Global chip stocks lost over $1.5 trillion in market capitalization this week, led by Nvidia which saw nearly $250 billion wiped from its value since last Friday. Other major decliners include SK Hynix and Samsung Electronics, which lost $176 billion and $173 billion respectively. The sell-off extended across Asian markets, with South Korea's Samsung Electronics falling over 5% and Japan's Kioxia plunging 13.85%. The Philadelphia Semiconductor Index has dropped nearly 20% in the past month after a 92% gain over the previous 12 months. Investor concerns focus on whether massive AI spending by tech giants will yield returns.
Hermès shares fell to their lowest level in over three years on July 29, 2026, as sluggish growth in China weighed on investor sentiment. The company reported second-quarter leather goods sales rose 10.2% at constant exchange rates, showing resilience versus peers. Shares dropped more than 11% in Paris trading to levels not seen since January 2023. Executive Chairman Axel Dumas noted the Chinese market, a key growth driver, has not recovered and growth is slower than previous years. Asia including China contributed 43% of Hermès' first-half revenue, highlighting its greater exposure to the region compared with LVMH.
Since July, stock equity ETFs have attracted a net inflow of 415.17 billion RMB as of July 28, with broad-based ETFs such as the STAR 50 and CSI 300 drawing significant capital. The ChinaAMC STAR 50 ETF led with 34.85 billion RMB, followed by the Huatai-PineBridge CSI 300 ETF and the E Fund ChiNext ETF, each exceeding 23 billion RMB. Other products, including the China Southern CSI 1000 and CSI 500 ETFs and the Fullgoal SSE Composite Index ETF, each saw inflows of over 10 billion RMB.
Zhongji Innolight (03308) announced its Hong Kong IPO results. The Hong Kong public offering was oversubscribed 15.84 times, with 62,700 applicants and a one-lot success rate of 70%. The final offer price was set at HKD 980 per share. The company raised net proceeds of about HKD 52.891 billion from the global offering of 54.5 million shares. In dark pool trading, shares fell to as low as HKD 931, closing between HKD 969.5 and HKD 972, down 0.8% to 1% from the offer price.
China's A-share market opened lower but closed higher on July 29, with the Shanghai Composite rising 0.4% to 3,828.47 points and the ChiNext index gaining 1.55% to 3,378.7 points. Total turnover across the Shanghai, Shenzhen, and Beijing exchanges reached 2.31 trillion yuan, up 272.7 billion yuan from the previous session. Media and retail sectors led gains, while the electronics sector fell over 5% intraday before paring losses. A total of 4,253 stocks advanced, with 86 hitting the daily limit up. The central bank conducted a net injection of 730.5 billion yuan on the day.
Ford Motor Co. shares closed up over 7% in U. S. trading after the company reported adjusted earnings per share of $0.42 for the second quarter of 2026. The strong financial performance drove the stock price higher, reflecting investor optimism about the automaker's results.
Coca-Cola's stock rose 2.43% to $90.417, setting a new all-time high. The gain extends the stock's recent upward trend, with the price reaching a fresh record. This marks the latest in a series of record closes for the beverage giant.
Apple Inc. shares advanced 0.8 percent to close at $342.81 per share, lifting the company's total market value to $5.03 trillion. This marks a new record high for both the stock price and market capitalization.
On July 29, China's A-share market rebounded during the session, with the three major indices closing higher. Total turnover on the Shanghai and Shenzhen exchanges reached 2.3 trillion yuan, up 270.8 billion from the previous day. Over 4,200 stocks advanced, led by consumer staples, retail, financials, and edge AI, while brain-computer interface stocks declined. GigaDevice Chairman Zhu Yiming proposed a share buyback of 1 to 2 billion yuan for cancellation, and plans to increase his stake by at least 1 billion yuan in a future period.
The CSI Hong Kong Stock Connect Auto Industry Index (50 stocks, average market cap RMB 137.1 billion) and the Hang Seng Hong Kong Stock Connect Auto Index (40 stocks, average market cap RMB 168.7 billion) are tracked by nine small-scale ETFs. Both indices have P/E TTM at the 78-79% percentile of their 10-year histories, indicating moderately high valuations. Over the past year both posted negative returns, with the CSI index outperforming; over five years the Hang Seng index fared better, but over ten years the CSI index led. Volatility was similar for recent periods, but higher for the Hang Seng index over the decade.
