A lot of people say that SK Hynix ($SKHYV) U.S. stocks will have a long-term premium over Korean stocks, and some even hope for a 10%+ long-term premium like TSM. I don’t think that will happen. Korean stocks, Hong Kong stocks, Taiwanese stocks, and European stocks that issue ADRs in the U.S. are common, but cases like TSMC with significant long-term premiums are extremely rare. The main reason is that TSMC is one-way fungible, only supporting one-way conversion from U.S. ADRs to Taiwanese stocks. SK Hynix, like other dual-listed Korean and U.S. stocks, is restricted convertible, operating under the same mechanism. Other Korean-U.S. dual-listed ADRs don’t show significant premiums either. The U.S. market’s arbitrage tools are too advanced—once the arbitrage space exceeds the cost of arbitrage, it’s hard for premiums to sustain.