SK Hynix has taken a painful hit these past few days, but there's a detail worth noting in this round of decline.

This time, SK Hynix's ADR is not a fixed-amount financing, but a fixed number of shares issued. That is, the final amount raised depends largely on the stock price before pricing.
The higher the stock price, the more SK Hynix raises; the lower the stock price, the lower the cost for U.S. investors to acquire ADRs, and the less money SK Hynix actually raises.
The impact is already visible. SK Hynix has reduced its ADR financing target from about 45.45 trillion won to about 43.14 trillion won, because the reference stock price dropped from 454.5k won on June 23 to 2.42 million won last Friday.
Therefore, the stock price movements these days are not just ordinary fluctuations; they will also directly affect the outcome of this ADR financing. The closing price this Thursday will directly determine the financing amount.
Of course, foreign capital selling, a collective pullback in semiconductors, and cooling AI expectations are all happening simultaneously. It cannot simply be attributed to malicious attacks by any party, but it's certain that during this pre-listing window, the capital game is indeed intense!