Channel NewsAsia
AsiaPac · 2 hrs ago
South Korea's SK Hynix to launch $28 billion US listing to ride global AI wave
July 6 : South Korean chipmaker SK Hynix will on Monday launch its about $28 billion U.S. listing, according to its regulatory filings, in one of the world's largest new share sales as it capitalizes on the global AI boom.The company will sell 17.79 million new shares in the depository receipt listing on the Nasdaq, making it one of the world's most valuable tech firms.Ten ADRs will represent one common share and the stock will be sold in a price range due to be revealed on Monday, based on SK Hynix's Seoul trading price.SK Hynix's share price was trading 1 per cent higher and the stock is up about 273 per cent this year, as it rides surging global investor demand for AI stocks. Korea's KOSPI was up 0.2 per cent early Monday. SK Hynix has been among the world's largest beneficiaries of the
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