Sejong Law Firm (CEO Oh Jong-han) announced on July 14 that it successfully provided legal advisory services throughout the process of SK Hynix's American Depositary Receipt (ADR) listing.
This transaction marks the first ADR listing by a domestic company in over 20 years and raised $26.5 billion (approximately 40 trillion won), setting a record for the largest IPO by a domestic firm. Furthermore, it is considered the second-largest transaction in the U.S. public stock offering market, following SpaceX's listing last month, symbolizing enhanced access and stature for domestic companies in global capital markets.
Sejong provided comprehensive legal advice related to the ADR listing, including reviewing the transaction structure and timeline, analyzing relevant legal issues, coordinating with regulatory authorities, conducting legal due diligence for the issuing company, reviewing Form F-1 submitted to the U.S. Securities and Exchange Commission (SEC), and examining securities registration statements and domestic disclosures.
Given the complexity of the ADR listing, which required consultations with various regulatory bodies such as the Financial Services Commission, Financial Supervisory Service, Ministry of Finance and Economy, Korea Exchange, and Korea Securities Depository, it was crucial to meticulously review potential legal and institutional issues and maintain close communication with regulators throughout the process.
Sejong proactively identified detailed legal issues from the early stages of the transaction and led discussions and confirmation procedures with regulatory authorities, effectively coordinating the content and submission schedule of the securities registration statement to ensure a smooth transaction. The firm also maintained close communication with the Korea Securities Depository and Korea Exchange to address practical issues arising during the ADR issuance and listing process.
As this ADR listing is the first of its kind for domestic companies in over 20 years, Sejong's advisory role has systematically organized key legal issues related to ADR listings and provided interpretations and responses to various practical issues, contributing to establishing a precedent for companies considering future ADR or overseas DR listings.
Park Yong-jin, the attorney overseeing the ADR transaction, stated, "The SK Hynix ADR listing is a monumental case that sets a new milestone in the history of domestic companies entering overseas capital markets. We are proud to have supported a successful listing as the legal advisor for the issuing company, and we will continue to actively assist companies in their global capital market endeavors based on our accumulated experience in capital market advisory services."
Last year, Sejong also participated as the sole domestic legal advisory firm in the IPO process for LG Electronics India Limited, successfully supporting a massive transaction valued at approximately 12 trillion won.
This capability has been recognized both domestically and internationally, as Sejong has been ranked as a Band 1 firm in the capital markets category by the global law firm rating agency Chambers & Partners for eight consecutive years from 2019 to 2026, and has been included in the Tier 1 group by the global legal publication IFLR for 21 consecutive years from 2006 to 2026.
Founded in 1983, Sejong Law Firm is one of South Korea's leading large law firms, providing optimized legal services to corporate and individual clients across various fields, including M&A, finance, litigation, tax, intellectual property, and labor, with a team of approximately 700 experts.
* This article has been translated by AI.
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