SK Hynix shares jumped 11% in Seoul trading Thursday after the company announced plans to list American depositary receipts on the Nasdaq.
The South Korean memory chipmaker filed to issue 17.79 million new shares, aiming to raise as much as $29.4 billion (45.45 trillion won) in what would be one of the largest capital raises in the semiconductor sector this year.
The move signals SK Hynix’s aggressive strategy to secure funding for its expanding artificial intelligence infrastructure business.
By accessing the US equity market, the company seeks to diversify its investor base and tap into deeper liquidity pools available in New York, potentially enhancing its valuation profile relative to peers listed solely in Asia.
This listing follows a period of intense competition in the high-bandwidth memory (HBM) market, where SK Hynix has established itself as a key supplier to major AI chipmakers.
The capital raise underscores the massive scale of investment required to maintain technological leadership in advanced memory chips, which are critical components for data centers powering generative AI applications.