8:00 Krypton | Ctrip was fined and its illegal gains were confiscated with a total amount of 5.179 billion yuan for abusing its dominant market position; Changxin Technology goes public today; Japanese technicians disassemble Unitree robots, pointing out that they cannot catch up with China in the short term.
Today's Hotspot Guide
- New regulations on A-share insider trading come into effect today, narrowing the defense space for "legitimate trading"
- Former Secretary of the Board of 360 claims that the equity incentive has not been honored 7 years after his resignation, involving an amount of about 26.49 million
- Elon Musk liked Jensen Huang's first post on X, stating that he fully supports Jensen Huang
- The court responded to the claim that LV sued the developer for infringement of residential building facade decoration: it is not true
- South Korea's pension fund recorded its first net purchase of KOSPI constituent stocks in July, which is the first occurrence this year
TOP 3 Major News
Abusing market dominant position to commit monopolistic acts, Trip.com is fined and confiscated a total of 5.179 billion yuan
On July 25, the State Administration for Market Regulation imposed administrative penalties in accordance with the law on Trip.com Group Co., Ltd. for abusing its market dominant position to implement monopolistic conducts, with the total amount of fines and confiscated gains reaching 5.179 billion yuan.
Trip.com issued an announcement on July 25 on sincerely accepting the administrative penalty decision from the State Administration for Market Regulation: Today, we have received the *Administrative Penalty Decision of the State Administration for Market Regulation*. We sincerely accept and will strictly comply with the decision, and will strictly follow regulatory requirements to push forward and systematically implement all rectification tasks item by item, ensuring all measures are fully enforced. (CCTV News)
Changxin Technology lists today, research report estimates maximum profit of RMB 26,000 per winning new share lot
Changxin Technology announced earlier that its shares will be listed on the Sci-Tech Innovation Board (STAR Market) of the Shanghai Stock Exchange on July 27 (Monday). The offering price is RMB 8.66 per share, and the total share capital after issuance is 66.881 billion shares (before the exercise of over-allotment option).
The research report released by SDIC Securities sets four scenarios for its valuation: conservative, neutral, optimistic and ultra-optimistic, corresponding to valuations of RMB 1 trillion, RMB 1.5 trillion, RMB 2.3 trillion and RMB 4.25 trillion for Changxin Technology. Based on the aforementioned estimated market capitalization range of RMB 1 trillion to RMB 4 trillion, the corresponding first-day post-listing increase will fall in the 70%-600% range. Compared with the offering price of RMB 8.66, the profit range for one winning new share lot is approximately between RMB 3,000 and RMB 26,000. (China Securities Journal)
Japanese Technicians Disassemble Unitree Robotics Humanoid Robot, Admit Japan Cannot Catch Up With China In Humanoid Robot Field In Short Term
Japan's Nikkei xTECH website released a video on July 23 showing Japanese technicians disassembling the G1 humanoid robot developed by Chinese Unitree Robotics, attempting to explore its internal structure and technical level. In this video, the Japanese technicians and media reporters exclaimed at the high technical level of China's humanoid robots while disassembling, and finally came to the conclusion that China's robot R&D has obviously gone beyond the stage of "only being able to make demonstrations". In the field of humanoid robots, it is "probably not realistic" for Japan to narrow the gap with China in a short period of time. (CCTV Finance)
AI Cutting Edge
Leaked celebration photos of Moonshot AI Kimi K3 emerge, Zhang Yutong is suspected to be present, and the slogan "Rush to the Moon" is raised
According to reports, after the widespread attention triggered by the release of Moonshot AI Kimi K3 in the past period, Moonshot AI held a celebration event at a bar in Beijing on Friday. According to the leaked content, a celebration banner displayed by Moonshot AI shows that the company positions K3 as "expansion and upgrade", and expects to "push the next-generation K4 to the extreme", while putting forward the slogan "Rush to the Moon". One leaked photo shows that Zhang Yutong, co-founder and President of Moonshot AI, is suspected to have also attended the event. (Sina Tech)
Anthropic Launches New Model Opus 5
