Serenity, the X account tracking AI-infrastructure trades, flags the date for anyone watching the 25%-plus premium at which SK Hynix's US ADRs ($SKHY) trade over the same company's Korean shares: on July 29, the ADRs and the local shares become convertible into each other. That should open the door to a textbook arbitrage, buy the cheaper share, convert, sell the dearer one, and likely compress the premium, either by lifting the Korean shares, pressuring the US ones, or some of both. One number shows how much fuel the trade could carry: only about 2.5% of the stock currently exists in US ADR form, so an additional 22.5% of shares are eligible to be converted. The tweet also cites Korean reporting that the Korea Securities Depository will take applications for mutual conversion between the local shares and the ADRs from July 29, with Citibank as the depositary bank handling issuance limits and conversion. In short: the wall that kept one stock trading at two prices finally gets a door, and the door opens in under two weeks.
Why it matters · A 25% gap between two tickers of the same company is a live gauge of blocked demand. July 29 is the day the blockage clears, how fast the gap closes tells you how real the arbitrage is.
Worth asking · When conversion opens on July 29, does the premium snap shut fast, or prove sticky?