[DigitalToday reporter Dae-geon Seok] SK Hynix is moving to raise 45 trillion won in the U.S. stock market. It aims to narrow its valuation gap with Micron and broaden access for global investors, while securing funding for large-scale facility investment.

SK Hynix filed on Tuesday that it will issue new share depository receipts (DR) worth 4.55 trillion won. The number of shares to be issued is 17.79 million, priced at 2,555,000 won per share. The listing exchange is the Nasdaq in the United States, and the listing date has been tentatively set for July 10. The final amount to be raised will be determined once the total offering is fixed through bookbuilding.

The issuance will be through a third-party allotment. The company will deposit the new shares (common stock) with an overseas depositary and issue American depositary receipts (ADR) based on the underlying shares, allocating them to overseas institutional investors and others. ADRs are securities that allow foreign companies to trade in U.S. markets with the same effect as shares, and SK Telecom, POSCO Holdings and KT have issued ADRs in Korea. The shares are listed in Korea, but U.S. investors can trade them indirectly, and the move is effectively seen as having the impact of a direct U.S. listing.

Earlier, on March 25, SK Hynix submitted a registration statement for a public offering to the U.S. Securities and Exchange Commission (SEC) and began the Nasdaq listing process. Some point to the risk that class-action lawsuit exposure could increase as the company becomes subject to U.S. securities laws through a U.S. listing.

Even so, expectations for the ADR listing have already been reflected in the share price. SK Hynix shares have risen 341.9 percent so far this year, far outpacing Samsung Electronics, which is up 197.7 percent over the same period. On June 22, its common-share market capitalisation of 208.47 trillion won surpassed Samsung Electronics' 208.42 trillion won by 456.1 billion won, which was also seen as a смена in the top KOSPI stock for the first time in 25 years and 7 months. Samsung Electronics later issued a correction saying it remains No. 1 with a combined market cap of 225.2 trillion won including preferred shares, sparking debate over the 기준.

◆Noh-jung Kwak’s 100 trillion won gamble...14 trillion won shareholder returns also under way

This fundraising coincides with SK Hynix’s investment cycle ramping up in earnest. The company said it plans to use the proceeds for the construction of the phase-one fab at the Yongin semiconductor cluster, the construction and equipment for the Cheongju P&T7 advanced packaging fab, and the purchase of machinery including extreme ultraviolet (EUV) lithography equipment.

The push for large-scale investment is also tied to financial targets. SK Hynix CEO Noh-jung Kwak (곽노정) presented securing net cash of at least 100 trillion won as a mid- to long-term financial goal at a shareholders meeting in March. With net cash at about 12.7 trillion won at the end of last year, that implies an increase of more than eightfold. Kwak said at the time, "We will execute long-term, strategic investments that are necessary under any environment to secure competitiveness."

It is also pursuing expanded investment alongside shareholder returns. SK Hynix carried out returns totaling about 14 trillion won based on its 2025 results, including additional dividends and the cancellation of treasury shares. It paid an additional dividend of 1,500 won per share on top of an existing fixed dividend of 1,500 won per share, and canceled 2.1 percent of its treasury shares.

The HBM business, a key pillar of large-scale investment, is also proceeding as planned. According to the company, HBM4 built the world’s first mass production system in September last year and has been going through customer sample supply and optimisation, while the next-generation product HBM4E is under development with the goal of providing samples within this year.