Woofun AI reports that Morgan Stanley was not selected for the underwriting syndicate of SK Hynix's American Depositary Receipt listing in the United States. The transaction, valued at approximately $26.5 billion, represents the largest initial public offering by a foreign entity in the U.S. market. The final underwriting group comprises Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.

Based on a 0.5% underwriting fee structure, the excluded commission totaled roughly $130 million. Industry observers attribute Morgan Stanley's exclusion to its prior publication of bearish analyses regarding the Korean semiconductor sector, specifically the "memory winter" report. Internal sentiment suggests this loss constitutes a reputational setback, with Seoul office staff advocating for greater caution in future viewpoint releases.