SK海力士正式撤回子公司Solidigm美国纳斯达克IPO计划，消除股东价值稀释担忧

SK hynix has officially announced that it will stop reviewing plans to list Solidigm, its indirect subsidiary.
The announcement came 79 days after reports of a potential listing first emerged, and a day after financial regulators explicitly classified the proposed listing as subject to dual-listing regulations, following shareholder opposition.
“Solidigm, our overseas subsidiary, has been reviewing various financing options to expand production capacity and strengthen competitiveness. However, after comprehensively considering capital market conditions and other factors, we have decided to discontinue consideration of pre-IPO fundraising and an initial public offering (IPO),” SK hynix said Oct. 23.
The company explained that recent capital market conditions and share price movements had prompted it to reassess whether an IPO would currently be the most advantageous option for SK hynix and its existing shareholders. “The decision does not reflect any change in Solidigm’s growth potential or investment needs,” it said.
Solidigm is a US company established after SK hynix acquired Intel’s NAND business in 2021. In January 2026, SK hynix established AI Company as an intermediate holding company in the US and placed Solidigm under it. AI Company owns 100% of Solidigm.
Reports of a potential Solidigm listing first emerged on Aug. 5, indicating that the company was pursuing pre-IPO fundraising. In a regulatory clarification issued the same day, SK hynix said it was considering various options to strengthen competitiveness but that nothing had been finalized. It reiterated the same position in a Sept. 4 filing. Reuters and Bloomberg subsequently reported that Solidigm was selecting underwriters and pursuing a Nasdaq listing as early as 2027.
Shareholders opposed the proposal, arguing that a separate Solidigm listing would remove value already reflected in SK hynix’s share price and require profits to be shared with new shareholders. SK hynix shares fell more than 10% on Aug. 6, the day after the initial reports.
The controversy subsequently reached the National Assembly’s parliamentary audit.
Lee Chan-jin, governor of the Financial Supervisory Service, told the National Assembly’s Political Affairs Committee on Oct. 19 that both the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) considered the proposed listing to fall under dual-listing regulations.
FSC chairman Lee Eog-weon said during the committee’s comprehensive audit on Oct. 22 that Solidigm was subject to dual-listing guidelines and that SK Square and SK hynix, as parent companies, must fulfill five obligations based on their fiduciary duties to shareholders. The five obligations comprise assessing the impact on shareholders, establishing shareholder protection measures, communicating with shareholders, obtaining a board resolution for or against the listing, and making disclosures. This means South Korea’s dual-listing regulations apply even to overseas listings.
“Expanding Solidigm’s production capacity and strengthening its competitiveness remain important priorities,” SK hynix said. “We will explore various options that can support Solidigm’s growth while enhancing the interests of existing shareholders.”