Shin & Kim LLC (led by managing partner Oh Jong-han) said on the 14th that it served as legal counsel throughout the entire process by participating as legal adviser in the transaction in which SK hynix(000660) lists American depositary receipts (ADRs) on the Nasdaq in the United States.
In connection with this ADR listing, Shin & Kim LLC provided broad legal advice, including reviewing the transaction structure and timetable, analyzing related legal issues, filing and consultations with regulators, legal due diligence on the issuer, reviewing Form F-1 to be submitted to the U.S. Securities and Exchange Commission (SEC), reviewing the securities registration statement, securities issuance registration statement and domestic disclosures, and reviewing the underwriting agreement and deposit agreement.
An ADR listing is a complex transaction that requires consultations with various regulators, including the Financial Services Commission, the Financial Supervisory Service, the Ministry of Economy and Finance, the Korea Exchange (KRX), and the Korea Securities Depository (KSD).
From the early stages of the transaction, Shin & Kim LLC identified detailed legal issues and took the lead in consultations and confirmation procedures with regulators such as the Financial Services Commission and the Financial Supervisory Service. It finely coordinated the contents of the securities registration statement and the filing schedule. It also worked closely with the Korea Securities Depository and the Korea Exchange (KRX) to address practical issues arising in the ADR issuance and listing process.
The ADR listing of SK hynix is the first by a domestic company in 20 years. A Shin & Kim LLC representative said, "We contributed to establishing a precedent that companies pursuing ADR or overseas DR listings can refer to in the future."
Attorney Park Yong-jin (Judicial Research and Training Institute class 35), who led the ADR listing, said, "Based on the advisory experience we have accumulated in the capital markets, we will actively support corporations in advancing into global capital markets."
Separately, last year Shin & Kim LLC also participated as the only domestic law advisory firm when the Indian subsidiary of LG Electronics listed on the Indian securities market.