Morgan Stanley was not selected as the sole lead underwriter for SK Hynix's American Depositary Receipts listing. The transaction size is about US$26.5 billion. It is the largest foreign-funded IPO in the US, with a commission of about US$130 million based on a 0.5% underwriting rate. The final underwriting team consists of Bank of America, Citibank, Goldman Sachs, and J.P. Morgan. Daimo has previously won projects such as SpaceX and Anthropic, and was once regarded as a popular underwriter for OpenAI listed projects, so losing the election this time was viewed as a blow to its reputation internally. The industry generally believes that Damo's loss of election is related to the fact that it has published many bearish reports on Korean semiconductors, including the famous “Storage Winter” analysis. A number of investment bankers, including former Dama executives, said that more and more people within the Seoul office believe that the previous bearish report may have caused the company to lose the SK Hynix deal, so they need to be more careful when posting relevant opinions in the future.

Morgan Stanley was not selected as the sole lead underwriter for SK Hynix's American Depositary Receipts listing. The transaction size is about US$26.5 billion. It is the largest foreign-funded IPO in the US, with a commission of about US$130 million based on a 0.5% underwriting rate. The final underwriting team consists of Bank of America, Citibank, Goldman Sachs, and J.P. Morgan. Daimo has previously won projects such as SpaceX and Anthropic, and was once regarded as a popular underwriter for OpenAI listed projects, so losing the election this time was viewed as a blow to its reputation internally. The industry generally believes that Damo's loss of election is related to the fact that it has published many bearish reports on Korean semiconductors, including the famous “Storage Winter” analysis. A number of investment bankers, including former Dama executives, said that more and more people within the Seoul office believe that the previous bearish report may have caused the company to lose the SK Hynix deal, so they need to be more careful when posting relevant opinions in the future.