Woofun AI data shows that the price discrepancy between SKHX and SKHY on Hyperliquid widened to 41.3% early this morning. SKHX traded at $1,380, while SKHY was priced at $195.

Analyst ai_9684xtpa explained that the conversion mechanism is strictly one-way, allowing only the redemption of U.S. ADRs for Korean ordinary shares. Because this process is not viable when a premium exists, the price gap persists despite market efforts to close it.