SEOUL, Aug. 19 (Yonhap) -- SK hynix Inc. said Wednesday it will buy back 24.07 million common shares worth 40.43 trillion won (US$28.82 billion).

The share buyback is aimed at enhancing shareholder value through the cancellation of treasury stocks, the South Korean tech giant said in a regulatory filing.

The leading memory chipmaker said it decided on the share buyback after determining that its stock was undervalued relative to its intrinsic value.

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