SK hynix raised $26.5 billion in a record-breaking U.S. IPO, strengthening the won and prompting a return of dollars, according to BlockBeats. SK hynix completed a $26.5 billion listing financing in the U.S. on July 27 at a record size. The company sold dollars to the market, driving a sharp appreciation of the won. This move led the South Korean government to accelerate related measures: encouraging exporters to repatriate overseas dollar earnings and convert foreign revenue into won. Stephen Lee, an economist at Seoul-based Meritz Securities, said SK hynix’s dollar selling triggered a broader corporate sell-off wave, with other exporters following suit as well—converting delayed foreign-currency earnings into won.