You can own a piece of a Korean company without leaving your US brokerage account, as long as the company has come to you. A short list of Korean issuers trade in New York as American depositary receipts (ADRs). The list is shorter than most people expect; the biggest name in Korea isn’t on it, and the instrument you buy is not the Seoul share with a dollar price attached. This is one of the four routes in our hub guide: How to Invest in Korean Stocks From Abroad. Below is the list I could confirm in SEC filings, and then what the ADR wrapper costs you and saves you.
Key Takeaways
- The confirmed list is small. I could confirm eleven in the companies’ own SEC filings as of October 10, 2026: eight on the New York Stock Exchange and three on Nasdaq. That is the list I verified, and it may not be a complete count. SK Hynix joined in July 2026.
- Samsung Electronics isn’t there. Its investor-relations page describes shares in Seoul and global depositary receipts in London, which it says US-resident individuals cannot trade.
- One ADR rarely equals one share. A Woori Financial ADR is three shares. An SK hynix ADR is a tenth of one. Compare prices only after applying the ratio.
- Dividends are taxed in Korea exactly as they are on the underlying shares. The default is 22%, including local income tax, and the depositary takes its fees before paying you.
- Selling is where the ADR is cheaper. Korea’s securities transaction tax doesn’t apply to depositary receipts sold on the New York Stock Exchange or Nasdaq.
Contents
- The list, with ratios
- Who isn’t on it
- What an ADR holder gives up
- What Korea taxes and what it doesn’t
- What you get in return
- Easy mistakes
- Frequently asked questions
1. The list, with ratios
Each row below comes from the company’s own filing with the US Securities and Exchange Commission (SEC): the 2025 annual report on Form 20-F for the first ten and the July 2026 prospectus for SK Hynix.
| Company | Exchange: ticker | One ADR represents | Depositary bank |
|---|---|---|---|
| KB Financial Group | NYSE: KB | 1 common share | JPMorgan Chase Bank |
| Shinhan Financial Group | NYSE: SHG | 1 common share | Citibank |
| Woori Financial Group | NYSE: WF | 3 common shares | Citibank |
| POSCO Holdings | NYSE: PKX | 1/4 of a common share | Citibank |
| Korea Electric Power (KEPCO) | NYSE: KEP | 1/2 of a common share | Citibank |
| SK Telecom | NYSE: SKM | 5/9 of a common share | Citibank |
| KT Corp | NYSE: KT | 1/2 of a common share | Citibank |
| LG Display | NYSE: LPL | 1/2 of a common share | Citibank |
| Gravity | Nasdaq: GRVY | 1 common share | Citibank |
| DoubleDown Interactive | Nasdaq: DDI | 0.05 of a common share | Citibank |
| SK Hynix | Nasdaq: SKHY | 1/10 of a common share | Citibank |
I haven’t found a way to prove this list is complete, so do not read it as exhaustive. The SEC’s registrant file doesn’t sort companies by country of incorporation, and a smaller Korean issuer on Nasdaq could be missing here.
The newest entry I know of is SK Hynix. It sold 177.9 million depositary shares at $149 each under a prospectus dated July 9, 2026, and they trade on Nasdaq as SKHY. Its common shares stay listed in Seoul, which the prospectus calls the company’s principal trading market.
Some of these listings are old. KEPCO’s filing dates its New York listing to October 27, 1994, and SK Telecom’s depositary shares have traded there since June 27, 1996.
One row may not last. DoubleDown Interactive said on April 29, 2026 that its controlling shareholder, DoubleU Games, had made a non-binding proposal to buy the shares and depositary shares it doesn’t already own.
2. Who isn’t on it?
Samsung Electronics. The company’s investor-relations page describes two things: shares listed on the Korea Exchange and global depositary receipts listed on the London Stock Exchange. For US residents, it states that individuals are prohibited from trading those GDRs. The SEC’s registrant file has no Samsung Electronics entry as of October 10, 2026.
Hyundai Motor. The same SEC file has no entry under that name either.
Coupang and Webtoon Entertainment, in a different sense. Both trade in the US, and both are often filed under “Korean stocks.” Neither is an ADR. SEC records show Coupang, Inc. and WEBTOON Entertainment Inc. as Delaware corporations that file annual reports on Form 10-K. You’re buying the ordinary shares of a US company whose business is tied to Korea, and the ADR mechanics in the rest of this article do not apply to them.
If the company you want isn’t in the table, the ADR route is closed, and you’re looking at the Korean market itself, through a Korean broker or a foreign one with access to it.
3. What an ADR holder gives up
An ADR is a claim on shares that a depositary bank holds in Korea through a custodian. Your rights come from the deposit agreement, which is a contract, and not from the company’s share register. The SK Hynix prospectus is the most recent place to see what that contract says.
A clean price comparison. The ratios in the table are not decoration. Ten SK hynix ADRs make one common share, and two KEPCO ADRs do. One Woori ADR is three shares, so it runs the other way. Before you compare a New York quote with a Seoul quote, multiply or divide by the ratio and then convert the currency.
A direct vote. If the depositary receives your voting instructions in time, it will try to vote the underlying shares accordingly. Shares without instructions are not voted. And the prospectus says the company cannot assure holders that voting materials will arrive in time to respond.
