Chey Tae-won, Chairman of SK Group, will visit the United States in person to attend the Nasdaq listing ceremony for SK hynix’s American Depositary Receipts (ADRs).

According to business circles on the 9th, Chairman Chey is expected to attend the SK hynix ADR Nasdaq listing ceremony to be held in New York, United States, on the morning of the 10th (local time), together with key executives including Kwak Noh-jung, President and CEO of SK hynix.

At this event, Chairman Chey is expected to meet global investors and directly explain SK hynix’s competitiveness and mid- to long-term growth strategy. He is also expected to meet major customers to discuss ways to expand cooperation in artificial intelligence (AI) memory.

The size of SK hynix’s ADR issuance is approximately KRW 43 trillion. Up to 17.79 million new shares, representing about 2.5% of total outstanding shares, will be issued and offered to overseas investors excluding residents of Korea. There will be no public offering or sale in the domestic market.

The funds raised will be used for the construction of the first plant at the Yongin semiconductor cluster and the Cheongju P&T7 advanced packaging (back-end process) plant, as well as for the acquisition of machinery and equipment, including extreme ultraviolet (EUV) scanners. SK hynix has drawn up a plan to invest approximately KRW 1,100 trillion over the mid- to long term in Yongin, Cheongju, and the southwestern region to respond to growing demand for artificial intelligence (AI) memory.

There is also speculation that during his visit to the United States, Chairman Chey could meet with top executives of big tech companies such as Nvidia and Tesla. In February, while staying in the United States, he held consecutive meetings with Jensen Huang of Nvidia, Hock Tan of Broadcom, Satya Nadella of Microsoft, Mark Zuckerberg of Meta, and Sundar Pichai, CEO of Google.

In particular, he also met CEO Jensen Huang in Korea last month. Chairman Chey and CEO Huang had dinner at a samgyeopsal (grilled pork belly) restaurant near Hongdae in Mapo-gu, Seoul, together with Koo Kwang-mo, Chairman of LG Group, and Lee Hae-jin, Global Investment Officer (GIO) of Naver, after which they agreed to expand cooperation in AI semiconductors.

The market is focusing on the direction of the domestic common shares, which have recently lost momentum, with the SK hynix ADR listing as a turning point. Some expect that inflows of global capital could give a boost to the common shares, while others predict that a price gap will emerge between the ADRs and the domestically listed stock. In the case of Taiwan’s TSMC, its ADRs are in fact trading at a premium of about 10% to 20% compared with the common shares.

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