SK Hynix Lists on Nasdaq, Aims to Compete with Micron

On July 10, industry sources reported that SK Hynix officially listed its American Depositary Receipts (ADRs) on the Nasdaq at 9:15 a.m. local time (10:15 p.m. in Korea) under the ticker symbol 'SKHYV.'

To commemorate the listing, Chey Tae-won, chairman of SK Group, participated in a bell-ringing ceremony at the Nasdaq MarketSite in Times Square, alongside SK Hynix CEO Kwak Noh-jung and other executives. This event marks a significant shift in overcoming the 'Korea Discount' that has historically plagued the Korean stock market and addresses the severe undervaluation compared to Micron.

SK Hynix issued approximately 177.9 million ADRs, representing about 2.5% of its total shares, with a final offering price set at $149 per share, 2.9% higher than the previous closing price on the domestic market. This achievement marks the first instance of a major IPO in the U.S. issuing shares at a premium over existing stock prices. The offering attracted over $200 billion (approximately 300 trillion won) in subscription orders, exceeding the available shares by seven times.


The impact of Homeplus's restructuring process is becoming evident, with a government survey confirming that 33.3 billion won in wages went unpaid in June.

On July 10, the Ministry of Economy and Finance held a task force meeting at the Government Sejong Center, led by First Vice Minister Lee Hyung-il, to assess the situation of affected workers and partner companies.

Since the court's decision to terminate the restructuring process, a total of 692 consultations have been recorded from July 3 to July 9 through the Ministry of Labor's one-stop counseling service and local labor offices. The government provided guidance on support measures related to wage arrears, livelihood assistance, and employment support during these consultations.

The Ministry of Labor's dedicated task force conducted a comprehensive investigation, confirming the 33.3 billion won in unpaid wages for June. The government plans to closely monitor for any additional wage arrears.

Affected workers can receive up to 21 million won in advance payments for unpaid wages. The government has committed to enhancing its response to ensure prompt disbursement of these funds.


According to the Ministry of Trade, Industry and Energy, the Korea-Mongolia Comprehensive Economic Partnership Agreement (CEPA) will eliminate import tariffs of 2-5% on key minerals such as copper, molybdenum, and rare earth elements from Mongolia.

The two countries agreed to include energy and mineral cooperation in the agreement, which will support the exploration, development, and supply chain connections for key minerals.

Korea can diversify its sources for key minerals used in secondary batteries, semiconductors, and defense industries. Meanwhile, Mongolia can leverage its abundant mineral resources to foster resource development and processing industries, aligning the interests of both nations.

Supply chain cooperation is already becoming visible. The Ministry reported that 27 tons of tungsten concentrate produced in Mongolia were supplied to Korea for the first time last month, with plans for increased supply. This follows the 2023 memorandum of understanding on Korea-Mongolia rare metal supply chain cooperation.

However, simply eliminating tariffs may not be sufficient to stabilize the key mineral supply chain. While Mongolia has rich mineral deposits, it lacks the technology and funding necessary for resource development, and its transportation infrastructure, including railways and roads, is inadequate. The logistics structure, which relies on routes through China, also poses challenges that need to be addressed in the supply chain development process.


On July 10, Kim Yong-beom, head of the Blue House Policy Office, addressed concerns regarding the repeated fluctuations in the KOSPI, attributing them to the introduction of single-stock leveraged ETFs. He stated, "Since this is a newly introduced system, I believe that if any adjustments are needed, they will be decided in the market situation review meeting."

During a briefing at the Blue House, Kim noted that the review meeting, which includes the Ministry of Economy and Finance, the Financial Services Commission, the Bank of Korea, and the Financial Supervisory Service, is closely examining the market situation.

He added, "Institutions are looking into the matter, and since the ETFs have been operational for about a month and a half, we will carefully assess their impact on the market during this period."

Additionally, Kim responded to a question regarding the establishment of a semiconductor cluster at the Gwangju military airport, stating that discussions between South Korea and the U.S. are necessary due to the airport's partial use by U.S. military personnel, confirming that talks have already begun.


The United States and Iran are seeking to resume dialogue after exchanging attacks over two days. President Donald Trump declared, "The memorandum of understanding (MOU) for ceasefire has ended." However, the White House stated that practical discussions with Iran are ongoing.

On July 9, according to Axios and Reuters, a senior U.S. official indicated, "The U.S. is still pursuing a diplomatic resolution, and practical discussions are continuing." This statement followed a meeting where President Trump discussed the situation with national security advisors.

The White House has not officially confirmed the termination of the MOU following Trump's remarks, but it has stipulated that Iran must adhere to its commitments to continue dialogue.

A U.S. official noted, "The MOU is an agreement contingent on compliance from both sides," emphasizing that Iran's actions constitute an unacceptable breach of the agreement. While strongly criticizing Iran's attacks on commercial vessels, the U.S. has left the door open for a diplomatic resolution.



* This article has been translated by AI.

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