SK Hynix ADR Hits New Low Since Listing, Price Below Issue Price

SK Hynix (SKHY.O) American Depositary Receipts (ADR) fell to a new low since its listing on July 28, plunging 10% during the session to $139.01, and ultimately closing at $143.02, below the issue price of $149. The stock debuted on the U.S. market earlier this month with a fundraising scale of $26.5 billion, and is now among the first companies in this year's largest IPOs in the U.S. stock market, alongside SpaceX, to drop below the issue price. The semiconductor sector is under overall pressure, with the semiconductor index closing at its lowest level since May 19. Additionally, the cost of providing default protection for NVIDIA (NVDA.O) corporate bonds has risen, as the amount for a new round of AI infrastructure deals may exceed $750 billion.

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