8点1氪丨SK Hynix has submitted its U.S. IPO application; Elon Musk's net worth has evaporated by 340 billion U.S. dollars, and he is no longer a trillionaire; Brokerages suspend new cross-border stock-related TRS business
Today's Hotspot Guide
Doubao Professional Edition is officially launched, adopting a three - tier pricing scheme.
A semiconductor new stock soared 900%, and the maximum profit for a single winning lottery of this stock exceeded 200,000 yuan.
Israel confirmed that it smuggled tens of thousands of "Starlink" receivers into Iran.
The Strait of Hormuz is fully open to merchant ships for 60 days, and international oil prices have fallen.
Securities firms have suspended the addition of cross - border TRS for stocks, and the subsequent business scale may gradually shrink to zero.
It is reported that Apple will start mass - producing its first foldable iPhone in late July.
Top 3 Big News
SK Hynix has filed an IPO application in the United States
It is reported that SK Hynix has filed an IPO application in the United States and plans to list on the Nasdaq. Fubon Securities, Citigroup, Goldman Sachs, and JPMorgan Chase are the underwriters for its initial public offering (IPO). (Caixin)
Elon Musk's net worth has evaporated by $340 billion, and he is no longer a trillion - dollar billionaire
On June 24th, Elon Musk's net worth has fallen below one trillion dollars. According to the data from the Bloomberg Billionaires Index, Musk's current net worth has dropped to $957 billion, a significant decrease of $340 billion from the peak of $1.3 trillion eight days ago. However, Musk's net - worth after the decline still leads far ahead on the wealth list. The world's first trillion - dollar billionaire "fell from grace" in less than two weeks. (Daily Economic News)
Securities firms suspend new additions to cross - border stock - related TRS, and the subsequent business scale may gradually decline to zero
Reporters learned from multiple sources that starting on the 23rd, securities firms are suspending new additions to the scale of cross - border stock - related TRS (Total Return Swap, i.e., cross - border total return swap business) in accordance with regulatory requirements. Existing positions can expire and be closed normally, and there is no compulsory liquidation. Currently, apart from cross - border stock - related TRS, futures - related, urban investment bond - related, and some FICC and northbound - related businesses are not affected for the time being. This business has been in a state of restricted net new additions since the beginning of 2024. Currently, each securities firm is still waiting for detailed guidelines to clarify the specific implementation standards for the suspension of new additions.
Personnel in the derivatives business of securities firms reported that based on the current window guidance, it is more like no new positions will be opened for cross - border stock - related TRS, and the existing contracts will be gradually reduced after expiration. It is understood that the current channel fees for cross - border stock - related TRS are generally between 1% and 2%, making it one of the high - revenue projects for securities firms. (Caixin)
Cutting - edge AI
Doubao Professional Edition Officially Launched, Adopting a Three - Tier Pricing Plan
36Kr learned that according to Doubao, Doubao Professional Edition was officially launched on the 24th. The office task mode of Doubao has access to the Doubao 2.1 series of models that can execute Agent tasks. This mode supports operations on local computers, using browsers, invoking Skills and scheduling tasks. It comes with an Office suite, and supports professional image and video design, as well as generating and sharing application websites.
The Professional Edition adopts a three - tier pricing plan. 1. Standard Package: The monthly subscription fee is 68 yuan. It includes all the benefits of the free version, has access to the 2.1 Pro model, and the quotas for functions such as office tasks and expert mode are more than five times those of the free version. 2. Enhanced Package: The monthly subscription fee is 200 yuan, with a quota four times that of the standard package. 3. Premium Package: The monthly subscription fee is 500 yuan, with a quota ten times that of the standard package.
