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The Taiwan Affairs Office of the State Council responded to TSMC's plan to increase its capital investment in its US subsidiary by US$20 billion.
Mars Finance reports that the Taiwan Affairs Office of the State Council held a regular press conference on the morning of July 8. A reporter asked: "It is reported that TSMC will invest an additional $20 billion in its US subsidiary to build a 12-inch wafer fab and an advanced packaging plant. This is the sixth time the Taiwan Economic Affairs Department has approved TSMC's investment in its US subsidiary, bringing the total approved investment to date to $44 billion. This has further heightened concerns in Taiwan about TSMC becoming 'US TSMC.' What is your comment on this?" Chen Binhua, spokesperson for the Taiwan Affairs Office, replied: "The DPP authorities are using TSMC's investment in the US as a pledge of allegiance to 'seek independence by relying on the US,' shamelessly clinging to the US and actively cooperating with the US to seize Taiwan's advantageous industries. They are sacrificing their industrial foundation and interests in exchange for so-called 'support.' The further they go down the wrong path, the more the concerns of the Taiwanese people will become a reality." (Cailian Press)
SK Hynix's roadshow presentation slides revealed: The motivation for listing stems from a dual pursuit of valuation reassessment and capital expansion.
According to Odaily Odaily, SK Hynix's US IPO roadshow presentation slides have been leaked. It is reported that Baillie Gifford Overseas Limited, Coatue Management, and Situational Awareness Partners have individually (but not jointly) expressed their intention to subscribe for American Depositary Shares (ADSs) in this offering, with a total value of up to US$7 billion, at the initial public offering price. According to disclosed information, SK Hynix's IPO is driven by a dual motivation: valuation reassessment and capital expansion. It has long faced a valuation discount, currently trading at a forward 12-month price-to-earnings ratio of 6.2, lower than Micron Technology's 7. Measured by forward price-to-sales ratio, its 3.6 is also lower than Micron's 4.6. The fundamental reason for this valuation gap lies in the obstacles faced by US investors in directly investing in Korean stocks. Furthermore, the funds raised will be invested in expanding domestic production capacity in South Korea, including 45.5 trillion won in capital expenditure and 11.9 trillion won in EUV lithography machine procurement. (leinews)
Galaxy Research Head: Strategy Capital's strategy buys time, but structural pressures remain.
PANews reported on July 5th that Alex Thorn, Head of Research at Galaxy, stated that Strategy (MSTR)'s recent capital management reforms have effectively alleviated market concerns about liquidity and preferred stock system pressures in the short term, but are more about "buying time" than fundamentally solving structural problems. Thorn emphasized that the core issue is not whether Strategy has enough BTC (approximately 847,000 coins), but rather that insufficient dollar liquidity is needed to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze on the interests of various shareholder groups.
Stablecoin market under pressure: Stablecoin market capitalization decreased by approximately $10 billion, with US stocks becoming the main target of support.
According to Odaily Odaily, based on monitoring by on-chain analyst Yu Jin, amidst the continued correction in the crypto market, the overall market capitalization of USD stablecoins has decreased by approximately $10 billion from its previous high, currently hovering around $300 billion. Meanwhile, some funds are believed to have flowed into the US stock market, which has seen a stronger wealth effect this year. The latest quarterly data shows that leading stablecoins have experienced varying degrees of capital outflows: Tether (USDT): Total supply decreased from approximately $189.8 billion to $184.1 billion, a net outflow of approximately $5.7 billion. USD Coin (USDC): Total supply decreased from approximately $79.6 billion to $73 billion, with a net outflow of approximately $6.6 billion, making it the stablecoin with the largest outflow in this round. The performance of tokens related to Circle, the issuer of USDC, has been under pressure, and its stock price has also fallen from about $136 to around $64, as market expectations for its growth have cooled. In contrast, the stablecoin USD1 recorded a net inflow of approximately $500 million during the same period, increasing its total inflow from approximately $4.1 billion to $4.6 billion, making it one of the few assets to buck the trend and grow. However, this growth is believed to have relied on interest rate subsidy incentive mechanisms from trading platforms, such as some exchanges using promotional activities to encourage user holdings and trading behavior.
Analysis: Strategy's capital restructuring alleviated short-term liquidity pressures, but structural risks remain.
According to Odaily Odaily, Alex Thorn, head of Galaxy Research, said that the capital management reforms recently launched by Michael Saylor's Strategy (MSTR) have effectively alleviated market concerns about its liquidity and preferred stock system in the short term, but they are more about "buying time" than fundamentally solving structural problems. Strategy has faced pressure on its preferred stock "digital credit" system in recent weeks, with its STRC ("Stretch" preferred stock) briefly falling below par value, hitting a low of approximately $71.25. This has raised concerns about the company's ability to pay preferred stock dividends, given its declining BTC price and shrinking dollar reserves. The market subsequently focused on three stress scenarios: selling Bitcoin, issuing new MSTR shares to dilute shareholders, or reducing/suspending preferred stock dividends. In response, Strategy announced a comprehensive capital management restructuring on Monday, launching a "Digital Credit Capital Framework" that includes five tools: a board-approved dollar reserve policy, adjustments to the STRC dividend mechanism, a $1 billion preferred stock buyback mandate, a $1 billion MSTR common stock buyback mandate, and a Bitcoin monetization mechanism. Simultaneously, the company increased its annualized STRC dividend yield from 11.5% to 12%. The market reacted positively, with both MSTR and STRC rising sharply that day, and Bitcoin also rebounding in tandem. Alex Thorn points out that this adjustment improved market sentiment in the short term, allowing Strategy to extend its cash coverage period to approximately 17 months and enhance its funding buffer through new financing. However, the company still faces approximately $6.7 billion in convertible bonds maturing in 2027-2028, and long-term structural risks remain. The core issue is not whether Strategy has enough BTC (approximately 847,000 coins), but rather that its dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze on the interests of various shareholder groups. However, the key significance of this adjustment lies in enhancing the "optionality" of the company's capital instruments, shifting it from a one-way BTC accumulation strategy to a more proactive asset and liability management model, thereby preventing short-term liquidity problems from escalating into a systemic crisis. Although the current Bitcoin market environment is weak and may not have bottomed out yet, Strategy's new framework has, to some extent, bought the company a window of opportunity, allowing it to wait for more favorable market conditions.
Li Bojie responded to the Metagent investment dispute, stating that ABCDE Capital only received $500,000.
On July 7th, PANews reported that Li Bojie, co-founder and former CTO of Metagent, responded to accusations from Du Jun, a partner at ABCDE Capital. Li stated that of the $1.5 million stipulated in the investment agreement, only $500,000 had been received, with the remaining $1 million unpaid. However, the cap table still calculated ABCDE's equity based on $1.5 million. Li Bojie stated that due to the prolonged delay in funding, he and his co-founders voluntarily took pay cuts, hindering the company's recruitment and R&D. He resigned in October 2024 due to family reasons and Web3 compliance issues in mainland China. Before leaving, he disclosed the cap table and business progress as required, and stated that subsequent entrepreneurial projects avoided areas related to non-compete clauses, such as Web3, AI infrastructure, and image generation.