SKHY — SK hynix Inc. (American Depositary Receipt)

IDENTITY

Name        SK hynix Inc.  (에스케이하이닉스 / SK하이닉스)
            formerly Hynix Semiconductor Inc.; renamed March 2012
Ticker      SKHY on Nasdaq Global Select — an ADR, NOT a share
            home listing: KOSPI code 000660, Seoul
Form        Korean chusik hoesa (주식회사) — a joint-stock company.
            NOT a C-corp. NOT filed in Delaware.
Filed in    Republic of Korea
HQ          2091 Gyeongchung-daero, Icheon-si, Gyeonggi-do, South Korea
Employees   36,042
Sector      Technology / Semiconductors (memory)
Founded     incorporated 1949
⚠ FY ENDS   December 31.  Quarters are calendar quarters.
            Q2 2026 = Apr–Jun 2026.  Q3 2026 = Jul–Sep, reports 2026-10-27.

★ SKHY IS A RECEIPT, NOT A SHARE. 10 ADRs = 1 SK hynix common share.

The listing: ADRs priced at $149 and began trading 2026-07-10, under the provisional ticker SKHYV for the first session; SKHY from the following Monday. [A] $26.5B raised — the largest U.S. share sale ever by a foreign company, past Alibaba's $25B in 2014. 177.9M ADRs sold ≈ 17.79M common shares ≈ 2.5% of the company. Proceeds: Korean fabs and equipment, including EUV lithography scanners.

The Seoul listing did not move. The Nasdaq line is an additional trading route on the same underlying company.

Reporting: foreign private issuer. Annual Form 20-F, not a 10-K, due within four months of Dec 31. Interim material news on Form 6-K, not 8-K/10-Q. Financials under K-IFRS, reported in Korean won.

⚠ Trap seen in the wild: scripts/basics.py SKHY prints REVENUE $189.17T trailing — that is ₩189T, not $189T. The upstream source hands back won figures wearing a dollar sign. Any per-share number on that card for this name is suspect until checked against the filing.

⚠ Same card reads 0% insiders · 0% institutions. That is not a fact about ownership; it is the absence of Form 4 / 13F coverage for a foreign issuer.

WHAT THEY SELL

Memory. DRAM (server, graphics, mobile, PC, consumer), NAND flash, SSDs, MCP; plus a small non-memory foundry business.

The reason it is on the AI-capex leg of the watchlist: HBM — high bandwidth memory, the DRAM stacked next to an AI accelerator. [A] ≈ 57% market share (press figure, 2026). HBM4 entered mass shipment in Q2 2026; HBM4E samples shipped in the first half; volume ramp planned for 2H 2026.

THE NUMBERS SO FAR

[A] Q2 2026  (APR–JUN 2026, reported 2026-07-29, K-IFRS)
    revenue            ₩79,318.7B  = ₩79.32T
    operating profit   ₩60,542.6B  = ₩60.54T
    operating margin   76%
    net income         ₩93,922.6B  = ₩93.92T
    ⚠ NET INCOME IS LARGER THAN REVENUE. That is not a typo in these
      notes — it is what the release says. Something enormous and
      non-operating sits below the operating line. UNEXPLAINED SO FAR.
      → Chapter II. Find the operating line first, then ask what sits
      between it and the bottom.
    first-half 2026 revenue crossed ₩100T for the first time ever

[A] FY2025  revenue ₩97.147T · operating profit ₩47.206T

[G] Q3 2026 (JUL–SEP, reports 2026-10-27)
    DRAM shipments ≈ +10% QoQ, server-led
    NAND bit shipments up a low single digit % QoQ
    HBM4 full ramp in 2H
    no revenue or profit guide given

[C] Q3 2026 revenue ≈ ₩100.35T  (nobody at the company said this)

close 2026-08-26  $158.02/ADR   (= $1,580.20 per common share)
⚠ market cap, EPS and P/E from the basics card UNVERIFIED for this
  name — see the currency trap above. Do not quote them yet.

MY POSITION — closed

FLAT. One completed round trip, IRA 660.

  08-20 14:58  buy    47 @ 163.39
  08-24 11:37  buy    54 @ 156.46
  08-24 11:40  buy     5 @ 156.32
  08-26 08:30  sell  106 @ 158.69

  in   $16,909.77      avg cost $159.5261/ADR
  out  $16,820.77      (fees $0.37 inside)
  P/L      −$89.00     −0.53%      held 6 days

Sold at 08:30, not at the 15:00 bell the calendar had planned.

★ In underlying terms: 106 ADRs = 10.6 common shares of SK hynix. He owned about ten and a half Korean shares, and sold them at an implied $1,586.90 per common share.