SK Hynix, the South Korean chipmaker valued at about $1 trillion, filed for American depositary receipts on Nasdaq. Investors placed orders for more than seven times 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 in the company. The size of the support has led observers to question governance and oversight. Analysts say the filing could test investor appetite and bring scrutiny to the backing arrangement.