SK Hynix, the South Korean memory chipmaker and a leading supplier of high-bandwidth memory (HBM) chips to Nvidia, is set to list American depositary receipts (ADRs) on the Nasdaq on July 10th. The company confirmed the timetable in a securities registration filing on June 24th, details of which were published in a research note by Mirae Asset Securities the following day.
The company plans to issue up to 17.9m new shares through a third-party allotment — a form of directed share placement — implying a total offering size of roughly 45tn won (approximately $33bn) based on the previous session's closing price of 2,555,000 won. The final offer price will be set at up to a 10% discount to the volume-weighted average share price over the three to five trading days preceding the subscription date.
The ADRs will trade under the ticker "SKHY US" at an issuance ratio of 1:0.1, meaning one ADR represents one-tenth of an ordinary share, putting the total number of ADRs in issue at approximately 179m. At the indicative offer price, SK Hynix's market capitalisation would stand at around $30bn on the Nasdaq — equivalent to roughly the 25th-largest constituent of the Philadelphia Semiconductor Index (SOX), a benchmark that tracks the world's leading chipmakers. Mirae Asset expects the company to be formally added to the SOX index at its next scheduled rebalancing in September 2026.
Alongside the ADR announcement, Mirae Asset raised its target price for SK Hynix's ordinary shares from 3,800,000 won to 4,200,000 won, citing an upgraded forecast for HBM chip pricing. The brokerage now expects HBM prices to rise by 43.7% in 2027, up sharply from its earlier projection of 25.3%, and has revised its operating profit estimates upwards accordingly. Mirae Asset now forecasts operating profit of 299tn won in 2026 and 449tn won in 2027. Based on the current share price of 2,558,000 won, the new target implies upside of 62.8%; the firm maintains a "buy" recommendation.
Investors will be able to convert between ADRs and ordinary shares listed on the Korea Stock Exchange in either direction. However, Mirae Asset notes that if the ADRs trade at a premium to the underlying shares — as is common when a stock gains access to a deeper pool of international capital — the incentive to convert ADRs back into ordinary shares diminishes, meaning a persistent premium gap could become a structural feature of SK Hynix's dual-listed stock price.