Business News | SK Hynix ADRs Falls over 9% After Record Nasdaq Debut, in Profit-booking Slide
Get latest articles and stories on Business at LatestLY. SK Hynix American Depositary Receipts closed declining 9.32 per cent as investors engaged in profit-taking following the South Korean memory chipmaker's historic overseas listing.
New Delhi [India], July 14 (ANI): SK Hynix American Depositary Receipts closed declining 9.32 per cent as investors engaged in profit-taking following the South Korean memory chipmaker's historic overseas listing.
According to market data, the company's US-listed shares, trading under the ticker symbol SKHY, ended their latest session down USD 15.66 to settle at USD 152.35. The correction in New York also correlated with movements back in South Korea, where SK Hynix Inc listed on the Korea Exchange, slipped 0.76 per cent, declining by 14,000.00 won to stand at 1,831,000.00 won.
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The retreat in the company's US-listed shares began on Monday after a strong Nasdaq debut, falling nearly 8 per cent in regular trading as investors booked profits after the South Korean memory chipmaker's record overseas listing.
The ADRs had debuted on Nasdaq on Friday after being priced at USD 149 apiece, opened at USD 170, and ended their first trading session at USD 168.01, a gain of about 12.8 per cent over the offer price.
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Nasdaq data showed the ADR traded in a range of about USD 152.37 to USD 162.28 during Monday's session, after touching an intraday high above USD 170 on its debut.
The decline came after SK Hynix completed one of the largest overseas equity offerings by an Asian company, raising more than USD 26 billion through its ADR issue before making a strong Nasdaq debut. The company began regular-way trading on Nasdaq on Monday under the ticker SKHY, after initially trading on a when-issued basis under SKHYV following Friday's listing.
The move also came as investors turned cautious across AI-linked semiconductor stocks on Nasdaq following a sharp rally in the sector this year.
SK Hynix is the world's leading supplier of high-bandwidth memory (HBM) chips used in AI accelerators and counts Nvidia among its key customers. Its Nasdaq listing is expected to broaden access for global investors seeking exposure to AI memory-chip makers. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)