SK Hynix, the world's second-largest memory chipmaker and key supplier of HBM for NVIDIA, is preparing a milestone capital move. According to reports on June 24, the company plans to list American Depositary Receipts (ADRs) on Nasdaq, targeting a massive $29.4 billion fundraising – potentially surpassing Alibaba's $21.8 billion record from 2014 to become the largest ADR listing in history.
$29.4B Raised, Nasdaq Debut by July 10
The ADR issuance will be jointly underwritten by Bank of America, Citigroup, Goldman Sachs and JPMorgan. SK Hynix plans to offer 17.79 million new shares as the underlying basis, with each ADR priced at 255,500 won (10 ADRs per ordinary share). Final amounts will be determined after bookbuilding. Trading on Nasdaq is expected to begin as early as July 10, 2026.
All Proceeds to AI: New Fabs, Packaging, EUV Tools
SK Hynix has stated clearly that the entire $29.4 billion will be channeled into AI chip capacity expansion. Specific plans include building a semiconductor cluster in Yongin, Gyeonggi Province; an advanced packaging plant (P&T7) in Cheongju, North Chungcheong Province; and procuring extreme ultraviolet (EUV) lithography equipment. With AI chip demand growing exponentially, the listing allows SK Hynix to attract global institutional investors and ETF passive flows, gaining an edge over rivals like Micron in both capital and market share.
Shares Surge 280% YTD, Market Cap Briefly Topped Samsung
Driven by the AI boom, SK Hynix's stock has skyrocketed over 280% this year, becoming the main driver of South Korea's Kospi index. Its market cap briefly surpassed Samsung Electronics this week, making it the most valuable company in Korea. Analysts view the Nasdaq listing as a strategic move to deepen ties with the U.S. AI ecosystem – a historical parallel to ASML and TSMC entering U.S. capital markets in the 1990s, signaling a new reshuffling of the global semiconductor landscape.