SK海力士登陆美股不到三周遭遇破发

SK海力士于7月10日在美股上市后不到三周出现破发1。截至7月28日美股收盘，海力士美国存托凭证（ADR）下跌7.47%至143.02美元1，同日韩国股市一天三次熔断1，海力士在韩国上市股价暴跌超14%1。

芯片股的集体下行反映了市场对多重风险的担忧。其中，英伟达推进的大规模融资计划加剧了市场焦虑——该公司计划为OpenAI数据中心项目提供约2500亿美元融资担保1，并与SK集团达成未来五年总价值7500亿美元的先进存储半导体长期供应合作1，英伟达股价因此大跌4.99%1。与此同时，中国半导体企业长鑫科技在科创板上市募资579亿元2，计划将全球DRAM市场份额从7.67%扩大至17%2，这一举动打破了韩国芯片制造商长期主导的市场格局，加剧了行业竞争压力。

韩国市场的剧烈波动还受到杠杆工具的放大效应影响。5月27日韩国批准了三星和海力士的2倍杠杆ETF上市，首月即吸引3万亿韩元涌入2，但这些产品随后跌幅超60%2。韩国融资余额创纪录地达到38万亿韩元，近十分之一的散户被要求追加保证金或面临强平2。韩国KOSPI指数从高点回撤35%2，触发今年第八次熔断2。

SK Hynix's American depositary receipts fell 7.47% to $143.02 as of the morning close on July 28, dropping below the July 10 initial offering price 1. The decline reflected broader turbulence in semiconductor equities, with the Philadelphia Semiconductor Index retreating approximately 19.43% from its June 22 peak, though still posting a 63.13% gain year-to-date 1.

Market instability intensified across South Korean exchanges on the same day, as the KOSPI index plummeted 10.84%, triggering the exchange's eighth circuit breaker halt of the year 2. SK Hynix shares in Seoul tumbled more than 14%, while the broader Korean market declined 35% from its highs—a drawdown comparable to the 2015 Shanghai composite selloff 2. South Korean stock index futures halted three times in a single day 1.

Analysts attributed the chipmaker turmoil to multiple converging pressures. On July 24, SK Group announced a $750 billion long-term supply partnership with NVIDIA and other major technology firms for advanced memory semiconductors over the next five years 12. Separately, NVIDIA's credit default swap spread surged 14 basis points to 82 basis points amid expectations of massive financing obligations, as the graphics processor maker planned to secure approximately $250 billion in financing guarantees for OpenAI's data center initiatives 12. Additionally, Chinese competitor Changxin Memory Technologies' initial public offering on the Shanghai Stock Exchange threatened to disrupt the DRAM oligopoly, with plans to expand global market share from 7.67% to 17% and increase monthly production capacity from 280,000 wafers to 500,000 wafers by 2028 2.

Leverage dynamics amplified the selloff. South Korea approved 2x leveraged exchange-traded funds tracking Samsung and SK Hynix in May, which attracted 3 trillion won in their first month 2. These products subsequently lost more than 60% of their value, while margin lending reached a record 38 trillion won, leaving nearly one-tenth of retail traders facing margin calls or forced liquidation 2. Despite the volatility, SK Hynix maintained a forward price-to-earnings ratio below 4x 2, with the company commanding 52% of the global HBM memory market and projecting 54% share following next-generation HBM4 production 2.