SK Hynix drops Solidigm US IPO after scrutiny, shareholder pushback
What's next: The chipmaker said it will seek other funding for Solidigm as AI-memory demand drives plans for more US capacity.
SK Hynix abandoned plans to list its US unit Solidigm after mounting shareholder opposition and regulatory scrutiny in South Korea over a possible dual listing. The company also stopped a related pre-IPO investment process, citing volatile markets and a sharp drop in semiconductor shares. SK Hynix stock fell as much as 3% in Seoul on Friday and is down 58% from its June peak, according to The Business Times. Solidigm, based in Rancho Cordova, California, makes NAND flash memory and solid-state drives. SK Hynix had considered a US IPO to help finance Solidigm's expansion and support a new US semiconductor plant as demand for AI memory grows.