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.

KOSPI hit 9,000 for the first time, but 791 stocks fell on the day. Samsung and SK Hynix drove almost the entire move.