SK Hynix Raises About $26.5 Billion via U.S. ADR Offering

SK Hynix raised about $26.5 billion on July 10 through an American depositary receipt (ADR) offering in the United States, according to 36Kr. After the public offering process is fully completed, the proceeds are scheduled to be paid to SK Hynix on July 14. The company plans to use the funds to build the phase-one wafer fab at the Yongin semiconductor cluster, develop the Cheongju P&T7 advanced packaging plant, and purchase production equipment including extreme ultraviolet (EUV) lithography tools. The fundraising is expected to lead to large-scale conversion of U.S. dollars into South Korean won, which market participants said could increase dollar supply in South Korea's foreign-exchange market and potentially ease the won's prolonged weakness.