业内普遍认为，估值差距是驱动 SK 海力士推进该计划的核心动因。独立研究平台 Smartkarma 分析师道格拉斯・金（Douglas Kim）指出，当前 SK 海力士 与美光科技等美股上市芯片企业存在明显估值折价，ADR 上市将帮助其接入美国庞大的资金池，吸引被动型基金、交易所交易基金（ETF）等此前受限于 投资范围的资金注入，从而有效缩小估值鸿沟，提升国际市场认可度。 市场对这一潜在动作已提前给出反应。本周一，受上市传闻催化，SK 海力士股价单日大涨 6.1%，创下 11 月中旬以来的最大单日涨幅。不过韩国交易所同 步发出风险提示，提醒投资者在股价异动背景下保持谨慎，理性判断市场预期与企业实际进展的差距。 作为全球第二大存储芯片制造商，SK 海力士此次评估赴美上市，正值半导体行业迎来 AI 算力需求激增与内存价格回升的关键周期。若方案最终落地，不 仅将优化公司股权结构与估值体系，还能为技术研发、产能扩张及全球化布局注入资本动力。不过，后续方案细节打磨、美股监管审批及行业竞争格局变化 等因素，仍将影响这一资本运作的推进节奏。 据彭博社援引监管文件披露，韩国芯片巨头 SK 海力士正推进重大资本运作评估 —— ...

SK海力士周三在一份监管文件中表示，公司正在"评估各种提升企业价值的措施，包括可能利用库存股 在美国股市上市，但目前尚未最终确定"。该股周三在首尔早盘交易中一度上涨4.8%。 今年以来，受高带宽内存芯片的强劲需求推动，该股已飙升约240%。 SK海力士考虑在纽约上市的可能性，此举被认为可能有助于缩小这家韩国芯片制造商与美光科技等美 国同行之间的估值差距。 "通过以美国存托凭证（ADR）形式上市，SK海力士与其他上市同行之间的估值差距可能会缩 小。"Smartkarma的Douglas Kim在一份报告中写道。"ADR 上市可能会吸引被动型基金、ETF和只投资 于美国上市股票的多头基金的资金。" 来源：环球市场播报 ...

Group 1: Company Overview - Circle, a leading stablecoin issuer, officially listed on the New York Stock Exchange on June 5, 2025, with an initial price of $31 per share [1] - The stock price surged to a historical high of $299 within just 12 trading days, reflecting strong growth momentum [1] - As of July 18, Circle's stock closed at $223.78, representing a significant increase of 622% from the issuance price, with a total market capitalization nearing $50 billion [1] Group 2: Stablecoin Characteristics - Stablecoins are a form of cryptocurrency that is strictly pegged to fiat currencies, serving as a direct representation of fiat in the digital realm [2] - They can be likened to American Depositary Receipts (ADRs) in several dimensions, including the issuance of asset ownership certificates and a dual intermediary structure [2][3] - The legal framework for stablecoins has been clarified with the passage of the "Genius Act," which defines stablecoins as a "payment tool" rather than a security, commodity, or investment product [3] Group 3: Regulatory Environment - The "Genius Act" provides a solid foundation for the legal use of stablecoins in the U.S., distinguishing them from securities and establishing their application scope [3] - In contrast, the "Anti-CBDC Act" prohibits the issuance of Central Bank Digital Currencies (CBDCs) in the U.S., highlighting a significant regulatory divergence from China's proactive promotion of the digital yuan [3]