00:00The other name obviously is SK Hynix, Sangmi, biggest ever share sale by a foreign company, quite some big numbers.
00:09I mean, it looks like the underwriters are also going to be getting quite a bit of this given the
00:13reporting that we've seen so far.
00:15Walk us through why this matters beyond just the actual deal, Sangmi.
00:21Yeah, so we're looking at a $29 billion share sale here.
00:26And when it comes to payouts, they're looking at about 0.5%.
00:31And that, again, to the banks, it is quite big for an Asian company this year.
00:37To put that into context, U.S. companies originally in IPOs for large IPOs in the U.S., they pay
00:45about 1%.
00:46So it is still smaller, but still for Asian company, it is quite significant.
00:51And again, it comes at a very important time.
00:53You know, the whole point here is the access for U.S. investors.
00:58They always had to rely on the off-trading hours and some of the over-the-counter, you know, the
01:04ADRs for SK Hynix.
01:06But now they can actually do that just from NASDAQ.
01:09And also there will be a lot of passive funds that will track SK Hynix in U.S.
01:14So that will be great for both the U.S. listed stock and the onshore listed stock.
01:19And most importantly, it will be the key would be to actually narrow that gap with Micron.
01:25We're looking at about 6.2 times for SK Hynix in Seoul and about 7 times forward earnings for Micron.
01:33So we are looking at narrowing of this valuation gap.
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