SK Hynix listed $29 billion worth of ADRs on Nasdaq on the 10th, setting a new record for the largest ADR listing by a foreign company.
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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."
Bitcoin Breaks Out as Nasdaq Hits Records and Oil Slides on Iran Hopes
A stretched but firmly bullish Bitcoin chart is riding the same tailwind lifting stocks: falling oil, a record Nasdaq, and a Fed that hiked rates while quietly pumping liquidity into the system.
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The Coinbase Bitcoin Premium Index has been in negative territory for 51 consecutive days, setting a new record for the longest consecutive negative trend.
According to Odaily data, the Coinbase Bitcoin Premium Index has been in negative premium territory for 51 consecutive days (from May 19th to present), with the latest value at -0.0923%. Previously, the index was in negative premium territory for 40 consecutive days from January 16th to February 24th this year, setting a record for the longest consecutive negative period since the index's inception, exceeding the approximately 30 consecutive days of negative premium during the "10/11 crash". Historical data shows that prolonged negative premiums often accompany the exit of US institutional funds, suggesting potential short-term downward pressure.