SK Hynix, the South Korean chipmaker valued at about $1 trillion, submitted an application for American depositary receipts on Nasdaq. Investors placed orders for more than seven times the shares on offer. The heavy subscription indicates strong demand ahead of pricing.
The ADR debut follows a government-backed plan to invest $732 billion in the company. The size of the support has prompted observers to question governance and oversight. Analysts say this move could test investor appetite and bring scrutiny to the backing arrangement.