SK海力士，考虑赴美上市

Core Viewpoint - SK Hynix is considering listing a portion of its treasury shares on the New York Stock Exchange to narrow the valuation gap with U.S. competitors like Micron Technology [2] Group 1: Company Strategy and Market Position - SK Hynix is evaluating various measures to enhance corporate value, including the potential listing of approximately 2.4% of its circulating shares (around 17.4 million shares) in the form of American Depositary Receipts (ADR) [2] - The proposal comes as SK Hynix plays a significant role in the supply of High Bandwidth Memory (HBM) chips, which are crucial for AI and GPU applications, holding over 70% market share in global HBM3 and HBM3E markets [2] - Analysts expect SK Hynix's dominance in the HBM sector to continue at least until the end of this year, despite competition from Micron and Samsung [3] Group 2: Financial Performance and Stock Market Activity - SK Hynix's stock price in South Korea has surged approximately 225% this year, prompting the Korea Exchange to issue warnings to investors about potential overheating [3][4] - The Korea Exchange issued an "investment warning" for SK Hynix's stock due to significant price increases, which led to a drop of up to 5.3% in the stock price following the warning [4] - The investment warning is a rare occurrence for a large listed company and serves as a pre-warning signal before more severe trading restrictions are imposed [5] Group 3: Implications of ADR Listing - Listing through ADR could help SK Hynix reduce the valuation gap with U.S. peers like Micron and TSMC, attracting funds from passive investors and ETFs that only invest in U.S.-listed stocks [5] - The move to list in the U.S. is seen as a strategic response to the growing AI storage market and investor interest, aiming to address the long-standing "Korea discount" due to foreign investor avoidance [5]