SK hynix shares fell after reports that Solidigm, its U.S.-based NAND flash subsidiary, is considering a U.S. initial public offering as early as next year at a valuation of up to $150 billion. SK hynix shares closed Sept. 28 down 5.05% at 1,768,000 won, or about $1,302, while its New York-listed American depositary receipts fell 5.03%. The potential IPO has intensified concerns that a separate listing of Solidigm’s enterprise SSD business could divert investment demand from SK hynix, dilute its ownership of a strategically important AI-related asset and deepen the group’s already complex ownership structure. Solidigm sits at the end of a five-layer chain running through SK, SK Square, SK hynix and AI Company. The company and some analysts say an offering raising up to $15 billion could fund SSD capacity expansion and research while reducing SK hynix’s direct investment burden. SK hynix said no specific IPO plan has been finalized. Investors are seeking greater disclosure on any new share issuance, use of proceeds and shareholder returns.