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SK hynix’s 51% arbitrage trades were blocked due to strict conversion limits
Deep Tide TechFlow update: On July 23, one of the world’s most attractive arbitrage opportunities still cannot be realized. A South Korean securities depository said that SK Hynix has set a cap on the proportion of its South Korea-listed shares that can be converted into American Depositary Receipts (ADRs) trading in the United States, at 2.5% of total outstanding shares.
The development highlights a key issue that investors have closely watched since the company’s successful listing in the US. The CEO of the Korea Securities Depository said that the 26.5 billion USD American Depositary Receipts (ADRs) issued by SK Hynix on July 10 have already exhausted the conversion limit.
This means that, unless existing ADR holders first convert their ADRs trading in the US back into shares listed in South Korea to create conversion space, investors will be unable to convert Seoul-listed shares into ADRs. SK Hynix did not comment on the matter.