Will SK hynix’s ADR listing narrow the gap with Micron?
SK hynix has 2026-07-13 started trading American depositary receipts (ADRs) on Nasdaq in the United States. Some analyses suggest that expanding access for U.S. investors could reduce the discount on its domestic listed shares, narrow the valuation gap with Micron, and, if the TSMC case is applied, leave room for a rise of 8.4% or 18%.
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SK hynix began trading American depositary receipts (ADR, a certificate that makes overseas stocks tradable in the United States) on Nasdaq on 2026year 7month 13day. This means U.S. investors can buy SK hynix shares directly in dollars without currency exchange through a securities firm. If this trend is missed, it may not be possible to catch the timing of when Hynix’s share price is revalued.
It is not simply that one new investment destination has been added. The key is how much the ‘discount’ that SK hynix shares have received so far will shrink. If a Korean listed stock is directly exposed to the U.S. market, global funds can flow in, creating an effect that supports a higher share price. Since there have been steady comments that Hynix is undervalued compared with Micron’s share price, this could become an opportunity to narrow the gap.
An analysis modeled on the TSMC case has emerged. Even if the effects of the semiconductor industry cycle or improved earnings are excluded from the calculation, the figure suggests that the domestically listed shares (the original Korean-listed stock) have room to rise by 8.4% or 18%. This means the listing of the ADR itself could create upward pressure close to the share price.
Of course, there is also a counterargument. The discount will truly narrow only when enough shares traded in the United States, that is, enough circulating supply, have accumulated. If liquidity is thin, it is difficult to command a premium.
- How much ADR floating supply accumulates
- How the ownership ratio of U.S. shareholders changes
- Whether the company releases additional disclosures or specific measures
These three factors will determine the future direction of the stock price. Since trading has just begun, now is the time to examine changes in trading volume and the foreign ownership ratio.
Sources: 연합인포맥스
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