The Mirror Math of Buybacks
Same mechanism, opposite regulatory consequence
SK Square in SK Hynix
Shares outstanding ↓ -3.3%
SK Square's stake → 20.68%
Moves away from 20% floor
Samsung Life + Fire in Samsung Elec.
Shares outstanding ↓ shrinks
Combined stake → approaches 10%
Moves toward 10% ceiling
Cancelling shares always raises the proportional stake of remaining holders. For SK Square, rising ownership protects its legal status as a holding company. For Samsung's insurance affiliates, the identical rise risks breaching the Financial Industry Structure Act's 10% cap — which is why Samsung Life and Samsung Fire pre-emptively sold shares ahead of cancellations.