SK Hynix raised $26.5 billion with ADRs priced at $149 in a Nasdaq listing—the largest US debut by a foreign company—and ADRs closed around $168.01 after strong demand. Despite the fundraising, SK Hynix shares tumbled as much as 10% in Seoul and the KOSPI slid 5.84% to 7,033 after US strikes on Iran and Strait of Hormuz tensions lifted oil (WTI $74.58, +4.43%; Brent $79.32, +4.35%), a risk-off shock that can pressure risk assets including crypto and DeFi markets.

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In Brief

SK Hynix shares fell 10% in Seoul as Asian markets sold off Monday.
The $26.5 billion US listing ranks as the largest ever by a foreign company.
KOSPI dropped 5.84% as US strikes on Iran lifted oil prices.

SK Hynix stock saw a double-digit decline in Seoul on Monday, after the memory chipmaker’s notable Nasdaq debut, as a broad selloff hit Asian equities.

The pullback tracked a wider retreat across Asian markets, as renewed US strikes on Iran and a contested Strait of Hormuz pushed oil prices higher.

SK Hynix Nasdaq Debut Meets a Seoul Selloff

SK Hynix (000660) fell as much as10% during Monday trading in Seoul. The stock ranks among the heaviest weightings on the KOSPI index.

SK Hynix Stock Performance. Source: Google Finance

The latest decline followed the chipmaker’s listing on the Nasdaq on Friday. The company’s American depositary receipts, or ADRs, were priced at $149, raising $26.5 billion.

The offering ranks as the largest US debut by a foreign company. The sale trailed only SpaceX’s $75 billion Nasdaq debut last month.

Notably, SK Hynix depositary receipts climbed roughly 13% Friday in New York to close at closing at $168.01 on strong demand.

SK Hynix ADR Shares on Nasdaq. Source: Google Finance

Iran Strikes Rattle Asian Markets

SK Hynix’s decline was part of a broader selloff. Samsung Electronics fell 4.21%, compounding pressure on the KOSPI, which slid 5.84% to 7,033. In Japan, the Nikkei 225 lost 0.96%, and the Topix eased 0.16% to 4,029.67.

BREAKING: US stock market futures open slightly lower after Iran declares the Strait of Hormuz closed again:1. S&P 500: -0.1%2. Nasdaq 100: -0.3%3. Dow Jones: -0.1%4. WTI Crude: +3.0%5. Brent: +2.5%6. Gold: -0.3%The "Memorandum of Understanding" appears to have come to…
— The Kobeissi Letter (@KobeissiLetter) July 12, 2026

The decline came as US-Iran tensions escalated over the weekend. Iran declared the Strait of Hormuz closed.

US Central Command rejected the closure claim and said vessels could transit. It also confirmed a fresh round of strikes on Iranian forces. CENTCOM described the operation in a post on X.

“US Central Command forces began launching more strikes against Iran to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz,” the post read.

The latest escalation, while weighing on equities, lifted oil prices. WTI crude rose 4.43% to $74.58, while Brent gained 4.35% to $79.32.

The full impact on chip stocks will surface once US markets open and the SK Hynix ADRs resume trading.

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