Zhongji Innolight priced its Hong Kong IPO at HK$980 per share, raising HK$53.4 billion, making it the largest IPO in Hong Kong this year. The company's H-shares are set to begin trading on July 30. On the same day, its A-shares plunged over 15% to close at RMB 908. The listing follows a series of major Hong Kong IPOs in recent years, including JD. com, Kuaishou, and CATL, which saw varied post-listing performances.
Corning Inc. saw its U. S. -listed shares drop more than 17% in pre-market trading, extending losses. The sharp decline reflects investor reaction to the latest developments, though no specific catalyst was cited in the brief announcement.
South Korea’s benchmark KOSPI index crashed 10.84%, its steepest one-day drop since 1998, as heavy selling triggered forced liquidations. Memory chip makers SK Hynix and Samsung Electronics tumbled 14.65% and 13.39%, respectively. Official data showed forced-sale volumes reached 344.2 billion won in July through July 13, with about 320,000 to 360,000 accounts fully liquidated. As of July 27, 42% of Samsung Electronics’ 872,000 retail investors and 57% of SK Hynix’s 400,000 investors were nursing losses. Credit trading balances fell to a four-month low of 32.6717 trillion won. The financial regulator plans to cap individuals’ single-stock leveraged product exposure at 20% of their total financial investments if enhanced deposit rules taking effect July 31 fail to curb speculation.
On July 28, main force funds in Shanghai and Shenzhen markets recorded a net outflow of 710.01 billion yuan, while CSI 300 constituents saw a net inflow of 420.31 billion yuan. Among sectors, electronics and telecommunications led outflows with 346.05 billion yuan and 176.52 billion yuan respectively. In individual stocks, Zhongji Innolight saw the largest net outflow of 57.09 billion yuan and its share price fell 15.69%. Yanshan Technology led net inflows with 5.24 billion yuan. A total of 33 stocks had net inflows over 1 billion yuan, while 136 stocks had net outflows over 1 billion yuan.
Eoptolink conducted two block trades on July 28, totaling 47,000 shares at 406.90 yuan each, with a turnover of 19.1243 million yuan (1912.43 ten-thousand yuan). Institutional seats were on both sides. The stock fell 17.13% that day, with a turnover rate of 6.16% and total turnover of 33.425 billion yuan. Main funds saw a net outflow of 4.798 billion yuan. Over the past five trading days, the stock dropped 26.26% with a total net fund outflow of 13.04 billion yuan. The margin balance was 26.294 billion yuan, decreasing 10.5% over five days. The company was founded in 2008 with registered capital of 1.394256684 billion yuan.
Demingli executed a block trade of 150,000 shares on July 28, with a total value of RMB 54.22 million at RMB 361.44 per share. The stock closed at its daily limit down of 10% at the same price, with a turnover rate of 11.69% and trading volume of RMB 72.75 billion. Over the past five trading days, the stock has fallen 28.85%, with net main capital outflows of RMB 9.33 billion on the day and RMB 46.98 billion over the period. In the past three months, the company has completed 29 block trades totaling RMB 20.87 billion. The margin balance stood at RMB 64.26 billion, down 18.84% in five days.
Unisplendour Corp recorded a block trade of 300,000 shares on July 28, with a total value of RMB12.072 million at RMB40.24 per share, a 2.99% discount to the closing price. Over the past three months, the stock has had four block trades totaling RMB90.626 million. The stock closed at RMB41.48, up 0.02%, with a turnover rate of 15.17% and trading volume of RMB17.92 billion. Net main capital outflow was RMB316 million for the day, and RMB4.519 billion over the past five days. Margin balance stood at RMB5.009 billion, up 5.44% in five days.
Yake Technology executed a block trade of 42,000 shares at RMB 166.43, totaling RMB 6.99 million on July 28. The buyer was Huatai Securities Fujian branch and the seller an institutional seat. The stock closed flat at the same price, down 1.72% for the day, with a five-day gain of 15.94% and net fund inflow of RMB 1.472 billion. The company has recorded three block trades in the past three months worth RMB 12.94 million in total.
Wens Co. executed a block trade on July 28, involving 300,000 shares at 11.10 yuan each, representing a 21.05% discount to the closing price. The transaction value was 3.33 million yuan, with both buyer and seller being the same brokerage branch. Over the past three months, the company has recorded 60 block trades totaling 648 million yuan. The stock closed at 14.06 yuan, up 1.30%.
