When they woke up, the sky collapsed for young Koreans The South Korean government rescued the market, and last night the US semiconductor market rebounded collectively, with SK Hynix ADR rising more than 20% at one point. And SKHY's US stock is more than 40% more expensive than SK's South Korean stock But for South Korean retail investors who have just been forced to flat out, this wave of rise is almost unrelated to them. Just the day before, the South Korean stock market experienced 'Black Monday'. KOSPI fell about 9% in a single day, while SK Hynix fell about 14-15% in Seoul. According to media reports citing data from the South Korean Financial Supervisory Agency, the daily forced flat amount in the entire market is approximately 344.2 billion Korean won; More than 1.2 million leveraged accounts have reached the protection line, with approximately 320000 to 360000 accounts completely liquidated. Part of the principal has been reset to zero, and even owed to securities firms. This is not an ordinary decline, but a leveraged stampede: Stock price decline → chasing protection → strong consolidation → continued sell-off → more accounts chasing protection. As of July 14th, the South Korean stock market has invested approximately 28 trillion Korean won through borrowing and lending; On June 24th, it reached a historical high of 29.8 trillion Korean won. Even more dangerous is that over 50% of leveraged funds are concentrated in Samsung and SK Hynix. The two companies together account for over half of KOSPI. When they fall, it's not just two stocks falling, but the entire index, leveraged ETFs, and retail accounts are under pressure together. Many people say that 'Wall Street hits the market first, then pulls ADR' in order to make cars lighter and easier to sell. Yes, but it's not The factual chain is: This year, foreign investment has withdrawn nearly $110 billion from Korean stocks, and Korean retail investors have leveraged their positions, concentrated their holdings, and leveraged products to amplify the volatility. Why can ADR pull so hard? Because it is a market with limited supply. SK Hynix's 10 ADRs represent 1 Korean common stock, with newly issued ADRs accounting for less than 3% of the total share capital; However, the conversion of common stocks into ADRs is subject to regulatory and procedural restrictions, and arbitrage cannot instantly smooth out the price difference. As soon as the demand from the United States comes, prices are easily detached from Seoul. This premium does not necessarily mean that the company's fundamentals have improved overnight, but rather that scarce chips are pricing it. Even more glaring is the case in Busan. According to reports, a man in his 20s stabbed a financial YouTuber in his 40s with a knife after listening to his stock recommendation analysis and investment losses. He was later arrested by the police for attempted murder, and the YouTuber survived. (Squid Game 2 is still too comprehensive...) Extreme cases cannot prove market causality, but they illustrate the emotions of financial markets that may overflow accounts and screens. Korean factories and technology are still in Korea, but the flow and pricing of capital have become globalized. When falling, Korean retail investors bear the pain of deleveraging; When rising, overseas markets enjoy the scarcity premium of ADR. This is the most desolate place: Young people in South Korea have no way out and want to fight to the death when they encounter opportunities, but this wave of liquidation has left countless young people burdened with their first huge debt in life To trade US stocks, use OKX: https://(okx. com)/coin/11270934 SK Hynix Korea Stock Exchange Korea Stock Exchange