News linked to this event type.
Affected by corporate bankruptcy risks, high interest rates, and macroeconomic uncertainties, fundraising for Asian private credit funds continues to cool. PitchBook data shows that only five Asian private credit funds completed fundraising in the first half of this year, raising a total of $1.2 billion, the lowest level for the same period in at least 12 years. During the same period in 2025, a total of 29 funds raised $9.5 billion. If the fundraising pace remains unchanged in the second half of the year, 2026 is set to become the quietest year for the Asian private credit market in at least 12 years.Over the past year, the collapse of multiple borrowing companies has led to large-scale redemptions by retail investors from private credit funds. However, some large institutions are still increasing their positions against the tide, hoping to capitalize on opportunities arising from the withdrawal of retail funds. For example, Singapore's Temasek has announced plans to increase its private credit allocation from 2% to 5% by 2031. (Financial Times)
According to Korean media Asiae, six top Silicon Valley VC firms, including Sequoia Capital, a16z, Khosla Ventures, Lightspeed Venture Partners, General Catalyst, and NEA, announced the signing of a strategic investment cooperation memorandum of understanding (MOU) with the South Korean National Pension Service (NPS), planning to jointly explore investment opportunities, share investment information, and strengthen their global venture capital layout. Additionally, with the South Korean government accelerating policies to attract overseas venture capital, coupled with the launch of the 200 trillion won "National Growth Fund," the market expects the Korean venture capital sector to see simultaneous inflows of policy funds, private capital, and overseas capital, with strategic industries such as AI and semiconductors expected to receive more investment. However, industry insiders warn that if a large amount of capital concentrates on a few popular enterprises, it may push up corporate valuations and create bubbles, potentially facing valuation correction pressure during future IPO and M&A exits, affecting fund return rates.
on the eve of Changxin Technology's listing, multiple ETF fund managers including China Asset Management (ChinaAMC) and Harvest Fund Management issued cautionary notices. Certain ETFs under their management participated in the IPO subscription for Changxin Technology and valued it at the issuance price. However, the Indicative Optimized Portfolio Value (IOPV) for ETFs only reflects the issuance price of Changxin Technology and does not include its market price fluctuations. Therefore, on the first day of Changxin Technology's listing, the IOPV of these ETFs may differ from the fund's net asset value (NAV). Investors are advised to pay attention to the associated investment risks.In this regard, an ETF fund manager revealed that currently, fund companies generally participate in IPO subscriptions for these ETFs together with active equity funds. The ETF's IOPV is strictly calculated based on the PCF (Portfolio Composition File), and restricted stocks such as new shares are not included. If Changxin Technology sees a significant price surge on its listing day, the actual NAV of the participating ETFs would be slightly higher than the IOPV, resulting in a deviation. In such a scenario, potential arbitrage strategies could include buying ETFs while hedging with derivatives, retaining only the deviation's excess exposure. (Source: China Securities Journal Taurus)
Chinese AI startup Moonshot AI will release the model weights of its high-performance model, Kimi K3. Developers can download the model, modify it for various purposes, and run it in their own data centers or cloud environments.Kimi K3 boasts 2.8 trillion parameters and a 1 million token context window, enabling it to process large-scale documents and codebases in a single pass. Moonshot AI plans to later publish a technical report detailing the model's architecture, training methodology, and performance evaluation results.Following the release of Kimi K3, Moonshot AI's daily revenue is reported to have increased by at least 6 times. The company is reportedly advancing a new round of fundraising at a $50 billion valuation and is considering a Hong Kong listing as early as this year.According to Bloomberg Intelligence, following the release of Kimi K3 and Z.AI's GLM-5.2, the share of Chinese open-weight models in overall token usage has risen to 68%. Services like AWS Bedrock, Microsoft Azure Foundry, and Google Vertex AI currently do not offer Chinese open-weight models such as Kimi K3 and GLM-5.2.
