SK hynix Korean Stock vs Nasdaq ADS vs SKHYON: 000660, SKHY and SKHYON Explained
Summary
SK hynix has three relevant market identifiers:
- 000660: Korean common share;
- SKHY: Nasdaq American Depositary Share;
- SKHYON: Ondo tokenized product available against USDT on MEXC.
Each SKHY ADS represents one-tenth of one Korean common share. SKHYON is linked to SKHY and does not directly represent 000660.
000660: Korean Common Stock
000660 is the identification code for SK hynix common shares on the KRX KOSPI Market.
A holder of 000660 owns SK hynix common stock through Korean securities infrastructure.
Key characteristics include:
- Quoted in Korean won;
- Traded during Korean market hours;
- Subject to Korean securities and tax rules;
- Direct common-share voting rights;
- Direct entitlement to declared common-share dividends.
SKHY: Nasdaq ADS
SKHY is a U.S.-listed security representing deposited Korean shares.
Ten ADSs represent one Korean common share.
The theoretical relationship is:
SKHY value ≈ 000660 price × 0.1 ÷ KRW per USD
Actual market prices can differ because of:
- Currency movements;
- Trading-hour differences;
- Depositary costs;
- Investor demand;
- Conversion procedures;
- Settlement timing.
SKHYON: Tokenized SKHY Exposure
SKHYON is an Ondo tokenized product whose immediate reference security is SKHY.
It trades against USDT through the MEXC SKHYON market.
SKHYON adds:
- An Ondo issuer layer;
- Blockchain infrastructure;
- Token minting and redemption;
- MEXC order-book liquidity;
- USDT pricing.
Three-Layer Comparison
| Feature | 000660 | SKHY | SKHYON |
| Product | Common share | ADS | Tokenized security |
| Market | KRX | Nasdaq | MEXC |
| Quote | KRW | USD | USDT |
| Economic unit | One share | 0.1 share | Current token ratio |
| Direct SK hynix ownership | Yes | Through ADS structure | No |
| Depositary layer | No | Yes | Indirect |
| Token issuer layer | No | No | Yes |
| Blockchain risk | No | No | Yes |
Why Prices Can Diverge
000660 vs SKHY
Potential differences include:
- KRW/USD movements;
- Korea and U.S. market schedules;
- Foreign-investor flows;
- ADS creation and cancellation;
- Depositary fees;
- U.S.-market sentiment.
SKHY vs SKHYON
Potential differences include:
- MEXC liquidity;
- USDT value;
- Token supply and demand;
- Minting or redemption pauses;
- Trading outside Nasdaq hours.
Dividend Treatment
000660 holders receive dividends through Korean securities infrastructure.
SKHY holders receive net dollar distributions through the depositary after applicable deductions.
SKHYON is designed to reflect net reinvested distributions under Ondo’s total-return model.
Voting
000660 holders exercise common-share voting rights.
SKHY holders instruct Citibank to vote the deposited shares, subject to depositary procedures.
SKHYON holders do not automatically receive either set of direct voting rights.
Which Market Offers the Longest Availability?
000660 follows Korean market hours.
SKHY follows Nasdaq and available extended-hours sessions.
SKHYON may remain tradable on MEXC while both underlying markets are closed. Longer availability may increase convenience but can also produce wider spreads and stale reference prices.
Who May Prefer Each Product?
000660
May suit investors with Korean brokerage access who want direct common shares.
SKHY
May suit investors seeking direct dollar-denominated ADS ownership through a U.S. broker.
SKHYON
May suit eligible users who prefer USDT and tokenized financial infrastructure.
FAQ
Are 000660 and SKHY the same security?
No. SKHY is an ADS representing 0.1 of a 000660 common share.
Does SKHYON directly track 000660?
Its immediate reference product is SKHY.
Can the three products show different percentage movements?
Yes, particularly when their active trading sessions do not overlap.
Does one SKHYON always equal one SKHY?
Users should check the current Ondo token ratio rather than assume a permanent one-to-one relationship.
Risk Disclaimer
The three products involve different ownership, currency, custody, trading and legal structures. SKHYON adds token issuer, tracking, blockchain, exchange and stablecoin risks.
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