Regarding the upcoming IPO, it's interesting to note that SK Hynix has the ability to decide whether its ADRs trading on Nasdaq need to be fungible with its shares on the Korean market.
This fungibility means the US ADRs could be exchanged for the underlying Korean shares at a set ratio. Typically, companies choose to restrict this interchange, which allows the US-listed shares to trade at a premium. Bernstein estimates that $SK hynix(SKHY)$ could command a premium of as much as 20% over the Korean stock price.
$Taiwan Semiconductor Manufacturing(TSM)$ employs a similar structure, and its US premium has often been above 10%.
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