SK Hynix Announces $29.4B ADR Offering

According to company disclosures released on June 24, global high-bandwidth memory (HBM) leader SK Hynix has officially initiated preparations for a U.S. stock market listing, aiming to raise up to KRW 45.45 trillion (approximately US$29.4 billion) through the issuance of American Depositary Receipts (ADRs). The company expects its ADRs to begin trading on the Nasdaq Stock Market on July 10.

The offering is being jointly led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. The final fundraising amount may vary depending on investor demand and pricing during the book-building process.

According to reports from The Korea Economic Daily, SK Hynix plans to first issue shares in South Korea and deposit them with a domestic securities depository institution as the underlying assets for the ADR program. Regulatory approval in South Korea could be completed as early as July 3, allowing the company to move into the final stage of its U.S. listing process.

SK Hynix stated that all proceeds from the offering will be invested in strategic semiconductor projects. Key initiatives include construction of the first fabrication facility within the Yongin Semiconductor Cluster, expansion of the Cheongju P&T7 advanced packaging plant, and additional investments in semiconductor manufacturing equipment and infrastructure. The investments are designed to strengthen the company's ability to meet rapidly growing demand for AI-related memory and advanced semiconductor technologies.

As a major supplier of HBM devices used in NVIDIA's AI accelerators, SK Hynix has emerged as one of the primary beneficiaries of the global artificial intelligence boom. By the close of trading on June 24, the company's shares listed in Seoul had surged nearly 300% year-to-date.

Market research firm Counterpoint reported that SK Hynix accounted for 57% of global HBM revenue in the fourth quarter of 2025. Its market share reached as high as 64% during the second quarter, significantly outperforming competitors Samsung Electronics and Micron Technology, which held 22% and 21% market share, respectively.

The company's financial performance has further reinforced investor confidence. In the first quarter, SK Hynix reported operating profit of KRW 37.61 trillion (approximately US$25.4 billion), exceeding market expectations. Revenue nearly tripled year-over-year to KRW 52.58 trillion (approximately US$34.1 billion), driven by strong demand for AI servers, data center accelerators, and high-performance memory solutions.

With AI infrastructure investments accelerating worldwide, SK Hynix is leveraging its leadership in HBM technology to expand production capacity and strengthen its long-term growth strategy. The planned Nasdaq listing is expected to provide additional capital resources to support the company's next phase of global semiconductor expansion.