Some of each dividend. The depositary pays out the cash dividends it receives after deducting its fees and expenses. Under the SK Hynix agreement, the fee on a cash distribution is up to $5.00 per 100 ADRs, there is a separate depositary services fee of up to the same amount, and the prospectus notes that some fees may be cumulative. I have read that schedule only for SK Hynix. Check the deposit agreement for any other name on the list.
The home market. SK hynix calls the Korea Exchange its principal trading market, so the ADR follows a price that is set in Seoul. Not every name has a Seoul quote, though. Gravity’s filing says the common shares underlying its ADRs aren’t listed on any stock exchange in Korea, and DoubleDown Interactive’s annual report names Nasdaq as the market where its depositary shares trade. The ADR is priced in dollars, but the won hasn’t gone anywhere: the prospectus warns that exchange-rate moves between the won and the dollar can hurt the dollar value of the ADRs.
An easy way back. You can surrender ADRs and take delivery of the underlying shares. The prospectus cautions that if you do, you may not be allowed to deposit those shares again to get ADRs back.
One more line from the risk factors is worth a second look. As a foreign private issuer, SK hynix says it is not subject to certain corporate governance rules that apply to US-listed companies. A US ticker doesn’t make it a US company.
4. What Korea taxes and what it doesn’t
Dividends: no discount for holding the ADR. Dividends on Korean common shares or ADRs paid to a non-resident are subject to Korean withholding at 22.0%, including local income tax, or a lower treaty rate. For US residents, KB Financial’s annual report gives the treaty rates as 16.5% or 11.0%, depending on the size of the holding, and inclusive of local income surtax. Our guide to Korean dividend withholding tax covers how a treaty claim works.
Selling: the ADR’s real advantage. A sale of common shares on the KOSPI market of the Korea Exchange carries a securities transaction tax of 0.05% plus a 0.15% rural surtax, or 0.20% of the sale price. KB Financial’s filing states that the transfer of depositary receipts listed on the New York Stock Exchange, Nasdaq, or other qualified foreign exchanges is exempt.
Capital gains. According to the SK hynix prospectus, gains a non-resident earns from transferring ADRs outside Korea are generally exempt from Korean income tax, provided the ADRs are deemed to have been issued overseas. There is a catch for anyone who starts with the Korean shares. A holder who converts underlying shares into ADRs and then sells the ADRs is not covered by that exemption.
That’s the Korean side only. What your own country charges on the dividend and the gain is a separate calculation.
5. What you get in return
Three things, and for some investors they’re enough.
You stay inside one account and one currency for trading. No Korean onboarding, no WON balance.
You get disclosure in a familiar format. The first ten companies in the table filed an annual report for 2025 with the SEC in English, and SK hynix has been filing Form 6-K reports since its listing. That’s a shorter path than relying on Korea’s English-disclosure rules, which reach only some companies.
And you sell without Korea’s transaction tax.
So the ADR tends to suit a narrow case well: you want one specific company, that company is on the list, and you’d trade a direct vote and a slice of each dividend for convenience. If any of those three isn’t true, compare the other routes first.
6. Easy mistakes
Comparing the ADR price to the Seoul price without the ratio. An SK hynix ADR at one-tenth of a share will always look cheap next to the Seoul quote. It isn’t.
The dividend isn’t lighter because the ticker is American. Korea withholds on ADR dividends at the same rate as on the shares, and the depositary’s fee comes out after that.
Treating every Korea-linked US ticker as an ADR. Coupang and Webtoon Entertainment are Delaware companies. Different instrument, different tax path.
Trusting an old list. Ratios and depositaries change. Shinhan’s ADR has represented one share since October 15, 2012, and two before that. POSCO Holdings’ filing records a change of depositary from Bank of New York Mellon to Citibank.
7. Frequently asked questions
Is there a Samsung Electronics ADR on a US exchange?
No. The company’s investor-relations page lists shares on the Korea Exchange and GDRs on the London Stock Exchange and says US-resident individuals are prohibited from trading the GDRs.
Do I pay Korean tax when I sell a Korean ADR?
Korea’s securities transaction tax doesn’t apply to depositary receipts listed on the New York Stock Exchange or Nasdaq, and gains from transferring ADRs outside Korea are generally exempt from Korean income tax. Your home country’s tax still applies.
How do I check the ratio for an ADR?
Open the company’s latest Form 20-F on the SEC’s EDGAR system and search for “each representing.” Most put the ratio on the cover page, and Shinhan’s gives it in the body of the report. SK hynix hasn’t filed a 20-F yet, so use its July 2026 prospectus.
Is the SK hynix ADR the same as the SK hynix share in Seoul?
It represents the same company, at one-tenth of a common share per ADR, held through Citibank as depositary. It trades in dollars on Nasdaq, with the rights set out in the deposit agreement.
Can I turn my ADRs into Korean shares?
The SK hynix deposit agreement lets holders surrender ADRs and receive common shares. The prospectus warns that you may not be able to deposit them again afterward.
Disclaimer: This article is for general informational purposes only and does not constitute investment, legal, or tax advice. Listings, ratios, depositary banks, fees and tax treatment described here come from company filings with the US Securities and Exchange Commission and company investor-relations pages as of October 10, 2026, and they change. The list of ADRs is not exhaustive. Fees and voting terms are described from the SK hynix deposit agreement and may differ for other issuers. Confirm the current terms in the issuer’s own filings, and consult a qualified tax professional about your own position before you act.
Last updated: October 16, 2026
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