[News] Asian Memory Makers Turn to U.S. Capital Markets: SK hynix and Kioxia Advance ADR Plans
As AI-driven memory demand continues to outpace supply, leading Asian memory makers are accelerating capital market strategies to support large-scale expansion. Notably, SK hynix and Kioxia have both advanced plans to issue U.S. depositary receipts (ADRs), underscoring a broader push to tap U.S. investor interest. The following outlines the key developments to date.
Kioxia Targets Spring 2027 ADR Launch
According to Bloomberg, Kioxia is aiming to launch ADRs in spring 2027. Speaking at the company’s annual general meeting last week, CFO Yoshihiko Kawamura said the issuance is planned for April to June, following the close of the current fiscal year at the end of March, as part of efforts to broaden Kioxia’s investor base, the report adds.
The move comes as Kioxia enjoys a remarkable rally in Japan’s equity market. Fueled by the AI investment boom, Kioxia has become one of Japan’s biggest stock market sensations, even surpassing Toyota Motor this month to become Japan’s most valuable listed company.
According to the Chosun Daily, the NAND giant has seen its shares soar 857% this year, reached a JPY 50 trillion market capitalization in a record 18 months after listing, and generated more than JPY 3 trillion in average daily trading value.
Beyond advancing its U.S. ADR plan, Bloomberg reports that Kioxia is examining a potential stock split to improve accessibility for retail investors, as its Tokyo-listed shares—currently among the top performers on the MSCI World Index—continue to trade at elevated levels.
SK hynix Sets July 10 Nasdaq ADR Listing
Separately, SK hynix has disclosed plans to list ADRs representing 17.79 million shares—around 2.5% of its total equity—on the Nasdaq by July 10th, as noted by Maeil Business Newspaper.
The ADR issuance is expected to serve as a key fundraising vehicle, with Yonhap News—citing the Financial Supervisory Service’s electronic disclosure system on the 26th—reporting that the HBM chipmaker plans to raise approximately US$30 billion (around KRW 45 trillion) through the offering.
The report adds that the proceeds will be used for capital expenditures, including construction of the first-phase fab of the Yongin semiconductor cluster, the Cheongju P&T7 advanced packaging facility, and the acquisition of EUV scanner equipment.
Meanwhile, market attention is increasingly focused on the potential inclusion of SK hynix in major global indices following its Nasdaq listing, with analysts cited by Maeli Business Newspaper widely expecting entry into the tech-heavy Nasdaq-100. This stands in contrast to TSMC, which listed on the New York Stock Exchange and was therefore excluded from Nasdaq-100 eligibility, the report says.
Notably, as its South Korean peer SK hynix moves ahead with U.S. capital market plans, interest and inquiries regarding a potential ADR listing for Samsung Electronics have significantly exceeded expectations at a recent overseas investor meeting, Yonhap News reports.
Read more
- [News] Kioxia Adopts Cautious Capex Despite NAND Upcycle: Reportedly 10% Below FY23 Peak, Key Concerns in Focus
- [News] Memory Giants Split on HBM4 Strategy: Samsung HBM4 Sales Reportedly Tops $1B, SK hynix Slows Ramp
(Photo credit: SK hynix)