The Shanghai Composite Index rose 0.40% on July 29, with 29 of the Shenwan sectors gaining. The food and beverage sector advanced 1.42% and recorded a net main board capital inflow of RMB 1.814 billion, the highest among all sectors. Kweichow Moutai led individual stocks with a net inflow of RMB 655 million. Overall, main board capital saw a net outflow of RMB 2.979 billion, with the computer and electronics sectors posting the largest outflows.
CXMT (Changxin Memory Technologies) shares rose 12.66% on July 29, closing at RMB 52.95 per share and reaching a market capitalization of RMB 3.54 trillion. The wealth effect from the stock rally is boosting housing demand in Hefei's Changgang area, where nearly 20,000 employees, including over 6,700 with stock holdings, are driving up rental rates and transaction volumes. Rental prices for two-bedroom apartments range from RMB 2,000 to RMB 3,000 per month, while the only commercial housing project, OCT International Town, saw a 400% month-on-month increase in second-hand home transactions in June 2026.
Zhongji Innolight, a leading Chinese optical communication equipment maker, saw its grey market trading close at 972 yuan on the eve of its listing, down 0.82% from the IPO price of 980 yuan. The stock hit a low of 935 yuan during the session. One board lot of 50 shares resulted in a paper loss of 400 yuan. The IPO raised 53.41 billion yuan in basic proceeds, which could increase to 61.422 billion yuan if the over-allotment option is fully exercised.
Samsung Electronics and SK Hynix reported record-high financial results for 2026, with revenue and profit surging. However, their stock prices plunged nearly 50%, triggering a sharp decline in the broader Korean stock market. The selloff forced many retail investors into margin calls and liquidations, as the stocks' decline erased earlier gains.
A-share markets staged a strong afternoon rebound on July 29, with over 4,200 stocks closing higher. The Shanghai Composite Index reclaimed the 3,800-point level, rising 0.4% to 3,828.47. The Shenzhen Component Index gained 1.1% after falling nearly 1.8% intraday, while the ChiNext Index added 1.55%. Media and social services sectors each rose over 3%. Changxin Technology surged 12.66% to a market capitalization of 3.54 trillion yuan, with turnover of 44.81 billion yuan, the highest on the A-share market.
Changxin Technology closed up 12.66% at RMB 52.95 on July 29, lifting its market capitalisation back above RMB 3.5 trillion. The stock has risen 511.43% in three sessions since its STAR Market debut. A single lot of 500 shares now holds a paper gain of about RMB 22,100. Debut-day turnover reached RMB 141.187 billion, and margin financing stood at roughly RMB 15 billion as of July 28.
As of end-June 2026, bank wealth management products allocated a record 2.52 trillion RMB to public funds, representing 7% of total assets. In the second quarter, they added about 600 billion RMB in bond funds, with median returns of 1.97% for short-term bond funds and 3.53% for medium- to long-term bond funds. Equity allocations shifted via ETFs: tech sector holdings in top ten positions rose to 32% from 12% in Q1, while gold ETFs were reduced. The average annualized return for bank wealth management in the first half of 2026 was 2.05%.
Momenta listed on the Hong Kong Stock Exchange on July 8, 2026, at an issue price of HK$295.6, raising about HK$5.89 billion. The IPO was oversubscribed 413 times, and market cap exceeded HK$70 billion. On debut, the stock closed flat at the issue price. On July 13, it fell 1.49% to HK$291.2. Software license revenue grew from RMB23 million in 2023 to RMB968 million in 2025, gross margin rose from 17.5% to 71.6%, and adjusted net loss narrowed from RMB1.093 billion to RMB303 million, with loss rate falling from 147% to 12.6%.
ChangXin Memory Technology surged over 450% on its STAR Market debut on July 27, 2026, with its market cap briefly exceeding RMB 3 trillion. Hefei state-owned entities, holding about 33% of the shares, saw their book value surpass RMB 1 trillion. Hefei invested RMB 13.5 billion in 2016 when China's memory chip sector was nascent. The company accumulated losses of over RMB 36 billion over eight years. Hefei's angel investment fund allows up to 40% overall risk tolerance and 100% per project, with a clear due-diligence exemption policy.