Trump administration pressures Meta to submit AI models for security review
According to multiple sources familiar with the matter, the Trump administration is pressuring Meta to voluntarily submit its artificial intelligence models for review so that the government can assess the performance and vulnerabilities of these models. The sources said that this request was made in an email from the Trump administration to the social media giant. Meta launched the Muse Spark AI model in April this year, but it is the only major AI technology developer in the United States that has not reached an agreement with the federal government to voluntarily share its models for review. (Sina Finance)
Jimeng AI Launches the Native 4K Version of Seedance 2.0 VIP
On June 23rd, the web version of Jimeng AI's Seedance 2.0 VIP officially launched the native 4K function, supporting ultra - clear output. Different from post - processing super - resolution, native 4K can retain more local details from the source. High - density information such as the hair of characters, the texture of clothing, the lines of buildings, and the texture of materials can be presented more completely and clearly, further enhancing the picture details, color levels, and light and shadow performance, and is suitable for high - quality creative scenarios such as film and television post - production, brand vision, and advertising and marketing.
Qwen Large Model Officially Launches Qwen-AgentWorld
36Kr learned that the Qwen large model has officially launched Qwen-AgentWorld, which is the first native Language World Model (LWM). A single model simultaneously covers text-based environments (MCP, Search, Terminal, SWE) and GUI-based environments (Web, OS, Android), enabling cross-domain knowledge transfer. Also released simultaneously is AgentWorldBench, an evaluation benchmark for language world models covering seven major domains. Each test sample is equipped with real-world observation data obtained from execution in a real environment.
Masayoshi Son Responds to SoftBank's Plan to Invest in Tokyo Electric Power: If Successful, an AI Data Center Will Be Built
On June 24th, Masayoshi Son, the chairman of SoftBank Group, said at the general meeting of shareholders when talking about the plan of its subsidiary, SoftBank Corp., to invest in Tokyo Electric Power Company Holdings (TEPCO), "Among several companies, we are currently retained as an important candidate." Son pointed out that if this investment is realized, "(SoftBank) should build an AI data center in Japan." (Jiemian News)
Large Companies/ Major Events
New semiconductor stock soars 900%, with a maximum profit of over 200,000 yuan for one winning lottery ticket
On June 24th, Zhenbao Technology listed on the Science and Technology Innovation Board. The stock once soared over 900% during intraday trading, reaching a maximum of 465 yuan per share. The issue price of the stock was 44.56 yuan. Calculated at the highest price, the maximum profit for one winning lottery ticket of this stock exceeded 200,000 yuan. As of press time, N Zhenbao had a gain of 811.89%, reporting at 406.34 yuan per share.
According to the prospectus, the company is one of the few domestic enterprises that simultaneously master the semiconductor material preparation technologies such as large-diameter single crystal silicon rods, polycrystalline silicon rods, and chemical vapor deposition silicon carbide, as well as the surface treatment technologies such as high-precision processing of hard and brittle material components like silicon, quartz, and ceramics, and high-density coating preparation. At present, the company has formed an integrated business platform of "raw materials + components + surface treatment", providing customers with overall solutions for multi-category components in the vacuum chamber of manufacturing equipment. (Yicai Global)
The rising expectation of the Federal Reserve's interest rate hike drives up the US dollar index, and the gold price may fall to $3,800
On the 23rd local time, the rising expectation of the Federal Reserve's interest rate hike drove up the US dollar index, putting pressure on international gold and silver prices to fall. As of the close of the day: The gold futures price for August delivery on the New York Mercantile Exchange was reported at $4,149.40 per ounce, a decline of 1.27%; the silver futures price for July delivery was reported at $62.070 per ounce, down 5.36% from the previous trading day.
In addition, Deutsche Bank recently lowered its forecast for the international gold price in a report and pointed out that if the Federal Reserve keeps interest rates unchanged, the target price of gold in the third quarter of this year will be $4,300 per ounce, more than one-fifth lower than the previous forecast; if the Federal Reserve raises interest rates three to four times, the gold price may fall to $3,800 per ounce. (China New Economy and CCTV Finance)
The three major U.S. stock indexes closed mixed, and most large technology stocks declined
36Kr learned that at the close on June 24, the three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.35%, the Nasdaq Composite fell 0.43%, and the S&P 500 Index fell 0.1%. Most large technology stocks declined. Microsoft fell more than 2%, while SpaceX, Tesla, and Netflix fell more than 1%. Nvidia, Meta, and Apple declined slightly, while Amazon rose slightly. Most popular Chinese concept stocks declined. NIO fell more than 3%, and Baidu, Alibaba, JD.com, iQiyi, and XPeng Group fell more than 2%. Li Auto, NetEase, and Pinduoduo fell more than 1%, while Bilibili rose more than 3%.
