SEOUL, August 2, 2026, 06:01 KST — The South Korean cash market will remain shut for Sunday, with trading set to restart Monday at 09:00 KST.
- Shares of SK hynix, listed in Seoul, surged 29.95% on Friday; however, they ended the week down 2.3%.
- The company’s U.S. receipt ended trading at $143.73, roughly 20.7% higher than its Seoul value after adjusting for exchange rates.
- Initial data show July chip exports climbed 179% year-on-year. Preliminary quarterly operating profit surged 557%.
SK hynix Inc. (KRX:000660; NASDAQ:SKHY) begins the week after two separate closing moves. On Friday, its shares in Seoul surged 29.95%, while its Nasdaq receipts declined 3.54%.
The difference is significant as each common share corresponds to ten receipts. At the close in Seoul on Friday, that stake was valued at about $119.06 per receipt. Meanwhile, the Nasdaq counterpart ended the session at $143.73.
This results in a notional premium of approximately 20.7%. The comparison is based on varying market close times and does not take conversion costs into account. It is not an actionable arbitrage spread.
Dual-listing overview — July 31
| Instrument | Closing price | Friday | Week | Value per ADR |
|---|---|---|---|---|
| Seoul ordinary share | ₩1,718,000 | +29.95% | -2.3% | $119.06 equivalent |
| Nasdaq ADR | $143.73 | -3.54% | -7.0% | $143.73 |
| ADR premium | — | — | — | 20.7% |
Each common share equals ten ADRs. The July 31 won-dollar closing exchange rate is applied in this calculation.
Since the July debut, U.S. trading access has been priced higher. Reuters found an initial premium of 25.6% soon after the market opened. Limited conversion options and demand from U.S. investors can delay price alignment.
The rebound on Friday failed to offset previous losses. Seoul shares finished the week down 2.3%. The market dropped 35.2% in July and is still trading 42.5% beneath its 52-week high.
Trading activity was unusually high, with 10.5 million shares changing hands—1.73 times the 65-day average volume. These numbers indicate that positioning continues to play a significant role in short-term price movements.
Peers posted varied results. Samsung Electronics Co., Ltd. KRX:005930 rose 5.2% on the week, while Micron Technology Inc. NASDAQ:MU declined 10.6%.
Memory shares – performance
| Security | July 31 close | Friday | Week | July |
|---|---|---|---|---|
| SK hynix, Seoul | ₩1,718,000 | +29.95% | -2.3% | -35.2% |
| SK hynix ADR | $143.73 | -3.54% | -7.0% | n.a.* |
| Samsung Electronics | ₩262,500 | +26.81% | +5.2% | -21.4% |
| Micron Technology | $823.03 | -5.90% | -10.6% | -28.7% |
Trading in the SK hynix ADR started in July, which restricts a direct full-month comparison.
Latest trade figures stayed robust. Early data showed South Korea’s semiconductor exports surged 179% in July. Shipments of computers soared 404%, and overall exports climbed 62.8%.
South Korea’s initial trade figures — July 2026
| Measure | July result | Comparison |
|---|---|---|
| Total exports | $98.89 billion | up 62.8% versus a year earlier |
| Reuters poll forecast | — | expected up 59.0% |
| Semiconductor exports | — | up 179% year on year |
| Computer exports | — | up 404% year on year |
| Trade surplus | $30.32 billion | $36.09 billion the prior month |
These export numbers are provisional and subject to updates.
SK hynix posted preliminary second-quarter results indicating strong demand, with revenue increasing by 257% year-on-year. Operating profit surged by 557%, and the margin stood at 76%.
SK hynix Q2 preliminary results
| Metric | Q2 2026 | Q1 2026 | Q2 2025 | Quarter on quarter | Year on year |
|---|---|---|---|---|---|
| Revenue | ₩79.3tn | ₩52.6tn | ₩22.2tn | up 51% | up 257% |
| Operating profit | ₩60.5tn | ₩37.6tn | ₩9.2tn | up 61% | up 557% |
| Operating margin | 76% | 72% | 41% | rise of 4 points | increase of 35 points |
Preliminary figures were published on July 29.
The results fell short of high forecasts. Revenue was around 5.6% under the stated projection, while operating profit lagged by approximately 5.4%, in part due to delayed recognition of HBM4 revenue.
BNK Investment & Securities analyst Lee Min-hee said, “There are concerns that tech firms will take a breather in infrastructure spending.” Reuters
Management delivered a more confident outlook on demand. “Major customers are still requesting more memory supply,” President Song Hyun-jong stated. SK hynix has finalised approximately 10 long-term agreements with customers. Reuters
HBM4 large-scale shipments started in the second quarter. The firm intends to boost output in the second half. The timing of deliveries is now more critical than reported order increases.
Markets face a fresh structure trial on Monday. From August 3, Hong Kong funds tied to SK hynix will implement adjustable leverage targets. In periods of extreme volatility, their daily exposure could be reduced from 2.0 times to as low as 1.1 times.
SanDisk Corp. NASDAQ:SNDK is scheduled to release its results on Wednesday, August 5. The company’s insights on NAND prices and data-centre requirements are expected to provide an update on the sector.
Risks: A slowdown in hyperscaler expenditure may negatively affect HBM pricing. Delays in HBM4 adoption, increased competition from China, and additional capacity could contribute further pressure. Extended supply deals might cap gains in spot prices.
Investors first consider price convergence. Export figures continue to back the demand thesis. A 20.7% ADR premium indicates that market structure is determining the marginal price.
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