SK Hynix ADR falls below its issue price, hitting a new all-time low since listing

BlockBeats news, on July 28th, according to BIT (bit.com) market data, SK Hynix American Depositary Receipts (ADRs) plunged by 10% to $139.01 during trading, far below the issue price of $149. They ultimately closed at $143.02, setting a new low since listing. SK Hynix, together with SpaceX and other companies, has become one of the first firms in this year's largest US IPOs to fall below its issue price.

SK Hynix ADR previously debuted in the US stock market earlier this month, raising $26.5 billion, but as investors continue to exit the high-valuation semiconductor sector, its share price has dropped sharply. The overall semiconductor sector remains under pressure, and the closely watched semiconductor index continues its recent decline, closing at its lowest level since May 19th.