Spot silver fell below $60 per ounce, hitting the lowest level since December
36Kr learned that on the 24th, the spot gold price dropped by 1.69%, reporting at $4040.57 per ounce; the spot silver price dropped by 2.54%, reporting at $59.96 per ounce.
Israel Confirms Smuggling Tens of Thousands of "Starlink" Receivers into Iran
Israeli opposition leader and former Prime Minister Naftali Bennett admitted at a public event in Jerusalem on June 23 that during his tenure as Israeli Prime Minister from 2021 to 2022, he purchased tens of thousands of "Starlink" receivers and smuggled them into Iran to help anti - government protesters attempt to overthrow the Iranian regime. However, according to him, the current Israeli government led by Benjamin Netanyahu has failed to continue advancing the plan.
"Starlink" is operated by SpaceX, a company founded by American entrepreneur Elon Musk, and provides satellite internet services. Iran has previously accused Israel and the United States of smuggling such devices into the country to undermine its national security. "Starlink" does not have an operating license in Iran, but Musk previously said that the service is already available in Iran. (CCTV World News)
Ma Ning is basically confirmed to no longer serve as the main referee in the World Cup. A person familiar with the matter: He didn't bring a complete referee team for the subsequent knockout stage
On June 24, according to Beiqing Sports, a person familiar with the matter revealed that as Ma Ning was confirmed to act as the fourth official for the Norway vs France match, his task as the main referee in this World Cup has actually been settled. Due to not bringing a complete referee team for the subsequent knockout stage, Ma Ning is basically confirmed to have missed the chance to be the main referee. (Shangguan News)
Strait of Hormuz Fully Open to Merchant Ships for 60 Days, International Oil Prices Drop
As Iran announced on the 23rd that the Strait of Hormuz has been fully opened to merchant ships for 60 days without any fees, market concerns about a global oversupply of crude oil have intensified. Coupled with factors such as the expectation of the Federal Reserve's interest rate hike driving the strengthening of the US dollar, international oil prices dropped on the 23rd. As of the close of trading that day, the price of light - sweet crude oil futures for August delivery on the New York Mercantile Exchange settled at $73.21 per barrel, a decrease of 0.88%; the price of Brent crude oil futures for August delivery on the London market settled at $77.08 per barrel, a decrease of 1.05%. (CCTV Finance)
NVIDIA Urgently Denies Rumors: CPO Mass Production Has Not Been Delayed
Not long ago, a report from SemiAnalysis triggered a collective plunge in the global optical communication sector. The pessimistic narrative of "CPO mass production delay" caused a huge shock in the market. NVIDIA executives even urgently "denied the rumors" during a conference in Taipei. A reporter obtained confirmation from an industry insider close to NVIDIA that there is no delay in CPO mass production at the industrial end. The huge divergence in the market may be due to the confusion between the two completely different cycles of "small - batch verification and introduction" and "industry - wide popularization". The truth is far more complex than simply being bullish or bearish. (21st Century Business Herald)
Samsung Responds to Plan to Repurchase Stocks Worth Nearly 90 Trillion South Korean Won for Bonuses
On June 24, Samsung Electronics said in a regulatory filing that the company is considering a stock repurchase to pay bonuses, but the specific schedule and scale have not been determined. Samsung Electronics stated that the matter is still under discussion, and a separate announcement will be made within a month at the latest. Previously, it was reported that Samsung is preparing to repurchase stocks worth nearly 90 trillion South Korean won for employee bonuses, and details may be announced soon. (Jiemian News)
Report: Apple to Commence Mass Production of First Foldable iPhone in Late July
Supply chain sources revealed that Apple has finally finalized the key specifications of the foldable iPhone, including the display, casing, and mechanical components, and has entered the mass production preparation phase. Apple will start mass-producing its first foldable iPhone in late July. Although there have been recent rumors that the release of this model might be postponed due to hinge issues, it is understood that Apple will still launch it as originally planned in September. (Cailian Press)
Five Departments Jointly Launch Pilot Program for Industrial 5G Independent Private Networks
36Kr learned that the Ministry of Industry and Information Technology, in conjunction with five departments including the State-owned Assets Supervision and Administration Commission of the State Council, has jointly launched a pilot program for industrial 5G independent private networks. Through mechanism innovation, it supports the in-depth empowerment of key industrial sectors by 5G. An industrial 5G independent private network refers to an enterprise-exclusive 5G network that is independently operated without relying on the public network, with key facilities such as the access network and core network being built under the leadership of industrial enterprises. The pilot work will support large and extra-large enterprises in industries such as raw materials, equipment manufacturing, consumer goods, electronic information, national defense technology, and energy and transportation to build independent private networks. It encourages cities piloting the integration of "5G + Industrial Internet" to take the lead in carrying out the construction of independent private networks.
