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