(LEAD) SK hynix says is taking steps for listing on U.S. stock market

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SEOUL, March 25 (Yonhap) — SK hynix Inc. said Wednesday it has begun taking steps for listing on the U.S. stock market as the chipmaker aims to improve access to global investors amid its artificial intelligence (AI) drive.

The South Korean chipmaker filed a “confidential submission” to the U.S. Securities and Exchange Commission (SEC) the previous day, with a goal to have its American depositary receipts (ADRs) listed on the U.S. stock exchange within the year, it said in a regulatory filing.

ADRs refer to securities issued in the U.S. stock market that allow the trading of shares in foreign firms. They allow companies to attract U.S.-based investors without a full listing of common shares.

The size, schedule and other details of the process have not yet been confirmed and will largely be determined by market environments, the company noted, adding the final decision will be made by the SEC.

SK hynix’s move is expected to help the chipmaker broaden its funding base in overseas markets, industry watchers said.

The chipmaker said it plans to make another related regulatory filing within six months, or earlier if there are further updates.