AB Kuai Dong

I am very glad to meet CZ in Tokyo. This is his return to Japan after 7 years, and during this time, the entire industry has undergone tremendous changes.

At this event, I asked CZ a question: How do you view the on-chain of everything and the tokenization of stocks?

He replied: There have not yet been large-scale coin-stock products on the market. The possible reason is that each country and region has different policies, making it difficult for coin-stock investors to receive dividends and easily redeem stocks. There are also price differences during trading. However, projects on the chain are usually global in nature, which was a significant pain point back then.

Restrict areas or try to solve it?

But he reiterated that the trend of RWA cannot be stopped. $BNB

This wave of listings by Changxin is probably hardest on real estate company Country Garden. In September 2021, Country Garden injected 2 billion yuan into Changxin at 2.22 yuan per share, obtaining 901 million shares of Changxin. If it were held until now, that would be a 23x return.

And by the end of 2024, due to Country Garden being trapped in a real estate crisis, it was forced to liquidate all its Changxin equity at the original price; the buyer was Hefei state-owned assets.

The two winners behind Changxin this round: Dr. Peng Guie of Huaden Hi-Tech. 5 years ago, she went against the tide and led the company to make a heavy bet of 900 million yuan, valuing it at 40 billion yuan—currently, the potential return is 90x.

Hefei state-owned capital: from the start, it has continuously doubled down. It currently holds 36.79% of the equity, with book returns exceeding 1 trillion yuan.

The Xiaomi range-extended new car, about to make its debut at a press conference, has already been spotted by many netizens in recent days—both in parking lots and on the streets—showing the full exterior model.

According to the plan, Xiaomi will announce the pricing and details of this vehicle on July 30, with options available in 5-seat and 7-seat versions.

That’s absolutely wild! In just the past 1 hour, China’s SK Hynix—ChangXin Memory Technologies (CXMT).

The first tech stock listed on the A-share market to open with a market cap exceeding 3 trillion yuan

The first company to come in and become the highest market-cap company on the Science and Technology Innovation Board (STAR Market)

The first new stock on the A-share market to see its single-day trading value exceed 100 billion yuan

The first new A-share stock to achieve both a 1-trillion-yuan trade value and over 50% turnover rate

Just at ChangXin Technology, not long before the market opened today

Nomura Securities set a target price of 116 yuan for ChangXin, which is about $17

The report believes that ChangXin should receive a higher valuation premium than overseas comparable companies, rather than a discount. Therefore, it expects the PE multiple to be more than double the current valuations of Micron Technology and SK hynix, and that customer demand will accelerate growth.

I saw yesterday that people in the tech industry say there’s basically no such thing as “talent being stifled” anymore.

Then today I remembered the story about Kimi’s youngest employee: a 17-year-old high school student. The paper he helped create also received feedback and was commented on by Musk. Kimi, by the way, was discovered and recruited from the community. Additionally, over at Xiaomi next door, there’s a 19-year-old researcher.

Bottom of a bear market—or is it time to start again? Over the past 3 days, two once well-known cryptocurrency exchanges have officially announced closures.

These include BitMEX, which previously held the #1 market share in the crypto derivatives market, and BitMart, whose coin exchange ranked among the top 10 in spot market share from 2019 to 2020.

Just as a Google representative publicly supported AI open-source large language models last night, the joint open letter that many of us wrote together a few days ago has gained another member: what started as 25 supporters has now grown to 33 companies.

We’re only missing one now—our familiar American AI company hasn’t yet appeared on the joint letter.

Huang Renxun’s social accounts—seems like social savvy and relationship management are maxed out.

In his following list, the top 10 are all NVIDIA’s major customers.

The order goes from Musk, Microsoft’s Nadella, to Dell’s Dell, and Amazon’s Jassy.

Where are things in the market?

Kimi K3 Beijing nightlife celebration—treating a female DJ

OpenAI’s offsite event in South Korea invites a local girl group to open the show

Apple and Micron friction is further escalating. According to a report by The Wall Street Journal, to reduce rising costs, Apple is actively lobbying the Trump administration to allow it to use storage chips produced in China, while Apple’s major U.S. supplier, Micron Technology, is working to block this plan.

At present, this clash has put the Trump administration in the middle of a dispute between two U.S. giants.

$5.179B in fines! China’s State Administration for Market Regulation has, according to law, imposed penalties on Trip.com for its long-term monopolistic conduct.

The investigation found that Trip.com requires mid-to-high-end branded hotels to enter into an exclusive cooperation with Trip.com in order to receive prominent exposure. Meanwhile, for mid-to-low-end hotels and those operating across multiple online platforms, Trip.com requires them to provide the lowest price across the entire web; otherwise, it will take retaliatory measures such as throttling the platform’s traffic.

Reuters reports that China’s two major memory manufacturers, CXMT and Yangtze Memory, have gained absolute pricing power. Among them, CXMT Storage refused Huawei’s request not to raise prices, and instead raised the prices for the hardware it supplies to them.

Even in June of this year, without any warning, CXMT Storage instructed Huawei’s closely connected supplier, Newcailai, to have the employees responsible for commissioning equipment leave CXMT Storage’s factory on site immediately, and they never returned.

Netizens say that the guy who was dismissed after sharing a year-end bonus of 3.17 million yuan from Tencent was fired because his screenshot contained a hidden watermark inside Tencent. After the news spread, the company used the watermark to immediately identify the person, then revoked his access.

As for the guy himself, he won the highest-level performance rating twice last year. Only 10–20% of people can achieve that, and the bonus is typically at least an additional six months’ salary—so he ended up receiving that much cash and stock.

Boom, boom! Microsoft’s official website has just published a public letter jointly signed by 25 companies, including Nvidia, IBM, Dell, and the YC incubator, among others.

It calls on the U.S. government not to restrict open-source AI models, because they can benefit the entire industry and help all of humanity.

I looked around the English-speaking community and it seems everyone is panicking about next Monday.

The reason is that Kimi K3 is expected to be open-sourced before July 27. If it’s released this weekend and has an impact, then the market will reprice the outcome on Monday.

And next Monday also has Changxin Memory, this mega IPO—China’s version of SK Hynix, a price killer…

Previously, to the CSRC, the HKEX, and other departments, a former employee who filed a real-name report alleging that Xiaohongshu’s IPO had structural issues said that Xiaohongshu had already dispatched employees to contact him and sought an in-person meeting to discuss and resolve the matter.

And just 2 days ago, Xiaohongshu also issued a refutation to the media, saying that the rumor—claiming that the former employee’s report of its compliance issues had blocked its listing—was not true.