Options on SK Hynix's American Depositary Receipts began trading on US exchanges on July 14, just days after the South Korean memory chip giant completed a record-shattering $26.5 billion offering on Nasdaq.
The ADRs, trading under the ticker SKHY, were priced at $149 and opened at $170, a 14% gain on their first day. This offering represents the largest share sale by a foreign company in US history.
The unusually fast launch of options trading reflects strong market demand. SK Hynix is a primary supplier of the high-bandwidth memory chips critical to Nvidia's GPUs, placing it at the heart of the AI infrastructure supply chain.
For investors, the options provide a full suite of strategies, from bullish calls on AI demand to hedging positions. The listing also creates a direct comparison for US investors between SK Hynix and competitors like Samsung and Micron.
Key risks include SK Hynix's heavy reliance on a concentrated customer base, with Nvidia being the most significant. Any disruption to that relationship or geopolitical tensions impacting exports could pressure the stock.