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SK Hynix to raise financing in the U.S., potentially exceeding Alibaba’s record for the largest deal in history, with the highest ADR financing reaching $29.0 billion

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ME AI News, South Korea's memory chip giant SK Hynix plans to raise up to 45 trillion won (about $29 billion) by issuing American Depositary Receipts (ADRs) in New York, with the related transaction set to launch in July. If successful, this financing will surpass Alibaba's $25 billion IPO in 2014, becoming one of the largest overseas equity financing projects in South Korean corporate history and approaching the record in global capital markets. According to the plan, SK Hynix will first issue shares in South Korea, then deposit the related shares into a Korean securities depository institution as the underlying securities for the ADR, with Korean regulators expected to complete the review by July 3. The funds raised will mainly be used for the construction of the Korea Yongin semiconductor cluster and an Indiana factory in the United States, as well as the purchase of EUV extreme ultraviolet lithography equipment to support the expansion of AI-related advanced storage capacity. Citigroup, JPMorgan Chase, Goldman Sachs, and Bank of America have been selected as lead underwriters. SK Hynix's confidence in raising funds in the U.S. stems from its strong position in the AI industry chain. As a global leader in high-bandwidth memory (HBM), the company is a core supplier of NVIDIA's AI accelerator chips, and driven by AI demand, its stock price has increased by over 300% this year. CEO Guo Lujing stated that the company hopes to enhance its global influence through the U.S. capital market and achieve valuation levels comparable to other AI hardware companies. (Source: ChainCatcher)
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