SK Hynix's 20% Tightrope
SK Hynix's 20% Tightrope
SK Square's ownership stake in SK Hynix, before and after key events
20.0% legal floor
20.9%
Before Nasdaq
ADR listing
20.0002%
Immediately
after ADR listing
20.68%
After buyback &
cancellation
Korea's Fair Trade Act requires holding companies established before a 2021 rule change to hold at least 20% of listed subsidiaries. SK Square's stake fell to within a few hundred shares of that floor after the $26.5B ADR listing diluted the base — the buyback and cancellation restored its margin.