Solidigm's potential Nasdaq IPO: Can Korean regulators intervene?

Korean regulators are weighing measures in South Korea against a potential Nasdaq listing of Solidigm, SK hynix’s U.S.-based NAND flash subsidiary, amid concerns about shareholder protections. Financial authorities say the listing may conflict with dual-listing rules, although the Korea Exchange has no direct authority over a U.S. listing. Regulators may pursue supervisory or enforcement action against SK hynix or use securities filing requirements to delay the IPO. SK hynix says it has made no final decision and is exploring ways to strengthen Solidigm’s competitiveness.

Solidigm is owned by AI Company, a U.S.-based entity controlled by SK hynix; SK Square and SK Inc. are further up the ownership chain.

Rules introduced in July require companies seeking to list carved-out subsidiaries domestically to meet shareholder approval and protection requirements or risk rejection by the Korea Exchange.

Violations of shareholder-protection obligations can result in penalties of up to 1 billion won and a one-day trading suspension, among other sanctions.

Foreign companies at least 20 percent owned by Korean residents must file a securities registration statement if domestic investors can buy their overseas-issued shares within a year.

SK hynix said decisions are guided by the goal of creating long-term shareholder value, while an industry official cited potential investment funding and expanded U.S. manufacturing as possible benefits of a listing.

Published Oct 21, 2026 3:15 pm KST

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

Korean regulators are facing calls to block a potential Nasdaq listing of Solidigm , SK hynix's U.S.-based NAND flash memory subsidiary, amid concerns that the move could undermine protections for shareholders of its Korean parent company, industry officials said Wednesday.

"President Lee Jae Myung should use every means at his disposal to stop the listing," said Rep. Ahn Cheol-soo of the main opposition People Power Party. "If Solidigm goes public, its rising valuation and shareholder base could dilute SK hynix shareholders' indirect stake in the company."

Solidigm is owned by AI Company, a U.S.-based entity controlled by SK hynix. Further up the ownership chain are SK Square and SK Group's holding company, SK Inc.

The dispute underscores Korea's complex corporate ownership structures, long criticized by retail investors as a factor behind the "Korea discount."

In July, Korea introduced rules to protect minority shareholders from unfavorable dual listings. Under the rules, companies seeking to list carved-out subsidiaries domestically must meet shareholder approval and protection requirements, or risk rejection by the Korea Exchange (KRX).

Solidigm's case, however, is more complicated. The company was acquired through SK hynix's purchase of Intel's NAND flash memory business rather than carved out of its existing operations. Further, the KRX has no direct authority over a U.S. listing.

A promotional image of Solidigm / Courtesy of Solidigm

Still, Korean regulators may have other ways to intervene.

Financial authorities have publicly indicated that a Solidigm initial public offering (IPO) would be subject to dual-listing rules.

"Both the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) consider it to conflict with the dual-listing rules," FSS Gov. Lee Chan-jin said during a National Assembly audit Monday. "We will carefully review the matter and make every effort to take all appropriate measures within our authority."

The KRX also said in a written response to Ahn that SK hynix would be subject to dual-listing rules and would need to "consult with or obtain approval from its shareholders."

If the company fails to meet its domestic obligations to "protect shareholders," the authorities can take supervisory or enforcement action against SK hynix. Violations can result in penalties of up to 1 billion won ($755,458) and a one-day trading suspension, among other sanctions.

Regulators can also use securities filing requirements to delay the IPO.

Under existing rules, foreign companies at least 20 percent owned by Korean residents must file a securities registration statement if domestic investors can buy their overseas-issued shares within a year.

The key question is whether the rules apply to indirect ownership through overseas subsidiaries. Lee said the FSS and the FSC are discussing the matter.

SK hynix said it is exploring options to strengthen Solidigm's competitiveness but hasn't made a final decision . The company also said, "All decisions are guided by the goal of creating long-term shareholder value."

"The potential for long-term growth in corporate value should be assessed in a balanced manner," an industry official said. "It is also important to consider the potential benefits, such as securing substantial investment funding and expanding manufacturing operations in the U.S."

