26/03/2026

BIZ & FINANCE THURSDAY | MAR 26, 2026

17

SK Hynix plans confidential filing for US listing

Manipal Health eyes

US$1.17b India IPO

SEOUL: South Korean chipmaker SK Hynix plans a confidential filing to list shares in the US in the second half of 2026, the company said on Tuesday, which a source said could raise as much as US$14 billion. It would list about 2% to 3% of its total shares and use the funds to help finance chipmaking factories in South Korea’s Yongin city and the US state of Indiana, a person with direct knowledge of the discussions said. SK Hynix did not immediately respond to a request for comment on the fundraising size. The company is one of the world’s largest memory chipmakers and has been expanding production capacity to keep up with strong demand for artificial intelligence data centres. SK Hynix shares were trading up 1.13% as of 0526 GMT (1.26pm in Malaysia), compared with the benchmark KOSPI’s 1.9% gain. Confidential filings allow companies to withhold details about their finances and offering terms until closer to the actual listing. A 2% to 3% share issue would equate to US$9.6 billion to US$14.4 billion, based on SK Hynix’s market capitalisation. That would potentially be more than double Coupang’s US$4.6 billion US IPO in 2021 and marking what could be the biggest US listing in five years, according to Reuters calculations based on Tuesday’s closing share price. The company, in a domestic regulatory filing yesterday, said: “While we aim to complete the listing within 2026, specific details – such as the size, structure, and timeline of the offering – have not yet been finalised.” SK Hynix CEO Kwak Noh-jung said at the company’s annual shareholder meeting that the US o Company said to be seeking to list 2-3% of total shares, could raise up to US$14b Mart International Group, the Hong Kong-listed maker of collectible “blind box” toys – including the viral, toothy-grinned Labubu – fell off a cliff yesterday after the company reported 2025 earnings. Pop Mart shares were down more than 20% after the midday break. The Beijing-based company said its 2025 revenue rose 185% from a year earlier, reaching 37.12 billion yuan (RM21 billion). Morningstar analyst Jeff Zhang said the annual revenue and earnings growth missed the consensus estimate from analysts, with a material slowdown in the fourth quarter, amplifying investor concerns about the durability of top intellectual properties.

BENGALURU: India’s Manipal Health Enterprises filed for an up to US$1.17 billion initial public offering on Tuesday, betting on rising demand for speciality care even as the domestic equities market faces volatility amid fragile global sentiment. The initial public offering comprises a fresh issue to raise US$852.2 million and an offer for sale of 43.2 million shares by existing investors such as Singapore’s Temasek, US investment firm TPG, Manipal Education and Novo Holdings, according to its draft prospectus. Existing investors plan to sell up to 30 billion rupees (RM1.3 billion) worth of shares, according to two sources familiar with the matter. They did not want to be named because they were not authorised to speak to the media. Demand for specialised healthcare has surged in the world’s most populous country and is a key driver of growth, analysts say, a trend that is increasingly attracting private and foreign investment from firms such as Blackstone, Novo Holdings and KKR. India remains an undersupplied healthcare market, with strong tailwinds from rising insurance penetration, industry consolidation favouring larger players and higher per capita incomes driving demand for quality care, said Sanjay Singh, head of investment banking at InCred Capital, adding the IPO is likely to see strong interest from both institutional and retail investors. Manipal’s listed rival, Apollo Hospitals said revenue from complex care such as cardiology, oncology, and neurology rose 22.6% in the December 2025 quarter, highlighting growing demand for advanced medical care. Manipal’s IPO plans come amid a sharp slump in India’s equities market, with global risk-off sentiment, tightening liquidity and sustained foreign outflows weighing. Foreign investors have withdrawn more than US$11.65 billion from Indian stocks so far in 2026, including more than US$10.17 billion in March alone, according to depository data. – Reuters

listing plan could be described as part of efforts to have its corporate value reassessed in the United States, the world’s largest equity market where major global semiconductor firms are listed. Kwak added that the company aims to list in the United States in the second half of this year. The Korea Economic Daily reported earlier this week that SK Hynix was considering raising 10 trillion to 15 trillion won (RM26 billion to RM39 billion) in the US listing. At the company’s shareholder meeting, SK Hynix also said it aims to secure more than 100 trillion won in net cash to better respond to customer demand and stabilise business operations, without providing a timeline, compared with 12.7 trillion won at the end of 2025. The listing plans come as SK Hynix ramps up investment to meet surging demand for artificial intelligence chips, while also “Also, a pullback in dividend payout ratio to 25% in 2025 from 35% in 2024 is another negative to us,“ Zhang said. “Pop Mart has also doubled down on the licensing business and theme park operations, but we think execution risks remain high.” Wang Ning, Pop Mart’s chairman and chief executive, said the company expects to deliver revenue growth of no less than 20% from a year earlier in 2026. “We won’t pursue overly aggressive growth that boosts revenue at the expense of profitability,“ Wang said on a post-earnings call with analysts and investors. Riding a global wave of demand for its plush toys, bag charms and collectibles from hit intellectual

navigating rising geopolitical risks and investor scrutiny over capital allocation. Kim Sun-woo, a senior analyst at Meritz Securities, said a US listing would give SK Hynix a directly comparable peer in US-listed Micron, enabling a clearer comparison that highlights its undervaluation despite stronger profitability, and technological capability, and underscoring the need to address the gap more directly for shareholders. In January, US President Donald Trump signed a proclamation aimed at addressing national security concerns related to semiconductor imports, imposing a 25% tariff on certain artificial intelligence chips, including Nvidia’s H200 AI processor and AMD’s MI325X. Separately, US Commerce Secretary Howard Lutnick said South Korean and Taiwanese chipmakers that are not investing in the United States could face tariffs of up to 100% properties like The Monsters – including Labubu – Molly and Crybaby, Pop Mart has grown from a domestic blind-box retailer into one of the country’s most closely watched consumer brands, as it continues to ride a wave of popularity to further overseas expansion. The company’s 2025 revenue nearly tripled from a year earlier to 37.12 billion yuan from 13.04 billion yuan. It reported profit attributable to owners of 12.78 billion yuan, up 308% from 3.13 billion yuan a year earlier. In January, the company said it had added manufacturing capacity in Mexico, Cambodia and Indonesia to support demand and strengthen supply-chain resilience. – Reuters

unless they commit to expanding production on American soil. The Korea Corporate Governance Forum, an advocacy group that comprises investors and lawyers, said yesterday it was opposed to SK Hynix’s potential issuance of new shares for the US listing, saying the move would dilute the value of existing shares, and undermine Korea’s revised legislation to protect the interests of all shareholders. The forum said SK Hynix will be able to generate more than enough excess cashflow even after making capital expenditure and R&D investments during 2026-28, and urged the company to buy back 10% to 15% of its stock and use most of that for the US listing. “The decision was disappointing,” said Kim Hyun-su, a fund manager at Seoul-based IBK Asset Management. “I don’t understand why they have to issue new shares – they can probably pursue the listing using existing shares instead.” – Reuters

Shares of Labubu maker Pop Mart plunge after 2025 earnings announcement BEIJING: Shares of Pop

Toys are displayed at Pop Mart's Skullpanda pop-up shop in New York City. – REUTERSPIC