SK Hynix abandons Solidigm's US listing plan and suspends pre-IPO financing

SK Hynix has abandoned its plan to list its subsidiary Solidigm in the United States. Previously, the company faced strong opposition from shareholders and was subject to regulatory review, with the controversy centered around concerns that the move could harm minority shareholder interests. According to a regulatory filing submitted by the company on Friday, SK Hynix has also suspended the pre-IPO investment introduction process that was being promoted alongside the listing plan. Solidigm is SK Hynix's flash memory business subsidiary. Previously, the company had selected Goldman Sachs and Morgan Stanley as lead underwriters, with plans to pursue a possible US listing next year. This reversal stems from concerns by Korean regulators over "double listing." Regulatory authorities believe that Solidigm's listing could constitute a double listing and dilute the interests of existing shareholders.