On the first day of listing on Nasdaq, SK Hynix (000660) ADR (stock depository receipt) was traded at a price about 16% higher than the KOSPI main stock, creating a premium. As arbitrage trading between ADRs and domestic stock is not realistically easy, analysts say that this price difference is likely to be maintained for the time being. Securities companies are paying attention to the effect of expanding accessibility to overseas investors following ADR listing rather than the short-term price difference. In the long term, there is also an expectation that this may lead to an improvement in foreign supply and demand for domestic semiconductor stocks. According to securities companies on the 12th, SK Hynix, which entered Nasdaq through ADR listing, finished its first transaction at $168.01, up 12.76% on the 10th. Considering the ratio of 10 ADR shares to 1 main stock, it is worth about 2,525,862 won when converted to Korean won. This amount is 15.96% higher than the closing price of the stock on the domestic stock market on the 10th, which was 2.18 million won. Structural limitations of arbitrage between the stock and ADR... ‘Premium’ continues for a while The premium, where ADR prices are traded higher than the main stock, will continue for a while