SK Hynix’s American depositary receipts fell to their lowest level since listing on Monday, according to Gelonghui, marking a sharp reversal only weeks after the company’s U.S. market debut. The stock, which raised $26.5 billion earlier this month, slid as investors continued to pull back from richly valued semiconductor names.
During the session, the ADR dropped as much as 10% to $139.01, well below its $149 offering price, before closing at $143.02. That move put SK Hynix alongside SpaceX as one of the first companies among this year’s largest U.S. IPOs to fall below issue price.
The broader semiconductor sector also remained under pressure. A closely watched semiconductor index extended its recent decline and closed at its lowest level since May 19. At the same time, the cost of default protection on NVIDIA’s corporate bonds moved higher as a new round of AI infrastructure deals could exceed $750 billion. The report did not provide additional details beyond those figures.
SK Hynix’s American depositary receipts (SKHY.O) fell to a record low since listing on Monday, according to Gelonghui, in a sharp pullback after the company’s U.S. debut earlier this month.
The company raised $26.5 billion in its U.S. listing at the start of July. Its shares have since retreated as investors continued to move out of highly valued semiconductor stocks.
Shares fall below the offering price
During Monday’s session, the ADR sank as much as 10% to $139.01, far below its $149 offer price. It later finished the day at $143.02.
That left SK Hynix, together with names such as SpaceX, among the first companies in this year’s largest U.S. IPO class to trade below their issue price.
Semiconductor stocks stay under pressure
The report said the semiconductor sector as a whole remained under strain. A widely watched semiconductor index extended its recent losses and closed at its lowest level since May 19.
At the same time, the cost of buying default protection on NVIDIA’s (NVDA.O) corporate bonds increased, as a new wave of AI infrastructure transactions could top $750 billion.
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