ChangXin Technology surged 465.82% on its first trading day on the STAR Market, closing at RMB49 a share and reaching a market capitalisation of RMB3.31 trillion, overtaking Intel to become the most valuable company on China’s A-share market. NIO, Chery and Xiaomi each committed RMB158 million in the strategic placement, with paper gains of roughly RMB740 million each. An early RMB50 million investment by BYD is now valued at about RMB462 million. The car-grade memory chip supplier’s debut follows a sharp price rally in the sector.
Lianxun Instrument shares closed down 14% on July 28, with market capitalisation shrinking by over RMB 90 billion from its peak, after rising 10% the previous day. Changxin Technology, which surged 465.82% on its debut on July 27, fell 4.08% on its second trading day. Lianxun Instrument reported Q2 2026 net profit of RMB 391-461 million, up 228%-287% quarter-on-quarter. The company holds a 9.9% share in China's optical communication test instrument market, ranking third.
Changxin Technology, China's top DRAM maker, saw its market capitalization hit 3.26 trillion yuan on its second day on the STAR Market, with the stock opening at 45.22 yuan and trading at 48.72 yuan, down 0.57%. The company's debut day turnover exceeded 141 billion yuan, a record for A-shares. Major shareholders including Xiaomi, Alibaba, and NIO posted substantial paper gains, while Hefei state-owned assets recorded a paper gain of over 1 trillion yuan. The listing pushed Hefei's total A-share market cap above 4 trillion yuan.
Since the start of July, ETFs listed on the Shanghai Stock Exchange have recorded a cumulative net inflow of 293.1 billion RMB as of July 27. Stock ETFs contributed 264 billion RMB, with the STAR 50 ETF alone attracting 53.3 billion RMB. The CSI 300 ETF saw net inflows of 34.1 billion RMB. Additionally, thematic products such as the STAR semiconductor materials and equipment ETF, along with broad-based index ETFs including the CSI A500, CSI 500, and CSI 1000, each recorded net inflows exceeding 15 billion RMB.
Changxin Technology (688825. SH) debuted on July 27, 2026, closing at RMB 49 per share, up 465.82% from its issue price of RMB 8.66, giving it a market capitalization of RMB 3.28 trillion, the highest among A-share companies. Shareholder Hexie Health Insurance, which invested RMB 901 million in 2022, held 1.35% of the company at listing, valued at RMB 44.164 billion, a book profit of over RMB 43 billion. Hexie Health's 2024 revenue was RMB 75.325 billion and 2025 revenue was RMB 75.826 billion; the gain equals 56% of its 2025 revenue. The insurer also holds stakes in Moore Threads and other tech firms.
SpaceX stock has tumbled about 49.7% from its June peak, erasing more than US$1.2 trillion in market value. Tesla also slid to a new low for 2026 after reporting second-quarter operating profit that fell 57% year-on-year despite record revenue. Elon Musk’s personal fortune shrank by roughly US$130 billion in five trading days, dropping below US$1 trillion as the value of his concentrated holdings in both companies declined sharply.
On July 28, China's banking sector rallied, with China Construction Bank (CCB) reaching an all-time high of RMB10.68 during the session, surpassing its previous record. The sector gained 10.2% in July. CCB's year-to-date rise of 17.22% exceeded its 2024 full-year performance, though its financing balance dropped 45.2% from its March peak to RMB797 million, a near one-year low. The broader market showed divergence, with coal, banking, oil, and food sectors leading monthly gains.
Li New Energy's trading volume reached a record high of RMB 2.753 billion as of 14:51, while its share price fell 9.98% and the turnover rate stood at 20.17%. The previous day's full-day trading volume was RMB 1.162 billion. The company, Xinjiang Li New Energy Co. , Ltd. , was founded on August 28, 2013, with a registered capital of RMB 933.33 million.
Yanshan Technology hit the daily limit up on July 28, with total turnover of 1.57 billion yuan. After-market data from the Longhu list showed that Guotai Haitong Securities' Chengdu North First Ring Road branch recorded a net buy of 179 million yuan. The Shenzhen-Hong Kong Stock Connect channel posted a net buy of 16.48 million yuan, with purchases of 65.92 million yuan and sales of 49.44 million yuan.
Eoptolink Technology Co. fell 17.13% on Wednesday, with turnover of 33.4 billion yuan and a turnover rate of 6.16%. Trading data showed that the Shenzhen-HK Connect seat recorded net buying of 254 million yuan, while five institutional seats had net buying of 1.997 billion yuan and one institutional seat had net selling of 364 million yuan.
