SK Hynix, a South Korean chipmaker worth about $1 trillion, submitted an application for American depositary receipts to Nasdaq. Investors submitted orders for more than seven times the shares available. The heavy subscription shows strong demand before pricing.
The ADR debut follows a government-backed plan to invest $732 billion into the company. The size of its support has prompted observers to question governance along with oversight. Analysts say the filing could test investor appetite and bring scrutiny over the backing arrangement.