SK hynix is raising up to about 43 trillion won, around $28 billion, through a Nasdaq listing. It would be the largest U.S. stock market listing by a foreign company since Alibaba in 2014, which raised $25 billion, drawing market attention to whether it will become a turning point in narrowing the valuation gap with Micron.

SK hynix will list its American depositary receipts (ADRs) on Nasdaq on July 10 local time. It will issue 17.79 million new ADRs, with 10 ADRs equivalent to 1 common share in a 10-to-1 structure. The ticker is SKHY. It will begin conditional trading on July 10 and switch to regular trading from July 13.

Institutional demand has already far exceeded the offering size. Bloomberg reported on July 8, citing sources, that orders in the ADR bookbuilding drew subscriptions of more than 7 times the shares on offer. Global long-term investment funds, technology-focused funds, sovereign wealth funds and Asia-focused investment institutions are reported to have placed large orders. Major institutions including Baillie Gifford and Coatue Management are said to have shown interest in purchases of up to $7 billion. If the offering price is set based on the July 8 close, proceeds are estimated at about $24.5 billion.

The market is focusing on the potential for a valuation reappraisal. Micron's 12-month forward price-to-earnings ratio is 11.2, while SK hynix is at 6.6 and Samsung Electronics is at about 6.0. Some observers say the listing could remove an "accessibility discount" versus Micron as U.S. investors will be able to trade more easily, similar to domestic stocks. Others say there is ample room for new demand inflows given global institutions' low holdings of South Korean stocks.

Expectations for the ADR listing have already been reflected in the stock price. SK hynix shares are up 341.9 percent so far this year, far outpacing Samsung Electronics, which is up 197.7 percent over the same period. On June 22, SK hynix also surpassed Samsung Electronics by common-share market capitalisation, a change seen as a switch in the top KOSPI stock for the first time in 25 years and 7 months.

A day before the listing, SK hynix led a rebound in the index. On July 9, SK hynix ended trading at 2,186,000 won, up 110,000 won, or 5.30 percent, from the previous session. This was interpreted as reflecting expectations of broader access for global investors.

The funds raised will be used for large-scale facility investment. SK hynix plans to use the money for the first-phase fab at the Yongin semiconductor cluster, construction of the Cheongju P&T7 advanced packaging fab, and the introduction of extreme ultraviolet (EUV) lithography tools. SK hynix CEO Kwak Noh-jung (곽노정) presented a mid- to long-term financial goal of securing more than 100 trillion won in net cash at a shareholder meeting in March. Given net cash stood at about 12.7 trillion won at the end of last year, it implies a plan to increase it by more than 8 times.

Accessibility discount versus Micron in focus as re-rating crossroads

The company plans to pursue investment expansion and shareholder returns in parallel. Based on its 2025 performance, SK hynix carried out total shareholder returns of about 14 trillion won, including additional dividends and treasury-share cancellation. It paid an additional dividend of 1,500 won on top of the existing fixed dividend of 1,500 won per share, and cancelled 2.1 percent of treasury shares. Its HBM business, a key pillar of large-scale investment, is also progressing as planned. HBM4 has been undergoing customer sample supply and optimisation after establishing the world's first mass production system in September last year, and the next-generation HBM4E is also under development with a goal of providing samples within this year.

The listing is also seen as a test of whether the AI memory boom can be sustained. That is because it comes at a time when shares of large semiconductor stocks have been volatile on concerns about a peak-out. SK hynix shares have pulled back about 30 percent from their record high at the end of June. Still, Bloomberg said they remain about three times higher than at the start of the year.

SK Group Chairman Chey Tae-won (최태원) will attend a listing ceremony in New York with executives including Kwak. Chey plans to personally explain SK hynix's AI competitiveness and its mid- to long-term strategy to global investors. The business community is also discussing the possibility that Chey could meet executives from big tech companies such as Nvidia and Tesla during his U.S. trip.