SK Hynix plans to go public in the US to raise $10 billion: benchmarking Micron's valuation, increasing HBM production capacity.

According to reports, SK Hynix Corporation is seeking to raise 100 trillion to 150 trillion Korean won (approximately 100 billion US dollars) through listing in the United States, aiming to accelerate the expansion of AI high-bandwidth memory (HBM) production capacity and consolidate its leading position in the AI storage sector. It is reported that SK Hynix plans to advance this listing plan by issuing new shares that will account for approximately 2.4% of the total share capital, with the aim of further strengthening its capital base. The scale of this billion-dollar financing reflects SK Hynix's ambition in the AI field, with the funds raised being targeted towards high-growth technology hotspots. The company plans to use the majority of the funds to enhance the production capacity of high-bandwidth memory (HBM) in order to solidify its position as a core supplier to NVIDIA Corporation (NVDA.US). Additionally, this funding will provide strong financial support for the construction of the South Korea Longin Semiconductor Cluster, ensuring the company's competitive edge in the next generation of AI semiconductor infrastructure. Industry sources have stated that this South Korean chip manufacturer plans to issue new shares and list in the United States in the form of American Depositary Receipts (ADR). In response to these reports, a spokesperson for SK Hynix stated, "We are currently evaluating a number of measures to enhance shareholder value, including issuing American Depositary Receipts (ADR), but no final decisions have been made." Furthermore, with a listing in the United States, SK Hynix will have the opportunity to access a new group of investors, and it will help narrow the valuation gap with its global competitors. The company has been one of the biggest winners in the global memory chip surge, with its stock price soaring 364% and being a key driver behind the 110% increase in the South Korean benchmark KOSPI index over the past year. However, despite its outstanding performance in the AI chip sector, SK Hynix currently has a price-to-earning ratio of only around 5.7 times, significantly lower than the approximately 12.1 times ratio of its American competitor, Micron Technology, Inc. (MU.US). Through listing in the US, the company hopes to have direct access to global tech stock pricing centers and achieve a revaluation through benchmarking against similar US companies. Additionally, if SK Hynix is included in global key indices such as the Philadelphia Semiconductor Index (SOX) after listing, it will attract a large amount of passive investment funds and ETF inflows, providing long-term liquidity support for its stock price. "If American institutional investors directly participate in AI infrastructure theme investments through American Depositary Receipts, the premium multiple that SK Hynix should enjoy as a leader in the HBM field may eventually be reflected in its valuation," said Ha SeokKeun, Chief Investment Officer of Eugene Asset Management Co. If this deal is ultimately reached, it will become one of the largest cases of a foreign company listing in New York. Previously, Asian companies listed on US exchanges include chip manufacturer Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US). After listing on American Depositary Receipts (ADR), Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR successfully attracted funds from overseas investors, further solidifying its status as a favorite of American investors, especially in the market rally driven by artificial intelligence. In addition to active investors, vast passive funds have flowed in through ETFs tracking US-listed stocks, further boosting its valuation relative to stocks listed in Taipei. Last year, the price gap between the two markets exceeded 30%. It is worth noting that this year, SK Hynix canceled approximately 15.3 million treasury shares worth approximately 12.2 trillion Korean won to enhance shareholder value. The potential scale of the company's listing in the US may account for around 2.4% of the issued shares, approximately equivalent to the number of canceled treasury shares. According to another report, SK Hynix has issued a request for proposals to investment banks to select the listing arrangement agent. The report quoted industry sources from investment banks, but did not disclose their names. Outside of capital market operations, SK Hynix's strategic layout in the United States is also gaining momentum. The company not only plans to invest at least 10 billion US dollars to establish an independent legal entity named "AI Co." in the US, but also plans to reorganize resources for its Solidigm subsidiary in California, turning it into the global R&D and operations center for the SK Group's AI strategy. Combined with the announcement of the construction of an advanced packaging plant in Indiana worth 3.87 billion US dollars, SK Hynix is building a complete eco-system in the United States, from technology research and development, capital financing to advanced manufacturing, to cope with the increasingly complex global supply chain environment and the iterative demands of AI technology. According to reports, SK Group Chairman Choi Tae-yong recently responded at the NVIDIA GTC 2026 conference, emphasizing that a listing in the US is a core strategy for the company to move towards globalization and attract international investor attention, as well as a key step in enhancing the brand's international influence.