SK Hynix shares surged around 12% after the company unveiled plans to raise up to 45.45 trillion won (approximately $29.4 billion) through a listing of American Depositary Receipts (ADRs) on the Nasdaq. The proposed fundraising would rank among the largest overseas listings by an Asian company and is aimed at strengthening the chipmaker's position in the rapidly growing artificial intelligence semiconductor market.

The company said the proceeds will primarily be used to expand semiconductor manufacturing capacity in South Korea and invest in advanced chipmaking equipment, including extreme ultraviolet (EUV) lithography systems. These investments are intended to meet rising global demand for high-bandwidth memory (HBM) chips used in AI servers and data centers.

Investor sentiment was boosted by expectations that a US listing could narrow SK Hynix's valuation gap with US semiconductor peers by improving access to international investors and increasing trading liquidity. The company's Seoul-listed shares have gained more than 800% over the past 12 months, pushing its market capitalization above $1 trillion amid strong demand for AI-related memory chips.

SK Hynix has emerged as a key beneficiary of the AI boom through its leadership in high-bandwidth memory technology, supplying major technology companies involved in AI infrastructure. Analysts believe the planned listing reinforces the company's long-term growth strategy while providing financial flexibility to accelerate future capacity expansion.