SpaceX Launches "Stardrop" Return Capsule to Demonstrate Re - entry Return Technology
On the 23rd, American space exploration technology company SpaceX used a Falcon 9 rocket to launch the "Stardrop" return capsule for the first time. The aim is to demonstrate and verify this new type of unmanned re - entry return vehicle. SpaceX said that after completing the controlled flight demonstration, the vehicle will splash down in the Pacific Ocean. (Xinhua News Agency)
Alphabet will be included in the Dow Jones Industrial Average on June 29, replacing Verizon
On June 23 local time, S&P Dow Jones Indices announced that Alphabet will be officially included in the Dow Jones Industrial Average (DJIA) before the market opens on June 29, replacing Verizon Communications. The reason for the adjustment is that Verizon's stock price is relatively low, accounting for only about 0.5% of the Dow's weight, and has little impact on this price - weighted index.
Alphabet's businesses span various fields such as advertising, cloud infrastructure, AI, hardware, autonomous driving, medical technology, and media distribution. Its higher market value and stock price will make it a more representative member of the communication services sector in the Dow. In addition, Honeywell International is expected to complete the spin - off of its Honeywell Aerospace division on the same day. After the spin - off, the parent company will be renamed Honeywell Technology and will remain in the Dow, while Honeywell Aerospace will not be included in the Dow. (Jiemian News)
Hong Kong hedge fund Ovata to shut down, founder and most employees to join ExodusPoint
It is reported that Hong Kong-based hedge fund Ovata Capital Management Ltd., with an asset under management of $1.5 billion, will wind down its operations. Its founder and most employees are preparing to join U.S. multi-strategy hedge fund giant ExodusPoint Capital Management. The source said that as an important move to expand its Asian equity trading business, ExodusPoint, which manages $14.5 billion in assets, will hire Ovata's Chief Investment Officer James Chen as the head of its Asian equity business in the third quarter. (Caixin)
Cboe Launches First Products in Prediction Market Series
Cboe Global Markets has launched the first products in its new prediction market product line, including binary option contracts based on the small - cap S&P 500 index. Cboe said in a statement that the relevant contracts are now available for trading on Interactive Brokers. They are expected to be available on the Charles Schwab platform in the coming months, and more retail brokerage channels will be connected in the future. (Sina Finance)
Going Public
KingKIDS: Updated Application for H-Share Issuance and Listing Submitted to the Hong Kong Stock Exchange
36Kr learned that KingKIDS announced that the company submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange on December 10, 2025, and updated the application on June 23, 2026. The application materials are in draft form and may be updated and revised from time to time. The company's issuance and listing this time still require the approval, verification, or filing of relevant government agencies, regulatory authorities, and stock exchanges such as the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange. There is still uncertainty about this matter.
Jiangxi Qiyunshan Food Co., Ltd. Passes the Listing Hearing at the Hong Kong Stock Exchange
36Kr learned that documents from the Hong Kong Stock Exchange show that Jiangxi Qiyunshan Food Co., Ltd. has updated its post - hearing information package, which means that the company has passed the hearing for its IPO on the Hong Kong Stock Exchange.
