UBS: buy SK Hynix ADRs, sell Seoul-listed shares

UBS recommends buying SK Hynix's planned American depositary receipts (ADRs) while selling the chipmaker's Seoul-listed shares, arguing the new securities will trade at a premium. SK Hynix is one of the world's largest makers of DRAM and NAND memory chips. The trade is an arbitrage play on the expected price gap between the two listings.