SK Group (Korean: SK그룹, 에스케이그룹) is the second largest South Korean chaebol behind Samsung Group. SK Group is composed of 186 subsidiaries and affiliates that share the SK brand name and the group's management culture, named SKMS (SK Management System). It changed its name from Sunkyong Group (Korean: 선경그룹, Hanja : 鮮京그룹) to SK Group in 1998. The group is controlled by estate of Chey Tae-won through a holding company SK Inc. The cornerstone of SK Group is its energy and chemicals division. While its largest businesses are primarily involved in the energy, petroleum, and chemical industries, the group also owns the nation's largest wireless mobile phone service provider SK Telecom, and provides services in construction, marketing, local telephone, high-speed Internet, and wireless broadband (WiBro), and also the owner of SK Hynix, the world's fourth largest chipmaker. History Formation and early production As with many other chaebols, SK Group's chairmanship was 'inherited' from father to son: from its founder the late Chey Jong-hyon to its present chairman Chey Tae-won (eldest son). Chey Tae-won is married to the daughter of the former South Korean President Roh Tae-woo. SK Group began when the current founders acquired Sunkyong Textiles (founded during the Japanese rule as a joint venture between two Japanese companies, Senman Chutan and Kyoto-based Kyoto Orimono Company) from South Korean government as abandoned property of Japan in 1953. In 1958, the company manufactured Korea's first polyester fiber on company grounds. It established Sunkyong Fibers Ltd. in July 1969, and started to produce original yarn. In 1973, SK then established Sunkyong Oil, beginning a vertical integration strategy to manage production, "From Petroleum to Fibers". That same year, the company acquired the Walkerhill Hotel. In 1976, Sunkyong Corporation received an international trading company license from the Indian government. In December 1980 SK purchased privately run Korea National Oil, making it Korea's fifth largest conglomerate. In January 1988, crude oil was imported for processing to Korea from Yemen's Marib oil field. Growing up years In June 1994, SK entered Korea's telecommunications business by becoming Korea Mobile Telecommunication Service's largest shareholder. In January 1996, SK Telecom launched Korea's first commercial CDMA cellular phone service in Incheon and Bucheon. In 1998, Management re-branded Sunkyong to SK. In 1999, SK Chemicals developed third-generation (non cross resistant) platinum-complex anti-cancer agent. Also, by focusing its research and development efforts on life sciences, SK Corporation developed YKP1358, a new drug