Following the FSS, the FSC also says Solidigm’s U.S. listing is subject to dual-listing regulations

Financial Services Commission Chairman Lee Eok-won said that Solidigm, SK hynix’s U.S. grandchild subsidiary, is subject to the dual-listing guidelines in connection with its planned listing. After Financial Supervisory Service Governor Lee Chan-jin judged Solidigm’s listing to constitute a dual listing on the 19th, Chairman Lee once again confirmed the authorities’ position that the guidelines apply.
At a comprehensive parliamentary audit of the Financial Services Commission, the Financial Supervisory Service and other bodies by the National Policy Committee on the 22nd, Chairman Lee answered a question from People Power Party lawmaker Park Sung-hoon about whether the dual-listing guidelines apply to a U.S. listing by Solidigm, saying, “It is subject to the dual-listing rules.” He added that the guidelines “apply to affiliates under a vertical ownership structure,” explaining that if Solidigm lists, its parent companies, including SK Square and SK hynix, would have to fulfill the five key shareholder-protection obligations. He added, however, that “there has been no official announcement of plans to list or any specific details.”
Solidigm is a U.S. corporation established after SK hynix acquired Intel’s NAND and SSD (solid-state drive, a semiconductor-based storage device) business. Concerns have been raised that listing not only the parent company but also a grandchild subsidiary could undermine the value of existing shareholders’ holdings. SK hynix says it is considering various options to strengthen its competitiveness, but that nothing has been decided regarding a listing.
At the FSS’s parliamentary audit on the 19th, Governor Lee said that “both the Financial Services Commission and the FSS have concluded that it runs counter to the rules on dual listings,” adding that they are examining the potential impact on existing shareholders.
Meanwhile, Chairman Lee and Governor Lee apologized repeatedly for investor losses in single-stock leveraged exchange-traded funds (ETFs), saying they felt “heavy-hearted.” Chairman Lee said he would pay closer attention to investor protection and market stability, while Governor Lee said, “I feel deeply sorry to the public,” and said he would reflect on the role and responsibilities of the supervisory body.
[email protected] Lee Jeong-hwa, Park Mun-su Reporter