SK Group chief to visit US for SK hynix's listing debut on Nasdaq

Korea Chamber of Commerce and Industry Chairman Chey Tae-won, right, speaks during his opening remarks during a joint economic forum with National Assembly Speaker Cho Jeong-sik at the business lobby's headquarters in Seoul, July 1. Yonhap

SK Group Chairman Chey Tae-won will visit the United States to attend a ceremony marking SK hynix Inc.'s listing of its American depositary receipts (ADRs) on the Nasdaq market, industry sources said Thursday.

Chey is scheduled to attend Friday's (local time) listing ceremony in New York, alongside SK hynix CEO Kwak Noh-jung and other senior executives, the sources said.

During the event, Chey and the management team are expected to present SK hynix's technological competitiveness and long-term growth strategy to global investors.

SK hynix plans to raise up to 45.45 trillion won ($29.4 billion) through a stock offering tied to its ADR listing to finance investments in production facilities.

The company said the newly issued shares will be sold at 2.55 million won and listed on July 29, while each ADR will be priced at 255,500 won.

The world's second-largest memory chipmaker said the proceeds will be used to build a new semiconductor fabrication plant and construct an advanced chip packaging facility in South Korea.

The ADR listing follows the company's announcement in March that it would seek a U.S. listing to broaden access to global investors and support its expansion in the artificial intelligence (AI) sector.

ADRs are negotiable securities issued by U.S. banks that represent shares in foreign companies, allowing them to attract U.S. investors without directly listing their common stock on a U.S. exchange.

During his visit, Chey is also expected to meet with executives from major U.S. technology companies, including Nvidia and Tesla, according to the sources.