Governance advocates push back on a possible U.S. listing of Solidigm, SK hynix's former Intel NAND unit

Investors and governance experts warned that a U.S. IPO of Solidigm could create a multi-tier listing structure and erode value for SK hynix shareholders. The chairman of the Korean Corporate Governance Forum called it an unprecedented five-tier structure. SK hynix said in an August 5 regulatory filing that it was reviewing options to strengthen Solidigm but nothing had been decided. Solidigm was reportedly seeking 5 trillion to 10 trillion won in pre-IPO funding.

• Reported pre-IPO funding target: 5T to 10T won
• SK hynix August 5 filing: options reviewed, nothing decided
• Governance forum warning: five-tier multiple-listing structure
• SK hynix bought Intel's NAND business in 2021 for about $8.8B