Solidigm IPO withdrawal 'a victory for ordinary retail investors,' says Ahn Cheol-soo

People Power Party lawmaker Ahn Cheol-soo said Friday that SK hynix's decision to halt the US stock market listing of its subsidiary Solidigm was "a result created by the voices of ordinary retail investors," after SK hynix disclosed it was suspending the listing process.

Ahn made the remarks on his Facebook page Friday, adding that he hoped the development would serve as an opportunity for SK hynix "to recognize that we are now in an era where shareholders and the company must grow together."

However, Ahn also directed sharp criticism at the government. "The problem is the Lee Jae Myung administration. What on earth did it do?" he said. "It called for a 'value-up' while staying silent for months with no clear position on dual listings," he added. "It did nothing while shareholder concerns boiled over and share prices were cut in half."

"People find it hard to even look at their stock portfolios," Ahn said. "Do they really have to monitor the stock market every single day and post manifestos themselves?"

SK hynix disclosed Friday that Solidigm, its overseas subsidiary, had "been reviewing various financing options to expand production capacity and strengthen competitiveness, but decided to halt its review of pre-IPO investment and an initial public offering after comprehensively considering capital market conditions and other factors." The announcement came 78 days after news of the planned listing first emerged on Aug. 5.

SK hynix said it "determined that, given recent capital market conditions and share price trends, there was a need to reconsider whether a current IPO would be the most advantageous choice for SK hynix and its existing shareholders."

Solidigm was launched after SK hynix acquired Intel's NAND flash and solid-state drive business in 2021. The subsidiary accounts for approximately 12.9 percent of SK hynix's total enterprise value.