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New York fund manager urges Samsung Electronics to list ADRs to boost valuation
Friday, March 27, 2026 at 02:32 AM
A fund manager based in New York is advocating for Samsung Electronics to pursue an American Depositary Receipt (ADR) listing, similar to the strategy used by competitor SK Hynix, as a means to enhance the semiconductor giant's valuation and market accessibility.
Context
On March 27, 2026, Artisan Partners, a New York-based fund manager holding a 0.7% stake in Samsung Electronics, urged the tech giant to list American Depositary Receipts (ADRs) in the United States. This recommendation follows a major move by rival SK Hynix, which recently filed for a U.S. listing that could raise between $9.6 billion and $14.4 billion. While Samsung currently trades in London via Global Depositary Receipts, it remains inaccessible to many U.S. retail investors, contributing to what analysts call a significant valuation gap compared to global peers like Micron.
The push for an ADR listing comes as Samsung and SK Hynix see massive stock gains of 181% and 329% respectively over the past year, driven by the AI-led semiconductor boom. Proponents argue that a U.S. listing would boost liquidity and improve Samsung's price-to-book ratio, which currently sits below 3x while competitors often trade at higher multiples. This investor pressure highlights a broader trend of shareholders demanding better capital efficiency and transparency from South Korean chaebols to eliminate the long-standing "Korea Discount."
Sources (10)
Fund That Bet Big on Samsung Pushes for ADRs to Raise Valuation - Bloomberg[PDF] SAMSUNG ELECTRONICS CO., LTD. AND ITS SUBSIDIARIES ...How to Buy Stock │ Stock Information │ Investor Relations │ Samsung Global | SK Hynix files for US listing that source says could raise up to $14 billion | ReutersWhitebox Advisors Sends Letter to Samsung C&T Corporation’s Board of Directors Regarding Immediate Opportunities to Enhance Shareholder ValueWhitebox Advisors Sends Letter to Samsung C&T Corporation's Board of Directors Regarding Immediate Opportunities to Enhance Shareholder Value | Financial PostSouth Korean Opportunity - Dalton InvestmentsSamsung Electronics Major Shareholder Artisan Urges U.S. ADR Listing, Citing SK Hynix Precedent — BigGo Finance
Related Companies
SK Hynix
000660
Samsung Electronics
005930