SK overtakes Hyundai Motor to become Korea’s second largest conglomerate 

According to the latest report, data from the Korea Fair Trade Commission show that SK has replaced Hyundai Motor as South Korea’s second largest conglomerate, which has held the position for 16 years.

Due to the growth of semiconductors, batteries, pharmaceuticals and other fields, SK’s total assets reached 292 trillion won, an increase of 22% over the same period last year, ranking second after Samsung.

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Every year, the Korea Fair Trade Commission publishes information on conglomerates with assets exceeding 5 trillion won. Such companies are subject to stricter regulations.

Enterprise groups with assets of more than 10 trillion won will also be restricted from mutual investment between subsidiaries, and if they have a financial business, they will be restricted from voting rights. These are to prevent the formation of monopolies. So far this year, 76 group companies have been told to disclose assets.

Moreover, the data shows that Samsung is still the undisputed number one enterprise group in South Korea, with total assets increasing by 6% over the previous year to 484 trillion won. Among them, Samsung Electronics will achieve sales of 274 trillion won in 2021.

SK’s expansion is driven by the semiconductor business, which is led by SK Hynix. The assets of Hyundai Motor, currently ranked third, increased by 5% to 258 trillion won. The group has expanded its reach by investing in electric vehicles but has failed to keep up with SK’s growth.

(via)