Chey Tae-won, chairman of SK Group, is visiting the United States as SK hynix(000660)'s American depositary receipt (ADR) lists on Nasdaq. He is expected to attend the Nasdaq listing ceremony to engage with investors and meet major customers to discuss ways to expand cooperation on artificial intelligence (AI) memory.
According to the business community on the 9th, Chey is expected to attend the SK hynix ADR Nasdaq listing ceremony in New York on the morning of the 10th (local time) along with key executives, including President and CEO Kwak Noh-jung of SK hynix.
The event marks SK hynix's entry onto Nasdaq. Chey and the management are expected to directly explain SK hynix's competitiveness and mid- to long-term growth strategy to global investors.
The size of SK hynix's ADR is about 43 trillion won. Up to 17,790,000 new shares, about 2.5% of total outstanding shares, will be issued. The funds raised will be used for the construction of Phase 1 of the Yongin semiconductor cluster fab (plant) and the Cheongju P&T7 advanced packaging fab, and for acquiring machinery and equipment including extreme ultraviolet (EUV) scanners.
Meanwhile, attention is also on the possibility of a series of meetings with global Big Tech executives during the U.S. trip. In the business community, there is a view that Chey may meet major AI customers, including Nvidia, to discuss cooperation on next-generation high bandwidth memory (HBM), SOCAMM, a server memory module, and AI data centers.
In February, Chey met Nvidia CEO Jensen Huang in Silicon Valley to discuss cooperation on HBM, SOCAMM, NAND flash, and AI data centers. During Huang's visit to Korea on the on the previous month, they met again to confirm cooperation on AI Semiconductor.