SK Square Co., Ltd. 402340

Solidigm IPO Buzz Sends SK Hynix Stock Tumbling

SK Hynix Inc. shares fell as media reports of a potential listing of the chipmaker’s US subsidiary added to concerns over its complex ownership structure.

According to a regulatory filing cited by The Korea Herald, Chey purchased 3,620 SK Hynix shares from the open market, valued at about 4.79 billion won, or approximately $3.4 million.

South Korea's ruling party is seeking to make it easier for chipmaker SK Hynix to set up ventures to ‌build factories with outside investors — a move that follows a government ‌push to position the country as an AI powerhouse. Members of President Lee Jae Myung's Democratic Party ​of Korea have proposed amending a law pertaining to "strategic industries with cutting-edge technologies" that currently forbids a subsidiary of a subsidiary from such a move. If passed, chipmaker SK Hynix — which is a unit of SK Square which is in turn a ‌unit of SK Inc — ⁠will be able to attract outside capital f

SK Hynix filed a registration statement with the Securities and Exchange Commission, a step toward listing on the Nasdaq Global Select Market under the ticker symbol SKHY.