Changxin's new share subscription sees rare universal allocation on the Shanghai Stock Exchange: 18% winning probability for investors with an average daily market value of 200,000 yuan.

According to Hyperinsight monitoring, as of press time, SK Hynix’s US-listed ADR (SKHY) on Hyperliquid trades at $166.31, while its South Korean-listed stock (SKHX) stands at $1234.10. Calculated based on 0.1 South Korean underlying shares per SKHY ADS, the ADR premium has widened to 34.8%. Two top convergence whales previously tracked are still betting on the spread narrowing, holding a combined bilateral position of ~$13.694 million with a total unrealized loss of ~$356,000: - Address starting with 0xf51: 10x full-position long on 2,624.9 SKHX, 5x isolated short on 17,038 SKHY, bilateral size ~$6.073 million, net unrealized loss ~$517,000; - Address starting with 0x257: 10x isolated long on 1,993.9 SKHX, short on 31,025 SKHY, bilateral size ~$7.621 million, net unrealized profit ~$161,000. The funding fee structure has changed since yesterday. The hourly funding rate for SKHX is now ~-0.00706%, and for SKHY it is ~-0.00354% — both negative. Under the convergence pair, SKHX long positions now earn fees, while SKHY short positions continue to pay fees. Based on current positions, address 0xf517 is now net collecting ~$128 per hour, temporarily ending the earlier "mutual payment" state. Taking TSMC as a reference: TSM on Hyperliquid trades at $410.35, while its Taiwan-listed underlying stock closed at NT$2,470. Calculated at an exchange rate of 1 USD = 32.19 TWD and 5 underlying shares per ADR, TSMC’s ADR premium is ~7.0%, making SK Hynix’s current premium roughly 5 times that. Earlier news: Measuring SK Hynix’s ADR high premium against TSMC, $3.24 million convergence positions still paid mutual funding fees — HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as admin (enable message sending permission) to automatically sync on-chain news.

Binance founder CZ issued a bullish statement on Bitcoin: "Artificial intelligence is undoubtedly powerful, but it cannot hedge against inflation. Bitcoin can."

Japan will procure 27,500 NVIDIA Rubin chips to build robotics AI systems.

The U.S. House Financial Services Committee will hold a field hearing in New York on July 17, titled "Building the Future of Finance: How the CLARITY Act Unlocks Innovation". (Note: The CLARITY Act refers to the Cryptocurrency Market Structure Act.) Participants include Sarah Aberg, Chief Legal Officer of Nova Labs; Randi Abernethy, Head of Clearing and Enterprise Risk at Bullish; Ryan Louvar, Chief Legal Officer of WisdomTree; and Jason Somensatto, Policy Director at Coin Center. The hearing will also discuss H.Res. 111 (Supporting Blockchain Technology and Digital Assets) and H.R. 8957 (American Reserve Modernization Act).

Counterpoint Research Director Hwang Minsung noted that a 15% global DRAM market share is the benchmark for CXMT’s (ChangXin Memory Technologies) long-term survival—falling below this level would repeat the 2008 fate of Taiwanese DRAM makers, which slid to a 3% share due to their inability to cover next-generation factory investments. Currently, CXMT’s global DRAM bit shipment market share stands at around 9%, with a target to lift it to 11% by 2028. Funds raised from this IPO will go toward next-generation G5 process technology, HBM3 high-bandwidth memory R&D, and capacity expansion. The company plans to increase monthly production capacity from the current 320,000 wafers to 420,000 by 2027, double that by 2030, and triple it by 2035; LPDDR5 and DDR5 are projected to make up roughly 75% of total output, and PC and server DRAM have already begun shipping to global customers. Counterpoint identified four key variables to monitor post-IPO: HBM mass production yield and revenue ramp-up progress (boosted by Huawei Ascend AI chip expansion, HBM revenue potential is around $2 billion by 2028); ability to secure large-scale procurement contracts from major global clients outside China (Apple supply still depends on approval); potential additional equipment export controls triggered by escalating trade tensions; and whether it can reach 20% bit market share and 15% revenue market share respectively in the medium to long term. Neil Shah pointed out that while U.S. equipment export restrictions on CXMT pose constraints, “ironically, this may instead push CXMT to outperform traditional industry giants in differentiated technology paths such as vertical channel transistors and wafer-to-wafer bonding—these giants often delay technological innovation to protect their existing equipment investment returns.”

The U.S. Senate passed a resolution by unanimous consent on Wednesday, stating that FTX founder Sam Bankman-Fried should not receive a presidential pardon or commutation "under any circumstances." The non-binding resolution was jointly introduced by two leaders of the Digital Assets Subcommittee of the Senate Banking Committee: Republican Senator Cynthia Lummis of Wyoming and Democratic Senator Ruben Gallego of Arizona. Lummis, one of the crypto industry’s most staunch supporters in Congress who has spent years pushing for legislative frameworks for the sector, explicitly advocated for keeping SBF detained in this case. Gallego’s statement ended simply: “Let him stay in prison.” Under his current sentence, SBF will not be eligible for release until around 2044.