Morgan Stanley Excluded from SK Hynix's $26.5B ADR Listing as Lead Underwriter

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According to Chosun Ilbo, Morgan Stanley was excluded from SK Hynix's $26.5 billion ADR listing on July 6, joining only Bank of America, Citigroup, Goldman Sachs, and JPMorgan as lead underwriters. The exclusion follows years of bearish research reports on South Korean semiconductor makers issued by the investment bank, which have reportedly damaged its market reputation and internal morale in Seoul.
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