Taiwan’s Unimicron Technology is also seeking to raise about $1.4 billion through a sale of global depositary shares, or shares listed \u200boverseas that represent its local stock.<\/p>\n
SK Hynix’s shares ended Monday down 3.4% at 2,343,000 won, but the stock is still up about 260% this year. South \u2060Korea’s KOSPI was down 0.5% on Monday.<\/p>\n
Memory chip stocks have been volatile in recent sessions due in part to renewed investor concerns about how long the boom would last.<\/p>\n
“We are in the midst of a \u200bmemory super cycle, with all three major suppliers \u2013 Samsung, SK Hynix, and Micron \u2013 riding the AI-driven demand wave,” said Di Zhou, portfolio manager at Santa Fe, New Mexico-based Thornburg Investment Management with $60 billion in assets. \u200bIt owns SK Hynix’s Korean ordinary shares.<\/p>\n
She added that SK Hynix’s ADR listing was positive because it would broaden the company’s investor base and potentially narrow its valuation gap with U.S. rival Micron.<\/p>\n
“While market volatility has been quite high recently, I would expect demand for SK Hynix shares to remain relatively robust,” said Albert Yong, a managing partner at Petra Capital Management.<\/p>\n
South Korea last week unveiled a sweeping industrial strategy centred on semiconductors and AI, including a $576 billion chip investment program in the \u200bcountry’s southwest to help spread returns from the boom.<\/p>\n
SK Hynix and Samsung Electronics will anchor the investment program, the government said.<\/p>\n
South Korean President Lee Jae Myung on Monday ordered officials to move quickly to get to \u200bwork on major chip and AI projects announced last week.<\/p>\n
He warned that delays in permits, land acquisition, and securing power and water supply could undermine the country’s bid to dominate advanced industries.<\/p>\n
Memory inflation<\/p>\n
SK Hynix has been among the world’s \u200clargest beneficiaries of \u2060the AI fervour as it outperformed its major rivals, Samsung and Micron.<\/p>\n
“This is more than a liquidity event,” said Dave Mazza, the chief executive officer of Roundhill Investments in New York, which manages an exchange-traded fund tracking DRAM manufacturers, which is one of the most popular ways for U.S. investors to trade SK Hynix’s stock.<\/p>\n
“SK Hynix has been one of the most important companies in the world that most U.S. institutions could not easily own.”<\/p>\n
“The listing removes an accessibility discount, not a quality discount.”<\/p>\n
Steve Sosnick, chief strategist at Connecticut-based Interactive Brokers, said individuals and smaller institutions would benefit from the U.S. listing, rather than large investors.<\/p>\n
“The new listing will \u200bmake it easier for capital-hungry Hynix to directly access \u200ba new group of momentum-hungry investors,” Sosnick \u2060said.<\/p>\n
SK Hynix said the proceeds from the listing of the American Depositary Receipts will be used to build chip factories in South Korea and buy chipmaking equipment, including an extreme ultraviolet scanner made by Dutch equipment maker ASML.<\/p>\n
The final price of the New York listing is due to be set on Thursday, ahead of \u200bthe stock starting trade on Friday, regulatory filings showed. The company’s management will meet global investors on a roadshow this week.<\/p>\n
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