Recently, SK Hynix has pulled back quite a bit, and a lot of people are starting to worry whether it will continue to drop sharply before the ADR listing on Friday, July 10. In my opinion, SK Hynix is highly likely to stabilize between 1600-1400 before the ADR listing. After all, during the listing window, maintaining market expectations and the offering price is crucial. So, as long as it dips recently, I’ll buy without hesitation. The price is similar to SpaceX’s institutional subscription price of $135, where everyone assumes the opening price will rise about 30% above the institutional price. The big players are sneaky—they might cash out early. If the price rises too much before the listing, I’ll sell. If it doesn’t rise and instead drops to an undervalued level, I’ll hold. Also, I don’t think SK Hynix’s ADR listing necessarily means it will achieve a higher valuation in the U.S. stock market compared to Micron. Micron is the leading storage company in the U.S. and has natural advantages in terms of institutional coverage, index weighting, and investor recognition. SK Hynix will need time on Nasdaq for U.S. funds to reprice it. It’s hard to shake Micron’s home-field advantage. In the short term, with ADR pricing, arbitrage, and profit-taking, stock price volatility could be significant. Everyone should be mentally prepared for that.