SPCX has fallen 5% in the past 12 hours, with the average entry price of large on-chain short sellers standing at $169.

BitMart Global CEO Nenter Chow released a statement saying he was not involved in, consulted on, or given advance notice of BitMart’s July 26 announcement regarding the orderly suspension of its platform operations—learning of the news only after the announcement went public. Chow added that on July 24, he was informed the company would terminate his role as Global CEO, triggering separation procedures, though no confirmed final departure date has been set. Since July 24, he has not participated in BitMart’s management, decision-making, or any operational activities. He noted his current top priority is BitMart’s users and employees, urging users to access account information exclusively via BitMart’s official channels, read official announcements promptly, and take action in line with the provided guidelines. Chow also stated he will not offer further comments on the matter at this time.

Crypto trading platform BitMart announced that after evaluating its operational status, market environment and future strategic direction, it has decided to orderly cease its trading business. Shortly after, Bruce, founder of MSX, called out to BitMart, stating, “Don’t shut down—I’ll acquire it.” He added that he has already contacted BitMart’s team. Bruce further said that if he acquires BitMart, his first step will be completing the transfer procedures, followed by slashing all spot and derivatives trading fees to zero, as he believes crypto trading platforms charge excessively high fees.

South Korean exchange data shows that pension funds, including the National Pension Service (NPS) — one of the largest institutional investors in South Korea's stock market — have turned net buyers in the Korean stock market for the first time this month. As of July 24, the NPS and other pension funds have net purchased 68.4 billion won (approximately $46.8 million) of KOSPI index constituent stocks in July this year. This marks the first monthly net purchase by pension funds this year after six consecutive months of net selling. In terms of individual stocks, SK Hynix is the most bought stock by pension funds since July, with a net purchase amount of 425.8 billion won. (Jinshi)

Iranian Foreign Ministry spokesman Bahaei stated that from the 24th to 25th, Iran and Oman held multiple rounds of deputy foreign minister-level talks in Tehran. On the basis of respecting the sovereign rights of the two coastal states, Iran and Oman, the two sides held in-depth exchanges of views on the common principles and specific operational mechanisms for ensuring safe passage of ships through the Strait of Hormuz. Bahaei noted that the talks were productive and yielded certain progress. The Omani delegation left Tehran on the afternoon of the 25th, but the two sides will continue to maintain consultations at the technical and political levels. In addition, Bahaei said that the current navigation status of ships in the Strait of Hormuz has not changed. (CCTV International News)

Changxin Technology will list on the STAR Market of the Shanghai Stock Exchange on July 27, with an initial market capitalization of around 580 billion yuan. The IPO is priced at 8.66 yuan per share, and the final online subscription winning rate hit 0.4714%, a new record for STAR Market IPOs. After full exercise of the over-allotment option, total fundraising can reach up to 66.6 billion yuan. According to Hyperinsight monitoring, the price of CXMT (Changxin Memory, with Changxin Technology as its listed entity) Pre-IPO contract on Hyperliquid is currently quoted at $6.087, equivalent to a share price of 41.2 yuan. Calculated based on the total share capital of 66.881 billion shares post-IPO, the on-chain implied market value stands at approximately $407.1 billion, or around 2.76 trillion yuan. Based on this valuation, the subscription cost for a single retail lot of 500 shares is 4,330 yuan, with an estimated market value of 20,600 yuan for 500 shares on the first trading day, translating to a single lot profit of roughly 16,000 yuan. Founded in 2016, Changxin Technology is China’s largest and most technologically advanced integrated DRAM R&D, design and manufacturing enterprise. In Q4 2025, it held a 7.67% global DRAM market share, ranking fourth worldwide and first in China, with ambitions to become the world’s third-largest DRAM supplier. In Q1 2026, the company’s revenue reached 50.8 billion yuan, surging 719% year-on-year; net profit attributable to shareholders hit 24.762 billion yuan, a 1688% year-on-year jump. For the first half of 2026, it forecasts net profit attributable to shareholders of between 50 billion and 57 billion yuan.

Elon Musk stated in an interview with The Economist that China will most likely emerge as an AI leader at some point in the future, and even if the U.S. bans Chinese AI models, it cannot prevent this outcome. (The Paper)