SK Hynix has filed an amended Form F-1 registration statement with the U.S. Securities and Exchange Commission, disclosing for the first time a three-way breakdown of how it plans to deploy the proceeds from its record-setting Nasdaq listing — with KRW 11.94 trillion (approximately USD 8.1 billion) earmarked specifically for extreme ultraviolet lithography equipment purchases through December 2027.
The South Korean memory chipmaker, which is targeting a July 10 debut on Nasdaq under the ticker SKHY, is seeking to raise up to KRW 45.4 trillion (approximately USD 29.4 billion) through an American Depositary Receipt offering — what would be the largest ADR listing in capital markets history, surpassing Alibaba Group's USD 21.8 billion New York debut in 2014.
According to the amended prospectus, SK Hynix will direct the offering proceeds across three defined capital expenditure programs. The largest allocation, KRW 31 trillion (USD 21.5 billion), is designated for Phase 1 construction of the Y1 fabrication complex at the Yongin Semiconductor Cluster, where a cleanroom is expected to open in the first quarter of 2027 with equipment installation to follow in the second quarter. A second tranche of KRW 19 trillion (USD 12.9 billion) will fund the Cheongju Package & Test 7 facility, a dedicated HBM assembly and testing campus that broke ground in April and is targeted for completion by end-2027. The remaining KRW 11.94 trillion (USD 8.1 billion) will finance the procurement of approximately 30 ASML EUV lithography systems, with delivery scheduled through December 2027.
The amended filing also incorporates disclosure of SK Hynix's participation in South Korea's KRW 1,100 trillion semiconductor mega-project — the government-sponsored initiative that President Lee Jae-myung unveiled alongside Samsung Electronics on June 29 — as a new risk factor. The company noted that the scale and timeline of the domestic investment program could create execution and financial pressures should global demand conditions shift.
HBM Leadership and Competitive Stakes
The EUV equipment procurement is central to SK Hynix's strategy for maintaining its commanding position in high-bandwidth memory. The company currently holds an estimated 60%-plus market share in HBM3E and is competing with Samsung Electronics to lock in supply commitments from Nvidia, AMD and major hyperscalers for the next-generation HBM4 architecture. EUV lithography is required for both HBM4 base-die manufacturing and the leading-edge DRAM nodes that underpin SK Hynix's cost and performance advantage.
The amended F-1 cites several risks alongside its capital program, including Samsung's accelerating HBM4 push, potential moderation in AI infrastructure capital expenditure, and memory pricing volatility. SK Hynix's shares (000660.KS) traded at approximately KRW 208,000 on the Korea Exchange on July 1, implying a market capitalisation of roughly KRW 151 trillion (USD 103 billion) ahead of the Nasdaq dual listing.
Sources: Tom's Hardware – SK Hynix F-1 Nasdaq Filing · TrendForce – SK Hynix ASML EUV Commitment · The Elec – SK Hynix EUV Equipment Order · Korea Times – SK Hynix Amended F-1
