Lates News

SK Hynix has abandoned the plan to take its Solidigm business public in the U.S. The company had faced strong shareholder opposition and regulatory scrutiny, with the dispute centering on the potential harm to minority shareholders' interests. According to a regulatory filing submitted by the company on Friday, SK Hynix has also suspended the pre-IPO investment introduction process that had been advanced in tandem with the listing plan. Solidigm is the flash memory business subsidiary under SK Hynix. The company had previously selected Goldman Sachs Group and Morgan Stanley as lead underwriters and originally planned to pursue a potential U.S. listing next year. The reversal of the plan stems from concerns by South Korean regulators over "duplicate listing." Regulators believe that Solidigm's listing could constitute a duplicate listing and dilute the interests of existing shareholders.