On July 24 local time, Anthropic launched its new model Opus 5. The company states that the performance of Opus 5 is close to that of its more powerful same-series product Fable 5, while its price is only half of the latter, which is suitable for daily office work and computer programming tasks. Dianne Penn, Head of Product at Anthropic, said that the newly released version is more efficient than Opus 4.8 launched in May. (Jiemian News)
AI out-of-control incident occurs in the United States, sparking public doubts over the AI safety mechanisms of US tech enterprises
On July 25, Reuters published an exclusive report citing insiders that an AI Agent of OpenAI launched consecutive attacks for several days after hacking into the artificial intelligence platform Hugging Face. OpenAI did not confirm that the intrusion was caused by its own AI Agent until the incident was brought under control and Hugging Face had filed a report to the Federal Bureau of Investigation (FBI). This incident has once again aroused widespread public doubts about the AI safety mechanisms of US tech companies. (Global Times)
Big Companies / Major Events
New regulations on A-share market insider trading take effect today, narrowing the defense scope for "legitimate trading"
On July 24, the Supreme People's Court and the Supreme People's Procuratorate jointly issued the Decision on Amending the Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Law in Handling Criminal Cases of Insider Trading and Leaking Inside Information (Legal Interpretation [2026] No. 13), which shall enter into force as of July 27, 2026. It is learned that this is the first systematic revision of this judicial interpretation since it was implemented in 2012. Interviewed lawyers told reporters from Securities China that this revision has significantly advanced the determination point of the inside information sensitivity period, closing the loophole for actual controllers and other relevant parties to arbitrage in the "intention stage". The revision also further restricts the defense space for "legitimate trading". (CNS Finance)
Former Secretary of the Board of 360 Claims Unfulfilled Equity Incentive After 7 Years of Departure, Involving an Amount of Approximately 26.49 Million
Recently, another former senior executive came forward to accuse 360 (601360.SH, hereinafter referred to as "360"). On July 24, Zhang Fan, former Secretary of the Board and Chief Legal Counsel of 360, publicly released a document stating that she has left 360 for seven years, but a sum of equity incentive benefits has not been cashed out, with the amount reaching approximately 26.49 million yuan.
Zhang Fan told reporters that in the past, she had communicated with the 360 team through multiple channels for many times to try to solve the problem, but in May this year, the lawyer representing 360 unilaterally terminated the communication; in July, she sent a message to Zhou Hongyi, the founder of 360, via WeChat, and then she found that she was blocked right after the message was sent. (Red Star News)
CATL earns 240 million yuan per day, and its production capacity will be further expanded by 1.5 times
On the evening of July 24, CATL released its 2026 semi-annual financial report. The financial report shows that CATL achieved a total operating revenue of 2769.17 billion yuan in the first half of the year, a year-on-year increase of 54.80%; the net profit attributable to shareholders was 432.84 billion yuan, a year-on-year increase of 41.98%, equivalent to a daily profit of about 240 million yuan; the non-recurring profit and loss deducted net profit reached 390.13 billion yuan, a year-on-year increase of 43.44%.
After experiencing the cautious cycle from 2023 to 2024, this leading enterprise is redrawing the industrial landscape with the reality of supply falling short of demand and the determination of aggressive capacity expansion. Against the backdrop of high growth in revenue and profit, two sets of data are more noteworthy. In the first half of the year, CATL's capacity utilization rate reached as high as 94.86%, close to full production; meanwhile, the company's under-construction production capacity reached 764GWh, 1.46 times of the existing capacity. (Sina Tech)
Elon Musk praised Jensen Huang's first X post, stating that he fully supports Jensen Huang
Recently, Jensen Huang, head of NVIDIA, the listed company with the highest market capitalization across the globe, joined the social media platform X (formerly Twitter). As of 11:30, Beijing time on the 25th, the number of his followers has reached 627,000.
