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