SEOUL, July 22, 2026, 00:07 KST — SK hynix’s rebound is pushing its Nasdaq-listed American Depositary Receipts NASDAQ:SKHY to trade 33% higher than its shares in Seoul.
- Seoul stocks finished Tuesday up 4.08% at 1.836 million won.
- The ADR climbed 8.9% during intraday trading to reach $164.60, resulting in a preliminary premium of 32.8%.
- Second-quarter results and the domestic listing of underlying shares are set for July 29.
Shares of SK hynix in Seoul bounced back on Tuesday, yet the more notable movement was in New York, where its Nasdaq ADRs were trading at a 32.8% premium over their Seoul-listed counterparts.
The discrepancy is significant as ten ADRs are equivalent to one regular share. Upon Tuesday’s market close, using the current spot exchange rate, parity stood at $123.94, while the ADR was priced at $164.60.
The Korea Exchange was shut at the time of publication. Nasdaq’s normal session continued to trade, making the U.S. quote and premium provisional.
The cross-market snapshot made the division evident.
| Security | Latest quote | Session move | Investor read-through |
|---|---|---|---|
| SK hynix Seoul ordinary | ₩1,836,000 | +4.08% | Closed at session end |
| SK hynix Nasdaq ADR | $164.60 | +8.9% | Early intraday |
| Seoul-implied ADR value | $123.94 | — | Baseline for 32.8% premium |
| Micron Technology Inc. NASDAQ:MU | $937.71 | +8.3% | U.S. memory sector peer |
| Samsung Electronics Co. Ltd. KRX:005930 | ₩259,000 | +6.15% | Korean memory sector peer |
U.S. prices reflect intraday quotes as of approximately 10:52 a.m. EDT. Korean prices represent final closing values.
The session saw memory stocks broadly recovering. Micron climbed as much as 8.3% during the day, and Samsung advanced 6.15% on the Seoul market. SK hynix alone benefited from the new cross-listing premium.
According to Daishin Securities analyst Lee Kyoung-min, equities gained as “bargain hunting concentrated on semiconductors.” The Kospi advanced 3.56% to end at 6,747.95. koreajoongangdaily
The recovery failed to offset losses from the previous week. SK hynix declined by 15.5% between July 10 and July 16. As of Tuesday’s close, shares were still 15.8% under the July 10 mark.
The premium decreased but remained in place. According to MarketWatch, it stood at 38% on July 15. On Tuesday, the real-time figure was close to 33%.
Next up is conversion. MarketWatch said that two-way conversion should begin July 29. Qualified traders may be able to borrow and convert to narrow the spread.
Two corporate events are also scheduled for that day. SK hynix is set to announce second-quarter earnings at 9 a.m. KST. Additionally, the ordinary shares underlying the ADRs are scheduled to be included in the Kospi on the same day.
The initial quarter established a high benchmark. Revenue totaled 52.58 trillion won, while operating profit came to 37.61 trillion won, resulting in a margin of 72%.
Remarks on Sunday highlighted operational challenges. SK Group Chairman Chey Tae-won stated memory prices were now at unusual highs. He predicted AI-chip demand would increase by 60% to 100% in the coming year, with supply growth remaining limited.
Risks continue to loom. The anticipated conversion stands to rapidly reduce the ADR premium. Shares in Seoul are still trading 38.5% under their June 25 peak. Fluctuations in currency can impact parity.
Investors are valuing a company across two distinct market frameworks until July 29. The premium, rather than the rebound seen on Tuesday, offers a clearer short-term indicator.
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