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Solidigm's Potential US IPO Sparks Market Concerns, SK Hynix Shares Fall as Much as 5%

OdailyOdaily

Odaily News: SK Hynix's South Korean shares fell on Monday after reports that its US subsidiary Solidigm may pursue a US listing, fueling concerns over SK Group's complex ownership structure. US media reported over the weekend, citing people familiar with the matter, that Solidigm is considering an IPO in the US as early as next year, which could value the data storage products maker at up to $100 billion. Following the news, SK Hynix shares fell as much as 5% during Monday's Asian trading session, the biggest drop in two weeks. SK Square, SK Hynix's largest shareholder, fell more than 8%, while SK Inc., which controls SK Square, also dropped more than 6%. The Korea Corporate Governance Forum said Solidigm's listing would further increase multi-layered shareholding relationships within SK Group and deepen its pyramid-style ownership structure. The forum had urged SK Hynix in August to abandon the plan.

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