SK hynix's potential Solidigm IPO conflicts with shareholder protection rules: watchdog chief

Korean financial regulators said Monday that SK hynix’s potential U.S. listing of NAND flash subsidiary Solidigm conflicts with rules governing parent-subsidiary listings. The comments came during a National Assembly audit in Seoul, where an opposition lawmaker accused SK hynix of failing to inform domestic shareholders. SK hynix says no IPO decision has been finalized, while authorities are reviewing whether Korean securities filing requirements apply.

Solidigm was established in the United States through SK hynix’s $9 billion acquisition of Intel’s NAND flash memory business.

Market speculation suggests the offering could raise $10 billion and value Solidigm at up to $100 billion after listing.

Solidigm’s earnings currently go entirely to SK hynix, but issuing new shares would give outside investors a share of future earnings.

Korean regulators have prepared a framework that prohibits parent-subsidiary listings in principle while allowing exceptions.

The Financial Services Commission is awaiting an authoritative interpretation of whether Solidigm would be subject to securities filing requirements in Korea.

Published Oct 19, 2026 3:53 pm KST

Financial Supervisory Service Gov. Lee Chan-jin attends a National Assembly audit in Yeouido, Seoul, Monday. Korea Times photo by Shim Hyun-chul

Korean regulators believe SK hynix’s potential listing of its NAND flash memory subsidiary Solidigm in the United States would run counter to rules governing listings of both parent companies and their subsidiaries, Financial Supervisory Service (FSS) Gov. Lee Chan-jin said Monday.

“We are continuing to monitor the Solidigm issue. Both the Financial Services Commission (FSC) and the FSS consider it to conflict with those rules,” Lee said.

He was responding to Rep. Park Sung-hoon of the main opposition People Power Party during a National Assembly audit. Park accused SK hynix of leaving domestic shareholders uninformed while explaining to the U.S. Securities and Exchange Commission that listing a subsidiary could adversely affect the parent firm’s share price.

SK hynix has maintained that no decision has been finalized on an initial public offering (IPO), saying Solidigm is exploring ways to strengthen its competitiveness.

Still, expectations of a stock market debut have grown following reports that Solidigm appointed IPO underwriters and established a government affairs team to support its U.S. expansion. Market speculation suggests the offering could raise $10 billion and value the company at up to $100 billion after listing.

The practice of listing both a parent company and its subsidiary has raised shareholder protection concerns, as a reduction in the parent’s stake could dilute its existing shareholders’ economic interests.

Solidigm’s earnings currently go entirely to SK hynix. If Solidigm issues new shares to outside investors, it would have to share future earnings with those new shareholders.

To address such concerns, Korean regulators have prepared a framework that prohibits parent-subsidiary listings in principle, while allowing exceptions.

Lee’s comments indicate that authorities view Solidigm’s potential listing as conflicting with that framework.

However, overseas subsidiaries fall outside the Korea Exchange’s review of parent-subsidiary listings, leaving authorities to determine whether domestic securities filing obligations and other relevant provisions apply to Solidigm.

“The FSC is awaiting an authoritative interpretation of whether Solidigm would be subject to securities filing requirements in Korea,” Lee said. “We will pursue all appropriate measures available.”

He added, “We will also convey our concerns to SK hynix through an appropriate channel if we can.”

SK hynix reiterates no decision on Solidigm's US IPO

SK hynix's Solidigm weighs IPO that could value unit at up to $150 billion, sources say

SK hynix faces backlash over potential Solidigm Nasdaq listing

韩国金融监管机构周一表示，SK海力士旗下NAND闪存子公司Solidigm计划在美国上市，此举可能违反韩国有关母子公司上市的规定。该评论是在首尔举行的国会听证会上发表的，一位反对党议员指责SK海力士未向韩国国内股东通报此事。SK海力士表示，尚未最终确定IPO计划，而监管机构正在审查韩国证券备案要求是否适用。

Solidigm 是美国一家通过 SK 海力士斥资 90 亿美元收购英特尔 NAND 闪存业务而成立的公司。

市场猜测认为，此次发行可能筹集 100 亿美元，上市后 Solidigm 的估值可能高达 1000 亿美元。

Solidigm 目前的收益全部归 SK 海力士所有，但发行新股将使外部投资者有机会分享未来的收益。

韩国监管机构制定了一项框架，原则上禁止母子公司上市，但允许例外情况。

韩国金融服务委员会正在等待权威机构的解释，以确定Solidigm是否需要遵守韩国的证券备案要求。

发布于2026年10月19日下午3:53（韩国标准时间）

韩国金融监督院院长李灿镇周一在首尔汝矣岛出席国会审计。韩国时报摄影师沈贤哲摄。

韩国金融监督院院长李灿镇周一表示，韩国监管机构认为SK海力士旗下NAND闪存子公司Solidigm在美国上市的潜在计划，将违反有关母公司及其子公司上市的规定。

李说：“我们正在持续关注Solidigm的问题。金融服务委员会（FSC）和金融服务委员会（FSS）都认为它与这些规定相冲突。”

在国会听证会上，他回应了主要反对党国民力量党议员朴成勋的质询。朴成勋指责SK海力士在向美国证券交易委员会解释子公司上市可能对母公司股价产生不利影响时，没有向国内股东提供充分的信息。

SK 海力士一直坚称尚未就首次公开募股 (IPO) 做出最终决定，并表示 Solidigm 正在探索增强自身竞争力的方法。

尽管如此，在有报道称Solidigm已委任IPO承销商并组建政府事务团队以支持其美国扩张后，市场对其股票上市的预期依然高涨。市场猜测，此次IPO可能筹集100亿美元，上市后公司估值最高可达1000亿美元。

母公司及其子公司同时上市的做法引发了股东权益保护方面的担忧，因为母公司持股比例的降低可能会稀释现有股东的经济利益。

Solidigm目前的收益全部归SK海力士所有。如果Solidigm向外部投资者发行新股，则必须与这些新股东分享未来的收益。

为了解决这些担忧，韩国监管机构制定了一项框架，原则上禁止母子公司上市，但允许例外情况。

李的评论表明，当局认为 Solidigm 的潜在上市与该框架相冲突。

然而，海外子公司不在韩国交易所对母子公司上市的审查范围之内，因此，监管机构需要决定国内证券备案义务和其他相关规定是否适用于 Solidigm。

李表示：“韩国金融服务委员会正在等待权威机构对Solidigm是否需要遵守韩国证券备案要求做出解释。我们将采取一切可行的适当措施。”

他还补充道：“如果可以的话，我们也会通过适当的渠道向SK海力士表达我们的担忧。”

SK海力士重申尚未就Solidigm的美国IPO做出决定。

据消息人士透露，SK海力士旗下Solidigm正在考虑进行IPO，估值可能高达1500亿美元。

SK海力士因Solidigm可能在纳斯达克上市而面临强烈反对