SK Hynix's stock price soared 12%, as plans to list in the United States boost valuation expectations.

South Korean semiconductor manufacturer SK Hynix saw a substantial increase in its stock price after announcing its plans to list in the United States for $29 billion. Analysts believe that this listing will boost the company's valuation through capacity expansion and attracting more foreign investors. In early trading on Thursday, SK Hynix's stock price surged by 12%, pushing the benchmark KOSPI index up over 5%. At the same time, rival memory chip company Micron Technology announced quarterly sales forecasts that exceeded Wall Street's expectations, causing its stock price to rise by nearly 6%. Over the past 12 months, SK Hynix's stock price on the Seoul Stock Exchange has increased by over 800%, surpassing a market value of $1 trillion. The company plans to start trading its American Depositary Receipts on July 10th and intends to use the funds raised to build additional production capacity and purchase extreme ultraviolet lithography equipment. According to compiled data, SK Hynix's ADR issuance at the proposed scale will be one of the top three largest deals in history, rivaling Saudi Aramco's $29.4 billion IPO in 2019 when adjusted for exchange rates.