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SK Hynix limits ADR conversions to boost value
SK Hynix has initiated procedures to convert and cancel American depositary receipts (ADRs) through Citibank, allowing investors to exchange shares listed in Korea for those listed in the United States. The company has set the convertible share quota at 2.5% of the total shares, a fully allocated percentage, which prevents the free issuance of new receipts and reduces arbitrage opportunities between the two markets. This move has maintained the continued trading of American shares at a premium of up to 22% compared to Korean shares, due to transfer and listing restrictions in global indices. This pattern is similar to major technology companies like Taiwan Semiconductor Manufacturing Company.
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