韩国监管机构正在权衡采取措施，以阻止SK海力士旗下美国NAND闪存子公司Solidigm在纳斯达克上市，原因是担心股东权益受到损害。金融监管机构表示，此次上市可能违反双重上市规则，尽管韩国交易所对美国上市没有直接管辖权。监管机构可能会对SK海力士采取监管或执法行动，或者利用证券备案要求来推迟IPO。SK海力士表示尚未做出最终决定，正在探索增强Solidigm竞争力的途径。

Solidigm 由 AI 公司所有，AI 公司是一家总部位于美国的实体，由 SK 海力士控制；SK Square 和 SK 公司是其所有权链上更靠前的成员。

7 月份出台的规则要求，希望在国内上市分拆子公司的公司必须满足股东批准和保护要求，否则将面临被韩国交易所拒绝的风险。

违反股东保护义务可能导致最高 10 亿韩元的罚款和一天的停牌处罚，以及其他制裁。

如果韩国居民持有至少 20% 的外国公司股份，且韩国国内投资者可以在一年内购买该公司在海外发行的股票，则外国公司必须提交证券登记声明。

SK海力士表示，其决策以创造长期股东价值为目标，而一位业内人士则指出，潜在的投资资金和扩大美国制造业规模可能是上市带来的好处。

发布于2026年10月21日下午3:15（韩国标准时间）

韩国金融监督院院长李灿镇（左）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

韩国业内人士周三表示，由于担心此举可能会削弱其韩国母公司股东的权益保护，韩国监管机构正面临阻止 SK 海力士旗下美国 NAND 闪存子公司 Solidigm 在纳斯达克上市的呼声。

“李在明总统应该动用一切手段阻止Solidigm上市，”主要反对党国民力量党议员安哲洙表示。“如果Solidigm上市，其不断上涨的估值和股东基础可能会稀释SK海力士股东间接持有的股份。”

Solidigm 由 AI 公司所有，而 AI 公司是一家总部位于美国的实体，由 SK 海力士控制。再往上追溯，则是 SK Square 和 SK 集团的控股公司 SK Inc.。

这场争端凸显了韩国复杂的公司所有权结构，长期以来，散户投资者一直批评这种结构是造成“韩国折价”的原因之一。

今年7月，韩国出台新规，旨在保护少数股东免受双重上市的不利影响。根据新规，希望在韩国国内上市分拆子公司的公司必须满足股东批准和保护要求，否则可能被韩国交易所（KRX）拒绝。

然而，Solidigm的情况更为复杂。该公司并非从SK海力士现有业务中剥离出来，而是通过SK海力士收购英特尔的NAND闪存业务而获得的。此外，韩国交易所（KRX）对美国上市没有直接管辖权。

Solidigm公司宣传图片 / 由Solidigm公司提供

不过，韩国监管机构可能还有其他干预方式。

金融监管机构已公开表示，Solidigm 的首次公开募股 (IPO) 将受双重上市规则的约束。

金融监督院院长李灿镇周一在国会接受审计时表示：“金融服务委员会和金融监督院都认为这违反了双重上市规则。我们将认真审查此事，并在权限范围内尽一切努力采取适当措施。”

韩国交易所（KRX）在给安的书面回复中也表示，SK海力士将受到双重上市规则的约束，并且需要“咨询股东或获得股东批准”。

如果SK海力士未能履行其在国内“保护股东权益”的义务，监管机构可以对其采取监管或执法行动。违规行为可能导致最高10亿韩元（约合755,458美元）的罚款以及停牌一天等处罚。

监管机构还可以利用证券备案要求来拖延首次公开募股（IPO）。

根据现行规定，如果韩国居民持有至少 20% 的股份的外国公司，其在海外发行的股票可在一年内由韩国投资者购买，则外国公司必须提交证券登记声明。

关键问题在于这些规则是否适用于通过海外子公司进行的间接所有权。李表示，金融服务委员会（FSS）和金融服务委员会（FSC）正在讨论此事。

SK海力士表示，正在探索增强Solidigm竞争力的方案，但尚未做出最终决定。该公司还表示：“所有决策都以创造长期股东价值为目标。”

一位业内人士表示：“企业价值长期增长的潜力应该以平衡的方式进行评估。同时，也必须考虑潜在的收益，例如获得大量投资资金和扩大在美国的生产运营。”