SK Group Chairman Chey Tae-won is set to visit the United States to commemorate SK hynix Inc.’s significant American Depositary Receipt (ADR) listing on the Nasdaq market, according to industry sources.
Chairman Chey is scheduled to attend the pivotal listing ceremony in New York this Friday, alongside SK hynix CEO Kwak Noh-jung and other senior executives. During this landmark event, Chey and the management team are expected to showcase SK hynix’s robust technological competitiveness and elaborate on its long-term growth strategy to a global audience of investors.
SK hynix aims to raise an impressive 43 trillion won ($28.6 billion) through this strategic stock offering linked to its ADR listing, earmarking these funds for crucial investments in its production facilities. The memory chip giant confirmed that the newly issued shares will be priced at 2.55 million won, with the official listing slated for July 29. Each ADR will be made available at 255,500 won.
As the world’s second-largest memory chipmaker, SK hynix plans to strategically deploy the proceeds to construct a cutting-edge semiconductor fabrication plant and an advanced chip packaging facility in South Korea, reinforcing its global manufacturing footprint and capabilities.
This pivotal ADR listing on Nasdaq aligns with the company’s previously announced March strategy to expand access to a wider pool of global investors and vigorously support its rapid expansion within the burgeoning artificial intelligence (AI) sector.
American Depositary Receipts (ADRs) are negotiable securities issued by US banks that represent shares in non-US companies. This mechanism allows foreign firms like SK hynix to effectively attract US investors without requiring a direct listing of their common stock on a US exchange, streamlining global investment and market access.