According to Chaoxiang Research, CXMT listed on the STAR Market on July 27, surging 471% at opening, with market capitalization briefly exceeding 3.3 trillion yuan. Nomura Securities released its initiation report on the same day, granting a Buy rating with a target price of 116 yuan, corresponding to a 20x P/E ratio based on 2028 EPS of 5.8 yuan, implying over 12x upside based on an issue price of 8.66 yuan. Nomura noted that AI is driving a structural surge in DRAM demand, with AI memory demand CAGR exceeding 60% from 2026 to 2030, while global supply growth rate is only 30% to 40%, and the supply-demand gap will continue to widen. As the world's fourth-largest DRAM manufacturer, CXMT currently holds a global share of about 10%, expected to rise to 18% by the end of 2028, approaching Micron's scale. Q1 2026 revenue was 50.8 billion yuan (YoY +719%), and net profit attributable to shareholders of the parent company was 24.76 billion yuan (YoY +1688%), with quarterly profit already exceeding the full year 2025. Nomura believes CXMT should enjoy a "China premium," with the 20x PE valuation based on the midpoint between Micron's 10x historical average and the 1 to 3x valuation gap between Chinese and US semiconductor equipment stocks. Northeast Securities gave a valuation range of 3.2 to 5.7 trillion yuan on the same day, while Nomura's 7.76 trillion yuan is relatively optimistic; the core divergence lies in CXMT's long-term market share ceiling.
According to Odaily, a 26-year-old male trader at Hong Kong's Chee Fu Management Services Limited allegedly misappropriated HK$50 million of company funds as margin to purchase the CSOP Direxion 2x Long SK Hynix ETF using leveraged financing.Due to the double leverage of margin financing combined with the 2x leveraged ETF, the position incurred paper losses of approximately HK$150 million. The ETF had risen to an all-time high of HK$193.65 in late June, but subsequently corrected along with the semiconductor sector, falling over 72% to HK$52.58 as of July 20.The trader has been arrested by police on suspicion of theft. As the position has not yet been closed, the final loss will continue to fluctuate with price movements. (Tencent News)
According to Tencent News "YiXian", a 26-year-old male trader at Hong Kong Zhi Fu Management Services Limited misappropriated 50 million HKD of company funds as margin without authorization between January 9 and July 20 this year, using financing leverage to heavily buy the HKEX-listed CSOP 2x Long SK Hynix ETF (07709.HK), ultimately resulting in paper losses of up to 150 million HKD. Driven by the memory chip theme, the ETF surged to a historical high of HKD 193.65 at the end of June this year, but subsequently the semiconductor sector corrected sharply. As of July 20, it had plummeted to HKD 52.58, a decline of over 72%. Hong Kong financial professionals analyzed that the combination of double leverage from margin financing and the 2x Long ETF was the main reason why the 50 million principal turned into a 150 million huge loss. The incident was uncovered during the company's recent audit. The man involved was arrested by the police on July 20 on suspicion of "theft". Currently, the relevant stock positions have not yet been forcibly liquidated, and the final loss remains uncertain. After the incident, some clients of Zhi Fu Securities made risk-avoidance withdrawals.
According to Korean media Ket, South Korea's SK Telecom (SKT) announced the establishment of a new company dedicated to AI Data Centers (AIDC) named "SK Hyper" and plans to invest a cumulative total of 750 billion won to promote large-scale AI data center business expansion. It is expected to initially invest 330 billion won, and plans to cumulatively invest 750 billion won by December 2030, ultimately holding 100% equity in the company. Reportedly, the newly established SK Hyper will be responsible for the development and commercialization of future large-scale AI data center projects, including preliminary work such as site selection, power infrastructure, and customer business collaborations. Subsequently, external funds such as equity investment from Financial Investors (FI) and Project Financing (PF) will also be introduced.
CryptoQuant analyst Axel Adler pointed out in a weekly report analysis that the US 10-year Treasury yield has recently risen to approximately 4.7%, approaching the upper limit of the range over the past five years. The high-interest rate environment is tightening financial conditions, raising financing costs and asset discount rates, and increasing pressure on risk assets.
According to TheStreet, economist Peter Schiff stated that the recent decline in SpaceX (SPCX) stock price could be a warning signal from the market regarding rising risks in high-valuation AI stocks and crypto assets. He believes that SpaceX's correction is not a single-company issue, but may reflect a trend of cooling investor enthusiasm for hot assets.
Morgan Stanley analysts stated that if SpaceX's stock price falls to $100 per share, it implies the market's valuation of its AI business has dropped to zero. SpaceX launched an IPO valued at $86 billion in mid-June, and this week it fell to a low of $110.85, down 18% from the offering price. Analysts assigned a target price of $300 per share to the stock, with more than half derived from the AI business valuation. Previously, SpaceX entered the AI infrastructure sector leveraging its Starlink satellite network, providing low-latency data transmission services for large model training.
On-chain data shows that the Worldcoin Foundation sold approximately 217.4 million WLD tokens to institutions such as Pantera Capital, raising approximately $52.5 million. Based on the transaction amount, the transaction price was approximately $0.24, representing a discount of approximately 36% compared to the market price, and the relevant tokens are subject to a one-year lock-up period.
