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SK Hynix ADR jumps more than 5% before the market opens; the official confirms that the channel for converting Korean stocks into U.S. ADRs has been closed after reaching capacity

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Gold Finance reported that on July 23, U.S. stock market shares of SK Hynix (SKHY.US) rose more than 5% in pre-market trading, to $173.75. On the news front, the Korea Securities Depository said that SK Hynix has set the upper limit of its proportion of shares listed in Korea that are converted into American Depositary Receipts (ADRs) traded in the U.S. at 2.5% of total outstanding shares. The CEO of the Korea Securities Depository said that the $26.5B American Depositary Receipts (ADRs) issued by SK Hynix on July 10 have already used up the issuance limit. This means that unless existing ADR holders first convert their ADRs traded in the U.S. back into Korean-listed shares, creating room for issuance, investors cannot convert the Seoul-listed shares into ADRs.
SKHY5.02%
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