SK Hynix Drops Record 15% in Seoul After US Debut — SkimNews
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- SK Hynix shares tumbled a record 15% in Seoul on Monday, as fears of lower-than-expected earnings and a rotation into its newly listed American depositary receipts weighed on the stock.
- SK Hynix ADRs surged 13% in their Nasdaq debut on Friday, July 10, drawing capital away from the Seoul-listed shares and creating an arbitrage-driven sell pressure at home.
- Chey Tae-won, chairman of SK Group, was on the floor at the Nasdaq MarketSite during the July 10 IPO ceremony.
- The Seoul selloff reflects growing investor concerns that South Korea's AI-fueled stock rally has become overstretched, with SK Hynix — a core AI-memory play — taking the brunt of the reversal.
Why it matters: SK Hynix's record 15% Seoul drop came just two sessions after its $26.5 billion ADR debut, suggesting the blockbuster listing may have marked a local-market peak rather than a launchpad. The simultaneous rotation from Seoul shares into surging ADRs creates near-term technical pressure on the stock that has been a bellwether for Korea's AI trade.
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