Three days after its U.S. listing, SK Hynix ADRs are trading at about a 46%
premium to Korea-listed common shares, approaching 50%. The ADR surged as much
as 23% on Tuesday after a record sell-off in Korea the prior day had pushed the
ADR down more than 9% in U.S. trading. The premium has widened sharply from the
roughly 3% spread set at issuance. An SEC filing shows one ADR represents
one-tenth of a common share. The rebound coincided with the start of U.S.
options trading on the ADR, increasing access for derivatives traders.