Hong Kong-listed large language model stocks fell across the board, with Zhipu AI dropping more than 17%.

Japanese Finance Minister Satsuki Katayama has stated that the relationship between the Japanese government and the Bank of Japan is normal and smooth, with monetary policy operations left to the central bank’s discretion. Bond market volatility reflects geopolitical and financial factors, and the government currently has no plans to repurchase Japanese government bonds.

According to Hyperinsight monitoring, CXMT’s predicted funding rate once dropped to -0.5887% per hour. A negative funding rate means short positions pay long positions: for a $10,000 notional position, the hourly cost for a short order is roughly $58.9, totaling about $471 over 8 consecutive hours. As of press time, the predicted rate has rebounded to -0.4731% per hour, corresponding to an hourly payment of around $47.3 for a $10,000 short position. This figure remains unsettled; if it holds until settlement, it will be lower than the previous all-time low settled rate of -0.3746%. The average settled rate over the past 24 hours is approximately -0.0813%, translating to a total payment of about $195 for a $10,000 short position. CXMT’s current mark price is around $6.72, a discount of roughly 6.6% from its oracle price of $7.19, with a 24-hour trading volume of about $166 million. Among large holders with positions exceeding $1 million, there are 6 long addresses and 5 short addresses, resulting in an address long-short ratio of 1.2:1. However, the total value of long and short positions stands at roughly $18.122 million and $25.438 million respectively, with short positions still 40.4% larger. The weighted average entry price for long positions is around $6.58, with the latest liquidation line at $6.24, 6.9% lower than the current price of approximately $6.70.

South Korea's KOSDAQ index triggered the circuit breaker mechanism, halting trading for 20 minutes.

Zhipu AI's stock price once plunged 20% in the Hong Kong market, while MiniMax's shares fell more than 11%. This comes after Moonshot AI made its Kimi K3 model available for public download.

South Korea’s semiconductor sector slumped sharply. The South China twice-leveraged SK Hynix ETF (07709) fell 27.08% intraday to HK$39.740, while the South China twice-leveraged Samsung Electronics ETF (07747) dropped 23.66% to HK$63.680.

According to Bitget market data, South Korea's KOSPI index plunged 10%, SK Hynix dropped more than 13%, and Samsung Electronics fell over 12%.