[Global Finance] SK Hynix’s stock price rose more than 13% on its first day of listing in the United States
Xinhua Finance, New York, July 11 (Xinhua) South Korean chip giant SK Hynix was listed on the Nasdaq Stock Exchange in the United States on the 10th, and its share price rose by more than 13% on the first trading day. Analysts pointed out that this shows that investor enthusiasm for the chip sector remains strong. As one of the world's largest initial public offerings, SK Hynix was listed through American Depositary Receipts with an issue price of US$149 per share, a financing amount of US$26.5 billion, and a subscription multiple of more than 7 times.
Xinhua Finance, New York, July 11 (Xinhua) South Korean chip giant SK Hynix was listed on the Nasdaq Stock Exchange in the United States on the 10th, and its share price rose by more than 13% on the first trading day. Analysts pointed out that this shows that investor enthusiasm for the chip sector remains strong. As one of the world's largest initial public offerings, SK Hynix was listed through American Depositary Receipts with an issue price of US$149 per share, a financing amount of US$26.5 billion, and a subscription multiple of more than 7 times. The size of the offering exceeds Saudi Aramco’s $25.6 billion initial public offering in 2019. According to Reuters, SK Hynix said on the 10th that it plans to use the funds raised from this issuance to support the construction of the first wafer fab of the new semiconductor cluster near Seoul, South Korea, as well as the construction of advanced packaging facilities in Cheongju City and other projects. The company believes that the global memory industry is expected to experience the most serious supply shortage in history in 2027, and current memory demand will continue to exceed the company's production capabilities in the next decade. Thomas Hayes, chairman of Dashan Capital, pointed out that competition in the global semiconductor market is fierce and funds are highly concentrated. SK hynix and its underwriting agencies responded to market demand and chose to issue shares at a high valuation stage to take advantage of the opportunity to make profits. Agence France-Presse reports that technology stocks in global markets have generally fallen recently due to heightened concerns about overvaluation, and investors still have questions about when huge investments in artificial intelligence will bear fruit. Despite this, SK Hynix’s share price has risen by more than 220% in the South Korean securities market this year. SK Hynix, headquartered in Icheon, South Korea, is the world's largest manufacturer of high-bandwidth memory chips. High-bandwidth memory chips are key components for large-scale data processing in artificial intelligence-specific graphics processors produced by companies such as Nvidia. (