SK Hynix Inc., Nvidia Corp.’s primary supplier of high-bandwidth memory chips, disclosed Wednesday that it is evaluating a potential listing on a U.S. stock exchange through American Depositary Receipts.
The South Korean company stated in a regulatory filing that it is reviewing measures to enhance corporate value, including converting treasury shares into ADRs. No final decision has been made, with further details expected within a month.
Shares in Seoul jumped 4.6% following the announcement, closing at ₩585,000 ($398). The company holds approximately 17.4 million treasury shares—about 2.4% of outstanding stock—valued at roughly ₩10 trillion ($6.8 billion) that could potentially be used for the listing.
The move appears aimed at narrowing a persistent valuation discount versus U.S. competitors. SK Hynix currently trades at about 11 times forward earnings, compared with Micron Technology Inc.’s multiple of nearly 29 times. Despite supplying critical AI memory components and posting record third-quarter profits, the Korean chipmaker remains absent from major U.S. semiconductor exchange-traded funds.
Industry observers note that a successful ADR listing could attract broader institutional participation and provide SK Hynix with greater flexibility for future capital raises. However, U.S. securities regulations would impose stricter disclosure requirements.
The announcement coincides with Seoul’s push to position South Korea among the world’s top AI powers, with the government planning to triple related spending next year.
