TLDR
- Samsung is in early talks to explore a U.S. ADR listing, according to Bloomberg
- Seoul-listed Samsung stock rose 3.3% to 263,000 KRW on the news
- No decision has been made — talks may not result in a listing
- Rival SK Hynix raised $26.5B in the largest-ever U.S. listing by a foreign company last week
- Samsung posted a 19-fold jump in Q2 operating profit to an estimated 89.4 trillion won
Samsung Electronics is exploring a potential American Depositary Receipt listing in the U.S., Bloomberg News reported Tuesday. The news pushed Seoul-listed Samsung stock up 3.3% to 263,000 KRW on volume well above its three-month average.
Samsung Electronics Co., Ltd., SMSD.L
The company has held preliminary talks with banks, but no decision has been made. The discussions are at an early stage and may not lead to a listing at all.
Samsung currently has no U.S.-listed ADR, meaning American investors have limited direct access to the stock outside of London Depositary Receipts. A U.S. listing would change that.
The timing is no coincidence. Rival SK Hynix priced its ADRs at $149 each on July 9, raising approximately $26.5 billion — the biggest-ever U.S. listing by a foreign company. The deal was more than seven times oversubscribed.
SKHY jumped roughly 14% on its Nasdaq debut on July 10, opening at $170 and closing at $168. That kind of reception gets attention.
Nasdaq President Nelson Griggs said the SK Hynix debut is already pushing other international companies to think about U.S. listings. Asian tech equity funding for the year through July 10 tripled to a record $84 billion, according to LSEG data.
Samsung had previously looked at an ADR offering but chose not to move forward. The SK Hynix blockbuster appears to have brought the idea back to the table.
What Could Complicate a Listing
Samsung’s business is far broader than SK Hynix’s, which could make structuring an ADR more complex. Recurring labor disputes at the company were also flagged as a potential complication, according to Bloomberg’s sources.
The company said it will also monitor volatility in memory chip stocks as it evaluates any potential timing.
Samsung’s Recent Earnings Beat
On July 6, Samsung flagged a 19-fold jump in second-quarter operating profit to an estimated 89.4 trillion won, or roughly $58.44 billion. That beat analyst estimates and would mark its third consecutive record quarterly profit.
Despite the strong result, the stock fell as much as 10% at the time on concerns about the durability of AI-driven demand.
James Wang, head of Asia ex-Japan equity capital markets at Goldman Sachs, offered a more upbeat view of the environment: “The current technology fundraising cycle still has considerable runway.”
Samsung monitoring memory chip stock volatility will be a key factor in whether — and when — any ADR listing moves forward.
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