[News] SK hynix Aims to Secure ₩100T+ in Net Cash to Support Long-Term Investment; ADR Eyed for 2H26
SK hynix held its 78th annual general shareholders’ meeting at its headquarters in Icheon on the 25th, bringing its investment strategy into focus. According to ZDNet, President Kwak Noh-Jung said the company aims to secure more than 100 trillion won in net cash over the long term to support stable investment execution.
For context, Yonhap News notes that Samsung Electronics is currently estimated to hold around 92 trillion won in net cash, suggesting SK hynix aims to build a comparable level of financial capacity. Citing SK hynix’s 2025 Business Report, it adds that the company’s net cash stood at 12.6944 trillion won at the end of last year.
Regarding its investment plan, SK hynix aims to shift away from cyclical investment adjustments toward more stable, mid- to long-term spending, as noted by ZDNet, with a focus on strengthening financial resilience to support consistent investment.
The company plans to complete construction of its Cheongju M15X fab this year and begin equipment installation, while continuing to advance development of a large-scale semiconductor cluster in Yongin, ZDNet indicates.
ADR Listing Push and Memory Shipment Outlook
Meanwhile, regarding its push to list American Depositary Receipts (ADRs), Yonhap News reports that President Kwak said the company is preparing for a listing in the second half of 2026. The report adds that SK hynix privately submitted a Form F-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on the 24th in preparation for the ADR offering.
Chosun Ilbo notes that if SK hynix successfully completes an ADR listing, it would become the first Korean semiconductor company to do so. According to the report, a U.S. ADR listing would help position SK hynix as a more global enterprise, enabling it to raise capital directly from major U.S. pension funds, hedge funds, and individual investors who have traditionally faced barriers to investing in Korea. The report also adds that ADRs could facilitate share exchanges when forming equity partnerships with U.S. Big Tech companies such as NVIDIA, with which SK hynix maintains close ties.
Notably, sources cited by Reuters indicate that SK hynix could raise up to $14 billion through its planned ADR offering. The company is expected to list around 2% to 3% of its total shares, with proceeds earmarked to support chipmaking facilities in Yongin, South Korea, and Indiana in the U.S.
Reuters further notes that a 2% to 3% share sale would correspond to roughly $9.6 billion to $14.4 billion based on SK hynix’s market capitalization. This would potentially exceed Coupang’s $4.6 billion U.S. IPO in 2021 by more than twofold, making it the largest U.S. listing in the past five years, according to Reuters calculations based on Tuesday’s closing share price.
The company also commented on its memory shipment plans. As noted by Yonhap News, SK hynix intends to proceed with this year’s HBM3E and HBM4 shipment volumes and schedules as originally planned. Kwak added that HBM3E remains the primary product, while HBM4 shipments are expected to increase in the second half of 2026, resulting in little change to the overall HBM shipment target. In addition, SK hynix plans to release samples of its next-generation HBM4E within the year, the report adds.
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(Photo credit: SK hynix)
