SK Hynix $SKHY Countdown to US Listing: 4 Days Left:

1. Raises $29.4 billion, the largest ADR in history, surpassing Alibaba's $21.8 billion in 2014. Jointly underwritten by Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup.
2. Issues 17.79 million new shares, representing 2.5% of total shares. Each 1 Korean common share = 10 ADRs.
3. Global HBM market share of 58%, Samsung and Micron each have 21%. This is the company Jensen Huang wrote 'Please Make More' on the wafer for.
4. Q1 operating profit margin of 72%, higher than Nvidia's in the same period. Stock has already risen 280% this year, with market cap exceeding $1 trillion.
5. Forward PE is 8-9x. Micron $MU is 49x. In the same sector, SK Hynix has higher margins and a larger market share, yet its PE is only one-fifth of Micron's.
6. HSBC gave a 20% accessibility premium, raising the target price from 2.9M KRW to 4M KRW, +38%.
The logic is: once listed on the US market, global institutional funds can directly buy it for the first time.
7. After listing, it will likely be included in the Philadelphia Semiconductor Index $SOX, forcing passive funds to buy. When TSMC $TSM listed on the NYSE, its ADR maintained a 15-20% premium over the long term, and SK Hynix may follow a similar path.
8. All $29.4 billion will be used for capacity expansion: Phase 1 of the Yongin Semiconductor Plant, Cheongju Advanced Packaging Plant, and EUV lithography machine procurement. It's not a cash grab; HBM capacity is genuinely insufficient.