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On July 14, Changxin Technology announced that the company's initial public offering of shares will be listed on the STAR Market, with an issue price of 8.66 CNY per share. Investors are required to subscribe online and offline on July 16, 2026 (T day) at this price, without needing to pay subscription funds at the time of subscription. The offline subscription period is from 9:30 to 15:00, and the online subscription period is from 9:30 to 11:30 and 13:00 to 15:00. The initial number of shares issued is 6,688,088,608 shares, accounting for approximately 10.00% of the total share capital after issuance, and CICC is granted an over-allotment option of up to 15.00% of the initial shares.

[Changxin Technology: Issue Price at 8.66 CNY/Share]On July 14, Changxin Technology announced that the company's initial public offering of shares will be listed on the STAR Market, with an issue price of 8.66 CNY per share. Investors are required to subscribe online and offline on July 16, 2026 (T day) at this price, without needing to pay subscription funds at the time of subscription. The offline subscription period is from 9:30 to 15:00, and the online subscription period is from 9:30 to 11:30 and 13:00 to 15:00. The initial number of shares issued is 6,688,088,608 shares, accounting for approximately 10.00% of the total share capital after issuance, and CICC is granted an over-allotment option of up to 15.00% of the initial shares.

Changxin Technology: Issue Price at 8.66 CNY/Share

On July 14, Swedish telecom equipment giant Ericsson's shares fell sharply on the Stockholm market, recording their biggest drop in 18 months. The company warned that its core network business is facing pressure on profit margins this quarter due to soaring component costs. Ericsson shares fell as much as 10% in Stockholm. Outgoing CEO Börje Ekholm said the company's input costs are rising, partly due to surging demand for AI-driven memory chips, which has pushed up prices for related components. Citigroup analysts pointed out that the biggest concern is that margin pressure could persist until 2027. Citigroup analyst Andrew Gardiner said: 'We believe the biggest challenge is that component cost pressure is building. The short-term impact is not the main issue; more importantly, this pressure may intensify further in 2027.' Ericsson's second-quarter adjusted EBITDA fell 7% year-on-year to SEK 6.88 billion, slightly above the Bloomberg market expectation of SEK 6.82 billion. As weak capital expenditure by telecom operators continues to weigh on the entire telecom equipment industry, Ericsson has been cutting costs in recent years. The company cut about 5,000 employees in 2025 and plans to carry out a similar scale of staff reductions this year.

[Memory Chip Price Hikes Squeeze Margins, Ericsson Shares Tumble]On July 14, Swedish telecom equipment giant Ericsson's shares fell sharply on the Stockholm market, recording their biggest drop in 18 months. The company warned that its core network business is facing pressure on profit margins this quarter due to soaring component costs. Ericsson shares fell as much as 10% in Stockholm. Outgoing CEO Börje Ekholm said the company's input costs are rising, partly due to surging demand for AI-driven memory chips, which has pushed up prices for related components. Citigroup analysts pointed out that the biggest concern is that margin pressure could persist until 2027. Citigroup analyst Andrew Gardiner said: 'We believe the biggest challenge is that component cost pressure is building. The short-term impact is not the main issue; more importantly, this pressure may intensify further in 2027.' Ericsson's second-quarter adjusted EBITDA fell 7% year-on-year to SEK 6.88 billion, slightly above the Bloomberg market expectation of SEK 6.82 billion. As weak capital expenditure by telecom operators continues to weigh on the entire telecom equipment industry, Ericsson has been cutting costs in recent years. The company cut about 5,000 employees in 2025 and plans to carry out a similar scale of staff reductions this year.

Memory Chip Price Hikes Squeeze Margins, Ericsson Shares Tumble

IBM (IBM.N) plunged 23%, marking the largest single-day intraday drop since 1987.

[IBM Plunges 23%, Biggest Intraday Drop Since 1987]IBM (IBM.N) plunged 23%, marking the largest single-day intraday drop since 1987.

