yu

According to Jinshi reports, Yushu Technology (688836.SH) announced that the company will conduct its initial public offering and list on the Sci-Tech Innovation Board. This issuance will adopt a combination of strategic placement, offline issuance, and online issuance. The proposed public offering will issue 40.446434 million shares, accounting for 10% of the total share capital after issuance, with a total share capital of 404.46434 million shares after issuance.The preliminary inquiry date is August 5, 2026, and the offline subscription date is August 10, 2026. The company has a special voting rights mechanism arrangement, and the actual controller Wang Xingxing controls a total of 68.78% of the voting rights under the voting rights differential arrangement.

Tencent's official X account stated that its research agent Hyra collaborated with the Hy3 model to explicitly prove an issue that has troubled the mathematical community for over 50 years: the optimal growth rate exponent of the size of the sum set |A+A| and the size of the difference set |A-A| for a finite integer set A is exactly 2. The theorem from 1969 provided an upper bound of 2, but for the following 50 years, the best constructed exponent was only slightly above 1.1.This achievement demonstrates the potential of AI agents in the field of pure mathematical reasoning. Tencent stated that Hyra is an AI research agent developed in-house, specifically designed to assist in the exploration of complex mathematical and scientific problems. This conclusion still requires confirmation through peer review by the mathematical community.

According to Jinshi reports, southbound funds had a significant net sell of 8.571 billion yuan today. In the Hong Kong Stock Connect (Shanghai), the Tracker Fund of Hong Kong and Pop Mart were net sold 1.972 billion HKD and 385 million HKD respectively; Tencent Holdings had the highest net buy amount, totaling 444 million HKD.In the Hong Kong Stock Connect (Shenzhen), SMIC and Alibaba-W were net sold 1.376 billion HKD and 993 million HKD respectively; Tencent Holdings had the highest net buy amount, totaling 568 million HKD.

The founder of TRON, Justin Sun, delivered a video keynote speech at Malaysia Blockchain Week 2026. He stated that DeFi, TradFi, and AI are accelerating their integration through the same assets, payment channels, and user groups. The future of finance will be a connected system operated collaboratively by institutions, open blockchain networks, and AI, and the infrastructure capabilities of TRON will become an important cornerstone supporting this transformation.Justin Sun pointed out that the scale and efficiency of TRON make it naturally suitable for AI agent payment scenarios. The B.AI and Bank of AI within the ecosystem have already endowed AI agents with independent identities and autonomous trading capabilities, with the number of B.AI users exceeding 2 million. He also responded to industry compliance concerns by highlighting the achievement of T3 FCU freezing approximately $450 million in illegal assets, stating that TRON's goal is to build a bridge between humanity and AI, local markets and global liquidity, providing open infrastructure for the next generation of value flow and inclusive finance.Malaysia Blockchain Week 2026 was held from July 29 to 30 at the Kuala Lumpur World Trade Center and is one of the most anticipated Web3 events in Southeast Asia. This event brought together global policymakers, industry leaders, developers, and investors to discuss the future evolution of blockchain, digital assets, and emerging technologies.

According to Jinshi, the People's Bank of China today conducted a 270.5 billion yuan 7-day reverse repurchase operation, with both the bidding amount and the awarded amount being 270.5 billion yuan, and the operation interest rate at 1.4%. At the same time, the central bank also conducted a 600 billion yuan overnight reverse repurchase operation.

According to Jinshi reports, the China-Korea semiconductor ETF Huatai-PB (513310) saw a record high trading volume today, with a total transaction amount reaching 25.98 billion yuan, setting a new record and increasing by 121.1% compared to the previous trading day. The top two holdings of this ETF are Samsung Electronics and SK Hynix.

According to Bloomberg, OceanBase, a database company supported by Jack Ma, is in discussions with investors for Series A financing, planning to raise approximately 2 billion to 3 billion yuan (about 295 million to 443 million USD) to promote the company's independent operations and accelerate the development of its AI database business.OceanBase was originally developed in 2010 to meet the internal database needs of Ant Group and has supported Ant Group in achieving a transaction processing capacity of 500,000 transactions per second during major promotional events like "Double 11." Sources say that OceanBase is currently strengthening its AI analytical capabilities, enhancing its ability to process not only structured data but also semi-structured and unstructured data such as videos, aiming to become a key infrastructure connecting enterprise data with AI models and AI Agents. To facilitate a future spin-off listing, OceanBase has established an independent board of directors in 2024 and set up an employee stock incentive plan. Additionally, sources reveal that Ant Digital Technologies, the enterprise services division of Ant Group, is also exploring independent financing options.

