After 30 years of hard work, SK Group implements happy management and grows together with the Chinese market

This year marks the 30th year that SK Group has grown in China since it entered China in 1991. As one of the first Korean companies to set up a branch in China, SK Group has always taken the responsibility of “civil ambassador, economic and trade bridge, and public welfare pioneer” between China and South Korea. With the belief that the Chinese people will participate in the management and develop together with China”, we have actively deployed in China with a vision of 30 years, and have made great achievements.

As the group’s regional headquarters in China, SK China focuses on future industry development trends and continuously invests in AI, semiconductor, ICT, new energy, new materials, logistics and other fields to help the development of China’s innovation industry.

In order to help the development of China’s innovation industry, SK Group has been actively exploring the layout in many fields over the years, and has reached good cooperative relations with many local governments, institutions, local enterprises and innovative enterprises, and cooperates with them to develop and grow together.

In the field of IT communications, SK Inc. C&C, the third largest IT service provider in South Korea under the SK Group, officially entered the Chinese market in 2007. At present, it has established branches in Beijing, Wuxi, Shenyang and Chongqing, and has cooperated with many local enterprises in China. Become a long-term partner.

In the petrochemical field, SK and China Petrochemical Corporation jointly invested in the construction of an 800,000-ton/year ethylene project in Wuhan in 2013, and established Sino-Korean Petrochemical. On this basis, in 2019, the two parties will continue to expand cooperation and integrate the refining business of Sinopec Wuhan Branch to achieve refining and chemical integration. At present, Sino-Korea Petrochemical has a series of oil refining units with a primary crude oil processing capacity of 8 million tons/year and a series of chemical production units with 1.1 million tons/year of ethylene as the leader. Sino-Korea Petrochemical has accumulated a total investment of about 35 billion yuan from the construction of the ethylene project to the integration of refining and chemicals. It is the largest joint venture project between China and South Korea in the domestic new energy field, and it is also the only Sino-foreign joint refining and chemical integration in the Yangtze River Economic Belt. ization project.

In addition, in order to help potential emerging companies in China find a bigger stage, SK Group established SK China Investment and Development Center in China to carry out equity investment business. Since 2017, relying on the industrial background and financial strength of SK Group, it has deeply explored high-quality target companies in China for equity investment. In 2020, SK China invested in Innosecco, BYD Semiconductor, and Sotorian respectively to help the target company develop in the long run, in order to achieve a win-win situation between investors and the company.

It is worth mentioning that, with the increasing dependence of SK Group on the Chinese market, more and more companies under SK Group have reached cooperative relations with governments and enterprises across China in recent years. In 2020, SK Inc., an investment institution of SK Group, invested in Lingbao Huaxin Copper Foil and Shenzhou Medical Big Data respectively to strengthen its layout in the core components of electric vehicle batteries and medical big data. In October 2020, SK Innovation, a subsidiary of SK Group, invested US$2.01 billion to complete the first phase of the “SK New Energy (Jiangsu)” power battery project with a planned production capacity of 27GWh. This is of great significance for deepening the industrial cooperation between China and South Korea and accelerating the development of Yancheng’s new energy vehicle industry. In the future, SK Innovation will focus on the power battery field, with its leading product competitiveness and global infrastructure, to meet the increasing demands of global customers.

In June 2021, Shanghai SK Tower, an urban landmark project built by SK Group, was officially completed. The project brings together business office and exquisite business, with a total height of about 280 meters. It is located on the first line of the World Expo Riverside, with a 315-degree view of the river, opening a happy business community under the global city perspective.

In July this year, SK signed an investment cooperation memorandum of understanding (MOU) with Joyvio Group (JOYVIO), which is engaged in investment in the food field, which is controlled by China’s Lenovo Group. It is a manufacturer of alternative protein such as sexual alternative meat and fermented protein.