IBM Plunges 23%, Biggest Intraday Drop Since 1987

The three major U.S. stock indexes opened mixed, with the Dow Jones Industrial Average down 0.25%, the S&P 500 up 0.13%, and the Nasdaq Composite up 0.49%. AI hardware stocks rallied across the board, with the storage sector leading gains. Among popular individual stocks, SanDisk rose 8%, TSMC rose 2.17%, SK Hynix rose 11.29%, Micron Technology rose 5.68%, Advanced Micro Devices rose 6.62%, and Intel rose 3.82%. IBM’s stock plummeted more than 22% after the company reported preliminary second-quarter sales below expectations, attributing the shortfall to customers shifting spending toward chips and servers.

[U.S. Stock Indexes Opened Mixed: AI Hardware Stocks Rally, IBM Drops 22%]The three major U.S. stock indexes opened mixed, with the Dow Jones Industrial Average down 0.25%, the S&P 500 up 0.13%, and the Nasdaq Composite up 0.49%. AI hardware stocks rallied across the board, with the storage sector leading gains. Among popular individual stocks, SanDisk rose 8%, TSMC rose 2.17%, SK Hynix rose 11.29%, Micron Technology rose 5.68%, Advanced Micro Devices rose 6.62%, and Intel rose 3.82%. IBM’s stock plummeted more than 22% after the company reported preliminary second-quarter sales below expectations, attributing the shortfall to customers shifting spending toward chips and servers.

U.S. Stock Indexes Opened Mixed: AI Hardware Stocks Rally, IBM Drops 22%

On July 14, according to BIT (bit.com) market data, U.S. stocks opened with the Dow down 0.26%, the S&P 500 up 0.19%, and the Nasdaq up 0.53%. SK Hynix ADR (SKHY.O) rose over 11%, SanDisk (SNDK.O) rose over 7%, Micron Technology (MU.O) rose over 5%, Qualcomm (QCOM.O) rose 2%, and Intel (INTC.O) rose 4%.

[U.S. Stocks Open Mixed, Three Major Indexes Diverge]On July 14, according to BIT (bit.com) market data, U.S. stocks opened with the Dow down 0.26%, the S&P 500 up 0.19%, and the Nasdaq up 0.53%. SK Hynix ADR (SKHY.O) rose over 11%, SanDisk (SNDK.O) rose over 7%, Micron Technology (MU.O) rose over 5%, Qualcomm (QCOM.O) rose 2%, and Intel (INTC.O) rose 4%.

U.S. Stocks Open Mixed, Three Major Indexes Diverge

On July 14, SK Hynix ADR shares rose 12%, closing at $170.700 per share, with a total market capitalization of $1.24 trillion.

[SK Hynix ADR Shares Rise 12%]On July 14, SK Hynix ADR shares rose 12%, closing at $170.700 per share, with a total market capitalization of $1.24 trillion.

SK Hynix ADR Shares Rise 12%

On July 14, according to BIT (bit.com) market data, IBM (IBM.N) plunged 23%, marking the biggest intraday drop since 1987. Previous reports indicated that IBM's preliminary second-quarter revenue was $17.2 billion, compared to the expected $17.86 billion.

[IBM Plunges 23%, Biggest Intraday Drop Since 1987]On July 14, according to BIT (bit.com) market data, IBM (IBM.N) plunged 23%, marking the biggest intraday drop since 1987. Previous reports indicated that IBM's preliminary second-quarter revenue was $17.2 billion, compared to the expected $17.86 billion.

July 14, according to Reuters, AI startup Reflection said on Tuesday that it has signed an agreement with Nebius (NBIS.O) worth over $1 billion to secure computing resources, including support from Nvidia's latest generation chips. The agreement extends the computing partnership Reflection reached with SpaceX in June. Reflection expects to pay SpaceX approximately $150 million per month by 2029 for computing power. Click the original link below to join the Beating · Feishu AI news channel, monitoring global AI hotspots and news 24/7.

[AI Startup Reflection Signs Over $1 Billion Computing Power Lease Agreement with Nebius]July 14, according to Reuters, AI startup Reflection said on Tuesday that it has signed an agreement with Nebius (NBIS.O) worth over $1 billion to secure computing resources, including support from Nvidia's latest generation chips. The agreement extends the computing partnership Reflection reached with SpaceX in June. Reflection expects to pay SpaceX approximately $150 million per month by 2029 for computing power. Click the original link below to join the Beating · Feishu AI news channel, monitoring global AI hotspots and news 24/7.

