SK Hynix expects to issue ADRs on Nasdaq on July 10, targeting nearly $30 bln in
proceeds in what could be one of the largest ADR offerings on record. Market
participants say the deal should broaden its global investor base and could
trigger a valuation re-rating; several asset managers see roughly 30% upside
over the next year if SK Hynix trades at multiples comparable to Micron. A fund
manager said SK Hynix should at least trade in line with Micron given forecasts
that memory demand will outstrip supply for several years. The listing comes
amid an unusually strong memory cycle: Micron, SK Hynix and Samsung shares are
up over 200% YTD, with AI server demand for HBM cited as the chief structural
driver.
