SK Hynix shares fell as much as 8.2% in early Seoul trade Monday as investors booked profit following the company’s 12.8% Nasdaq debut. The South Korean firm raised over $26 billion by selling American Depositary Receipts priced at $149 each, with the ADRs opening 14% above the offer price at $170 before ending the day higher.

The benchmark KOSPI was down 2.8% as of 0057 GMT. Senior analyst Ryu Young‑ho of NH Investment & Securities said profit‑taking after the U.S. listing and caution over SK Hynix’s second‑quarter earnings drove the sell‑off. He noted that expectations for increased shipments of HBM4 chips had not materialised at scale.

Ryu also highlighted that SK Hynix, with greater exposure to the HBM market than rival Samsung Electronics, would benefit less from a recent rise in conventional DRAM prices. In Q1, SK Hynix held a 58% revenue share of high‑bandwidth memory chips, compared with 21% each for Samsung and Micron Technology.

HBM chips are primarily used in AI systems for customers such as Nvidia and Alphabet’s Google.