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.

Equity Capital Markets

<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 1 - Early Look at the US$10-15bn Offering

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Market consensus is EGM around November to approve split and authorized share increase, timed with post listing 25 percent headroom activation, with split completion likely in early December.</li>
<li>Post ADR listing, stock split expectations and potential parity change could compress ADR shorts and hedges, increasing squeeze risk and making timing a key post listing setup variable.</li>
<li>Stock split toward 1 to 1 parity could drive quant inflows, faster trading versus peers, and higher microstructure noise with sharper tails, key for post ADR listing positioning.</li>
</ul>


Market consensus is EGM around November to approve split and authorized share increase, timed with post listing 25 percent headroom activation, with split completion likely in early December.
Post ADR listing, stock split expectations and potential parity change could compress ADR shorts and hedges, increasing squeeze risk and making timing a key post listing setup variable.
Stock split toward 1 to 1 parity could drive quant inflows, faster trading versus peers, and higher microstructure noise with sharper tails, key for post ADR listing positioning.


On the Timing of Hynix’s Underlying Stock Split

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>AI memory leader with 56% HBM market share, positioned at the center of accelerating AI infrastructure and data center spending.</li>
<li>Revenue nearly tripled in Q1 2026 as rising HBM demand and pricing drove exceptional profitability and operating leverage.</li>
<li>U.S. ADS listing offers investors exposure to a global semiconductor leader benefiting from one of the strongest AI-driven memory cycles in history.</li>
</ul>


AI memory leader with 56% HBM market share, positioned at the center of accelerating AI infrastructure and data center spending.
Revenue nearly tripled in Q1 2026 as rising HBM demand and pricing drove exceptional profitability and operating leverage.
U.S. ADS listing offers investors exposure to a global semiconductor leader benefiting from one of the strongest AI-driven memory cycles in history.


SK Hynix (SKHY): Peeking at the Prospectus of a Korean Based Semiconductor Company

<ul>
<li>1.78bn ADS equals about 25 percent float. Syndicate set headroom far above 2.5 percent, fully rolling GDR into ADR with a more aggressive than expected structure.</li>
<li>Key is Citi book stance. Expected phased rollout: initial GDR to ADR conversion, then capped flow after one month, and full 25 percent open by 3 to 6 months.</li>
<li>Early 5 to 10 percent ADR premium looks embedded. Trade is to track widening then fade via ADR short versus KOSPI long as window expansion guidance emerges.</li>
</ul>


1.78bn ADS equals about 25 percent float. Syndicate set headroom far above 2.5 percent, fully rolling GDR into ADR with a more aggressive than expected structure.
Key is Citi book stance. Expected phased rollout: initial GDR to ADR conversion, then capped flow after one month, and full 25 percent open by 3 to 6 months.
Early 5 to 10 percent ADR premium looks embedded. Trade is to track widening then fade via ADR short versus KOSPI long as window expansion guidance emerges.


Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

<ul>
<li>Assuming NASDAQ listing on July 10, pay in hits July 14, triggering issuance; KSD registration follows, with KOSPI listing July 29, marking first ADR to local conversion window.</li>
<li>Street view is wide Form F-6 over registration, but Citi may keep conversion shut post July 14 to defend ADR scarcity premium despite volatility risk.</li>
<li>Watch ADR premium and ADTV; expect ~1% gradual tranche releases. If premium holds 5-10% post July 14, Citi likely steps in, signaling arb into local or GDR versus ADR spreads.</li>
</ul>


Assuming NASDAQ listing on July 10, pay in hits July 14, triggering issuance; KSD registration follows, with KOSPI listing July 29, marking first ADR to local conversion window.
Street view is wide Form F-6 over registration, but Citi may keep conversion shut post July 14 to defend ADR scarcity premium despite volatility risk.
Watch ADR premium and ADTV; expect ~1% gradual tranche releases. If premium holds 5-10% post July 14, Citi likely steps in, signaling arb into local or GDR versus ADR spreads.


Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

South Korea

SK hynix Inc. provides products and services for the electronic components industries. 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 (SKHY US)

Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. As per media reports, it has filed...

Sumeet Singh

On the Timing of Hynix’s Underlying Stock Split

This post covers the timing dynamics around SK Hynix’s potential underlying stock split and the key factors shaping the setup.

Sanghyun Park

SK Hynix (SKHY): Peeking at the Prospectus of a Korean Based Semiconductor Company

AI memory leader with dominant market share and strong financial performance poised to capitalize on growing AI infrastructure and data center...

IPO Boutique

Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

This post provides an overview of the SK Hynix F 6 filing, including a 25 percent headroom and an expected phased rollout.

Sanghyun Park

Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

This post looks into Hynix ADR listing timing and rollout, plus expected conversion book open dynamics and execution setup.

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. As per media reports, it has filed...

Sumeet Singh

On the Timing of Hynix’s Underlying Stock Split

This post covers the timing dynamics around SK Hynix’s potential underlying stock split and the key factors shaping the setup.

Sanghyun Park

SK Hynix (SKHY): Peeking at the Prospectus of a Korean Based Semiconductor Company

​AI memory leader with dominant market share and strong financial performance poised to capitalize on growing AI infrastructure and data center...

IPO Boutique

Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

This post provides an overview of the SK Hynix F 6 filing, including a 25 percent headroom and an expected phased rollout.

Sanghyun Park

Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

This post looks into Hynix ADR listing timing and rollout, plus expected conversion book open dynamics and execution setup.

Sanghyun Park

AI memory leader with dominant market share and strong financial performance poised to capitalize on growing AI infrastructure and data center...