SK Hynix (000660) Plans $29.4B Nasdaq Listing, Shares Surge 11%

SK Hynix (000660) shares surged over 11% after announcing plans to raise up to $29.4 billion through a Nasdaq listing by issuing 17.79 million new American depositary receipts. Trading is expected to start on July 10, though the schedule may change. The company aims to broaden its investor base and enhance its corporate valuation amid growing demand for AI chips. SK Hynix's stock has increased by more than 300% year-to-date, reflecting investors' optimism regarding the AI memory chip market's prospects.