SK Hynix, a South Korean chipmaker worth about $1 trillion, submitted an application for American depositary receipts to 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 in the company. The size of the support has led observers to question governance along with oversight. Analysts say the filing could test market capacity and bring scrutiny to the backing arrangement.