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On July 23, 2026, SK Hynix made an announcement stating that it has established a cap, setting the maximum aggregate quantity of shares listed on the Korea Exchange that are eligible for conversion into American Depositary Receipts (ADRs) at 2.5% of the company's total issued share capital. Prior to this, the entire conversion quota had been fully utilized, following the issuance of ADRs valued at $26.5 billion. Consequently, unless current ADR holders opt to voluntarily reconvert their ADRs back into domestic Korean shares, investors will be unable to acquire ADRs by exchanging Korean shares. Considering that SK Hynix ADRs have consistently traded at a premium compared to domestic Korean shares, this restriction on conversion volume is likely to sustain and potentially exacerbate the price differential between the two markets.
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