SK Hynix completed a $26.5 billion Nasdaq listing on July 10, the largest foreign ADR sale in US history. The shares opened at $170 after pricing at $149, with a 13% pop on day one. Three days later, Seoul-listed shares fell 15.4%, and the ADRs declined roughly 9% in follow-on sessions, trading back near the original offering price. SK Hynix is one of the primary producers of high-bandwidth memory, the specialized chip powering AI accelerators, competing with Samsung and Micron. New underlying shares are scheduled to begin trading on the Korean Stock Exchange on July 29.
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