SK Hynix files for $29.4 billion Nasdaq listing as shares surge
The company’s stock jumped 11% on Thursday following the announcement, which coincided with broader gains across US equity markets.
Shares of South Korean semiconductor manufacturer SK Hynix rose 11% on Thursday after the company announced it has filed to list on the Nasdaq stock exchange. The filing marks a significant move for the chipmaker, which is seeking to raise up to $29.4 billion through the offering.
The announcement triggered immediate market interest in the South Korean firm. The share price increase occurred on the same day the company disclosed its intention to pursue an American Depositary Receipt (ADR) listing, a structure that allows foreign companies to trade their shares on US exchanges.
The market reaction came against a backdrop of broader optimism in US equities. On Thursday, major US indices posted gains, with the Dow Jones Industrial Average rising 0.8%, the S&P 500 climbing 0.3%, and the Nasdaq Composite increasing by 0.2%.
This upward movement in the broader market coincided with the commencement of a two-day summit in Beijing between US President Donald Trump and Chinese President Xi Jinping. The diplomatic engagement, which includes discussions on trade, artificial intelligence, and regional security, appeared to support investor sentiment across the sector.
Technology stocks also saw gains driven by regulatory developments. Nvidia shares rose more than 2% on Thursday following news that the US had approved the sale of H200 chips to Chinese firms. This approval contributed to the positive momentum in the semiconductor sector, alongside SK Hynix’s high-profile filing.
While the filing establishes the company’s intent to access US capital markets, the source material does not specify the exact timing for the completion of the listing or the detailed allocation of the raised funds. The offering represents one of the largest fundraising efforts by a semiconductor manufacturer in recent years.
