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Channel NewsAsia
Channel NewsAsia
AsiaPac · 31 mins ago
SK Hynix to bring ADR funds to South Korea by around July 15, source says
SEOUL, July 7 : SK Hynix is expected to bring U.S. dollars into the country by around July 15, converting a part of the funds it raises in its offering of American depositary receipts (ADRs) into the won, a source familiar with the matter said on Tuesday.The South Korean chipmaker launched a U.S. share sale on Monday to raise 43 trillion won ($28.07 billion), one of the world's largest new share offerings ever, as it capitalises on the global AI boom.SK Hynix did not immediately respond to an emailed request for comment. While the ADRs are denominated in the greenback, SK Hynix has said it will use at least part of the proceeds for building two new factories in South Korea and buying chipmaking equipment. That may offer some support to the won that is currently hovering around a 17-year lo
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