사진 확대
The massive purchase of Seo Hak-ts towards SKHY, SK Hynix’s US deposit stock (ADS), is an extreme example of Korean investors’ preference for the US stock market.
SKHY listed the US Stock Deposit Certificate (ADR), which was issued as collateral for SK Hynix shares in Korea, on Nasdaq, and 10 SKHY shares have the same intrinsic value as one SK Hynix share in Korea.
◆ Net purchase of KRW 1.1 trillion after listing in SKHY
According to the Korea Securities Depository, domestic investors net purchased $800 million (about 1.1 trillion won) from July 10 when SKHY was listed until the 1st of this month. It is the overwhelming net purchase of overseas stocks (excluding exchange-traded funds) during this period.
If a domestic investor sells ADR, a domestic company listed on the U.S. stock market, he or she will have to pay 22% capital gains tax on the realized income (comprising other overseas stocks) of more than 2.5 million won per year. However, Seohak ants do not care about taxes.
After experiencing the chronic Korea discount, Seo Hak-ant lost confidence in the director and decided to work in the U.S. market. Recently, SKHY Maejip decided to trade Korean company stocks comfortably in the market instead of selling dollar assets, paying for currency exchange, and returning to the bureau. Kwak Ho-bin (29), an individual investor who manages most of his assets with U.S. stocks, said, “As supply and demand of artificial intelligence semiconductors and news flow are certain in the U.S., domestic investors are considering short-term trading with Hynix ADR.”
Kang Sung-jin, an economics professor at Korea University, said, “Koreans’ investment in SK Hynix’s ADR reflects their preference for a stable market rather than a speculative market,” adding, “The stock price also takes into account the stability of the market in addition to the price-earnings ratio (PER) and the price-net-asset ratio (PBR).”
SK Hynix’s ADR premium increased from a daily average of 30% in July to a daily average of 36% in August.
◆Promotion of ADR transformation in this stock ‘overlapping mountains’
This share’s ADR conversion, which will ease SK Hynix’s ADR premium at once, has not been pursued due to the complexity of the domestic authorities’ reporting process and SK Hynix’s lukewarm attitude. In the end, only investors of SK Hynix’s main stock in Korea are suffering from the Korea discount. On the previous day, SK Hynix’s ADR premium was higher than that of global companies such as TSMC (8%), Alibaba (0%), ASML (0%), as well as Korean companies such as POSCO Holdings (0%) and SK Telecom (1%).
As can be seen from the SKHY brothels of Seohak ants, domestic individual investors’ preference for U.S. stocks is intensifying. The sharp appreciation of the won has increased the burden of foreign exchange losses on Seohak ants, but they regard the increased won as an opportunity to exchange dollars.
Recently, a surge in leveraged ETF transactions that are not in Korea on the Blue Ocean, an alternative exchange, a weekly trading platform for U.S. stocks by domestic securities firms, has led to limited trading of related stocks. The move was taken by Blue Ocean to meet the U.S. Securities and Exchange Commission’s (SEC) alternative exchange volume regulations, and is subject to leverage ETFs such as Korean stocks 3 times “KORU,” U.S. semiconductor 3 times “SOXL” and SanDisk 2 times “SNDU.”
◆ Report on overseas assets increased by 13%
Meanwhile, the amount of investment in stocks using overseas financial accounts is also increasing. According to the National Tax Service on the 2nd, the amount of overseas financial accounts reported this year was 107.1 trillion won, up 13.3% from last year. The number of people reported increased 9.1 percent to 7,484. Including the reported amount of overseas trusts, the reported overseas assets amounted to 111 trillion won.
By asset type, stocks amounted to 61.3 trillion won, up 13.2 trillion won from the previous year. The number of people reported was 2,434, accounting for 57.2% of the total.
[Reporter Jeong Jaewon / Reporter Kim Jung Beom]