Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>In the past few weeks, there have been increased market chatters about the potential IPO of Solidigm, a U.S. subsidiary of SK Hynix (000660 KS).</li>
<li>I would put a 70-80% probability that SK Hynix CANCELS Solidigm IPO. I also think market is increasingly thinking that SK Hynix is not going to proceed with this IPO. </li>
<li>What makes this decision so challenging for SK Hynix's management team is the pressure from potential pre-IPO investors in Solidigm that may demand an IPO soon. </li>
</ul>


In the past few weeks, there have been increased market chatters about the potential IPO of Solidigm, a U.S. subsidiary of SK Hynix (000660 KS).
I would put a 70-80% probability that SK Hynix CANCELS Solidigm IPO. I also think market is increasingly thinking that SK Hynix is not going to proceed with this IPO. 
What makes this decision so challenging for SK Hynix's management team is the pressure from potential pre-IPO investors in Solidigm that may demand an IPO soon. 


Increasing Probability of Calling Off the Solidigm IPO on NASDAQ?

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.</li>
<li>The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.</li>
<li>Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.</li>
</ul>



SK Hynix (000660 KS) gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.
The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.
Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.


SK Hynix (000660 KS): 2x Leveraged ETFs Rebound, but Retail Activity Stays Subdued (9 Sep 2026)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>
Cash Mountain: Samsung and SK Hynix's combined net cash US$263bn by year-end — exceeding the rest of the Magnificent Seven combined. The suppliers of AI are richer than its builders.</li>
<li>
The Anomaly: Net cash ~14% of market cap for both names — 5x Nvidia's ratio — as stocks price in a demand collapse that long-term supply agreements directly contradict.</li>
<li>
The Catalyst: SK Hynix has formally committed to expanded returns; Samsung says "very soon." At 70–80% FCF payout, the combined programme implies a double-digit effective yield on current market cap.</li>
</ul>



Cash Mountain: Samsung and SK Hynix's combined net cash US$263bn by year-end — exceeding the rest of the Magnificent Seven combined. The suppliers of AI are richer than its builders.

The Anomaly: Net cash ~14% of market cap for both names — 5x Nvidia's ratio — as stocks price in a demand collapse that long-term supply agreements directly contradict.

The Catalyst: SK Hynix has formally committed to expanded returns; Samsung says "very soon." At 70–80% FCF payout, the combined programme implies a double-digit effective yield on current market cap.


Samsung & SK Hynix: The Richest Cheap Stocks in Global Tech, With More Cash Than the Mag 7 Combined

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Asian rerating is over. A new chapter has commenced. Asian earnings estimate upgrades are in full swing and so is an earnings-driven rally, particularly in a few markets and sectors.</li>
<li>Korea is the most notable earnings-driven market. The market has appreciated 12.4% since late October and its forward PE has declined 17%. Hong Kong and Indonesia also fit the bill.</li>
<li>Nine market-sectors have the strongest EPS revisions and strongest earnings growth forecasts. HK materials, Korean technology and utilities, Taiwan technology, Indonesian materials, Thai technology and communications and Malaysia tech services.</li>
</ul>


Asian rerating is over. A new chapter has commenced. Asian earnings estimate upgrades are in full swing and so is an earnings-driven rally, particularly in a few markets and sectors.
Korea is the most notable earnings-driven market. The market has appreciated 12.4% since late October and its forward PE has declined 17%. Hong Kong and Indonesia also fit the bill.
Nine market-sectors have the strongest EPS revisions and strongest earnings growth forecasts. HK materials, Korean technology and utilities, Taiwan technology, Indonesian materials, Thai technology and communications and Malaysia tech services.


Asian Equities: An Emerging Earnings-Driven Rally - Watch These Three Markets and Nine Sectors

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

Increasing Probability of Calling Off the Solidigm IPO on NASDAQ?

Although SK Hynix has made no official statements on the IPO of Solidigm (a NAND flash subsidiary of SK Hynix) in the United States, there have...

Douglas Kim