Many people say that SK hynix $SKHYV will have a long-term premium in the US stock market compared to the Korean stock market, and even aspire to have a long-term premium of over 10% like TSM, but I don't think it will happen.

The Korean, Hong Kong, Taiwanese, and European stocks, which also issue ADRs in the US stock market, are numerous, but it is extremely rare to find one with a long-term large premium like TSMC. This is mainly because TSMC is one-way fungible, only allowing one-way conversion from the Taiwanese stock market to the US stock market ADR.

Hynix, like other stocks in both Korea and the US, is a convertible stock with similar restrictions, and other Korean-US stocks' ADRs do not have significant premiums. The arbitrage tools in the US stock market are too sophisticated, and as long as the arbitrage space exceeds the arbitrage cost, it is very difficult for premiums to be maintained.

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