AI Startup Reflection Signs Over $1 Billion Computing Power Lease Agreement with Nebius

On July 14, Changxin Technology (688825.SH) announced that the company's initial public offering of shares will be listed on the STAR Market, with the issuance price set at 8.66 yuan per share. Investors are required to subscribe online and offline at this price on July 16, 2026 (T-day), without needing to pay subscription funds at the time of subscription. The offline subscription period is from 9:30 to 15:00, and the online subscription period is from 9:30 to 11:30 and 13:00 to 15:00. The initial number of shares issued is 668,808.8608 million shares, accounting for approximately 10.00% of the total share capital after issuance, and CICC is granted an over-allotment option of no more than 15.00% of the initial shares. The price-to-earnings ratio corresponding to the issuance price, based on the lower of diluted earnings per share after deducting non-recurring gains and losses for 2025, is 308.92 times (without exercising the over-allotment option), which is higher than the industry average P/E ratio of 76.32 times and the average P/E ratio of comparable companies of 134.62 times. The total estimated funds raised are approximately 57.919 billion yuan (before exercising the over-allotment option), and after deducting issuance expenses, the net amount is approximately 57.638 billion yuan.

[Changxin Technology: IPO Price Set at 8.66 Yuan/Share, Online and Offline Subscription on July 16]On July 14, Changxin Technology (688825.SH) announced that the company's initial public offering of shares will be listed on the STAR Market, with the issuance price set at 8.66 yuan per share. Investors are required to subscribe online and offline at this price on July 16, 2026 (T-day), without needing to pay subscription funds at the time of subscription. The offline subscription period is from 9:30 to 15:00, and the online subscription period is from 9:30 to 11:30 and 13:00 to 15:00. The initial number of shares issued is 668,808.8608 million shares, accounting for approximately 10.00% of the total share capital after issuance, and CICC is granted an over-allotment option of no more than 15.00% of the initial shares. The price-to-earnings ratio corresponding to the issuance price, based on the lower of diluted earnings per share after deducting non-recurring gains and losses for 2025, is 308.92 times (without exercising the over-allotment option), which is higher than the industry average P/E ratio of 76.32 times and the average P/E ratio of comparable companies of 134.62 times. The total estimated funds raised are approximately 57.919 billion yuan (before exercising the over-allotment option), and after deducting issuance expenses, the net amount is approximately 57.638 billion yuan.

Changxin Technology: IPO Price Set at 8.66 Yuan/Share, Online and Offline Subscription on July 16

According to The Block, former FTX CEO Sam Bankman-Fried pleaded not guilty to fraud charges in a New York federal court on Tuesday. Bankman-Fried faces multiple charges, including wire fraud and campaign finance law violations, after his crypto exchange empire imploded last year. Bankman-Fried is accused of misusing FTX customer funds to prop up his crypto trading firm and make political donations, among other misdeeds. The trial is expected to begin on Oct. 2. The former FTX boss was arrested in the Bahamas last month. He was later extradited to the U.S. and released on a $250 million bail bond that was co-signed by his parents.

Detail

【FTX founder Sam Bankman-Fried pleads not guilty to criminal charges】According to The Block, former FTX CEO Sam Bankman-Fried pleaded not guilty to fraud charges in a New York federal court on Tuesday. Bankman-Fried faces multiple charges, including wire fraud and campaign finance law violations, after his crypto exchange empire imploded last year. Bankman-Fried is accused of misusing FTX customer funds to prop up his crypto trading firm and make political donations, among other misdeeds. The trial is expected to begin on Oct. 2. The former FTX boss was arrested in the Bahamas last month. He was later extradited to the U.S. and released on a $250 million bail bond that was co-signed by his parents.

FTX founder Sam Bankman-Fried pleads not guilty to criminal charges

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FTX founder Sam Bankman-Fried pleads not guilty to criminal charges

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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