SK Hynix Hits 3 Million Won but Turns Lower on Profit-Taking

SK hynix Surpasses 3 Million Won in Pre-market Trading
Maintains Top Market Cap for Second Day, Overtaking Samsung Electronics

The KOSPI index opened at 9,083.54 on the 23rd, down 31.01 points from the previous trading day. The current status of the domestic stock market is displayed on the electronic board at the dealing room of Hana Bank’s headquarters in Jung-gu, Seoul. 2026.6.23 Photo by Kang Jinhyung

SK hynix surpassed the 3 million won mark for the first time ever during pre-market trading, maintaining its position as the most valuable company on the Korean stock market for a second consecutive day. The KOSPI is undergoing a correction as investors take profits following its recent sharp rally.

According to the Korea Exchange on June 23, SK hynix reached 3,002,000 won in pre-market trading at around 8:04 a.m., breaking the 3 million won barrier for the first time in its history. Starting the year at 651,000 won, SK hynix has surged approximately 340% this year, overtaking Samsung Electronics yesterday to become the company with the largest market capitalization in Korea.

However, in the regular session, SK hynix shares declined and were trading at 2,869,000 won as of 10:04 a.m., down 1.71% from the previous trading day. Samsung Electronics was also down 3.11%, trading at 342,000 won. SK hynix's market cap reached 2,036 trillion won, surpassing Samsung Electronics’ 2,008 trillion won, and has maintained its top spot on the KOSPI for the second day in a row. However, when including preferred shares, Samsung Electronics still has a market cap more than 100 trillion won larger than SK hynix.

The reversal in market cap rankings between the two companies is attributed to the market's positive assessment of SK hynix's focus on artificial intelligence (AI) semiconductors, as well as growing expectations for its listing of American Depositary Receipts (ADR) in the United States. In March, SK hynix submitted an application to the U.S. Securities and Exchange Commission (SEC) to list ADRs. ADRs are securities issued by foreign companies to allow their shares to be traded on U.S. stock exchanges, serving as a means to increase access for global investors. The market anticipates that the ADR listing could come as early as August.

There is analysis that expectations that SK hynix’s valuation will rise to the level of its competitor, Micron, after the ADR listing are driving its share price higher. Sunwoo Kim, a researcher at Meritz Securities, predicted, "With the issuance of U.S. ADRs by SK hynix, funds that currently hold Micron will immediately incorporate SK hynix, resulting in a sharp revaluation of the stock."

There are also high expectations for shareholder returns in the second half of the year. SK hynix has previously announced its plan to return to shareholders the equivalent of 50% of free cash flow (FCF) generated through 2027. The market expects that SK hynix's shareholder returns this year, including cash dividends and share repurchases, could reach nearly 100 trillion won.

Meanwhile, as shares of both major semiconductor companies declined, the KOSPI was trading at 8,967.07 as of 10:05 a.m., down 1.62% from the previous trading day. The KOSDAQ was also down 2.68%, at 942.44. Samsung Electro-Mechanics (-6.46%) and Hyundai Motor (-5.51%) were declining, while SK Square (up 5.84%), Samsung Life Insurance (up 6.22%), and Samsung C&T (up 0.96%) were on the rise.

Jiyoung Han, a researcher at Kiwoom Securities, commented, "A mix of external factors—including the sluggish performance of U.S. big tech stocks such as the Magnificent 7, concerns over market interest rates, robust performance of the Philadelphia Semiconductor Index (up over 2%), and falling oil prices—is contributing to both upward and downward pressures. I expect increased volatility in supply and demand for the time being due to the competition for the top spot in market capitalization."

This content was produced with the assistance of AI translation services.