#SK海力士ADR获超额认购 On the Eve of Listing, SK Hynix Reduces Offering Size by $1 Billion but Still Sees Significant Oversubscription
It is noteworthy that, due to a decline in stock price, on the eve of its Nasdaq listing, SK Hynix lowered the expected offering size of its American Depositary Receipts (ADRs) from approximately $29 billion to about $28 billion, a reduction of roughly $1 billion. SK Hynix is tentatively scheduled to list on the Nasdaq Stock Exchange in the United States on Friday, July 10, in the form of depositary receipts (ADRs), with a planned offering size of up to 45.45 trillion Korean won (approximately RMB 201.7 billion). The proceeds from this offering will be primarily used to expand the production capacity of HBM high-bandwidth memory to meet the explosive growth in AI computing demand.
This adjustment in offering size was made by changing the reference price from the closing price of 2.56M won per share on June 23 to the closing price of 2.42M won per share on July 3. As of the close on July 6, SK Hynix’s stock price fell 3.38% to 2.34M won per share, with a cumulative gain of over 260% in 2026.
Nevertheless, this offering is still expected to become the second-largest IPO in global history, second only to SpaceX’s (SPCXUS) record of $85.7 billion raised in its listing. Moreover, despite the downward adjustment of the reference price, market demand signals remain positive. It is reported that SK Hynix’s ADR offering in the U.S. has seen a significant degree of oversubscription, with some investors expressing interest in subscribing up to $7 billion in ADS, accounting for about one-quarter of the current expected fundraising size. Additionally, it is worth noting that at the end of June, SK Hynix submitted an amended F-1 registration statement to the SEC. Compared to the original version, SK Hynix added a significant legal risk in the "Risk Factors" section – a U.S. antitrust class action lawsuit. The lawsuit, filed by indirect purchasers of conventional DRAM (end consumers and corporate buyers), was brought in the U.S. District Court for the Northern District of California. It names SK Hynix and two other memory chip manufacturers as co-defendants, alleging that the three companies conspired to restrict the supply of conventional DRAM and artificially inflate prices since October 2022. The lawsuit is currently a "presumed antitrust class action" and requires court approval before it can be formally converted into a class action.
It is noteworthy that, due to a decline in stock price, on the eve of its Nasdaq listing, SK Hynix lowered the expected offering size of its American Depositary Receipts (ADRs) from approximately $29 billion to about $28 billion, a reduction of roughly $1 billion. SK Hynix is tentatively scheduled to list on the Nasdaq Stock Exchange in the United States on Friday, July 10, in the form of depositary receipts (ADRs), with a planned offering size of up to 45.45 trillion Korean won (approximately RMB 201.7 billion). The proceeds from this offering will be primarily used to expand the production capacity of HBM high-bandwidth memory to meet the explosive growth in AI computing demand.
This adjustment in offering size was made by changing the reference price from the closing price of 2.56M won per share on June 23 to the closing price of 2.42M won per share on July 3. As of the close on July 6, SK Hynix’s stock price fell 3.38% to 2.34M won per share, with a cumulative gain of over 260% in 2026.
Nevertheless, this offering is still expected to become the second-largest IPO in global history, second only to SpaceX’s (SPCXUS) record of $85.7 billion raised in its listing. Moreover, despite the downward adjustment of the reference price, market demand signals remain positive. It is reported that SK Hynix’s ADR offering in the U.S. has seen a significant degree of oversubscription, with some investors expressing interest in subscribing up to $7 billion in ADS, accounting for about one-quarter of the current expected fundraising size. Additionally, it is worth noting that at the end of June, SK Hynix submitted an amended F-1 registration statement to the SEC. Compared to the original version, SK Hynix added a significant legal risk in the "Risk Factors" section – a U.S. antitrust class action lawsuit. The lawsuit, filed by indirect purchasers of conventional DRAM (end consumers and corporate buyers), was brought in the U.S. District Court for the Northern District of California. It names SK Hynix and two other memory chip manufacturers as co-defendants, alleging that the three companies conspired to restrict the supply of conventional DRAM and artificially inflate prices since October 2022. The lawsuit is currently a "presumed antitrust class action" and requires court approval before it can be formally converted into a class action.
