Cheong has won the prize for Science with a value of about 200 million won or about $200,000. It is sometimes referred to as the Korean Nobel Prize. The prize was awarded at a ceremony in Korea on June 1. The other areas are Engineering, Medicine, the Arts, and Community Service.
The foundation was set up in memory of the founder of the Samsung Group. The award honors "those who have made outstanding contributions to the development of science and culture and the enhance of the welfare of mankind." Cheong is being honored for establishing a new paradigm in the field of the physical properties of emergent materials.