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BlockBeats News, July 28th, according to BIT (bit.com) market data, SK Hynix's American Depositary Receipt (ADR) plummeted 10% to $139.01 during intraday trading, well below the $149 issuance price, ultimately closing at $143.02, marking a new low since its IPO. SK Hynix, alongside stocks like SpaceX, has become one of the companies in this year's largest US IPOs to fall below its issuance price.
SK Hynix's ADR made its debut on the US stock market earlier this month with a fundraising scale of $26.5 billion, but as investors continued to flee the overvalued semiconductor sector, its stock price plunged significantly. The semiconductor sector as a whole is under pressure, with the widely watched Semiconductor Index continuing its recent decline, closing at its lowest level since May 19th.
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