SKHX Climbs as SK Hynix's $29B Nasdaq ADR Becomes the Biggest in History

The Record Behind the Move

SK Hynix filed with the SEC on June 24 for an American depositary share offering on the Nasdaq, seeking up to $29.4 billion — a number that stretches toward roughly $29.65 billion at the top of the range. The structure is concrete: about 17.79 million new shares, each ADR representing one-tenth of a common share, trading under the ticker SKHY with a target debut of July 10. BofA, Citigroup, Goldman Sachs and JP Morgan are running the book.

What separates this from a routine secondary is scale. At the top of its range it would be the largest ADR offering on record, surpassing the $21.8 billion Alibaba raised in its 2014 New York debut. SKHX has spent the last two sessions erasing the ~12% drop that hit SK Hynix on Nvidia Rubin and HBM4 demand worries — this leg is the market deciding the listing is the catalyst, not the overhang.

Why Dilution Is Trading as a Bid

A raise this large would normally weigh on a stock. SKHX is doing the opposite because the proceeds and the venue point the same direction. Every won is earmarked for capacity — a Yongin fab, advanced packaging in Cheongju, and ASML EUV scanners — which reads as funded HBM expansion rather than a cash plug.

The venue matters more. On Nasdaq, SK Hynix sits on the same screens as Micron, priced by investors who treat memory as the scarce input for AI instead of a cyclical commodity. The company held 57% of global HBM revenue in Q4 2025, yet has carried a persistent discount to its US-listed peer — the so-called Korea discount. Analysts expect the listing to pull passive ETF and index flows toward the name and narrow that gap. With the stock already up more than 300% this year at a ~$1.2 trillion market cap, the rerating is well underway.

The Setup Into July 10

On Hyperliquid, SKHX trades near $1,838, up 12.46% over 22 hours, with about $447 million in 24-hour volume on the HIP-3 perp. The contract tracks one SK Hynix common share, converting the KRW price to USD at the prevailing USD/KRW rate — so a sharp won move or a Korean session gap feeds straight into the mark, independent of the listing story.

The hard date is July 10. Final ADR pricing runs through a bookbuild, and that print either confirms the Micron-style multiple bulls are paying for or exposes the near-term supply overhang from 17.79 million fresh shares. Until then, this is momentum running ahead of a known, dated catalyst rather than a fully repriced one.