Primary price discovery, KRW exposure, Korean settlement and direct local-share ownership.
mst@fyi:~$ compare 000660.KS HY9H.F SKHY
One Hynix, three market prices.
The Korean ordinary share is the primary security. Frankfurt's HY9H is a 1:1 GDR. Nasdaq's new SKHY is a 1:10 ADS, so ten U.S. shares equal one Korean common share. This page converts all three into KRW per common share before comparing them.
Equivalent Price Snapshot
latest cached quotes, market times differ
Korea ordinary / reference
--
000660.KS · 1 common share · KRW
Frankfurt GDR premium / discount
--
HY9H.F · 1 GDR = 1 common · EUR
Nasdaq ADS premium / discount
--
SKHY · 10 ADS = 1 common · USD
Pricing Bridge
editable market prices and spot FX
Seoul-implied fair quote
--
Pure ratio-and-FX parity before fees, spreads, tax, and conversion friction.
Frankfurt implied common value
--
EUR price × KRW/EUR × 1 GDR
Nasdaq implied common value
--
USD price × KRW/USD × 10 ADS
What You Actually Own
do not compare raw screen pricesEUR trading line for Citi's Luxembourg-listed GDR program. Citi reports a 1:1 ratio and a recent annual service fee of $0.02 per GDR.
Each ADS represents one-tenth of a common share. The July 2026 offering issued 177.9m ADSs backed by 17.79m new common shares.
Observed Closing-Price Gap
waiting for cached closesSKHY only began trading on July 10, 2026, so a three-way history cannot predate that. Same-date closes are still not simultaneous: Seoul closes first, Frankfurt later, and Nasdaq last. Large one-day gaps may therefore be stale-price effects rather than executable arbitrage.
--
loading listing history
Frankfurt GDR vs Seoul
Nasdaq ADS vs Seoul
| Date | Seoul KRW | HY9H EUR | GDR gap | SKHY USD | ADS gap |
|---|---|---|---|---|---|
| loading | |||||
Where the Apparent Arbitrage Breaks
price gap is not expected returnA Nasdaq close can react to news that Seoul cannot price until the next Korean session. Comparing both as if they were simultaneous overstates the gap.
Depositary issuance or cancellation, local custody, foreign ownership rules, settlement time, borrow, and broker access determine whether a spread can actually be locked.
HY9H may show a large move on limited turnover. The executable bid or ask, not the last trade, is the relevant comparison.
EUR or USD quotation changes the trading currency, not the operating exposure. FX moves and broker conversion costs affect the observed premium.
Voting, dividends, withholding, corporate actions, service fees, and cancellation run through the depositary rather than exactly matching direct local ownership.
The offering was not merely a relabeling of existing shares: 17.79m new common shares raised about $26.25bn before expenses, adding dilution and substantial growth capital.
Current Read
decision frame--
Waiting for market data.
The clean comparison is executable cost, not headline premium.
For a German investor, HY9H may be operationally easiest but can have the weakest price formation. SKHY should improve U.S. access and liquidity, yet its first sessions can carry listing excitement. The Korean ordinary remains the anchor; choose another line only after its spread, FX cost, custody, tax, and conversion terms justify the convenience.