SK Hynix shares fall over 9% on second day of US trading as tokenized stock launches on Solana

SK Hynix just pulled off the biggest US listing ever by a foreign company. Then its stock dropped more than 9% the very next day.

The South Korean memory chip giant’s American Depositary Receipts debuted on NASDAQ on July 10 after raising approximately $26.5 billion, pricing 177.9 million ADRs at $149 each. On day one, shares opened between $170 and $173, a gain of roughly 13-15% from the issue price. On day two, the market pulled back hard, with shares declining more than 9%.

A record-breaking debut meets gravity

SK Hynix’s $26.5 billion raise eclipsed Alibaba’s 2014 IPO, which had held the crown for over a decade as the largest US listing by a foreign company. The offering was oversubscribed more than seven times. SK Group Chairman Chey Tae-won attended the opening ceremony on NASDAQ. SK Hynix is one of the world’s leading producers of high-bandwidth memory chips, the silicon that makes modern AI systems actually work.

Tokenized shares hit Solana