According to public information and related disclosure documents, Kong Jianping indirectly holds approximately 18.98 million shares of Changxin Technology through Yifang Changda Fund (with a subscription of 21.34 million yuan). Based on the opening price of 49.5 yuan on that day, the corresponding market value of the shares is approximately 940 million yuan, and the estimated return is about 44 times according to related statements.Kong Jianping stated that when he invested in Changxin in 2020, the company's valuation was less than 20 billion yuan, and it has now exceeded 3 trillion yuan.

According to Jinshi News, Changxin Technology has landed on the Sci-Tech Innovation Board, with an intraday increase of over 530%, a market value of 3.61 trillion yuan, ranking first in A-shares, surpassing the market value of Intel in the US stock market, which closed at 46.56 billion USD (approximately 315 million yuan) on July 24. Currently, Changxin is up 526%, priced at 54.4 yuan, with a transaction volume exceeding 120 billion yuan.

Leading DRAM manufacturer Changxin Technology (688825.SH) today made its debut on the Sci-Tech Innovation Board, with the intraday increase continuing to expand. As of the time of writing, the stock price is 54.35 yuan, up 527.60% from the issue price of 8.66 yuan, with a transaction amount reaching 117.284 billion yuan, a turnover rate exceeding 56%, and a total market value of approximately 3.63 trillion yuan, firmly maintaining the top position in A-shares. The opening price of the stock was 49.50 yuan, with an intraday low of 38.11 yuan, and the current dynamic price-to-earnings ratio is about 36.70 times.

Changxin Technology in the A-share market rose over 467.78%, with a transaction amount of 98.6 billion yuan, setting a record for the single-day stock transaction amount in the A-share market; surpassing the previous record of 90.038 billion yuan set by East Money on October 9, 2024.

The domestic DRAM leader Changxin Technology (688825.SH) today listed on the Sci-Tech Innovation Board for the first time, opening at 49.5 yuan, a 471.59% increase from the issue price of 8.66 yuan, with a market value reaching 3.3 trillion yuan, ranking first in A-shares. This IPO raised approximately 57.9 billion yuan (before the full exercise of the over-allotment option), making it the largest IPO on the Sci-Tech Innovation Board to date. Based on the opening price, investors who subscribed earned 20,000 yuan.Nomura Securities simultaneously initiated coverage on Changxin Technology, giving a target price of 116 yuan, based on an expected earnings per share of 5.8 yuan in 2028 and a target price-to-earnings ratio of 20 times, implying an approximate 13.4 times increase from the issue price, with an implied market value of about 7.76 trillion yuan. Nomura believes this valuation is about twice that of Micron, primarily based on expectations of market share growth for Changxin Memory and the valuation premium in the Chinese market.

According to market information, Changxin Technology's auction price is temporarily reported at 49.5 yuan, corresponding to an issuance price of 8.66 yuan per share, with an increase of 471.59%.

According to Jinshi News, Changxin Technology will officially land on the Sci-Tech Innovation Board, with an issue price of 8.66 yuan per share. Based on an average increase of 278.01% for all new shares, the profit from a single subscription for Changxin Technology is approximately 12,000 yuan; based on an average increase of 466.67% for new shares on the Sci-Tech Innovation Board, the profit from a single subscription for Changxin Technology is approximately 20,200 yuan. Institutions have pointed out that there has been a temporary rebound in the new share sector recently, and panic sentiment has somewhat eased. Reviewing the current changes in new share cycle indicators, the cycle pricing indicators and sentiment indicators have basically returned to a neutral or slightly below neutral position for the year, and the sharp release of high-level risks may come to an end. The new share sector may be expected to initiate a relatively balanced oscillation game between bulls and bears; however, it should be noted that a return to strength for the new share sector may require more time. On one hand, it needs to wait for the cycle indicators to continue to converge and stabilize, and on the other hand, it may need to wait for the gradual reconciliation of bullish and bearish divergences.

According to a report by The Paper, the Intermediate People's Court of Xilin Gol League in Inner Mongolia upheld the original verdict in the second trial of the case involving Ma for illegal business operations. This case is part of a series of cases where the Sifang payment platform provided funding and payment settlement for gambling platforms. Some defendants in this case were accused of receiving commissions or rebates in the form of virtual currencies such as USDT.It was found that from May 24, 2022, to October 18, 2023, Ma and four others illegally collected and paid funds through third-party payment accounts, and received USDT virtual currency and bank card payments through virtual wallets. They settled amounts exceeding 2.95 billion yuan through 105 merchants of 10 third-party payment companies.Ultimately, the court determined that Ma was guilty of illegal business operations, sentencing him to four years and six months in prison and imposing a fine of 3 million yuan. The five individuals who turned themselves in have been sentenced to prison terms ranging from 3 to 6 years for illegal business operations.

