The storage chip sector in China's A-share market rallied in the afternoon, with Changxin surging over 6.5% and Torrens jumping more than 16%.

Market data shows SpaceX’s stock has dropped roughly 50% from its June 16 peak, after previously rising about 50% above its IPO offering price. Data from Vanda Research indicates that since July, retail investors have made a net cumulative purchase of around $315 million worth of SpaceX stock—more than any other individual stock over the same period. Figures show that when adjusted for the same number of post-listing trading days, SpaceX’s current performance lags roughly 80% of large-cap Nasdaq IPOs, whereas just weeks ago it was outperforming around 80% of its peer IPOs, reflecting a rapid reversal in market sentiment and momentum trading. Additionally, SpaceX’s first batch of restricted shares is set to begin unlocking on August 6, 2026, with monthly tranches released until the full unlock is completed in December.

A-share’s C-listed Changxin has a turnover of 40 billion yuan, is currently up 11.47%, and boasts a total market capitalization of over 3.51 trillion yuan.

SKHX and SKHY, the SK Hynix-related contracts on the Hyperliquid platform, hit all-time highs in 24-hour trading volume over the past day, surging to a combined $2.339 billion—surpassing Bitcoin’s (BTC) $1.695 billion in the same period—to become the platform’s top active asset by trading volume. Specifically, SKHX posted a 24-hour trading volume of $1.858 billion with an open interest (OI) of $602 million, while SKHY recorded a 24-hour volume of $480 million and an open interest of $74.28 million.

Dan Bin, chairman of Oriental Harbour, wrote on Chinese investment platform Xueqiu today that the 2x leveraged long SK Hynix ETF plunged 25.72% on the day, reiterating that while leverage tools amplify returns, they also multiply risks exponentially. Investors should use leverage cautiously, avoid borrowing money or margin financing, and maintain proper portfolio diversification. Dan Bin noted that Hynix has become a phased symbol of the current AI rally. After a sharp correction, the company’s stock direction may soon clarify in the short term; in the long run, only enterprises with continuously improving supply-demand dynamics and steadily rising profitability can weather industry cycles. Shortly after, Dan Bin reposted a netizen’s comment: “A panic sell-off is a great opportunity to pick up bargains,” and said: “Strongly agree—when there’s a sharp drop, you must dare to buy! I just used up all my remaining ammunition.” He also stressed that the above content only represents his personal investment views and does not constitute any investment advice.

Local time Wednesday, after South Korean stocks triggered circuit breakers for two consecutive days, South Korean Finance Minister Koo Yun-cheol apologized in response to a lawmaker’s demand, admitting the launch of single-stock leveraged ETFs was done without due consideration. Earlier, after the KOSPI index fell more than 6% in morning trading, Koo told parliament that the government was internally studying market stabilization measures and could further adjust rules for single-stock leveraged ETFs to address market volatility. The KOSPI had a volatile session Wednesday, plunging as much as 12% intraday before paring losses to around 6%. Heavyweight SK Hynix, following its earnings release, saw its shares slump 17% – a new single-day decline record – and has since trimmed losses to roughly 8%. (Jin10)

Trade.xyz released an announcement regarding the SK Hynix contract price pinning incident: At 07:01 on July 28, the marked price of SK Hynix tokens plummeted from $1,127.9 to $917.25, triggering abnormal forced liquidations of a large number of long positions. This price originated from an actual executed transaction captured by multiple independent data providers, with the external venue being a major pre-market in South Korea. Accordingly, Trade.xyz decided to cover all liquidation losses caused by this price anomaly on a one-time, discretionary basis. Today, market commentators joked: "Trade.xyz really bailed out all the longs, haha—refunded them at the pin price, and then 20 hours later the price slowly crept back toward that level." Meanwhile, South Korea’s KOSPI index once fell more than 12% today, and the KOSDAQ index dropped over 8%, triggering circuit breakers on both markets for the first time in history. Samsung Electronics and SK Hynix have plummeted for two consecutive days, with a combined market capitalization evaporation of about 530 trillion won: Samsung’s market value shrank by 257 trillion won, and SK Hynix’s by 273 trillion won. SK Hynix once fell more than 17%, marking its largest single-day percentage drop in history.