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Citadel plans to intervene in Susquehanna insider trading lawsuit.
PANews reported on July 6th that, according to Bloomberg, market maker Citadel Securities is seeking to join an insider trading lawsuit filed in Pennsylvania against Susquehanna International Group (SIG) and its former traders, planning to participate as a "victim." Citadel claims it suffered losses in related US stock and options trading due to alleged insider trading and hopes to be allowed to intervene in a New York court to protect its interests in subsequent claims. The case accuses former SIG employees of using undisclosed information to trade multiple stocks and profit. Previously, it was reported that the US Securities and Exchange Commission (SEC) is investigating allegations against market maker Susquehanna regarding insider trading in US stock options related to Futu and Tiger Brokers.
22 companies filed for Hong Kong Stock Exchange listings in one week: AI semiconductor supply chain dominates the headlines, with star companies like Avita among them.
Mars Finance reported on July 5th that, according to disclosures by the Hong Kong Stock Exchange (HKEX), from June 29th to July 4th, a total of 22 companies submitted IPO prospectuses to the HKEX, including Shengwei Times, Liante Technology, Shengjing Network, Yangtuo Holdings Inc., Longxun Semiconductor, Haote Energy Saving, Tongao Testing, Daotong Technology, Keli Limited, Avita, Wubo Technology, Jiaxuan Intelligent, Oulin Biotechnology, Yuanhai International, Silicon-based Flow, Huaneng Design Institute, Senyi Intelligent, Joint Stock Company National Company Kazakhstan Temir Zholy, Liding Semiconductor, Jingze Biotechnology, Hongxinyu, and Jingwang Electronics. Among the 22 companies that submitted their prospectuses, 5 A-share listed companies simultaneously applied to the HKEX, triggering a new wave of "A+H" dual listings. Among them, Jingwang Electronics leads with a market capitalization of 70.949 billion yuan. This leading PCB manufacturer's revenue exceeded 10 billion yuan each year from 2023 to 2025, with a compound annual growth rate of 46% in profits over three years. The company has significant related-party transactions with Luxshare Precision, and the demand for PCBs driven by AI computing power is its core growth logic. Liante Technology is a leading optical module manufacturer from Wuhan and one of the few global suppliers with vertical integration capabilities for 800G/1.6T optical modules, with a latest market capitalization of 38.764 billion yuan. Daotong Technology, Orin Biotech, and Longxun Semiconductor are from the automotive intelligent diagnostics, human vaccines, and high-speed video chips sub-sectors, respectively, and are all star companies on the Science and Technology Innovation Board, with latest market capitalizations of 17.418 billion yuan, 17.319 billion yuan, and 11.562 billion yuan, respectively. All three companies appeared as "spin-off subsidiaries." Wubo Technology is a smart logistics supply chain service provider for ferrous bulk commodities under Yankuang Energy. Based on 2025 Gross Transaction Value (GTV), it is the largest smart logistics platform in China's steel and metallurgical industry. Tongao Testing, spun off from the Hong Kong-listed Anton Oilfield Services, ranks second among professional testing institutions in China's oil and gas industry's integrated TIC solutions market and is a leading independent oil and gas testing TIC service provider. Liding Semiconductor, backed by global PCB leader Zhen Ding-KY, mainly produces high-end IC substrates such as FCBGA and FCCSP. Based on 2025 revenue, it ranks third among IC substrate manufacturers in mainland China. Of the 22 companies, AI and semiconductor-related companies account for nearly half. From upstream chip design (Longxun Semiconductor), memory (Hongxinyu), and IC substrates (Liding Semiconductor), to midstream optical modules (Liantech) and PCBs (Jingwang Electronics), and then to AI infrastructure (Silicon-based Flow), the entire AI industry chain is represented. Among them, Silicon-based Flow has applied for listing under the Hong Kong Stock Exchange's Chapter 18C Special Technology Companies Rules. Established only 34 months ago, its valuation has increased more than 33 times in three years, reaching a latest valuation of 7.74 billion yuan. Alibaba, Huawei, Meituan, and Innovation Works are all shareholders. This time, it aims to become the first "AI Token Factory" listed in Hong Kong. Hongxinyu's revenue exceeded US$1 billion and net profit exceeded US$500 million in the first four months of 2026, representing a more than 30-fold increase in net profit. Based on 2025 revenue, it will be the fifth largest independent memory manufacturer globally and the second largest in mainland China. Multiple high-profile targets from various sectors are simultaneously emerging. In the new energy sector, Avita is a rare Hong Kong IPO target in the domestic high-end new energy vehicle field. The company is jointly established by Changan Automobile, CATL, and Huawei. It achieved operating revenue of 5.645 billion yuan, 15.2 billion yuan, and 25.6 billion yuan in 2023, 2024, and 2025 respectively, achieving a leapfrog growth in revenue over three years; however, its losses are also increasing, accumulating to approximately 11.2 billion yuan over three years. In the AI healthcare field, Senyi Intelligent, as China's largest provider of intelligent hospital healthcare solutions, has served over 800 hospitals. Its shareholders include Tencent, Sequoia Capital, and IDG. Meanwhile, Kazakhstan Railways, controlled by Kazakhstan's sovereign wealth fund, is a state-owned transportation and logistics giant operating a vital land transport corridor connecting Central Asia with China and Europe. Its IPO in Hong Kong, as a key infrastructure company in a Belt and Road Initiative country, has attracted widespread market attention. (Science and Technology Treasure News)
Korean stock exchanges have introduced new rules: companies listed under the technology exception that transition to businesses such as "crypto asset investment" will face delisting scrutiny.
