SK Hynix submits its filing targeting Wall Street, seeking to list in the U.S. for up to $10 billion in financing

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China Financial Information (3월 25) (Edited by Zhao Hao) South Korean semiconductor company SK hynix disclosed on Wednesday (March 25) that it has filed an application with the U.S. Securities and Exchange Commission (SEC), planning to list in the U.S. stock market as early as this year.

This South Korean memory giant first expressed its intention to list in the U.S. as early as December last year. The company hopes to raise fresh capital to expand capacity while the AI boom drives a surge in storage demand.

In its latest regulatory filing, SK hynix said its goal is to move forward with the listing of American Depositary Receipts (ADRs) in the U.S. before 2026, but details such as the issuance size, method, and timeline have not yet been finalized.

Compared with listing directly in the U.S., ADR liquidity is typically lower, which may deter some investors. However, because ADRs are based on existing shares rather than issuing new shares, they can help protect the value of existing shareholders.

The filing states: “Whether or not to proceed with the listing will be decided after taking into comprehensive account the SEC review status, market environment, demand forecasts, and other relevant factors.” The company said that once specific details are finalized—or at the latest within six months—it will make another information disclosure.

A report from Korean media the day before said SK hynix is considering raising between 10 trillion and 15 trillion Korean won (about $6.7 billion to $10 billion), which translates to about $6.7 billion to $10 billion at current exchange rates.

SK hynix is one of the leading suppliers of high-bandwidth memory (HBM) chips globally. These chips are widely used in AI processors. The pace of related demand growth has been so rapid that it has triggered a global memory shortage and pushed prices up significantly.

Amid tight supply, SK hynix and its competitors Micron and Samsung are accelerating capacity expansion. The day before, the company’s CEO Kwak Noh-Jung said it plans to raise more than 100 trillion Korean won in net cash for long-term strategic investments.

In the letter to shareholders, it mentions that the M15X wafer fab in Cheongju, South Korea, has been completed ahead of schedule, and the Korea Yongin semiconductor cluster project with a total investment of $15 billion, as well as the construction of an advanced packaging plant in Indiana, U.S., are also progressing smoothly.

The letter points out that the memory market is experiencing “unprecedented growth,” and emphasizes that “memory is no longer just a simple component, but a key value product that determines AI system performance.”

The company also announced on Tuesday that it will purchase advanced chip manufacturing equipment worth 11.95 trillion Korean won (about $7.97 billion) from ASML, setting one of the record highs for the size of a single disclosed order for such equipment.

(China Financial Information, Zhao Hao)