SK Hynix Shares Jump 13% on Nasdaq Debut; Chairman Chey Tae-won Outlines 40 Trillion Won Investment Plan

[Anchor]

SK Hynix has officially listed on the New York Nasdaq. It marks the largest initial public offering (IPO) by a foreign company in the history of the New York stock market, and shares surged 13% on their first day of trading.

We begin with our correspondent Kim Beom-joo in New York.

[Reporter]

Chairman Chey Tae-won and SK Hynix employees celebrate the company's listing at the Nasdaq in New York.

This is the largest IPO by a foreign company in New York history, and the second-largest overall, including U.S. companies, following the listing of SpaceX last month.

The company chose a method of issuing new shares equivalent to 2.5% of its total outstanding stock, depositing them with a depository institution, and trading certificates that represent these shares.

This allows major global investors who previously had limited access to the Korean market to buy and sell Hynix shares directly in U.S. dollars.

[Kwak Noh-jung / CEO of SK Hynix: It has become easier for investors to access our shares. We are delighted to have global investors join us on our journey.]

With today's (July 11) listing, SK Hynix has secured 40 trillion won, which it plans to prioritize for building domestic factories and expanding facilities.

SK Group Chairman Chey Tae-won stated that the company will continue to make large-scale investments both domestically and internationally to meet the demand for artificial intelligence (AI) investments and to stay ahead of competition from China.

[Chey Tae-won / Chairman of SK Group: We must increase capacity as quickly as possible, by any means necessary. It is an unchanging fact that we are making our largest investments in Korea. However, I have been saying that even that is not enough.]

On this day, Hynix shares closed 12.7% higher than the offering price on the Nasdaq.

Compared to the stock price in the domestic market, this is more than 15% higher per share. Analysts are divided, with some viewing this as a revaluation of the company's value in the global market, while others suggest it is the result of concentrated interest during the early stages of the listing and warrants further observation.

SK Hynix also mentioned that it could consider a stock split in the domestic stock market.

(Video by Lee Hee-hoon)
※ Please note: This article was translated by AI and may contain errors.