Samsung Electronics could become the next major Asian chipmaker to consider an American depositary receipt (ADR) listing, analysts said Sunday, as rivals seek greater access to U.S. investors amid the capital-intensive race in AI memory. ADRs allow U.S. investors to gain exposure to foreign companies without those companies directly listing their ordinary shares on a U.S. exchange. They could broaden Samsung's global investor base, increase its visibility among U.S. institutions and potentially pave the way for inclusion in global exchange-traded funds (ETFs) and benchmark indices. "Given the company's current undervaluation and favorable market conditions, the ADR scenario cannot be ruled out," said Kim Dong-won, head of research at KB Securities. "It is viewed as a strong capital policy option to improve access for global investors, and related discussions are expected to gain momentum." Analysts point to TSMC as an example of how ADRs can expand a chipmaker's international investor base. TSMC is held by 9,994 global funds through its ordinary shares, compared with 12,748 for SK hynix
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