Creditors sell part of Hynix stake at 0% discount

Eight sellers, led by Korea Exchange Bank, raise $817 million from the sale of a 6.7% stake in Hynix Semiconductor after failing to exit the Korean memory-chip maker through a M&A transaction.

A group of creditors to Hynix Semiconductor last night cashed in part of their remaining stake in the Korean memory-chip maker, raising a combined W923.15 billion $817 million. The well-flagged transaction met with strong demand, especially from domestic investors, and amazingly priced flat to the market despite the fact that the share price has gained in eight of the past 10 sessions.

Clearly investors welcomed the opportunity to buy the stock in size without the risk of moving the market, but the deal was also supported by a perception that the sell-down will remove an overhang on the stock, allowing the share price to continue to head higher in line with a recovery in...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222