The won surged 0.7% to the top of Asia in a single day! SK Hynix's US$26.5 billion capital tsunami swept through the foreign exchange market

The Zhitong Finance App learned that on Tuesday, the exchange rate of the won against the US dollar once climbed 0.7% to 1,486.20 won to 1 US dollar, the strongest level since May 12, leading the rise of Asian currencies. This rise stemmed from a large-scale corporate milestone — South Korean memory chip giant SK Hynix raised 26.5 billion US dollars through the issuance of American Depositary Receipts (ADR), setting the record for the largest public listing of a foreign-funded company in the history of the US market. The market expects that the resulting inflow of US dollars will be transferred to the Korean won foreign exchange market one after another, continuing to provide the won with upward momentum.

At the same time, as an important weight stock in the Korea Composite Stock Price Index (KOSPI), SK Hynix's successful implementation of overseas financing has also boosted the overall risk appetite of foreign investors for South Korea's core assets to a certain extent, and is expected to provide emotional support for the subsequent revaluation of Korean won assets.