The chip giant surged to its daily price ceiling on heavy foreign buying, boosting Chairman Chey Tae-won’s newly purchased shares by more than 20 percent in a day.

SK hynix hit its daily price ceiling on Friday, leaving SK Group Chairman Chey Tae-won with a paper gain of more than 20 percent just one day after his purchase of the chipmaker’s shares.

As of 2:29 p.m. on Friday, SK hynix was trading at 1.72 million won ($1,200), up 29.95 percent from the previous session. The price reached the maximum daily gain allowed by the…