(JW Insights) Mar 30 -- South Korea’s SK Hynix will ask the US for a year’s further exemption from chip curbs against China, the CEO of the world’s No. 2 maker of memory chips said on March 29, reported Reuters.

The company will seek the exemption after the current grace period ends in October, its CEO Park Jung-ho told reporters at the annual general meeting of shareholders in South Korea.

"Talks between the Korea and the US governments should go well," he said. "From our end, we will also buy time and adjust our management plan. We will again apply for an extension when the one-year authorization expires."

In October last year, SK Hynix said it had received authorization from the U.S. commerce department for a year to supply equipment needed for chip production in facilities in China, without seeking additional licensing requirements, according to Reuters.

The US announced curbs on exports of chip-making equipment to China last October, requiring licenses for US companies to export advanced chips and chip-making equipment in a bid to slow China's technological advance.

On March 29, SK Hynix said it would pursue previously announced plans to build an advanced chip packaging plant in the US as the review process ends, said the Reuters report.

(Gao J)