Micron won’t be the only one! SK Hynix expected to be listed in the US in June-July.

```

SK Hynix is accelerating its plan to list in the United States, aiming to break the home-field advantage that American peers like Micron Technology have in the global capital markets.

According to South Korea’s “Herald Economy,” SK Hynix has clearly informed its team of American Depositary Receipt (ADR) listing underwriters that the targeted listing window is this June to July.

This schedule is significantly ahead of the previous vague statement of “listing within the year,” showing the company is advancing its U.S. listing process at a pace that exceeds expectations. The investment banking industry expects the new share issuance scale to reach about $10 billion.

The direct impact on the market is that: once SK Hynix completes its ADR listing, it will provide global investors with direct access to this world’s largest high-bandwidth memory (HBM) supplier. It also has the potential to push the company’s valuation closer to U.S. peers—currently, SK Hynix’s expected price-to-earnings (P/E) ratio is only 3–4 times, far lower than Micron Technology’s 8 times and SanDisk’s 19 times.

Listing Timeline Accelerates, Underwriting Team in Place

According to “Herald Economy,” SK Hynix has formed an underwriting team centered on American brokerage firms and has officially started listing preparations.

Last month, SK Hynix announced that it had secretly submitted an IPO registration statement (Form F-1) for ADRs to the U.S. Securities and Exchange Commission (SEC), but at that time the company said the specific timetable was not yet determined. The clarification to underwriters of a June–July target date is interpreted by the industry as a strong desire to swiftly and decisively complete its U.S. capital market strategy.

An investment banking insider commented, "Even if there is a price decline, the ADR listing schedule will not change; the company's determination to enter the U.S. stock market is far more important than timing."

Currently, SK Hynix’s share price has broken through 1.1 million KRW per share, closing at 1.136 million KRW on April 16—an all-time high. The company responded on April 16, stating, "The goal is to list within the year, but details such as issuance size, approach, and timing have not been finally determined; the final decision to list will comprehensively consider SEC review progress, market conditions, and demand forecasts."

Ten-Billion-Dollar Financing, Connecting to Astronomical Capital Expenditures

SK Hynix’s move for large-scale financing is backed by its massive capital expenditure plan.

In February this year, the company decided to invest 21.6 trillion KRW before the end of 2030 to advance Phase I wafer plant construction at the Yongin Semiconductor Cluster in Gyeonggi Province; including facility investments announced in July 2024, the total scale reaches 31 trillion KRW. Furthermore, SK Hynix has formulated a long-term plan to invest 600 trillion KRW in Yongin by 2050 to build four wafer plants. Additionally, early this year SK Hynix announced plans to establish an artificial intelligence solutions company in the U.S., with an investment ceiling of $10 billion.

Although by the end of last year the company’s cash reserves approached 35 trillion KRW, the above investment scale far exceeds its own funds.

In terms of financing tools, the market previously expected SK Hynix to use treasury shares as the basis for ADR listing, but in January this year the company almost entirely canceled 12.24 trillion KRW worth of treasury stock, retaining only a portion for employee incentives. New share issuance has become the sole viable path. The investment banking industry thus expects the issuance size to be around $10 billion.

Analysts point out that if the listing size is reduced out of concerns about diluting the parent company SK Square’s control, it could actually affect the listing’s attractiveness. Only by involving enough institutional investors can trading be truly activated and valuations reassessed.

Valuation Discount is Core Driver, Roadshow Plans Underway

Narrowing the valuation gap with U.S. peers is one of the core logics for SK Hynix’s listing in the U.S. this time.

Based on this year’s expected performance, securities firms place SK Hynix’s P/E ratio at only 3–4 times, while Micron Technology stands at 8 times and SanDisk at as high as 19 times. SK Group Chairman Chey Tae-won stated at the Nvidia GTC 2026 conference in San Jose, California, in March this year, "By opening up to U.S. and global shareholders, the company will be able to become a more truly global business."

To accompany the listing process, SK Hynix also plans to hold roadshows for U.S. investors. The company expects to accelerate related preparations after confirming first quarter results.

Risk Warnings and DisclaimerThe market has risks, investments require caution. This article does not constitute personal investment advice and does not take into account any individual user’s special investment goals, financial situation or needs. Users should consider whether any opinions, views or conclusions in this article fit their specific circumstances. Investment based on this is at your own risk. ```