Sources indicate that SK Hynix will close its $28 billion ADR book-building process on Wednesday due to oversubscription.
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Cornerstone investors intend to purchase up to $7 billion worth of SK Hynix ADRs.
According to filings with the U.S. Securities and Exchange Commission (SEC), SK Hynix issued 177.9 million American Depositary Shares (ADSs) in its IPO, with each ADS representing one-tenth of SK Hynix's ordinary shares, and a par value of 5,000 won per share. Cornerstone investors have indicated their intention to purchase up to $7 billion worth of ADSs. (Cailian Press)
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 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)
Sources indicate that foreign exchange transactions related to SK Hynix's US listing are expected to take place around July 15th.
According to Odaily Odaily, a source familiar with the matter said that foreign exchange transactions between the US dollar and the Korean won related to the US listing of South Korean chipmaker SK Hynix are expected to take place around July 15. SK Hynix launched its US stock offering on Monday, planning to raise 43 trillion won (approximately US$28.16 billion), and has already received subscription intentions from major investors for up to US$7 billion. (Jinshi)
SK Hynix's US ADR listing was oversubscribed and will close for subscription at midnight Beijing time on the 9th.
PANews reported on July 6 that SK Hynix's US ADR listing was oversubscribed, and SK Hynix will stop accepting subscriptions at 4 p.m. New York time on July 8.
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)