SK Hynix to Announce Disclosure Tomorrow on Treasury Shares Listing in U.S. Market
Reports on Plans to List via ADRs
Response Deadline Set for Noon, December 10
On December 9, the Korea Exchange announced that it has requested a disclosure inquiry regarding reports about SK Hynix pursuing the listing of its treasury shares on the U.S. stock market. The deadline for the response is noon on December 10.
According to reports published on the same day, SK Hynix is considering listing its treasury shares on the U.S. stock market in the form of American Depositary Receipts (ADRs). The company believes that if ADRs are traded in the U.S. market, its corporate value could be reassessed to the level of competitors such as Micron.
A depository receipt (DR) is a substitute security issued to facilitate the circulation of securities in overseas markets. When issued in the United States, it is called an ADR. If a company deposits its original shares with a domestic custodian, a local bank or depository institution issues the depository receipt as collateral, allowing the shares to be traded in overseas markets.
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Industry insiders view SK Hynix's move to issue ADRs as an effort to break free from the chronic risk of undervaluation.
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