SK Hynix seeks to attract more AI investors through a US listing.
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Sources indicate that SK Hynix will close its $28 billion ADR book-building process on Wednesday due to oversubscription.
According to Mars Finance, an insider revealed that SK Hynix will close the book-building process for its $28 billion American Depositary Receipts (ADRs) on Wednesday (US time), as subscription orders have been oversubscribed several times. The source stated that this offering by the South Korean chipmaker is one of the largest IPOs in history globally. Its underwriters have informed investors that the book-building will close at 4 p.m. Eastern Time, pricing guidance will be released after the close of the South Korean stock market on Thursday, and the allocation results will be finalized later on Thursday (US time). SK Hynix previously stated in a filing that it would determine the final price of its ADRs on Thursday and begin trading on Nasdaq on July 10. The source said that US investors submitted large orders, with minimum orders around $200 million and some exceeding $1 billion. (Cailian Press)
Despite the chip stock crash, global institutions are snapping up SK Hynix as Nasdaq welcomes a mega-IPO.
According to BlockBeats, on July 8th, SK Hynix's approximately $28 billion American Depositary Receipt (ADR) offering was oversubscribed several times before pricing, with about 1,000 institutional investors participating in the roadshow, attracting active subscriptions from global long-term funds and technology investors. If successfully completed, this offering will be one of the largest IPOs by a foreign company in the US, and the company is expected to list on the Nasdaq Global Select Market this Friday. Despite recent volatility in the global semiconductor sector, with SK Hynix's share price falling by about 17% this month, institutional enthusiasm has not been significantly affected. Market analysts believe that US investors have relatively scarce investment channels for the South Korean memory chip leader, and the scarcity premium and long-term growth expectations related to AI continue to support this offering. Jung In-yoon, Global CEO of Fibonacci Asset Management, stated that market volatility "may affect short-term investor sentiment or execution timing, but I would be surprised if it substantially interferes with the trade itself. Unless market conditions deteriorate significantly from here on out, the pricing impact should be manageable."
Dollar sell-off occurred in the USD/KRW forward market in connection with the SK Hynix ADR listing.
According to Odaily Odaily, sources say there has been a sell-off of US dollars in the USD/KRW forward market related to the SK Hynix ADR listing. (Jinshi)
Circle minted an additional 250 million USDC on the Solana chain, bringing its total minting this year to approximately 66.76 billion.
PANews reported on July 8th that, according to Onchain Lens, stablecoin issuer Circle has just minted an additional $250 million worth of USDC on the Solana blockchain. Data shows that Circle has minted approximately $66.76 billion worth of USDC on Solana so far this year.
Analysts: Stablecoin market capitalization shrinks by over $3 billion per month, Bitcoin's rebound lacks "fuel" support.
PANews reported on July 8th that CryptoQuant analyst Axel Adler Jr. stated that since mid-May, the stablecoin market has shifted from a source of liquidity to a source of liquidity depletion. The 30-day average inflow into stablecoin exchanges has fallen from $3.2 billion to $2.65 billion, 31% lower than the annual average of $3.86 billion; the combined market capitalization of USDT and USDC is shrinking at a rate exceeding $3 billion per month. The analyst points out that Bitcoin's 21% drop since mid-May is a direct consequence of this "fuel" shortage. Currently, the market is losing liquidity on two levels simultaneously: fewer new stablecoins are flowing into exchanges, and the dollar base itself is contracting. Improvement requires a reversal of both indicators—the 30-day average inflow returning above the annual average, and the monthly change in market capitalization returning to positive territory.
RWA perpetual contract trading volume surpassed $100 billion for the first time in June, setting a new record.
PANews reported on July 8 that, according to Cointelegraph, DefiLlama data shows that RWA perpetual contract trading volume exceeded $100 billion for the first time in June, setting a new record.