Yoon Suk-yeol's presidential election victory was clinched with the smallest margin in South Korea's Constitutional history.
Yoon edged past his liberal opponent Lee Jae-myung from the ruling Democratic Party by around 250-thousand votes, or a margin of just 0.73 percentage points.
Yoon won 48.56 percent of the votes. Lee garnered 47.83 percent.
In the early stages of the vote count, which started shortly after 8 PM Wednesday, Lee was in the lead.
However, Yoon slowly started to eat into the gap when about a quarter of the votes had been counted.
When a little more than half of the votes were counted, Yoon had taken a slender lead.
Being one of the closest presidential races in history, Lee and Yoon were neck-and-neck in opinion polls leading up to the election.
At a little past 3 AM, Korea time, on Thursday, local broadcaster KBS called the election for Yoon, with a 99 percent probability.
Less than an hour later, Lee Jae-myung conceded defeat in a short televised speech.
"All the responsibility rests with me. It's neither a defeat for the people nor for the Democratic Party."
“所有的责任都在我 。这既不是大家的失败，也不是民主党的失败 。”
He then congratulated Yoon on his victory, sincerely asking him to usher in national unity and harmony, and taking South Korea beyond an era of division and conflicts.