According to a July 2nd announcement from the Korea Exchange (KRX), in order to further improve the KOSDAQ market system, the KRX announced formal revisions to its listing rules and implementation details, aiming to strictly control companies listed through the technology exception from deviating from their core business. The new rules explicitly state that companies listed through the technology exception that change their main business direction within five years of listing (excluding businesses similar to or affiliated with their original core business) will be subject to substantive delisting review. The KRX specifically cited an example last year where a biotechnology company transferred its management to an overseas digital asset company after listing and illegally transformed into a "crypto asset vault" or other digital asset professional investment institution. The KRX emphasized that such behavior causes companies to deviate from the technology and growth potential assessment basis approved at the initial listing stage, thus requiring strict delisting review. Furthermore, the new rules add additional restrictions to the grace period for delisting conditions enjoyed by companies listed through the technology exception (i.e., exemption from restrictions based on insufficient revenue or large-scale losses for 3 to 5 years), requiring these companies to publicly disclose their "corporate value enhancement plan" during this period to ensure future growth and strengthen communication with investors. This revision of regulations also includes capital market optimization measures such as expanding the standards for customized qualitative review of innovative enterprises and establishing a disclosure system for companies with low PBR (price-to-book ratio).
ARK Invest researchers commented on OpenUSD: Essentially similar to early DAOs, the alliance of competitors faces multiple obstacles.
According to Mars Finance, Lorenzo Valente, Research Director at ARK Invest, commented on the OpenUSD stablecoin project jointly launched by multiple institutions. He stated that despite the strength of the participants (including Visa, Stripe, Mastercard, BlackRock, Coinbase, etc.), OpenUSD faces several major obstacles: First, liquidity and cold start issues; USDC and USDT have already formed a strong network effect, dominating exchanges, payment processors, and brokers, making it difficult for new stablecoins to gain trading pairs and large-scale holding intentions. Second, the decision-making speed of an alliance of 500 competitors will be extremely slow, lacking successful precedents, and conflicts of interest will be difficult to coordinate. Third, regulatory and antitrust risks are extremely high; joint issuance of currency by large banks and card networks is likely to become a regulatory focus. Fourth, the revenue-sharing model results in insufficient capital retention for issuers, making it difficult to cover high operating and promotional expenses. Fifth, the actual commitments of partners are limited, mostly expressions of intent (LOI), with parties still supporting competitors and favoring multiple hedging rather than exclusive binding. Valente concluded that OpenUSD is essentially similar to a "multiple competing DAOs," making rapid execution and decision-making difficult, and ultimately potentially repeating the mistakes of early DAO projects that suffered from governance failures and ineffective implementation. Affected by the OpenUSD plan, Circle's US stock price plummeted by over 17% in a single day, prompting ARK Invest to take advantage of the situation and buy in.
Reuters: Nearly 1,700 British investors have filed a lawsuit in London against Binance and CZ, seeking £150 million in damages.
According to Reuters, nearly 1,700 British investors are suing cryptocurrency exchange Binance and its founder CZ(CZ) in the London High Court, seeking at least £150 million (approximately $200 million) in damages. The plaintiffs allege that Binance entities, since the end of 2019, have been selling high-risk and complex cryptocurrency derivatives, including leveraged products, to UK retail investors without regulatory authorization, and have violated the UK's Financial Services and Markets Act by promoting such products. Some plaintiffs claim they have suffered losses of tens of thousands of pounds as a result. The defendants in the lawsuit reportedly include Binance Holdings, registered in the Cayman Islands; Nest Exchange, registered in the UAE; CZ; and other unnamed operators of the Binance trading platform. A Binance spokesperson declined to comment specifically on the ongoing litigation, but stated that the company will actively defend itself and emphasized Binance's commitment to fulfilling its obligations to users and operating within the framework of applicable law. Background information shows that the UK Financial Conduct Authority (FCA) explicitly prohibited cryptocurrency companies from offering derivatives services to retail clients in 2021.