Apple Inc. has reclaimed the title of the world's most valuable publicly traded company. Its shares have risen more than 24% so far this year, pushing its market capitalization ahead of competitors. The resurgence reflects strong investor confidence and robust demand for its products and services. Apple's market leadership remains unchallenged as it caps a year of significant gains.
The 60-day correlation between the US Nasdaq 100 and South Korea's KOSPI has climbed to about 0.50, the highest since 2021, according to data from an asset management firm. Samsung Electronics and SK Hynix, which together account for over half of the KOSPI's weight, are central to the linkage as key suppliers of memory chips for AI hardware. On July 13, SK Hynix's 15% plunge drove the KOSPI down over 8% and the Nasdaq 100 nearly 2%. Subsequent selloffs on July 27-28 saw US and Korean semiconductor stocks drop sharply, with SK Hynix falling over 10% and Samsung Electronics over 8%.
Hong Kong's Hang Seng Index closed 0.41% higher at 25,310.85 points, while the Hang Seng Tech Index gained 0.61% to 4,730.61. Memory chip stocks fell, with GigaDevice down over 17% and Montage Technology down over 13%. AI model stocks also declined, with Zhipu down over 18% and MiniMax down over 14%. The consumer sector advanced.
CXMT (ChangXin Memory Technologies) surged 472% on its STAR Market debut, opening at 49.50 yuan and hitting an intraday high of 54.65 yuan for a 531% gain. With a market cap of 3.31 trillion yuan, it became the most valuable A-share company. The listing triggered a sell-off in US memory stocks, with Micron down 5%, SanDisk down 12%, and SK Hynix ADR down 8.5%. The IPO raised 29.5 billion yuan, a STAR Market record. CXMT, the world's fourth-largest DRAM maker with 8% market share, faces HBM technology hurdles due to EUV restrictions.
US semiconductor and memory stocks declined in pre-market trading, with Micron Technology, Western Digital, and SanDisk each dropping more than 5%. SK Hynix and Intel also fell more than 4%. The declines were broad-based across the sector.
In late trading on July 28, major funds posted net inflows of 89.38 million RMB into Zijin Mining, 76.99 million RMB into China Merchants Bank, and 68.57 million RMB into Ping An Insurance. Meanwhile, Zhongji Innolight, Eoptolink Technology, and BOE A recorded the largest net outflows. The figures reflect capital movements during the final session of the trading day.
Changxin Technology surged 465.82% on its STAR Market debut, reaching a market capitalization of RMB 3.28 trillion. Luzhou Laojiao Group's Jindou Investment was among its investors. Since 2025, Jindou has backed more than 10 companies that have gone public, including Biren Technology, Basic Semiconductor, and LuoShi Robot. In 2025, Jindou reported a 978.21% surge in net profit to RMB 319 million.
Changxin Technology (688825. SH) made its A-share debut with an opening surge of more than 471%, propelling its market capitalisation above RMB 3 trillion — the largest among all A-share companies. Trading turnover exceeded RMB 100 billion within the first hour, a first for a single stock. Early investors profited handsomely: Harmony Health recorded a paper gain of RMB 48 billion on one investment, while Country Garden, which sold its stake two years earlier, missed out on an additional RMB 42 billion in gains.
South Korea's benchmark KOSPI index tumbled 10.84% on March 4, 2026, its steepest one-day loss since March 4, 1998. Memory chip makers Samsung Electronics and SK Hynix, which account for roughly half the index's market capitalization, dragged the market lower in sympathy with overnight weakness in US technology and semiconductor stocks. The Korea Exchange activated circuit breakers twice for the KOSPI and imposed temporary trading halts on the junior Kosdaq index. The rout led declines among Asian chip shares, underscoring the global nature of the sell-off.
Google reported second-quarter results on July 24, with cloud revenue up 82% year-on-year and capital expenditure raised. The following day, its stock led declines in the hardware sector. During a US roadshow and corporate meetings from July 20 to 25, investors discussed whether a cut in capex would have boosted the stock; most believed it would have fallen more.
China's A-share market fell sharply. The Shanghai Composite Index closed at 3813, down 1.16%, while the Shenzhen Component Index dropped 4.52% to 13509. The ChiNext Index plunged 7.35% to 3327. The CSI 300 Index lost 2.83%. Total turnover on the two exchanges contracted to RMB 2.03 trillion. Changxin Technology (688825. SH), which surged on its debut yesterday, retreated 4.08% to 47 yuan. Sector-wise, semi-new stocks tumbled over 7%, non-ferrous metals fell over 3%, chemicals lost over 2%, and cement, coal, auto, power, and real estate each dropped over 1%.