NEW YORK, July 15, 2026, 07:08 (EDT)
SK hynix Inc. (NASDAQ:SKHY; KRX:000660) ADSs traded at a 29.6% premium to Seoul shares ahead of the U.S. open on Wednesday. That’s down from a 51.2% premium implied by Tuesday’s close. The time-adjusted spread hit $41.32 per ADS, but the gap shrank by over 40% overnight.
Korea did most of the pulling back, while New York held up. SK hynix jumped 8.8% in Seoul, closing at 2.082 million won after the U.S. shares spiked 27.3% to $193.92 on Tuesday. But by 7:08 a.m. EDT, SK hynix ADSs were set to open down 6.7% at $180.93 in premarket trading.
This comes into play since the U.S. listing has barely traded. The stock launched as SKHYV, a temporary “when-issued” ticker that let investors trade before final settlement. It rolled to its permanent ticker SKHY on Monday. Each ADS is equal to one-tenth of a Korean share. The Wall Street Journal
| Price comparison | U.S. ADS price | Seoul-equivalent ADS | U.S. premium |
|---|---|---|---|
| U.S. close Tuesday vs. Seoul close Tuesday | $193.92 | $128.28 | 51.2% |
| U.S. close Tuesday vs. Seoul close Wednesday | $193.92 | $139.61 | 38.9% |
| U.S. premarket Wednesday vs. Seoul close Wednesday | $180.93 | $139.61 | 29.6% |
All moves are calculated using Wednesday’s rate of 1,491.3 won to the dollar. Every row uses this number. Rounding applies to both prices and percentages.
About 57% of the 21.6-point compression—or 12.3 points—came from Seoul’s move higher, the bridge shows. The rest was due to premarket selling in the US, so the well-known 51% spread widened across two closes several hours apart. The gap has narrowed but hasn’t disappeared.
Heavy trading in the U.S. line is signaling its strong role in setting prices. On Tuesday, 72.65 million ADSs traded, about 40.8% of the 177.9 million ADSs sold in the IPO. Volume is high for a stock that just started trading regular this week.
Fundamentals also boosted buying Tuesday. Barclays PLC NYSE:BCS started coverage with an “overweight” and set a $330 target. Kim Sunwoo at Meritz Securities, part of Meritz Financial Group Inc. (KRX:138040), said suppliers are covering just 75% to 80% of DRAM demand now and that could drop to the 60% range next year. DRAM is the main working memory for servers and devices. “With supply shortages set to deepen, memory prices and earnings are likely to continue improving,” Kim said. Reuters
But at $180.93, the ADS stayed above three recent price marks and was still well below Barclays’ target.
| Price anchor | Level per ADS | Difference from $180.93 |
|---|---|---|
| Seoul price from Wednesday | $139.61 | ADS trades 29.6% higher |
| U.S. IPO price | $149.00 | ADS trades 21.4% higher |
| Morningstar value estimate | $160.00 | ADS trades 13.1% higher |
| Barclays target | $330.00 | ADS 45.2% below |
The Seoul version relies on the same Wednesday spot rate. The $149 offer and analyst calls aren’t trading prices.
Morningstar Inc. NASDAQ:MORN analyst Jing Jie Yu rated the ADSs “Very High” for uncertainty, saying they would be “one-way fungible, effectively limiting arbitrage.” This means investors can cancel ADSs and pick up Korean shares, but likely can’t put those shares back to get new ADSs. So, there’s no simple way to create extra U.S. supply when its price gets out of line with Korea. Morningstar
The premium could come in faster than some holders think. Softer U.S. demand or more short-selling could weigh on SKHY. A stronger won would add to the dollar value of the Seoul shares. SK hynix said the new Korean shares tied to this offer will list in Seoul on July 29. That date marks the next settlement point, but doesn’t guarantee free conversion.
At 7:08 a.m., the price for economic exposure in New York was $180.93, compared to $139.61 via Seoul at spot rates. That puts a hefty premium on the U.S. listing. It’s not just about SK hynix earnings—time-zone lag, tight U.S. paper, and early moves are all in play. The lag is fading, but those other pressures remain.
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