SK Group is a conglomerate that originated from Sunkyong Group, which was engaged in video tape and school uniform (apparel) businesses. In 2022, it surpassed Hyundai Motor Group to become the second largest conglomerate in Korea after Samsung. The founder, Chairman Chey Jong-gun, established Sunkyong Textiles Co., Ltd. in 1953 as a purely private enterprise after receiving it from the government. Sunkyong Textiles is the origin of SK Networks, which is the parent company of SK Group today. From the 1970s to the 1980s, the Group diversified its business structure from textiles to oil, chemicals, energy, pharmaceuticals, securities, telecommunications, semiconductors, and more. The group was renamed SK Group in 1998. SK Group operates its business centered around holding companies such as SK Inc. and SK Discovery, and is involved in energy & chemicals, information & communication, semiconductors, bio-pharmaceuticals, logistics, and trading. The Group has a total of 100 affiliates, including 18 listed companies and 82 unlisted companies. Its listed companies include SK Networks, SK Discovery, SKC, SK Gas, SK Inc., SK Telecom, Busan City Gas, SK D&D, SK Innovation, SKC Solmics, SK Hynix, iriver, SK Bioland, SK Materials, S.M. Core, NanoEntek, and SK Chemicals. In 2022, SKC met the requirements to become a holding company, increasing the number of holding companies within SK Group to a total of six. According to the current Enforcement Decree of the Fair Trade Act, a company is considered a holding company if its total assets on the balance sheet exceed 500 billion won and the combined stock of its subsidiaries exceeds half of its total assets. The six holding companies in SK Group are SK Inc., SK Innovation, SK Discovery, SK Square, SKC, and SKCFT Holdings. Among them, SK Discovery is led by Vice Chairman Chey Chang-won, a cousin of Chairman Chey Tae-won, and operates as a virtually independent management structure.