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Market Chatter: SK Hynix Sets Upper Limit for ADR Conversion at 2.5% of Outstanding Shares

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SK Hynix (KRX:000660) capped the conversion of its Korea-listed shares into U.S.-traded American depositary receipts (ADRs) at 2.5% of total outstanding shares, Bloomberg News reported Thursday, citing the Korea Securities Depository.

The limit has already been fully utilized through the chipmaker's $26.5 billion ADR offering, which was concluded on July 10, the report said.

Investors will be able to convert Korean shares into ADRs only when existing ADR holders convert them back into Korean shares. The ADR issuance and cancellation books will remain closed until July 29, it said.

SK Hynix did not immediately respond to' request for comment.

Shares of the chipmaker jumped nearly 5% at market close.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumors and speculation. Accuracy is not guaranteed.)

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