SK Hynix ADR listing imminent, chairman Chey Tae-won seeks to meet executives of Nvidia and Tesla at the same time

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SK Hynix is officially set to debut on Nasdaq, bringing its narrative of AI memory leadership directly into the global capital markets.

According to reports, on July 10 Eastern Time, SK Group Chairman Chey Tae-won will travel to New York to attend the listing ceremony of SK Hynix’s American Depositary Receipts (ADR) on Nasdaq, and will join SK Hynix President and CEO Kwak Noh-jung and other executives to ring the opening bell together. The final scale of this ADR issuance is set at 17.79 million shares, representing about 2.5% of the company’s outstanding shares, with an expected fundraising of approximately 43 trillion won.

SK Hynix stated that the purpose of the listing is to enhance the company’s profile in the global capital markets and strive for a more reasonable market valuation. The company believes that, despite establishing a leading position in the AI memory market, the current valuation is still lower than Micron’s. All funds raised will be used to expand semiconductor production capacity and build advanced packaging capabilities.

Chey Tae-won heads to New York to reinforce AI memory strategic narrative

Industry sources report that one major task of Chey Tae-won’s trip is to explain SK Hynix’s long-term growth strategy in the AI memory sector to global investors and engage in discussions for deeper cooperation with global tech giants.

It is widely believed that Chey Tae-won’s personal attendance at the listing ceremony not only reflects the group’s commitment to the ADR listing, but also represents an important move to further strengthen SK Hynix’s image as the leader in AI memory in global capital markets and to signal long-term growth confidence.

While in the US, Chey Tae-won is also expected to seek meetings with Nvidia and Tesla executives. In February this year, he traveled to Silicon Valley to discuss cooperation topics such as High Bandwidth Memory (HBM), next-generation server memory module SOCAMM, NAND flash, and AI data centers with Nvidia management. In June this year, Nvidia CEO Jensen Huang visited South Korea, and the two sides met again, reaffirming their long-term strategic partnership.

Fundraising focused on capacity expansion and advanced packaging

According to SK Hynix’s registration statement filed with US securities regulators, the final ADR issue price was determined on July 9 Eastern Time, with official trading beginning on Nasdaq on July 10.

The company stated, the funds raised will be primarily invested in the construction of the first wafer fab in the Yongin semiconductor cluster, expansion of advanced packaging facilities at the Cheongju P&T7 campus, and the building of an AI memory packaging plant in Indiana, USA. At the same time, the company will procure Extreme Ultraviolet (EUV) lithography equipment to further enhance advanced process manufacturing capabilities.

Overall, the fundraising is sharply focused on HBM, advanced packaging, and high-end manufacturing capacity expansion, aligning with SK Hynix’s long-term strategy to continually strengthen the competitive advantage in the AI chip supply chain and meet the rapidly growing demand for AI memory.

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