SK Hynix, a global leader among the top three high-bandwidth memory manufacturers, is set to issue depositary receipts on the NASDAQ stock exchange, with the ambitious goal of raising KRW 45.45 trillion (equivalent to approximately US$29.4 billion or RMB 200.525 billion). Trading of these depositary receipts is scheduled to commence on July 10.
Despite SK Hynix's impressive global market share, commanding 57% of the revenue in the high-bandwidth memory sector in the fourth quarter of 2025, its valuation still lags behind those of its key competitors, Micron and Samsung. Notably, since the start of the year, SK Hynix's shares listed in Seoul have experienced a remarkable surge, soaring by over 300%.
The decision to list on the U.S. stock market is a strategic move aimed at attracting new investors and closing the valuation gap with its rivals. This strategy follows in the footsteps of successful Asian chip companies like TSMC, which have effectively drawn overseas capital through their U.S. listings.
In terms of financial performance, SK Hynix reported an operating profit of KRW 37.61 trillion (approximately US$25.4 billion or RMB 165.935 billion) in the first quarter, surpassing analysts' expectations. Meanwhile, its revenue nearly tripled, reaching KRW 52.58 trillion (around RMB 231.983 billion).
The upcoming offering is being jointly led by prominent financial institutions, including Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.