SK Hynix: ADR Spread Hits 41.3%

SK Hynix ADR arbitrage exploded overnight with SKHX at $1380 versus SKHY at $195, producing a 41.3% price gap. The one-way conversion rule blocks arbitrageurs from canceling US ADRs back into Korean shares when premiums favor the US listing, so the spread persists. SKHX represents domestic Korean shares while SKHY tracks the global ADR line, and historical Korea-versus-US listing premiums have repeatedly shown similar dislocations over the past year when conversion flows remain restricted.