Jensen Huang's first post is a letter that NVIDIA participated in co-signing, which emphasizes the importance of open-source artificial intelligence models. This letter was jointly signed by dozens of institutions including NVIDIA, Microsoft, Meta, IBM, Dell Technologies, Linux Foundation, a16z, Y Combinator, Mistral AI and other organizations. In response, Elon Musk, founder of multiple cutting-edge technology companies such as Tesla, SpaceX and Neuralink, reposted the content and said, "Jensen is right, I fully support him." (Kuai Technology)
New HKEX rules take effect, lowering the listing threshold for technology enterprises further
Recently, the Hong Kong Exchanges and Clearing (HKEX) released the consultation conclusions on proposals to enhance the competitiveness of the Hong Kong stock listing mechanism, and the revised listing rules took effect immediately. Since the beginning of this year, nearly 100 enterprises have been listed on the Hong Kong stock market, and more than 500 others are under review. Industry insiders believe that the implementation of the new HKEX listing rules has further improved market inclusiveness. Whether it is drastically lowering the financial listing threshold for enterprises with the "weighted voting rights" structure, relaxing the restrictions on voting right proportion, providing more conveniences for overseas listed enterprises to list in Hong Kong, or allowing all applicants to submit listing applications in confidence, all these measures help attract more types of companies to go public, enrich investors' options, and enhance the international competitiveness of HKEX. (Shanghai Securities News)
Naver and NVIDIA Reach a $1 Billion Strategic Investment Agreement
South Korean internet portal operator Naver has signed a $1 billion strategic investment agreement with NVIDIA, under which NVIDIA will acquire a 4.5% stake in Naver. (Financial Associated Press)
Five Major U.S. Tech Giants' Hidden Debt Exceeds One Trillion U.S. Dollars
Nikkei Asia reported on the 21st that after reviewing the financial reports and other relevant materials of Alphabet (Google's parent company), Microsoft, Amazon, Meta and Oracle, it was found that the hidden debt of these five tech giants has increased 8 times in 4 years, reaching 1.65 trillion U.S. dollars in the latest quarter, far exceeding the on-balance-sheet liability of about 1.35 trillion U.S. dollars. Rating agency Moody's warned as early as February about the huge hidden liabilities of U.S. tech giants. According to the report of the UK's Financial Times, Moody's stated in a report at that time that the current U.S. accounting standards have "limitations", which allow large tech companies to hide hundreds of billions of dollars in potential liabilities amid the artificial intelligence data center construction boom. This loophole may make it difficult for investors to see the true financial health status of these tech giants. (CCTV Finance)
July 2026 Box Office Exceeds 4 Billion Yuan
According to Beacon Professional Edition, as of July 26, the total box office (including pre-sales) of July 2026 has exceeded 4 billion yuan. *Kung Fu Women's Football*, *Eight Immortals!*, *Minions and the Big Monster*, *Four Crossings* and *Missing You* currently rank top 5 on the July box office chart. (Jiemian News)
Qualcomm Announces Chip Price Hikes Starting September, With Increases Reaching Double-Digit Percentages
According to a recent report from Bloomberg, Qualcomm is preparing to raise the prices of its chip products, and the increase will hit a double-digit percentage. Qualcomm has sent price adjustment notices to customers on July 24 local time, noting that the new prices will apply to all products shipped after September 1. Qualcomm stated in the notice that the company can no longer absorb the rising cost pressure from the supply chain, and has also made attempts to find new component supply sources. (IT Home)
Court's response to the rumor that LV sues property developer for property facade decoration infringement: Not true
On July 26, Xiamen Huli District People's Court issued a situation notice, clarifying that the widely spread online case claim that "Louis Vuitton sues a real estate developer for trademark infringement caused by four-leaf carved decorations on the property facade" is not true. After verification, this case refers to the lawsuit filed by Louis Vuitton against Peng, the operator of a street-side clothing store in a residential community, for selling clothing that infringes its registered trademark. The other defendants are sued for failing to fulfill their management duties properly and shall bear corresponding liabilities. This case has no connection with the rumored carved decorations on the property facade. The case has not been heard in court yet. (China Business News)
SK Hynix, Samsung Electronics and Kioxia to release latest financial reports, which may affect the trend of chip stocks in the next stage
The three leading memory giants SK Hynix, Samsung and Kioxia are about to unveil their latest performance. Against the backdrop of market concerns over the sustainability of AI investment and the reliability of long-term memory supply contracts, these financial reports will serve as the "touchstone" to verify the profitability of these industry giants in this cycle. Whether the three reports can prove that AI demand is still being translated into orders for HBM, DRAM and enterprise-level solid-state drives may influence the trend of chip stocks in the next phase. (China News Finance)
Elon Musk Warns Short Sellers of Risks in SpaceX
Last week, Tesla's Q2 performance fell short of expectations, and its share price plunged by about 14.5% the day after the earnings report was released, erasing roughly 214.5 billion USD in market value. SpaceX, Elon Musk's other space exploration technology firm, completed its initial public offering just over a month ago, with its share price falling below the issue price, and the number of investors betting on its share price decline is still on the rise. Data shows that SpaceX's short positions have now risen to around 32% of its outstanding shares. In response, Elon Musk warned that institutions that maintain large-scale short positions in SpaceX for a long time have a "very low survival probability". What the market is still focusing on now is whether SpaceX and Tesla are likely to merge. Elon Musk neither confirmed nor denied this at the earnings meeting, only stating that the business overlap between the two companies will grow increasingly. At present, some Wall Street analysts are increasingly optimistic that the two companies will eventually reach a transaction. (CCTV Finance)
South Korea's pension funds record first net purchase of KOSPI constituent stocks in July, the first occurrence this year
South Korea Exchange released stock market data on Sunday, revealing that pension funds including the National Pension Service, one of the largest institutional investors in the South Korean stock market, became net buyers of stocks on the Korea Composite Stock Price Index (KOSPI) this month, marking the first such move since the beginning of this year. Data shows that from July 1 to 24, the National Pension Service and other pension funds made a cumulative net purchase of 68.4 billion won (equivalent to 46.8 million US dollars) of stocks on the KOSPI main board. Prior to this, pension funds had posted net stock sales for six consecutive months, and this month is the first month of the year to achieve net purchases.
