#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.

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Belgium: Who Still Makes Phone Calls?
On the match day of the "Iberian Derby," the game between Belgium and the United States initially didn't attract much attention from fans.
But unfortunately, too much drama was added before the match.
A red card, a FIFA president, and a head of state turned this game into a joke before it even started.
That head of state claimed to be "very knowledgeable about sports," arguing that American player Balogun's red-card action was "not even a foul," "not even an infraction."
He publicly stated that he couldn't understand why a player who receives a red card on the field also gets suspended for the next match. "Being sent off on the spot is already punishment enough."
And so, in the Round of 16 of the World Cup in the US, Canada, and Mexico, Balogun, who had received a red card, stood on the field against Belgium as a starter.
That head of state might really be "very knowledgeable about sports," but he definitely doesn't know the Belgian team. They are a team that can fight among themselves even without outside interference.
That's also why, when they unite against a common enemy, a team like the US doesn't stand a chance.
An Ultimate Stress Test
The series of off-field incidents before the match placed a huge psychological burden on both Belgium and the US. It was a game that both sides believed they could not lose.
The US mentality: We've already gotten an advantage, so if we don't win in the end, it'll be too embarrassing.
The Belgian mentality: We've been wronged. We must win this game fair and square to prove them wrong.
Given the gap in strength between the two sides, a highly focused Belgium quickly took control of the match. They took the lead in the 9th minute.
Although the US equalized through a free kick, Belgium quickly regained the lead with a counterattack and a cross from the wing.
On the other hand, the US team, which had previously relied on high pressing and rapid transitions, found itself helpless against a united Belgian side.
Moreover, the extreme tension forced the US to make all kinds of ridiculous mistakes. Captain and defender Ream repeatedly lost his position, causing constant danger in front of the US goal.
Early in the second half, a basic error by the US goalkeeper saw Ream again the last man, delivering a catastrophic defensive performance as he watched the ball roll into the net.
With star player Pulisic leaving the game due to injury, the US completely lost control of the match.
After taking a 3-1 lead, Belgium didn't think about how to hold on to the win; instead, they continued to send attacking players onto the field. The idea was very clear: to make the US admit defeat convincingly.
With a stoppage-time goal from Lukaku, the final score settled at 4-1.
The US could have left this World Cup with their heads held high, but now they can only end the battle in a very undignified manner.
Some fans might ask: What about Balogun, the US player who got a red card but still ended up playing?
His pressure was perhaps greater than everyone else combined, and several of his shots showed a lack of confidence. Football is, after all, a sport of 11 players, and even the best individual can hardly decide the course of a match alone.
And besides, he is just Balogun.
Unprecedentedly United Belgium
Looking back after the match, without these pre-game events, it's hard to say whether Belgium would have won so smoothly.
Within the Belgian team, De Bruyne, Lukaku, Courtois, and others are getting older; Doku and Trossard are inconsistent in form; the defense line has been plagued by injuries; and the team lacks a clear tactical approach.
Moreover, a low desire to win has always been a problem for Belgium.
Often during major tournaments, the players start out fine but then their ideas diverge. The 11 players on the field have different mindsets, and internal conflicts are frequent. Almost every Belgian head coach understands that the players' talent is not the issue—figuring out how to make them work together is what matters most.
But this time, the "Balogun red card" came at the perfect moment—just when Belgium might have started to slack off.
It's like a pillow arriving just as you're about to fall asleep.
This pre-game wake-up call created an "unprecedentedly united" Belgian team. Every player fought hard and competed fiercely, and all internal issues vanished.
Even the previously sluggish forward, the handsome De Ketelaere, scored two goals in a fit of pique.
This was truly unbearable for the US. They thought they had gotten a bargain, but instead, they unleashed a "complete" version of Belgium.
All that awaited the US was a total collapse.