하이닉스 손자회사도 나스닥행?…‘다단계 중복상장’ 논란

South Korean memory chip giant SK-Hynix is facing scrutiny over a controversial "multi-level overlapping listing" involving its newly established subsidiary, Solliance. The controversy stems from the recent acquisition of Intel's NAND flash memory business by SK-Hynix's overseas subsidiary, Solliance, for approximately $8.8 billion in 2021.

SK-Hynix subsequently renamed the existing Solliance (previously known as SK-Hynix NAND Product Solution) to its AI-focused investment and strategy arm, the "Artificial Intelligence Company." A new subsidiary, Solliance, was then created under the Artificial Intelligence Company to handle the NAND business-related assets.

The main concern is whether SK-Hynix is engaging in a "double corporate" listing, which could undermine shareholders' interests and potentially violate the recently established "double listing guidelines" aimed at protecting shareholders' interests. If the new subsidiary conducts a pre-IPO fundraising exercise, it would lay the groundwork for a future foreign stock listing.

As such, SK-Hynix has stated that they are considering various options to strengthen the competitiveness of Solliance, but no definitive decisions have been made.

The issue has sparked a debate among shareholders and financial authorities, who emphasize that the government's guidelines are intended to prevent the exploitation of shareholders' interests by corporate structures. While foreign subsidiaries do not require shareholder approval for stock listings, they are still required to abide by regulations regarding shareholder protection, communication, and approval.

SK-Hynix has remained tight-lipped on the Solliance listing matter, focusing instead on the market trends and the company's efforts to strengthen its competitive position through external funding. However, this could be the first case to set a precedent for the government's anti-double listing regulations.