Samsung Initiates Internal Review for U.S. ADR, Officially Denies Listing Plans

Samsung Electronics has begun an internal assessment of the plan to issue American Depositary Receipts (ADRs) in the United States, studying the actual operational processes. Although the company officially denies that it is considering going public in the U.S. through the issuance of ADRs, employees have started evaluating potential costs, benefits, and necessary procedures under the direction of senior management. Sources in the semiconductor industry indicate that relevant departments are exploring feasible structures for issuing U.S. ADRs, with teams from finance and investor relations identifying their respective tasks and processes. This assessment is viewed as a preliminary feasibility study and does not represent a decision to go public or a determination of the timing and scale of any issuance. Employees have also sought information on the preparation processes and practical experiences from SK Hynix, which recently issued ADRs and listed on Nasdaq. Bloomberg reports that Samsung Electronics has had preliminary discussions with investment banks regarding a potential U.S. listing via ADRs, but no specific decisions have been made regarding underwriters or issuance structures, and it may ultimately not go public. SK Hynix issued ADRs at $149 per share on July 10, raising approximately $26.5 billion, making it the second-largest listing in U.S. stock market history, following SpaceX's $85.7 billion raised through its IPO last month.