Apple's market capitalization briefly exceeded $5 trillion, overtaking Nvidia as the world's most valuable listed company. This boosted Hong Kong's consumer electronics sector on July 29, with Xiaomi rising over 9% and rebounding about 40% from recent lows. BYD Electronic and Anker Innovation each gained over 5%, while ZTE and others rose more than 3%. Apple's stock has climbed over 20% in the past month. The sector enters its traditional peak season with new AI-powered devices launching.
As of 13:32, Montage Technology's trading volume reached RMB 10.09 billion, breaking through the RMB 10 billion level. The stock price rose 0.17% and the turnover rate stood at 4.39%. The previous trading day saw a full-day volume of RMB 13.21 billion.
South Korea's finance minister apologized for launching single-stock leveraged ETFs without sufficient prudence. The KOSPI index fell over 12% to below 5,300 points, down 43% from its record high. SK Hynix dropped a record 17%, falling 57% from its June peak, with its market capitalization falling below $630 billion.
South Korea's top K-pop agency Hybe saw its stock fall 16.31% over two days, the biggest drop since June 2022, despite record second-quarter revenue from BTS's 'Arirang' tour. The market cap lost about 2.845 trillion won ($1.96 billion) in less than 24 hours. High artist payment ratios ate into margins, with concert revenue soaring 243.3% year-on-year. Separately, a December 2024 court ruling confirmed NewJeans' contract with Hybe subsidiary ADOR remains valid until 2029.
On July 28, funds surveyed 11 companies, with five firms attracting surveys from five or more funds. Zhongji Innolight drew the most attention with 69 fund surveys, followed by Anker Innovations (14 funds) and Zhongyuan Neipei (11 funds). Among the surveyed stocks, six rose over the past five days, led by Zhongyuan Neipei (12.38%), Meiying Sen (10.90%), and Zhengton Electronics (5.05%). Five fell, with Zhongji Innolight dropping 20.11%, Hongfuhan down 10.35%, and Anker Innovations declining 3.02%. Five stocks saw net capital inflows, with Hongfuhan receiving 63.54 million RMB.
ChangXin Technology debuted on the STAR Market on July 27, surging 465.82% to close at 49 yuan, giving a market capitalization of approximately 3.28 trillion yuan and surpassing Industrial and Commercial Bank of China as the largest A-share stock by market value. Full-day turnover reached a record 141.187 billion yuan. In the first quarter of 2026, the company posted revenue of 50.8 billion yuan and net profit of 33.012 billion yuan. The IPO raised about 57.919 billion yuan. ChangXin held a 7.67% global DRAM revenue share in the fourth quarter of 2025 and is the world's fourth-largest DRAM maker.
On July 29, 2026, Hong Kong-listed tea beverage stocks mostly rose, with Mixue Group gaining 6.49%. The Chinese freshly made beverage market totaled RMB 517.5 billion in 2023, with a compound annual growth rate of 22.5% from 2018 to 2023. The freshly made tea segment reached RMB 258.5 billion, growing at 15.3% CAGR. In the first six months of 2026, Mixue Group achieved over 60% of its 2025 full-year net profit of RMB 501 million.
All ETFs in the Chinese market recorded a net inflow of 435.99 billion yuan in July, a year-to-date high. Broad-based ETFs attracted 258.15 billion yuan, reversing a six-month outflow trend, raising their total scale to 1.09 trillion yuan, surpassing thematic ETFs at 1.05 trillion yuan. The ChinaAMC STAR 50 ETF led individual products with 34.85 billion yuan in inflows. By tracked index, the STAR 50 and ChiNext indices led the inflow rankings.
At 10:39 a. m. , Unisplendour Corporation Ltd. recorded a turnover of 100.72 billion yuan, surpassing the 100 billion mark. The stock price dropped 10.00% with a turnover rate of 9.23%. The previous full-day turnover was 179.20 billion yuan. The company, founded in 1999, has a registered capital of approximately RMB 2.86 billion.
As of 9:44 a. m. , GigaDevice's turnover reached 10.22 billion yuan, surpassing the 10 billion yuan mark. The stock's share price fell 9.99% on the day, with a turnover rate of 4.22%. The previous trading day's full-day turnover was 17.604 billion yuan.
As of 10:46 a. m. , ChangXin Memory's trading turnover reached 25.658 billion yuan, surpassing 25 billion yuan. The stock price fell 2.24% with a turnover rate of 11.92%. The previous trading day's full-day turnover was 141.187 billion yuan.