SEOUL, March 25 (AJP) - SK hynix has begun taking steps for a U.S. stock-market listing, the chipmaker said on Wednesday.
It filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) the previous day, seeking a listing on a U.S. stock market via American Depositary Receipts (ADRs).
ADRs allow non-U.S. companies to trade their shares on U.S. stock exchanges through depositary banks rather than by listing shares directly, making it easier for investors to purchase foreign stocks. Its global rivals such as Taiwan's TSMC, use ADRs to trade on the New York Stock Exchange and attract international investors.
SK hynix said it aims to be listed within the year, pending the SEC's review, though details such as the size, structure and timing of the IPO have yet to be finalized.
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