According to media reports, DB Group has denied selling its shares in its chip foundry DB HiTek.

In earlier reports, local media said that DB Group was considering selling their 17.38% stake in DB HiTek, valued at about 800 billion won, equivalent to about $680 million.

DB HiTek is far less well-known than TSMC and Samsung Electronics in chip foundry, but it is also the second-largest chip foundry in South Korea. Data from the research firm shows that in terms of market share, DB HiTek was the world's 10th largest chip foundry in the first quarter of this year.

DB HiTek's current business is mainly based on 8-inch wafers, OEM display driver chips, and power management chips for related manufacturers.