SK Hynix, the world’s second-largest memory chipmaker, is preparing what could be one of the biggest US listings in years. The company is targeting up to $29.4 billion through an American Depositary Receipt offering on Nasdaq, a move that sent its Korean-listed shares surging roughly 15% on June 25.
But here’s the thing. Arbitrage investors, the ones who profit from price differences between two markets, are still waiting on a crucial detail: whether the new US depository receipts can be freely exchanged for shares trading on the Korea Exchange. That single decision will determine whether this becomes a goldmine for cross-market traders or just another equity offering with limited secondary mechanics.
The deal structure
SK Hynix plans to issue up to 17.79 million new shares for the offering, structured at a ratio of 10 ADRs per common share. The bookbuilding process is set to kick off on July 6, 2026, with trading expected to begin on July 10.
Final ADR pricing will be based on the June 24 closing price of approximately 2.555 million won per share. At that level, the offering could raise up to 45.45 trillion won, or roughly $29.4 billion.
