SK Hynix ADR premium hits a record above 40% as Korean investors buy 1.16 trillion won of U.S.-listed shares
- SK Hynix announced a record 40 trillion won treasury share buyback and cancellation plan, which coincided with strong demand for its Nasdaq-listed ADRs.
- Korean investors have been actively buying SK Hynix ADRs in the U.S. market, pushing the ADR price well above the company's local Korean shares.
- From July 10, when the ADRs listed on Nasdaq, through August 19, Korean investors made cumulative net purchases of about $835 million, or 1.16 trillion won.
- That amount ranked second among U.S. stocks bought by Korean investors in the same period and accounted for 16.4% of their total net purchases of U.S. stocks.
SK Hynix's Nasdaq-listed ADRs have traded at a wide premium to its shares in South Korea after the company unveiled a 40 trillion won buyback and cancellation program. Korean investors have been heavy buyers of the U.S.-listed line, and the premium briefly exceeded 40%.
According to Korea Securities Depository data, Korean investors net bought about $835 million of the ADRs between July 10 and August 19. The article says this made SK Hynix ADRs the second-most purchased U.S. stock among Korean investors over that period.
Analysts cited in the report said the gap is unlikely to disappear quickly because ADRs and local shares face conversion restrictions, limiting arbitrage. For equities, the near-term effect is neutral to mildly positive for sentiment toward SK Hynix, but the price spread itself may persist rather than quickly normalize.
SK海力士ADR溢价一度超过40%，韩国投资者买入1.16万亿韩元美股版本
SK海力士宣布总额40万亿韩元的股票回购与注销计划后，其在纳斯达克上市的ADR与韩国本土股票之间出现了较大的溢价。韩国投资者持续买入美股版本，推动该溢价一度超过40%。
韩国证券存管机构数据显示，从7月10日纳斯达克上市到8月19日，韩国投资者对SK海力士ADR累计净买入约8.35亿美元，折合约1.16万亿韩元。报道指出，这一金额在同期韩国投资者买入的美股中排名第二。
报道援引分析人士称，由于ADR与本土股票之间存在转换限制，套利机制难以充分发挥作用，因此价差未必会因大规模股份注销而迅速消失。对股市而言，这一消息对SK海力士情绪偏中性至略偏利好，但价差本身可能在一段时间内继续存在。