SK Hynix Inc. shares fell 5% on Monday following media reports that its US subsidiary, Solidigm, is considering a US initial public offering potentially valuing the data-storage firm at $100 billion. The news added pressure to the company's already complex ownership structure. SK Square Co., the biggest holder, dropped more than 8%, while SK Inc., which controls SK Square, retreated over 6%.

According to the Korea Corporate Governance Forum, an IPO would deepen the group's pyramid ownership structure. SK Hynix owns the NAND memory unit through its US subsidiary AI Company, making Solidigm a grandchild company. Fibonacci Asset Management Global CEO Jung In Yun stated that a US listing could unlock value and fund expansion, but shareholders would be giving up future earnings.

The key, Yun emphasized, is the valuation and use of proceeds. Selling a small stake at an attractive price could create value, while substantial dilution without a convincing return would be a concern. Analysts remain watchful of how the potential listing impacts the broader SK ecosystem.