SK Hynix, the South Korean chipmaker worth about $1 trillion, filed for American depositary receipts on Nasdaq. Investors placed orders for more than seven times the shares on offer. The heavy subscription shows strong demand before pricing.
The ADR debut follows a government-backed plan to invest $732 billion into the company. The size of its support has prompted observers to question governance along with oversight. Analysts say this move could test market capacity and bring scrutiny over the backing arrangement.