The Shanghai Branch of Industrial and Commercial Bank of China (ICBC) has collaborated with ICBC Singapore Branch to successfully implement the country's first cross-border payment business between China and Singapore based on the digital renminbi cross-border settlement comprehensive service platform "Digital Currency Express" (CBETS). This transaction, involving nearly ten million yuan in import shipping fees, was fully paid using digital renminbi, with funds arriving in the Singapore recipient's account on the same day, achieving "zero time difference" and "high transparency" in cross-border fund transfers. The service targets subsidiaries of central enterprise group trade platforms that regularly need to procure iron ore from abroad and pay for shipping fees, with high frequency and large amounts of cross-border settlements."Digital Currency Express" is a cross-border settlement infrastructure built by the International Operation Center of Digital Renminbi under the guidance of the People's Bank of China's Digital Currency Research Institute. Overseas participants can access services through the Hong Kong access point "One Point Access", compatible with both centralized and blockchain systems, and the message standards comply with ISO20022. On June 16, 2026, the first batch of 26 financial institutions signed direct participant service agreements. This business marks a significant breakthrough for ICBC in leveraging the infrastructure of the International Operation Center of Digital Renminbi to establish an integrated cross-border clearing system for domestic and foreign branches, achieving comprehensive coverage of two-way digital renminbi payment and receipt services with Singapore and Laos.

Domestic DRAM storage IDM leader Changxin Technology will officially list on the Sci-Tech Innovation Board on July 27, with an issuance valuation of approximately 580 billion yuan and a total fundraising amount of 29.5 billion yuan, of which about 22.066 billion yuan is for equipment purchase and installation costs. Industry insiders believe that 2026-2027 is the golden window period for the introduction of domestic equipment.In terms of the supply chain, on the equipment side, North Huachuang has shipped a large volume of various categories such as etching and thin film deposition, Zhongwei Company continues to validate and mass-produce etching and thin film equipment, Huahai Qingshi CMP equipment has entered the core supply chain, and Jingce Electronics and Jingzhida testing equipment are benefiting simultaneously. On the materials side, Yake Technology precursor products cover advanced process needs, Guanggang Gas provides special gases and bulk gases, Jinhong Gas has a gas production order cycle of 15 years, Tongcheng New Materials ArF/KrF photoresists have entered mass production, Jingrui Electric Materials has a market share of over 40% in high-purity hydrogen peroxide, but high-end photoresists are still in the validation stage, and Debang Technology is in the sample testing stage. On the packaging and module side, Huatian Technology is a packaging supplier, Jiangbolong and Demingli have reached procurement agreements, while Maijie Technology is still in the introduction phase. On the distribution side, Shangluo Electronics has been authorized, and there are expectations for supply strategy adjustments after listing. Several listed companies hold shares indirectly through industrial funds, with Shangfeng Cement holding approximately 0.1517% of the equity before issuance.

Gate officially released the 2026 Wealth Management Semi-Annual Report. The report shows that the overall cryptocurrency market faced pressure in the first half of the year, with BTC and ETH dropping approximately 33.1% and 47.1%, respectively, and market risk appetite continued to decline. Against this backdrop, user demand for stable returns and high liquidity assets has continued to rise.Gate's Yubi Treasure position size remained stable at 2 billion USDT, with funds gradually shifting towards demand for liquidity management. At the same time, the GUSD minting rate has stabilized, with funds mainly flowing into on-chain earning scenarios, continuously demonstrating the value of income-generating stable assets. In terms of advanced wealth management, Gate's dual-currency investment maintains an industry-leading advantage, with the low-buy strategy achieving a 0-day term APY of up to 295%, significantly higher than the market average of 166%. Gate's quantitative fund continues to perform steadily, with the interstellar hedge (USDT) achieving a cumulative return of 18.7%. In asset allocation, Gate's stock holdings continue to optimize, with the proportion of Korean stocks rapidly increasing following their launch, accounting for about 75% of the overall holdings by the end of June. The top ten holdings are mainly concentrated in semiconductor and technology growth assets, with SK Hynix holding the largest position. Additionally, Gate's GUSD minting annualized rate reached 3.8%, supporting users to participate in diverse ecological scenarios such as Launchpool and Pre-IPOs; Yubi Treasure USDT wealth management VIPs can enjoy an annualized return of 4.0%.In the future, Gate will continue to improve its wealth management system covering stable wealth management, enhanced returns, and multi-asset allocation, providing more flexible and efficient asset appreciation solutions for users with different risk appetites, helping users achieve long-term value growth amid market cycle changes.