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SK hynix seeks U.S. listing of American depositary receipts following submission to SEC

Published: 25 Mar. 2026, 17:03 Updated: 25 Mar. 2026, 17:10

SK hynix's headquarters in Icheon, Gyeonggi, is pictured on Jan. 29. [YONHAP]

SK hynix confirmed that it is seeking a U.S. listing of American depositary receipts (ADRs), stating on Wednesday that it confidentially submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) on Tuesday as part of the process.

The company aims to list within this year, although details such as the size of the offering, its structure and timing have not yet been decided. SK hynix added that the final decision will depend on the SEC review, market conditions and investor demand.

ADRs are securities that represent shares of non-U.S. companies and allow those companies to trade on U.S. markets. They are widely used to improve access to global investors and make it easier to raise funds from U.S. pension funds, hedge funds and other investors. Taiwan Semiconductor Manufacturing Company and ASML are among the major global chip companies whose shares also trade in the United States.

Industry observers say a U.S. listing could serve as a turning point for a market reappraisal of SK hynix’s corporate value. Compared to major rivals listed in the United States, SK hynix has long been viewed as relatively undervalued. Its price-to-earnings ratio currently stands at 5.7, far below Micron’s 12.1, even though Micron is the world’s third-largest memory chipmaker.

“The ADR is a part of efforts to have our corporate value reassessed in the U.S. market, the world’s largest stock market, where global semiconductor companies are listed,” CEO Kwak Noh-jung said at the company’s annual shareholder meeting held Wednesday at its headquarters in Icheon, Gyeonggi.

“Taking into account our performance and cash flow, SK hynix plans to continue reviewing dividends and share repurchases this year with the aim of further expanding shareholder returns,” Kwak said. “At the same time, the company will work to secure 100 trillion won [$66.7 billion] in net cash over the long term to enhance our financial soundness, and maintain a balanced approach between strengthening our balance sheet and returning capital to shareholders to maximize shareholder value.”

SK hynix CEO Kwak Noh-jung speaks at the company’s 78th annual general shareholders meeting held at its headquarters in Icheon, Gyeonggi, on March 25. [SK HYNIX]

SK hynix’s net cash stood at 12.7 trillion won at the end of last year, and the company plans to expand that figure roughly tenfold over the long term.

But criticism also emerged at Wednesday’s meeting that the company’s shareholder return policy remains inadequate.

“The company could have used treasury shares in the ADR issuance process, but I do not understand why it chose to issue new shares, which could dilute the value of existing shares,” said one shareholder. “It is hard not to be angry when the company posts huge profits but says it will only pile up 100 trillion won in cash.”

“Through last year, most of our funds were used to repay borrowings, and only now are we reaching the stage where surplus cash is being generated,” said Kwak in response. “Going forward, we are in a transitional phase in which we have to pursue investment, cash accumulation and shareholder returns at the same time. Please give us a little more time and watch how it unfolds.”

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.
BY LEE YOUNG-KEUN [[email protected]]