Investing.com — SK Hynix stock surged 9.0% to trade at ₩2,811,000 on Thursday after the company filed to raise approximately $29.4 billion through an American Depositary Receipt offering on the Nasdaq, targeting a trading debut as early as July 10.
The planned $29.4 billion offering would be the second-largest this year, behind only SpaceX’s record-setting $85.7 billion. The company stated in its filing that the listing would “ultimately allow its true corporate value to be properly evaluated,” signaling management’s conviction that the stock is undervalued relative to its U.S. peers.
SK Hynix said in the filing that it expects the ADR listing to expand its investor base and that it anticipates trading on Nasdaq alongside rival Micron Technology will give it the opportunity to be valued in line with U.S. semiconductor peers. Korean financial analysts have noted that the ADR listing could eventually open the door to inclusion in major U.S. semiconductor ETFs and passive funds, meaning that after the ADR listing, SK Hynix could become eligible for U.S. semiconductor ETFs, AI and technology ETFs, and global growth funds — channels previously unavailable to foreign-only investors.
Micron was also a key point of support for SK Hynix, after the American memory chip maker clocked strong quarterly earnings and flagged upbeat guidance on AI-fueled chip demand.
Thursday’s move also reflected a sharp recovery from a brutal session on June 23, when South Korea’s tech-heavy Kospi index closed 10% lower, dragged down by SK Hynix and Samsung, both of which ended that session with losses of more than 12%.
The KOSPI rebounded over 5% today, briefly triggering a trading halt.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.