SK Group Chair Chey Tae-won to attend SK hynix ADR Nasdaq listing ceremony

The Korean chip giant plans to issue up to 17.79 million new shares, equivalent to about 2.5 percent of its outstanding shares, and raise approximately 43 trillion won ($28 billion).

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SK Group Chairman Chey Tae-won (left) and Nvidia CEO Jensen Huang pose for a commemorative photo at the SK hynix exhibition booth during Computex 2026, which opened in Taipei, Taiwan, on June 2.

SK Group Chairman Chey Tae-won will attend the ceremony marking chipmaker SK hynix's Nasdaq listing of its American depositary receipts (ADRs) in New York on Friday, where he is expected to meet global investors in person.

Chey will be joined by key executives, including SK hynix CEO Kwak Noh-jung, to present the company's business performance and long-term growth strategy. He is also expected to meet major customers including Nvidia and Tesla to discuss cooperation on AI memory.

SK hynix expects the ADR listing to improve access for global institutional investors who face difficulties investing directly in the Korean stock market, while enhancing the company's market value.

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The company plans to issue up to 17.79 million new shares, equivalent to about 2.5 percent of its outstanding shares, and raise approximately 43 trillion won ($28 billion). The proceeds will be used to build production facilities, including the first fab plant at the Yongin semiconductor cluster in Gyeonggi and a packaging plant in Cheongju, North Chungcheong.

Investor demand has been strong. According to Bloomberg, orders during the book-building process exceeded the number of shares offered by more than seven times, representing subscriptions worth about $171.5 billion.

SK hynix headquarters in Icheon, Gyeonggi

The final offering price will be determined based on the market exchange rate and the applicable discount the day before the listing. Market participants expect the price to be set at around 2.186 million won, SK hynix's closing share price on Wednesday.

At that price, the ADR offering would raise approximately $24.5 billion, making it the second-largest U.S. listing by a foreign company, behind only Alibaba's $25 billion offering.

SK hynix also expects both its ADRs and domestic shares to gain momentum following the release of its second-quarter earnings on July 29.

The company's second-quarter revenue is projected at 85 trillion won to 88 trillion won, while operating profit is expected to reach 65 trillion won to 70 trillion won.


BY KIM KYUNG-MI [[email protected]]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

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