Cornerstone investors intend to purchase up to $7 billion worth of SK Hynix ADRs.
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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.
SK Hynix is reportedly set to list approximately 44 trillion won worth of American Depositary Receipts (ADRs) on Nasdaq, challenging the record for the largest foreign company listing on the US stock market. Following its Nasdaq listing, SK Hynix will be able to trade on the regulated US market and qualify for inclusion in major indices such as the Nasdaq 100. The inflow of funds into exchange-traded funds (ETFs) tracking these indices is also highly anticipated. However, some voices have warned whether the rapid rise in the AI storage semiconductor sector is overheated. As large technology companies continue to raise funds for data center investments through the bond and stock markets, concerns about the sustainability of the storage industry's boom are growing. (Jiemian)
SK Hynix: Several funds, including Baillie Gibbs, have expressed interest in purchasing up to $7 billion in ADRs.
Odaily Odaily reports: SK Hynix: Baillie Gifford Overseas Limited, a fund managed by Coatue Management, and Situational Awareness Partners LP have expressed interest in purchasing up to $7 billion in ADRs. (Golden Ten)
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)
UBS recommends buying SK Hynix's upcoming ADRs and selling its Seoul-listed shares.
Mars Finance reported on July 7th that UBS Group stated investors should buy SK Hynix's planned American Depositary Receipts (ADRs) and sell the chipmaker's South Korean-listed shares, as the former may enjoy a premium during trading. The Swiss bank's sales and trading division noted in a report to clients that these ADRs could be more attractive than South Korean shares for investors such as hedge funds due to their higher holding efficiency and lower costs. The report also pointed out that some global portfolio managers who do not hold its Seoul-listed shares may also be able to purchase these US securities. "Long on its ADRs and short its South Korean shares from day one sounds like there's nothing to hesitate about," the UBS report stated. "Given that an ADR discount is unlikely, the risk is very limited, making this a trade that can be executed on a very large scale." (Wide Angle Observation)
Prior to the 2026 World Artificial Intelligence Conference, a total of 16.2 billion yuan in intended cooperation had been reached.
Mars Finance reports that the 2026 World Artificial Intelligence Conference and High-Level Meeting on Global Governance of Artificial Intelligence will be held in Shanghai from July 17th to 20th. At a press conference held in Shanghai on July 7th, it was announced that this year's conference has established a closed-loop service system covering pre-conference, during-conference, and post-conference phases. In terms of industry empowerment, 57 core scenarios have been implemented, resulting in intended cooperation agreements totaling 16.2 billion yuan. Regarding capital matchmaking, the conference has established a dedicated capital matchmaking zone, connecting over ten investment institutions and 200 professional investors. (Cailian Press)
SK Hynix seeks to attract more AI investors through a US listing.
PANews reported on July 5th that SK Hynix's $29 billion IPO in the US stock market next week could become the largest foreign company IPO in history, but it's not just about raising funds. More importantly, it hopes to compete in one of the hottest sectors in the global stock market right now: memory chips used for AI computing. Daniel Morgan, senior portfolio manager at Synovus Trust, which holds Micron stock, said the market is currently in a period of extreme frenzy for chip stocks, and now is a good time to get US investors involved in your stock. Zhou Di, portfolio manager at Thornburg Investment Management, which holds SK Hynix stock, said the offering is aimed at investors who currently cannot access the South Korean stock market.