SK Hynix Slips Post-Impressive Nasdaq Debut Amid Profit-Taking

SK Hynix's shares dropped nearly 8% after a record overseas Nasdaq debut, as investors took profits. Despite the slide, shares remained above their IPO price amid a surge in AI-related semiconductor stocks. The listing, raising over $26 billion, aims to attract global investors to AI memory chips.

SK Hynix, the South Korean memory chip giant, witnessed its US-listed shares tumble nearly 8% on Monday. The decline occurred as investors opted to book profits following the company's landmark overseas listing on Nasdaq. This drop in regular trading came after a robust initial public offering (IPO) debut.

The company's American Depositary Receipts (ADRs), listed under the ticker SKHY, closed at approximately USD 157.28. This marks a drop from Friday's closing figure of USD 168.01, amidst a trading range of USD 152.37 to USD 162.28, based on Nasdaq market data. Notably, the ADRs had a stellar debut day, originally priced at USD 149 and opening at USD 170.

This performance follows the successful raising of over USD 26 billion through SK Hynix's ADR issue, a record-setting event for an Asian company. Regular-way trading commenced on Monday, transitioning from a when-issued basis under the ticker SKHYV last week. The cautious mood among investors follows a dramatic rally of AI-linked semiconductor stocks on Nasdaq this year.