SEOUL, June 25, 2026, 17:20 KST
- SK hynix closed up 13.06% in Seoul, valuing the planned 17.79 million-share ADR block at about 51.9 trillion won at Thursday’s close.
- The company’s stated 45.45 trillion won raise would cover about 81% of its 55.92 trillion won capex plan; Thursday’s closing price lifted the implied cover to about 93%.
- The investor trade is now about whether a Nasdaq line narrows SK hynix’s discount to Micron and Taiwan Semiconductor Manufacturing Co NYSE:TSM.
SK hynix ended Thursday’s Seoul session up 13.06% at 2,917,000 won after its planned Nasdaq ADR sale turned a capital-raising story into a valuation trade. Korean cash trading had ended by the 17:20 KST dateline; market data showed the last Seoul trade at 15:30 KST.
The memory-chip maker plans to issue up to 17.79 million new common shares behind American depositary receipts and raise up to 45.45 trillion won, or about $29.4 billion. Ten ADRs will equal one common share. Bookbuilding starts on July 6, the offer price is due on July 9, and Nasdaq trading is set for July 10, subject to approvals and market conditions.
The fresh number is Thursday’s close. At 2,917,000 won, the same 17.79 million-share block was worth 51.9 trillion won, 14.2% above the value SK hynix gave using Tuesday’s 2.555 million won close. The final price has not been set, but the rally gives bankers more room before orders are tested.
That matters because the new shares are small against the funding need. The full issue would dilute existing holders by about 2.44%, while Thursday’s implied block value would cover 92.8% of the 55.92 trillion won capex plan reported by The Elec. The official 45.45 trillion won size would cover 81.3%.
SK hynix has tied the cash to AI memory capacity. The Elec said the plan includes 9.41 trillion won for the first phase of the Yongin Semiconductor Cluster fab, 21.61 trillion won for later Yongin cleanrooms, 19 trillion won for the P&T7 advanced packaging plant in Cheongju and 5.9 trillion won for an Indiana advanced packaging facility.
Gary Tan, a Singapore-based portfolio manager at Allspring Global Investments, told Reuters the headline raise was large but implied “limited dilution” and was “modest relative to its mid-term capex plans.” Ryu Young-ho, senior analyst at NH Investment & Securities, said the Nasdaq listing gives SK hynix an “opportunity to be re-rated in the U.S. market.” Reuters
The valuation gap is the trade. Bloomberg-cited data carried by The Edge showed SK hynix at 7.5 times forward earnings in Seoul, against 9.5 times for Micron and 21 times for TSMC. Aadil Ebrahim, group head of equities at Klay Group, said a liquid U.S. listing could “help narrow the valuation gap.” The Edge Malaysia
The rerating may not flow evenly. Roy Lim, an equity sales trader at NH Investment & Securities in Seoul, said ADR-to-ordinary share fungibility was the “key swing factor.” If the two lines are easily swapped, valuations should converge; if not, a U.S. premium could persist, as TSMC’s ADR premium did during the dot-com boom. The Edge Malaysia
Micron’s own numbers gave the trade more force. Micron reported fiscal third-quarter revenue of $41.46 billion and guided fourth-quarter revenue at $50 billion, plus or minus $1 billion. Chief Executive Sanjay Mehrotra said the results showed the “strategic value of memory in the AI era.” Micron Technology
Micron also said customers had committed $22 billion to lock in memory-chip supply, Reuters reported. Jeff Kim, head of research at KB Securities-Jefferies, said Korean chip ADRs could be “a strong catalyst for their valuation,” and said Samsung Electronics KRX:005930 could follow SK hynix into a U.S. ADR listing. Reuters
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