As the world’s leading semiconductor company, SK Hynix, a subsidiary of SK Group, first established a Chinese chip factory in 2005, and successively established factories in Wuxi and Chongqing. As of 2020, SK hynix has invested more than 20 billion U.S. dollars in China, of which SK hynix’s Wuxi subsidiary has become a foreign-funded enterprise with the largest single investment scale, the highest technical level, and the fastest growth rate in Jiangsu Province. In addition, in April 2019, SK hynix Wuxi C2F was officially completed, marking the continuous and in-depth development of SK hynix in Wuxi. In August 2021, located in Wuxi High-tech Zone, jointly invested by SK hynix and Wuxi Xinfa Group Co., Ltd., the integrated circuit industrial park of Wuxi High-tech Zone with a total investment of 2 billion yuan officially started construction to build a future-type industrial base.

Share happiness and join hands with the region to build a beautiful home

SK Group is committed to creating and sharing happiness. Since entering China for 30 years, it has adhered to the social welfare value of “take it from the society and use it for the society”, and actively fulfills its corporate social responsibility. Through volunteer service actions, disaster relief and Medical services, promotion of local social development and environmental protection activities, etc., practice the concept of creating and sharing happiness.

In order to take advantage of localization more effectively and carry out public welfare undertakings in China, in November 2013, SK Group established the “Beijing Aisikai Happiness Public Welfare Foundation” in Beijing, which is the first public welfare foundation established by a Korean company in China.

In 2019, SK Group and the China Guanghua Science and Technology Foundation of the League Central Committee jointly launched the Happiness Alliance Project. Based on the cooperation and resource sharing among stakeholders such as the government, enterprises, and social organizations, SK Group will continue to solve social problems in innovative ways.

SK Group and the State-owned Assets Supervision and Administration Commission of the State Council jointly carry out research on social value topics, and set up the “Corporate Social Value Laboratory” in 2020, which is committed to promoting social value theory and case studies, and establishing a social value measurement and evaluation system in line with China’s national conditions.

SK Group also pays attention to environmental issues and is committed to building a beautiful home. In July 2021, SK Group released the “2021 Sustainable Management Report”, which includes ESG (Environmental, Social, Governance) business results and sustainable business strategy – SK’s New Journey for Tomorrow. According to the report, SK Group created more than one trillion won (about 870 million U.S. dollars) of social value in 2020. Among them: indirect economic contribution of 942.1 billion won (about 820 million U.S. dollars), business social achievements of 84.4 billion won (about 73.417 million U.S. dollars), and social contribution of 12.6 billion won (about 10.958 million U.S. dollars), an increase over the previous year 14.3%.

SK Group Chairman Choi Tae-won said in his speech at the release of the report, “Now we need to think fundamentally about the role of companies and how to adapt to new social requirements.” To solve social problems, to unlock a sustainable future, and to be a trusted partner.”

SK Group has been deeply involved in the Chinese market for 30 years. During this period, its efforts in corporate social responsibility and public welfare are obvious to all, and it has also won many recognitions from all walks of life in China. Since 2007, SK and the Central Committee of the Mission have donated funds to build a sand-proof and dust-proof forest belt “SK Ecological Forest” in the Kubuqi Desert, Inner Mongolia, making great contributions to improving the local ecological environment. Project Innovation Award”. In 2008, the Red Cross Society of China awarded SK Group the “Chinese Red Cross Fraternity Medal”. In 2010, SK Group won the “2010 China Low-Carbon Innovation Enterprise Award” at the “China 2010 Enterprise Innovation Annual Meeting and Low-Carbon Economy Development Summit Forum”. In 2019, SK Group won the “Most Influential Responsible Brand Award” issued by the China Social Responsibility 100 Forum. From 2015 to 2020, SK Group won the CSR Model Enterprise Award for Korean Companies in China from the Korean Embassy in China for six consecutive years.

Over the past 30 years, SK Group and the Chinese market have grown together through trials and hardships. SK Group firmly believes that China and South Korea, as friendly neighbors separated by a strip of water, coexist peacefully and cooperate for a win-win situation in the common interests of the two peoples, and are also the common goals of the two governments, enterprises and all sectors of society. Therefore, SK Group has consistently made unremitting efforts to deepen the non-governmental exchanges between China and South Korea, promote the economic and trade exchanges between China and South Korea, and promote the economic development and social progress of the two countries, and will continue to make greater contributions to the development of China-South Korea friendly relations.

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