SK Hynix shares jump 4.4% after scrapping Solidigm IPO plans

SK Hynix shares rose 4.4% on Friday after the South Korean chipmaker scrapped plans for a potential US listing of its Solidigm subsidiary, reversing an earlier 3% decline despite broader market weakness. The company said in a regulatory filing it halted its review of a Solidigm IPO and pre-IPO investment talks due to "recent capital market conditions," following regulatory scrutiny over concerns that the offering could dilute minority shareholders and complicate SK Group's ownership structure. Solidigm, formed in 2021 from Intel's flash memory business, had been preparing for a listing that could have raised about $10 billion at a valuation of up to $100 billion, with Goldman Sachs and Morgan Stanley reportedly selected to work on the deal.