SK Hynix to start trading on Nasdaq Friday under SKHY, plans about $29 billion ADR raise

According to CNBC, SK Hynix is slated to begin trading on the Nasdaq on Friday under ticker symbol SKHY (initially SKHYV) and plans to raise around $29 billion by issuing American depositary receipts (ADRs), according to a regulatory filing. CNBC reported the listing comes after the stock rose more than sevenfold over the past year, lifting SK Hynix’s market cap to about $1 trillion, as demand for high-bandwidth memory (HBM) used in Nvidia’s AI chips drives the memory market. The company is building its first U.S. production facility, a $4 billion advanced-packaging plant in West Lafayette, Indiana, scheduled for completion in 2028, and expects up to $458 million in CHIPS and Science Act funding plus up to $570 million in loans from the U.S. Commerce Department. SK Hynix also said it is planning to spend up to $720 billion to expand facilities in South Korea and plans to spend around $7.8 billion on new ASML extreme ultraviolet lithography (EUV) machines by the end of 2027, according to its SEC filing.