company's total assets increased by 20.9 trillion won as semiconductor sales surged.

Furthermore, sales increased due to the improvement of the oil business, and the assets of SK Innovation and its subsidiaries increased by 6.2 trillion won. SK On, SK Earth On and SK Multi Utility were established through spinoffs, and assets increased by 7.9 trillion won.

Last year, the number of SK affiliates increased by 38, with SK continuing its aggressive mergers and acquisitions (M&A).

In addition, Dunamu, which operates Upbit, a virtual asset exchange, was designated as the first in the virtual asset industry to be disclosed as a conglomerate subject to disclosure and restricted from mutual investment.

The FTC newly designated eight companies, including Dunamu, Krafton, Boseong, KG, Iljin, OK Financial Group, Shinyoung and Nongshim, as target companies for disclosure.