SK hynix eyes US listing, may raise up to $10b

South Korean chipmaker SK hynix is preparing to list American depositary receipts in the United States by issuing new shares.

The issuance is expected to total about 2.4% of outstanding shares.

SK hynix had explored using treasury shares for the ADR listing, but it burned 2.1% worth about 12.2 trillion won (around US$8.16 billion) last month after criticism that the move could evade mandatory treasury share cancellations.

SK Group Chairman Chey Tae-won said at Nvidia’s GTC 2026 conference that the company was reviewing an ADR listing.

SK hynix expects the deal could raise 10 trillion won to 15 trillion won (around US$6.69 billion to US$10 billion) for projects including HBM capacity and the Yongin semiconductor cluster, while adding that new shares could dilute existing investors.

🔗 Source: The Korea Economic Daily

🧠 Food for thought

Implications, context, and why it matters.

The ADR plan funds only a slice of a huge buildout

SK Hynix aims to raise 10 trillion won to 15 trillion won through ADRs, yet its funding needs run far beyond what even record profits can cover 1.
The first fabrication plant at the Yongin semiconductor cluster (a large chip-manufacturing hub being developed in Yongin, South Korea) needs about 31 trillion won, and that total leaves out equipment installation 2.
The broader Yongin semiconductor cluster carries an estimated price tag of about 600 trillion won 3.
Demand remains intense, with SK Hynix already sold out of its 2026 memory chip output 4.

A US listing ties Korea’s AI push to global capital

A US listing reaches the world’s largest capital market as US tech leaders plan roughly $650 billion in AI infrastructure spending in a single year 4.
Analysts expect AI memory chip supply to miss demand by about 30%, which raises the stakes for expanding SK Hynix’s High Bandwidth Memory (HBM) capacity 5.
The Yongin semiconductor cluster aims to serve as a production base for AI memory chips by pairing fabrication plants with materials, parts, and equipment suppliers plus other supporting infrastructure 3.
The US listing also invites global investors to help fund a project tied to South Korea’s strategic goals, which turns a national asset into a shared one.