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Originally thought Hynix's subscription being oversubscribed by more than 3 times was good, but it has already exceeded 7 times. Bloomberg said many long-term and sovereign wealth funds have entered.
Could it be that in the past two days they were selling Korean stocks to prepare to buy ADRs?
I see that in the internal note UBS sent to clients on July 7, this was exactly the suggestion, with reasons being premium + good liquidity + trading in US hours, which for hedge funds is more efficient and lower cost. It also wrote:
“Going long ADR and shorting the Korean underlying stock from the first day of listing sounds like a no-brainer. This is a highly scalable trade, because USD exposure is very limited, and the possibility of ADR falling to a discount is extremely low.”