[2026 National Assembly Audit] Lee Eog-weon: "Solidigm Listing Is a Duplicate Listing; SK hynix Must Fulfill Its Duty of Loyalty to Shareholders"

Lee Eog-weon, chairman of the Financial Services Commission, said that the planned Nasdaq listing in the United States of Solidigm, a grandchild company of SK hynix, would be subject to regulations on duplicate listings.

Financial Services Commission Chairman Lee Eog-weon answers lawmakers' questions during a comprehensive audit of the Financial Services Commission and other agencies at the National Assembly on Oct. 22, 2026. Photo by Yoon Dongju

At a comprehensive audit of the Financial Services Commission and the Financial Supervisory Service by the National Assembly’s Political Affairs Committee on Oct. 22, Chairman Lee responded to a question from Assemblyman Park Seong-hun of the People Power Party, who asked whether he agreed with the Financial Supervisory Service governor’s assessment that Solidigm’s U.S. listing would constitute a duplicate listing. Lee said it would be “subject to the guidelines on duplicate listings.” Lee Chan-jin, governor of the Financial Supervisory Service, also said at the committee’s audit of the agency on Oct. 19 that he considered Solidigm to fall under the regulations on duplicate listings.

Asked whether the regulations on duplicate listings would apply, Chairman Lee said, “As parent companies, SK Square and SK hynix must fulfill five obligations based on their duty of loyalty to shareholders.” He added, “In August, we established guidelines that prohibit duplicate listings in principle but allow exceptions, and we are implementing them.” The five obligations that a parent company must fulfill to qualify for an exception to the duplicate-listing restrictions are a shareholder impact assessment, measures to protect shareholders, communication with shareholders, a board vote for or against the listing, and disclosure, among other duties to shareholders.

However, when asked about the scope of the regulations as they apply to Solidigm and whether it would be required to file a securities registration statement in South Korea, he declined to give a direct answer, saying, “There has been no official announcement of a listing or any specific details yet.”

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