SK Hynix raised $26.5 billion, setting a new record for overseas companies' fundraising in the United States.

South Korean memory chip maker SK Hynix has completed the issuance of American depositary receipts, raising a total of $26.5 billion. The company weathered market volatility to complete the largest-ever overseas public offering by a foreign enterprise in the United States. The company's announcement confirmed previous media reports that 177.9 million American depositary receipts were issued, priced at $149 each; each ADR represents one-tenth of a common stock listed on the Seoul Stock Exchange. The $26.5 billion fundraising total surpasses the amount raised by Alibaba Group during its U.S. IPO, ranking as the third largest IPO in global history. As a leading global provider of high-bandwidth memory, SK Hynix's listing in the U.S. has established a strong financing channel to meet the demand from investors for infrastructure in the hot artificial intelligence sector. According to the prospectus, institutions including Baillie Gifford, Coatue Management, and Situational Awareness Partners have expressed interest in investing in the $7 billion ADR offering. It is estimated that the offering price represents a 3% premium over the closing price of the company's common stock on the Seoul Stock Exchange on Thursday. Due to restrictions on the conversion of common stock to ADRs, the trading price of the ADRs is expected to be higher than the equivalent price of the Seoul shares. The company did not offer the ADRs at a discount to the local stock price to attract investors, demonstrating confidence in its recognition in the U.S. market - even amidst significant fluctuations in the local stock price, and aiming to avoid excessive outflow of proceeds from the offering.