SK Hynix Nasdaq Listing Attracts Nearly 1,000 Investors as Domestic Shares Extend Sell-Off
Published on 07/08/2026 at 19:33 | Redaktion boerse-global.de
A stark divergence is playing out between SK Hynix’s home market and the reception of its long-awaited US listing. While the memory-chip giant’s Seoul-listed shares have lost nearly a fifth of their value in the past week, the $28 billion Nasdaq debut scheduled for Friday has drawn roughly 1,000 institutional investors into the order book, including anchor commitments worth up to $7 billion from the likes of Baillie Gifford and Coatue Management.
The offering consists of American depositary receipts, each representing one-tenth of an ordinary share. Final pricing is set for Thursday evening, with official trading on the Nasdaq commencing Friday. The strong institutional response contrasts sharply with the mood in South Korea, where SK Hynix shares slumped 5.68% on Wednesday alone to 2,076,000 won. Over the past seven trading sessions the stock has shed almost 19%, and it now sits more than 30% below its late-June record high. Despite that correction, the equity has still surged over 206% since the start of the year.
The weakness in Seoul has been compounded by a broader sell-off that triggered a circuit breaker on the KOSPI composite index. Escalating military tensions in the Middle East have soured risk appetite globally, while a rout in US semiconductor names such as Intel and AMD added to the pressure on Korean chip stocks. Samsung, SK Hynix’s domestic rival, also suffered heavy losses on Wednesday. On top of the geopolitical headwinds, investor doubts about the sustainability of AI infrastructure spending have led to a reassessment of elevated valuations across the chip sector. A recent retail-investor survey found that roughly 40% of respondents plan to wait on the sidelines before buying into the Nasdaq listing, though 36% intend to take a long-term position, betting on SK Hynix’s dominant role in supplying high-bandwidth memory for Nvidia’s AI processors.
Should investors sell immediately? Or is it worth buying SK Hynix?
In response to the deteriorating market conditions, SK Hynix lowered the reference price for its US listing from approximately 2.56 million won to 2.42 million won, trimming the overall size of the capital raise by about $1 billion. The adjusted $28 billion offering still stands as one of the largest foreign listings in Nasdaq history.
Operationally, the company remains on strong footing. First-quarter 2026 revenue jumped 198% year-over-year, with the operating margin reaching a remarkable 72%. The bumper profitability reflects SK Hynix’s commanding 56% share of the HBM market, a segment that has exploded in demand alongside the AI boom. Proceeds from the Nasdaq listing are earmarked for further expansion, including the new Yongin semiconductor complex in South Korea and investment in advanced EUV lithography equipment, allowing the firm to shift production capacity toward higher-margin HBM chips even as Morgan Stanley warns of potential overcapacity in conventional DRAM.
Technically, SK Hynix’s stock is now testing support near its 50-day moving average, with the relative strength index hovering in neutral territory. The Nasdaq debut, analysts say, could serve as a catalyst by aligning the company’s valuation more closely with US peers such as Micron Technology. Chart watchers will be looking for a strong opening on Friday to confirm whether the recent sell-off represents a buying opportunity or the start of a deeper correction.
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