Asian companies have raised about $28 billion through American Depositary Receipts in the United States so far this year, marking the strongest issuance level since 2020. Citigroup expects the trend to continue, arguing that more technology companies in Asia may pursue U.S. stock offerings in search of higher valuations. The total has been driven largely by SK Hynix's $26.5 billion listing, while PayPay added $1 billion through its initial offering.