Hyundai Motor Securities said on the 15th that SK Hynix's ADR listing has
prompted concern foreign investors may sell Korea-listed common shares to buy
ADRs, but a sustained ADR premium could instead increase foreign buying of the
local shares. Analyst Kim Jae-seung said the ADR makes U.S. trading more
convenient and some investors may shift to ADRs to avoid Korean market
volatility and won/USD exchange-rate risk, yet a high ADR premium would raise
the relative appeal of Korea-listed ordinary stock.