SK Hynix launches 29 billion ADR listing, largest ever, to fund AI expansion

SK Hynix launches 29 billion ADR listing, largest ever, to fund AI expansion
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  1. SK Hynix launches 29 billion ADR listing, largest ever, to fund AI expansion

  2. MSCI retains South Korea in Emerging Markets: Samsung's HBM4 chip sales hit 1.2 billion

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South Korea’s SK Hynix will list American depositary receipts on the Nasdaq on 10 July, seeking up to $29 billion in what will be the largest-ever ADR deal, the company disclosed on Wednesday. The Seoul-based memory-chip giant said it will issue 17.79 million new shares to back the offering, which it filed with US regulators on the same day. The proceeds will expand production capacity and deepen its footprint among US investors, according to the regulatory filing .

The move underscores SK Hynix’s central role in the global AI supply chain, as demand for high-bandwidth memory accelerates. The company’s shares will trade under the ticker 000660.KS on the Korea Exchange and as ADRs on Nasdaq, giving international funds direct access to its AI-focused semiconductor business. Analysts at FT noted that the listing capitalises on investor appetite for AI beneficiaries, even as tech equities sold off on Tuesday amid concerns over rising interest rates and projected capital expenditure .

The filing comes the same day Qualcomm agreed to buy Modular, a Silicon Valley AI-chip software startup, for nearly $4 billion, highlighting the frenetic pace of consolidation in the sector. Modular’s technology is designed to make AI accelerators more programmable, a capability that Qualcomm said will strengthen its position in the AI era .

SK Hynix’s $29 billion target surpasses the previous ADR record set by Alibaba in 2014 and would dwarf recent AI-related financings such as ByteDance’s planned $20 billion offshore loan, also announced on Wednesday . The company’s tentative valuation implies a significant premium to its current market capitalisation, reflecting expectations that AI-driven memory demand will remain robust through 2027.

Investors will scrutinise the listing’s execution, given the recent tech sell-off and warnings from HSBC that wealthy clients still prefer human advisers over AI when committing capital . Yet SK Hynix’s move signals confidence that the AI investment cycle remains intact, even as central banks weigh further rate increases. The July debut will test whether US markets can absorb the largest-ever foreign equity offering without destabilising broader tech valuations.

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