Financial Supervisory Service (FSS) Governor Lee Chan-jin told a parliamentary audit that both the FSS and the Financial Services Commission (FSC) believe the proposed listing falls under Korea's double-listing restrictions.
"The proposed listing conflicts with the rules on double listings," Lee said in response to a question from Rep. Park Sung-hoon of the opposition People Power Party.
However, Lee said authorities were still waiting for an official interpretation from the FSC on whether Solidigm's proposed U.S. listing would require a securities registration filing in South Korea.
"We are waiting for an official interpretation on whether the listing is subject to domestic securities filing requirements," he said. "We will review the matter carefully and take whatever appropriate measures are available."
South Korea introduced stricter double-listing rules in 2026 to protect existing shareholders when a listed company seeks to list a subsidiary separately. Such listings are generally restricted unless they meet specified conditions, including safeguards for shareholders of the parent company.
A double listing can raise concerns that separating a subsidiary from its publicly traded parent could weaken the value of existing shareholders' investments. However, because Solidigm is considering a U.S. listing, it does not fall directly under the Korea Exchange's domestic listing review.
During Monday's parliamentary audit of the FSS, Park questioned whether SK hynix had adequately informed domestic shareholders about the potential impact of Solidigm's U.S. listing.
He said the company had detailed potential risks to its share price in filings with the U.S. Securities and Exchange Commission (SEC) but had not provided similar information to domestic investors.
Solidigm was established after SK hynix acquired Intel's NAND flash memory and solid-state drive (SSD) business in 2021. The U.S.-based company specializes in data storage products and has been considering a potential Nasdaq listing.
The proposed IPO has drawn attention because a separate listing could give Solidigm access to capital while raising questions over how the value of its business would be reflected in SK hynix shares.
Lee said the FSS would continue examining the matter and consider ways to convey shareholder concerns to SK hynix. No final regulatory decision on the proposed U.S. listing has been announced.
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