SKHX Falls With SK hynix as a Record $28B Nasdaq Deal Prices Into a Chip Selloff

A Record Listing, Priced Into a Selloff

SKHX, the Hyperliquid perp on SK hynix common stock, is down 7.39% over 20h to about $1,443, tracking the memory maker's Seoul-listed shares (000660.KS) as they fell roughly 6.7% intraday on July 7 to near ₩2,186,000. That extends a brutal stretch: the stock is down about 17% on the month and roughly 25% off its June 30 high near ₩2.749M, a drawdown landing at the worst possible time. SK hynix is in the middle of pricing the largest-ever US listing by a foreign company — a roughly $28 billion Nasdaq ADR offering of 17.79M new shares that would eclipse Alibaba's 2014 debut and rival Saudi Aramco.

Why the Stock Is Falling Into Its Own IPO

The selloff isn't SK hynix-specific — it's the AI-memory trade repricing. A chip rout that spread from Wall Street dragged Samsung and SK hynix down more than 9% in a single Seoul session as investors started questioning near-term AI monetization after Meta signaled it would sell computing power, and began pricing the risk that the two Korean giants' combined ~$500B expansion leaves HBM oversupplied in the short term. Korean regulators piling scrutiny on leveraged single-stock ETFs added fuel. The mechanical result for the deal: SK hynix cut its offering reference from ₩2.555M to ₩2.425M per share (₩242,500 per ADR), shrinking the raise by about $1 billion.

What the Perp Is Pricing

Because SKHX converts the KRW share price to USD at live FX, the perp is doing two jobs at once: tracking a falling equity and discounting the listing overhang. At about $1,443 the underlying sits roughly 10% below the ₩2,425,000 share-equivalent reference SK hynix set off the July 3 close — the market front-running dilution from 17.79M new shares and a soft KOSPI chip tape rather than signaling a collapse in memory demand. Notably, the deal still drew up to $7 billion of anchor interest from Baillie Gifford, Coatue and Situational Awareness Partners, so demand at the top of the book is real even as the tape bleeds.

What to Watch

The book closes and the final ADR price is set Thursday, July 9, with SKHY trading Friday, July 10 on the Nasdaq Global Select Market, with expected inclusion in the Philadelphia Semiconductor Index. Two things matter for the perp from here: where the deal actually prices versus the ₩242,500 reference, and whether the underlying holds the ~₩1.8M level analysts are flagging as support. A clean debut that pulls index and passive flows could snap the discount shut; a broken deal into a still-falling chip tape does the opposite.