SK Hynix stock fell 15.4% in Seoul on Monday, its largest single-day decline on record, as investors sold out of positions following the chipmaker’s blockbuster Nasdaq debut last week, according to Reuters and CNBC.
A 20-minute market-wide trading halt was triggered after the broader Kospi index shed 9% on the same session, according to Bloomberg
Samsung Electronics shed close to 11%, while exchange data showed overseas investors exiting roughly 1.7 trillion won ($1.1 billion) in Kospi-listed shares, the bulk of which came from SK Hynix positions. Before Monday’s regular session opened in New York, the company’s U.S.-listed ADRs were changing hands at $152.50, a decline of 9.2% from Friday’s closing price of $168. That gap put the American receipts at a premium of approximately 37% over what the underlying shares fetched in Seoul, according to Reuters.
When SK Hynix began trading on the Nasdaq on July 10, its ADRs climbed 14% above the $149 offer price at the open and ultimately closed out their debut session with a gain of 12.8%. The listing raised $26.51 billion, the largest share sale by a non-U.S. company on record. Demand from investors was so strong that the offering drew subscriptions exceeding seven times the available shares.