Sources indicate that foreign exchange transactions related to SK Hynix's US listing are expected to take place around July 15th.
Related
Will China Resources New Energy complete its merger and reorganization to jointly pursue a Shenzhen Stock Exchange listing? China Government-Enterprise Cooperation Fund responds.
Mars Finance reported on July 8th that China Government-Enterprise Cooperation Investment Fund Co., Ltd. (hereinafter referred to as "China Government-Enterprise Cooperation Fund") recently issued a statement saying that the company has noticed a false report circulating online titled "China Resources New Energy Holdings Co., Ltd. and China Government-Enterprise Cooperation Investment Fund Co., Ltd. Complete Merger and Acquisition to Jointly Pursue Listing on the Shenzhen Stock Exchange." The report is entirely false information and seriously contradicts the company's actual situation. According to China Government-Enterprise Cooperation Fund, since its establishment, all of its business activities have strictly complied with national laws, regulations, and regulatory requirements, and it has never conducted or authorized any entity to conduct any activities mentioned in the aforementioned false report. The company is not currently planning any mergers and acquisitions, restructuring, listing applications, or other capital operations, nor has it formulated any corresponding implementation plans. China Government-Enterprise Cooperation Fund also stated that it reserves the right to pursue legal action against any entity that forges or alters the company's seals, business licenses, or authorization documents, or impersonates the company or its employees to release false information, engage in fraud, or commit any other illegal acts that infringe upon the company's legitimate rights and interests. (Wide Angle Observation)
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)
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)
SK Hynix officially launches its marketing and promotion process for its US stock listing.
BlockBeats reports that on July 6th, SK Hynix officially launched its marketing and promotion process for its US stock listing, aiming to leverage the continued strong investor enthusiasm for the memory chip sector and advance its US listing. According to its filings, SK Hynix plans to offer approximately 17.79 million American Depositary Receipts (ADRs) corresponding to its ordinary shares. Based on the closing price in the Korean market last Friday, the offering size is approximately $28 billion. As a leading supplier of HBM chips, this US listing provides SK Hynix with an efficient financing channel. According to previously disclosed regulatory documents, SK Hynix expects its ADRs to officially begin trading on July 10th (this Friday). Based on the current proposed offering size, this ADR offering will rank among the top three largest IPOs in history (the exact amount depends on the exchange rate), potentially rivaling Saudi Aramco's $29.4 billion IPO in 2019.
Shenzhen Platinum New Materials Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange.
According to Mars Finance, Shenzhen Platinum New Materials Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor.
Sources indicate that Saudi Arabia plans to expand its oil pipeline along the Red Sea, bypassing the Strait of Hormuz and increasing its daily transport capacity by 2 million barrels.
According to five sources familiar with the Odaily, Saudi Arabia is considering expanding the capacity of its crude oil pipeline to the west coast of the Red Sea, enabling Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. Built in the early 1980s, this east-west pipeline has become increasingly strategically important since the outbreak of the Iran-Iraq War in February and the disruption of shipping through the Strait of Hormuz. The pipeline can transport up to 7 million barrels of crude oil per day to the Red Sea port of Yanbu. In May, the CEO of Saudi Aramco stated that approximately 2 million barrels would supply refineries on the west coast, and about 5 million barrels would be exported. Sources say that Saudi Arabia is in preliminary discussions with some neighboring countries regarding pipeline expansion, planning to add approximately 2 million barrels of pipeline capacity per day. It is unclear whether Aramco's planned expansion involves upgrading existing infrastructure or building a new pipeline. One source said the expansion plan also includes a smaller refined oil pipeline. Two sources said the expansion could be between 1 million and 2 million barrels per day, with refined oil products also under consideration. Another source indicated that the project would take several years, cost billions of dollars, and require adjustments to Saudi Arabia's crude oil pricing mechanism. (Jinshi)