Coinbase Institutional and Glassnode have jointly released a market report, maintaining a neutral outlook on the cryptocurrency market for the third quarter of 2026. In the second quarter, the total market capitalization of the crypto market (excluding stablecoins) declined by approximately 12%, while stablecoin supply reached an all-time high. On-chain data suggests that Bitcoin may be transitioning from a correction phase to an accumulation phase, characterized by compressed valuations, near-multi-year lows in recent active supply, and the proportion of supply in profit breaking below historical statistical lower bounds—historically corresponding to accumulation rather than distribution zones. However, the macro liquidity environment remains tight, with the Federal Reserve maintaining a hawkish stance under Kevin Warsh's leadership, a strong U.S. dollar, coupled with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from spot BTC and ETH ETFs in the first half of the year (though the pace of outflows has begun to slow), thus overall caution is advised.
the World Foundation has announced the completion of a $52.5 million fundraising through a strategic sale of WLD tokens. The round was led by Pantera Capital, with participation from Bain Capital Crypto, Eightco Holdings, Selini Capital, Susquehanna Crypto, and others. The World Foundation is the non-profit organization behind the World protocol. The WLD tokens sold in this round will be locked for one year and are intended for use within the World Network, and do not represent any investment rights, profits, or return entitlements.
According to CoinDesk, institutional crypto trading platform LMAX Group is evaluating strategic options with Morgan Stanley and investment bank KBW, including a sale, a merger with a special purpose acquisition company, and an initial public offering in the US or Europe. Sources say the company's valuation could reach up to $5 billion, with a Nasdaq listing currently the preferred option.
Institutional trading platform LMAX is working with advisors Morgan Stanley and KBW, the investment bank arm of Stifel, to evaluate strategic alternatives. According to sources familiar with the matter, options under consideration include a potential sale, a SPAC merger, or an IPO. London-based LMAX recently launched a 24/7 multi-asset exchange and secured a $150 million strategic investment from Ripple, which is related to institutional stablecoin adoption.
Memecoin.Fun has announced the completion of a $3.5 million strategic funding round, led by Becker Ventures, with participation from BitValue Capital, Mason Labs, Negentropy Capital, and angel investor Billy Wen, among others. The project primarily operates as a token issuance platform on the Robinhood Chain ecosystem. This funding round will be used to accelerate the development of core products and infrastructure, including the Robinhood Chain Launchpad infrastructure, cross-chain bridge functionality, and the research, development, and operation of the Memecoin All-chain Platform.
According to CoinDesk, citing sources familiar with the matter, cryptocurrency market maker B2C2, 90% owned by Japan's SBI Holdings, has held discussions with multiple potential acquirers regarding a partial or full sale over the past 18 months.
B2C2, a crypto market maker in which SBI Holdings holds a 90% stake, has been in acquisition negotiations with multiple potential acquirers over the past 18 months. The negotiations have been impacted by valuation differences. B2C2 is seeking a transaction price exceeding $1 billion, which one source familiar with the matter said is difficult to achieve in the current crypto market environment. These talks have taken place against the backdrop of consolidation in the digital asset industry, as several companies seek to expand their institutional businesses and increase scale through acquisitions.
Odaily News: In the insider trading case involving US stock options of Futu Holdings and UP Fintech (Tiger Brokers), two defendants had previously appeared—one individual and one investment institution. Now, a third defendant has surfaced in an attempt to unfreeze assets. According to a declaration submitted to a US court on July 23, the third defendant is identified as Yang Jingyao, whose Chinese name is Yang Jingyao, and who has been a Hong Kong resident since 2020. Yang Jingyao claims, "My personal assets far exceed my personal debts," and "I have no outstanding debts in arrears." According to public documents from the Hong Kong Stock Exchange, the single largest shareholder of Hong Kong-listed company Grand Power Logistics Group Inc. and the offeror in a previous mandatory general offer is also named "Yang Jingyao."Hong Kong Stock Exchange filings show that Yang Jingyao of Grand Power Logistics is currently 32 years old, and his mother is a wealthy individual from mainland China. Yang Jingyao is described as a businessman and private investor who has long invested in listed securities, information technology companies, startups, and other financial assets through brokers as well as wholly-owned private investment companies established in Hong Kong and the British Virgin Islands. However, there is currently no public evidence linking the securities accounts or funds involved in the US court's restraining order to the lapse of the Grand Power Logistics offer. (Caixin)