During the first 17 trading days of July, pension funds saw net purchases on 11 trading days and net sales on 6 trading days. There are 5 remaining trading days this month, and analysts judge that pension funds will most likely maintain a net buying status for the whole month of July. On the individual stock buying side, SK Hynix is the top position increase target for pension funds, with a cumulative net purchase of 425.8 billion won; followed by SK Innovation (224.7 billion won) and S-Oil (174.4 billion won). On the selling side, large position reductions were recorded: SK Square posted a net sale of 575.7 billion won, Samsung Electro-Mechanics 313.6 billion won, and Samsung Life Insurance 123.8 billion won. (Sina Finance)
Paramount Skydance Announces Postponement of Warner Bros. Acquisition Deal
Paramount Skydance Corporation announced on the 24th that it has agreed to postpone the acquisition transaction of Warner Bros. Discovery. This deal, widely recognized as one that will reshape the landscape of multiple U.S. sectors including entertainment and media, is currently facing severe legal challenges. Paramount Skydance finally defeated streaming giant Netflix after several rounds of confrontations and continuous increases in its acquisition offer. Shareholders of Warner Bros. Discovery voted on April 23 to approve the acquisition agreement proposed by Paramount Skydance. The transaction was originally scheduled to be completed in the third quarter of this year. Documents submitted to U.S. securities regulators show that Paramount Skydance may pay a high price if the transaction is extended. (Xinhua News Agency)
Waymo is considering terminating its partnership with Uber
According to reports, Waymo under Alphabet is exploring the possibility of exiting its partnership with Uber. Waymo first launched cooperation with Uber in May 2023, rolling out the autonomous taxi service in Phoenix, Arizona, USA. Subsequently, the two sides reached cooperation agreements in Austin and Atlanta, where Waymo's vehicles are only accessible via the Uber app, and Uber manages the fleet jointly with its partner Avomo. This May, the cooperation between Uber and Waymo in Phoenix was terminated after the agreement expired. (Jiemian News)
Major Companies' Financial Reports
Volkswagen Group's after-tax profit in the first half of the year fell by over 30% year-on-year
German automaker Volkswagen Group released its 2026 first-half financial report on the 24th, showing that due to factors such as US tariffs and intensifying global market competition, the group's after-tax profit in the first half of the year decreased by more than 30% year-on-year, and the full-year revenue for 2026 is expected to be lower than previously expected. Oliver Blume, Chairman of the Management Board of Volkswagen Group, said on the same day that to achieve the cost reduction target, the group may cut about 50,000 jobs across the globe, and the specific scale is still pending further evaluation. (CCTV News)
Newpoint Software: Estimated net profit attributable to shareholders of the parent company for the first half year will record a loss of around 63.021 million yuan
Newpoint Software announced on July 26 that it expects to realize operating revenue of 570 million yuan in the first half of 2026, representing a year-on-year decrease of 14.93%. It is estimated that the net profit attributable to shareholders of the parent company for the first half year will record a loss of around 63.021 million yuan, versus a loss of 62.1771 million yuan in the same period of the previous year. During the reporting period, the company's operating revenue declined compared with the same period of last year, which is mainly affected by factors including limited customer budgets and extended delivery cycles of some projects. (Jiemian News)
IPO in Progress
SHEIN Discloses Post-Hearing Information Document: 2025 Revenue Reached 41.8 Billion USD
36Kr learned that on July 26, SHEIN submitted its post-hearing information document to the Hong Kong Stock Exchange. If successfully listed, it will become the largest cross-border e-commerce IPO on the Hong Kong stock market in 2026. In 2025, SHEIN achieved a total revenue of 41.8 billion USD, with a compound annual growth rate of 14.2% from 2023 to 2025; it posted a net profit of 2.06 billion USD in the corresponding period of 2025. As of the end of 2025, the platform serves around 273 million active customers, with its business covering approximately 160 markets.
Compiled by | He Yuting