SK Hynix ADRs plunge over 9% after blockbuster Nasdaq debut on profit booking

Shares of South Korean memory chip giant SK Hynix came under selling pressure in the US, with its American Depositary Receipts (ADRs) plunging more than 9 per cent as investors locked in gains following the company's record-breaking Nasdaq debut.

According to Nasdaq market data, SK Hynix ADRs, trading under the ticker SKHY, fell 9.32 per cent, or $15.66, to close at $152.35.

The decline follows a stellar market debut on Friday, when the ADRs were priced at USD 149 per share, opened at $ 170, and ended their first trading session at $ 168.01, delivering a gain of nearly 12.8 per cent over the issue price.

The sharp correction suggests investors opted to book profits after the stock's strong listing performance, a common trend following high-profile public market debuts.

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The weakness in the US market also echoed in South Korea, where SK Hynix Inc. shares listed on the Korea Exchange slipped 0.76 per cent, falling 14,000 won to close at 1,831,000 won.

Despite the post-listing pullback, investor sentiment toward SK Hynix remains underpinned by strong global demand for high-bandwidth memory (HBM) chips used in artificial intelligence (AI) data centres. The company is one of the world's leading suppliers of advanced memory chips and a key beneficiary of the ongoing

AI infrastructure boom

The ADR listing marks one of the most significant overseas market debuts by a South Korean technology company, expanding SK Hynix's access to global investors while strengthening its presence in the US capital markets.