韩国KOSPI指数跌破6000点，较6月峰值跌超30%
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South Korean lawmakers warn that the KOSPI index has "become a casino" and call for the delisting of leveraged ETFs.
Odaily Odaily reports that South Korean lawmakers are increasingly concerned about the risks of single-stock leveraged ETFs, with one opposition lawmaker calling for the delisting of such products. On Monday, Ahn Cheol-soo, a conservative People Power Party lawmaker and former presidential candidate, posted on social media calling for strong corrective measures, including delisting, for South Korean leveraged ETFs tracking Samsung Electronics and SK Hynix. He wrote that the Korea Composite Stock Price Index (KOSPI) "has become a casino," and that such products are "a complete policy failure, eroding trillions of won in corporate value and national wealth every day." His comments have heightened concerns among policymakers and investors about the risks of these ETFs. These products aim to achieve double the return on their underlying stocks, and their mechanized rebalancing process forces them to buy more when prices rise and sell more when prices fall, potentially amplifying market volatility. (Jinshi)
Samsung's soaring profits couldn't mask underlying concerns, and its stock price plummeted, dragging down the KOSPI index by 6%.
Odaily Odaily that Samsung Electronics, a South Korean company, released its preliminary second-quarter results this morning, showing a 19-fold year-on-year increase in operating profit, surpassing the total profits of the past three years. Specifically, Samsung forecasts second-quarter operating profit of 89.4 trillion won (up 1810.2% year-on-year), compared to market expectations of 87.3 trillion won. However, the company's stock price plummeted as the results failed to alleviate market concerns about the sustainability of the AI-driven chip boom. Samsung shares plunged more than 8% in early trading, while rival SK Hynix shares also fell 7.3%, dragging down the South Korean KOSPI index by 6%. Analysts attributed the weakness in Samsung shares to overly high market expectations—profits driven by record memory chip prices could have exceeded 90 trillion won after accounting for employee bonus provisions; in addition, the market was concerned that the construction of AI data centers might slow down. Albert Yong, Managing Partner at Petra Capital Management, stated, "Samsung's strong results were already widely anticipated by the market and largely priced in during the pre-earnings surge. Investors remain concerned about the sustainability of the AI boom and the risk of a potential slowdown in AI infrastructure spending by major US tech companies." (Jinshi)
Bitwise CIO: The crypto industry may become part of the next generation of economic rule-making.
Odaily Odaily reports that Bitwise Chief Investment Officer Matt Hougan posted on the X platform that he recently read a speech by U.S. Treasury Secretary Bessenter, calling it "an important document that defines America's economic role for the next century." He pointed out that in his speech, Bessant outlined five principles for the future US economic strategy, the third of which was: "The United States will set the rules for the next generation of the economy." When discussing the digital economy, Bessant stated, "Digital assets, stablecoins, tokenization, and new payment systems will help shape the future of money. The United States should not place itself as a bystander in building this future." Matt Hougan commented that this statement demonstrates the US government's emphasis on promoting the development of the crypto industry and reflects the fact that digital assets are being incorporated into an important part of the future financial system and economic competitive landscape.
Momenta, dubbed the "first stock in physics AI," has completed its IPO, with its market capitalization once exceeding HK$70 billion.
Odaily Odaily reports that Momenta, dubbed the "first stock in physical AI," has completed its IPO on the Hong Kong Stock Exchange. The offering price was HK$295.6 per share, and the public offering was oversubscribed by 414 times. The stock opened slightly higher, with its market capitalization briefly exceeding HK$70 billion. Assuming the "greenshoe option" (over-allotment option) is fully exercised, the global offering consisted of approximately 22.93 million shares, raising approximately HK$6.8 billion. According to ZhenFund, Momenta announced that its mass-produced business has surpassed 1 million units equipped with its technology.
Trump-backed AI finance company in talks to sell core business
According to Odaily Odaily, market sources indicate that an AI finance company backed by Trump is in talks to sell its core business.
The US military claims to have completed a new round of strikes against Iran.
According to a recent statement and video released by the U.S. Odaily Command, the U.S. military launched a new round of offensive strikes against Iran, using precision-guided munitions to hit more than 80 targets, in a "direct response to Iran's recent attacks on merchant ships sailing in the Strait of Hormuz." The statement said that the US military's targets included Iranian air defense systems, command and control networks, coastal radar sites, and anti-ship missile capabilities; in addition, more than 60 small vessels of the Iranian Islamic Revolutionary Guard Corps were destroyed in the Strait of Hormuz and surrounding waters. This comes after Iran previously attacked three merchant ships transiting the Strait of Hormuz: the Marshall Islands-flagged oil tanker "Al-Recayat," the Saudi Arabian-flagged oil tanker "Vedian," and the Liberian-flagged oil tanker "Cyprus Prosperity." US Central Command forces remain on high alert, and "the US will hold Iran accountable should it fail to comply with or violate the agreement." (Jin Shi)