SK Hynix Nasdaq Gains Wiped Out by 44% Seoul Crash

SK Hynix shares plummeted 44% in Seoul on July 13—the worst day in the chipmaker's history—just four days after its US listing soared 13% above the $149 offering price. The $26.5 billion American depositary receipt offering, the year's largest foreign equity sale, had been oversubscribed sevenfold. The Seoul selloff coincided with regional turmoil over Gulf escalation, leaving little room for company strength when macro risk reprices sharply downward.