Luxshare Precision: Published the Post - Hearing Materials for H - Share Issuance on June 24, 2026
36Kr learned that Luxshare Precision announced that the company is carrying out relevant work for the application to issue H - shares and list on the Main Board of the Hong Kong Stock Exchange. Previously, it had submitted an application to the Hong Kong Stock Exchange and obtained the record - filing from the China Securities Regulatory Commission. The current announcement shows that the Listing Committee of the Hong Kong Stock Exchange has held a listing hearing to review the company's application for this issuance and listing. The company published the post - hearing materials for this issuance on the website of the Hong Kong Stock Exchange on June 24, 2026. This issuance and listing still requires approval from relevant regulatory authorities, and there are uncertainties.
Investment and Financing
“Qingyan Precision” Completes Hundreds of Millions of Yuan in Series B3 Financing
36Kr learned that “Qingyan Precision,” a physics AI company affiliated with Tsinghua University, recently completed hundreds of millions of yuan in Series B3 financing. This round of financing was jointly led by the Beijing Green Energy Fund and BAIC Capital, with Yulon Group participating as a follow - on investor. The funds from this round will be used for the recruitment of core talents, the construction of data collection centers, the R & D and large - scale deployment of multi - modal data collection equipment, as well as the procurement of computing power and the construction of infrastructure for model training.
"Haide Hydrogen Energy" Completes Hundreds of Millions of Yuan in Series B+ Round Financing
36Kr learned that "Haide Hydrogen Energy", a green hydrogen production technology and solutions company, recently completed hundreds of millions of yuan in Series B+ round financing. The strategic investors are Saudi Aramco and Conch Cement.
Groq Completes $650 Million in Financing to Accelerate Expansion of AI Inference Cloud and Aims to Reach 200 Megawatts by the End of 2027
AI chip startup Groq announced on June 22 (local time) that it has completed a new round of growth financing of $650 million, led by Disruptive and Infinitum, with participation from some existing investors. The funds will be used to accelerate the upgrade of the existing data center infrastructure, including the deployment of NVIDIA's latest LPX system, and the goal is to expand the total installed capacity to 200 megawatts by the end of 2027. (Jiemian News)
Financial Reports of Large Companies
FedEx Reports $94.7 Billion in Annual Revenue for Fiscal Year 2026
FedEx Corporation announced its financial results for the fourth quarter and full year of fiscal year 2026 ended May 31, local time on June 23. The annual revenue reached $94.7 billion, a year-on-year increase of 7.7%. The adjusted (non-GAAP) diluted earnings per share were $20.24, a year-on-year increase of 11.3%. The adjusted operating profit was $6.61 billion, and the company exceeded its target of cost savings of over $1 billion through its transformation initiatives for the full year. In the fourth quarter, the revenue was $25 billion, a year-on-year increase of 12.6%. The adjusted diluted earnings per share were $6.31, a year-on-year increase of 3.9%, mainly driven by the improved yields of domestic and international priority packages in the United States and cost savings, partially offset by the impact of changes in global trade policies. (Jiemian News)
Micron Technology: In the third fiscal quarter of this quarter, the company's revenue was $41.46 billion, and the net profit was $28.24 billion
36Kr learned that Micron Technology announced its financial results for the third quarter of fiscal year 2026, ending on May 28, 2026. The financial report shows that the company's revenue was $41.46 billion, compared with $23.86 billion in the previous quarter and $9.30 billion in the same period last year. According to GAAP, the net profit was $28.24 billion, and the diluted earnings per share were $24.67. The operating cash flow was $25.39 billion, compared with $11.90 billion in the previous quarter and $4.61 billion in the same period last year. The company expects its revenue in the fourth fiscal quarter to be between $49 billion and $51 billion, and the adjusted EPS to be between $30 and $32.
Compiled | Yuting He
This article is from the WeChat official account “36Kr”. It is published by 36Kr with authorization.