SK Hynix Sinks After Nasdaq Debut Amid Profit-Taking
The Seoul-listed stock fell as investors booked profits after the U.S. debut, which raised more than $26 billion and drew strong demand from American buyers.
- On July 13, Hynix shares sank in Seoul, falling 10 per cent on the Korea Exchange and dragging the benchmark Kospi down 5.6 per cent.
- The decline followed the company's US$26.5 billion American offering, which closed July 10 at a 15 per cent premium to Seoul-listed shares after ADRs climbed 13 per cent.
- Korea Investment & Securities projected on July 13 that operating profit may trail consensus by 8 per cent, citing the company's large HBM revenue share where prices are rising more slowly than conventional chips.
- Jason Minsang Kam, head of active equity management at Kyobo Life Insurance, said the momentum from The New York was already priced in, with the stock trading down 9 per cent at 11:25 am local time.
- Hynix remains a critical supplier of HBM for Nvidia's AI processors, with South Korean shares skyrocketing more than 25-fold since the end of 2022 driven by record profits.
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Watch SK Hynix Shares Slump in South Korea After US Listing
SK Hynix shares declined in Seoul on Monday after the memory chipmaker’s highly-anticipated US trading debut. The company’s $26.5 billion US offering was closely watched as a test of demand for overseas offerings as well as for the longevity of the artificial intelligence rally. Bloomberg's Neil Campling reports.
The Kospi already fell from 5.91% to 7034.42 points at 02:00 GMT.
SK Hynix slumps 13% after US debut euphoria
SK Hynix tumbled on Monday after a sizzling Friday Nasdaq debut.BloombergSK Hynix's Nasdaq listing euphoria faded fast as shares tumbled 13% in South Korea.The South Korean memory chip maker raised $26.5 billion in its US offering on Friday.Analysts remain constructive but see limited upside from current levels.Memory chip giant SK Hynix plunged more in South Korea on Monday, just one trading day after its blockbuster Nasdaq debut.Shares listed …
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