[Morgan Stanley Misses Out on SK Hynix's U.S. Listing Underwriting, Intense Internal Reaction at the Investment Bank] Odaily Planet Daily News: Morgan Stanley was not selected as the sole underwriter for SK Hynix's American Depositary Receipts (ADR) listing, a transaction valued at approximately $26.5 billion (around 40 trillion Korean won), marking the largest IPO by a foreign company in the U.S. Based on a 0.5% underwriting fee rate, the commission would amount to roughly $130 million. The final underwriting syndicate consists of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. Morgan Stanley had previously secured projects such as SpaceX and Anthropic and was once considered a strong contender for OpenAI's potential IPO underwriting. Therefore, this exclusion is viewed internally as a reputational setback. Industry insiders widely believe that Morgan Stanley's failure to secure the deal is linked to its repeated bearish reports on the Korean semiconductor industry, including the well-known "memory winter" analysis. Several investment banking professionals, including former Morgan Stanley executives, have stated that an increasing number of people within the Seoul office believe that the previous bearish reports may have cost the company the SK Hynix deal. As a result, there is a growing consensus that future opinions on related topics need to be expressed with greater caution. (CLS)