According to industry sources, the Chairman of SK Group, Chey Tae-won, will travel to the United States to attend the ceremony for the listing of SK hynix American Depositary Receipts (ADRs) on the Nasdaq.
The sources indicate that Chey Tae-won will be present at the listing ceremony in New York this Friday, local time, alongside SK hynix CEO Kwak Noh-Jung and other senior executives.
During the event, Chey and the management team will present SK hynix's technological competitiveness and its long-term development strategy to global investors.
SK hynix plans to raise up to 45.45 trillion won (approximately $29.4 billion) through a share offering linked to the ADR listing, with the funds intended for investments in production facilities.
The company stated that the newly issued shares are priced at 2.55 million won each and will be listed on July 29; each American Depositary Receipt is priced at 255,000 won.
The world's second-largest memory chip maker said it will use the proceeds to build a new semiconductor manufacturing plant and an advanced chip packaging facility in South Korea.
American Depositary Receipts (ADRs) are negotiable securities issued by US banks that represent shares in foreign companies, enabling these firms to attract US investors without having their ordinary shares directly listed on US exchanges.
According to the sources, during his visit, Chey Tae-won is also expected to hold meetings with executives from major US technology companies such as Nvidia and Tesla.
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