The SK Hynix brand is seen above a printed circuit board.
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Shares of South Korean chip big SK Hynix surged 11% on Thursday after the corporate mentioned it plans to boost as a lot as $29.4 billion in a U.S. inventory market itemizing.
The corporate plans to challenge 17.79 million new shares within the type of American depositary receipts via a Nasdaq itemizing, in response to a regulatory submitting. The provide might increase 45.45 trillion gained ($29.65 billion).
Buying and selling is predicted to start July 10, though the corporate mentioned the timetable stays topic to vary.
SK Hynix mentioned the ADR itemizing would broaden its investor base and permit “its true company worth to be correctly evaluated.”
“We count on to raise our standing as a worldwide firm by broadening our touchpoints in the USA, the epicenter of AI technological innovation,” the corporate mentioned.
The corporate has been ramping up funding to fulfill booming demand for synthetic intelligence chips. It’s growing its Yongin semiconductor cluster in South Korea, which is predicted to start operations in 2027, whereas additionally establishing its first U.S. manufacturing facility, a $4 billion superior chip-packaging plant in Indiana.
