SK Hynix Plans $29 Billion U.S. ADR Offering and Nasdaq Listing on July 10

SK Hynix Inc. is conducting a $29 billion U.S. ADR offering with a Nasdaq debut scheduled for July 10. The South Korea-based semiconductor manufacturer produces memory chips used in AI computing and has trailed its main U.S.

In valuation. The listing will replace unsponsored over-the-counter ADRs that currently offer limited liquidity and trade at a discount to the company’s Seoul-listed shares. SK Hynix trades at 6.2 times estimated earnings over the next 12 months, compared with Micron at 7 times after a 14 percent drop last week.

Both companies have seen their Korea-listed and U.S. shares rise about 700 percent over the past 12 months, lifting market capitalizations above $1 trillion each. The Philadelphia Stock Exchange Semiconductor Index has gained 125 percent in the same period.

SK Hynix is projected to report 221 trillion won ($144 billion) in net income on 355 trillion won ($231 billion) in sales in 2026. Micron is expected to post net income of about $83 billion on $130 billion in sales for its fiscal year ending Aug. 31.

Said the timing reflects strong investor interest in chip stocks. Di Zhou, portfolio manager at Thornburg Investment Management, noted the listing will provide direct exposure to the AI memory cycle. The offering will also give SK Hynix access to U.S.

Equity indexes and attract arbitrage trading between the ADR and Seoul shares, similar to prior listings by other foreign companies.