THE SK HERCULES ADR DRIVE WENT UP BY 5%, AND THE OFFICIAL CONFIRMATION IS THAT THE KOREA-UNITED STATES ADR CHANNEL IS FULLY CLOSED

ON 23 JULY, THE UNITED STATES STOCK MARKET SK HERCULES (SKHY.US) ROSE BY OVER 5 PER CENT, REPORTING $173.75. IN THE NEWS, THE KOREA SECURITIES REGULATORY AGENCY INDICATED THAT SK HERCULES HAD SET A CEILING OF 2.5 PER CENT OF TOTAL EQUITY TO CONVERT HIS SHARES LISTED IN KOREA TO UNITED STATES-TRADED UNITED STATES DEPOSITORY CERTIFICATES (ADRS). THE CEO OF THE KOREA SECURITIES DEPOSITORY AGENCY STATED THAT THE $26.5 BILLION UNITED STATES DEPOSITORY CERTIFICATE (ADR) ISSUED BY SK HERCULES ON 10 JULY HAD EXHAUSTED THE ISSUE LIMIT. THIS MEANS THAT UNLESS THE EXISTING ADR HOLDER FIRST CONVERTS ITS SHARES TRADED IN THE UNITED STATES BACK TO KOREA, THUS FREEING UP THE SPACE FOR DISTRIBUTION, INVESTORS ARE UNABLE TO CONVERT THE SHARES LISTED IN SEOUL INTO ADRS。