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On Wednesday, July 29, Korean retail investors faced forced liquidation of approximately 1.7 trillion won (about $1.2 billion) in holdings. South Korea's KOSPI index once fell over 12%, and SK Hynix dropped more than 17%, setting a record for the largest single-day decline. 'There have been many forced liquidation cases today,' said Jung In Yun, global CEO of Fibonacci Asset Management. 'We need to wait until the selling sentiment among retail investors eases before taking action.'

[Korean Retail Investors Forced to Liquidate 1.7 Trillion Won; Institutions Wait for Calm]On Wednesday, July 29, Korean retail investors faced forced liquidation of approximately 1.7 trillion won (about $1.2 billion) in holdings. South Korea's KOSPI index once fell over 12%, and SK Hynix dropped more than 17%, setting a record for the largest single-day decline. 'There have been many forced liquidation cases today,' said Jung In Yun, global CEO of Fibonacci Asset Management. 'We need to wait until the selling sentiment among retail investors eases before taking action.'

Korean Retail Investors Forced to Liquidate 1.7 Trillion Won; Institutions Wait for Calm

On July 29, according to public market data, "Big Short" Michael Burry began shorting NVDA at approximately $198.09, AMAT at approximately $729.40, and SOXX at approximately $642.80 on June 30; he initiated a direct short on Micron at approximately $1,051.87 in early July; and around July 24, he added to his shorts in Micron, Nvidia, and SOXX. As of the close of U.S. stocks on July 28, the floating gains on shorts were: AMAT approximately 34.7%, SOXX approximately 23.3%, Micron Technology approximately 22.0%, and Nvidia approximately 0.5%. Without considering position weights, the simple average floating gain for the short portfolio established from late June to early July was approximately 20.1%. Additionally, if the added short positions are approximately calculated based on the closing price on July 24, as of the close on July 28, the floating gains on the added shorts for Micron Technology, Nvidia, and SOXX were approximately 10.9%, 4.8%, and 6.4%, respectively, with a simple average of approximately 7.4%. Due to the current lack of information on specific short sizes, option structures, add ratios, and whether positions have been closed, actual profit amounts cannot be calculated.

["Big Short" Michael Burry Shorts Semiconductors, Gains Up to ~34.7%]On July 29, according to public market data, "Big Short" Michael Burry began shorting NVDA at approximately $198.09, AMAT at approximately $729.40, and SOXX at approximately $642.80 on June 30; he initiated a direct short on Micron at approximately $1,051.87 in early July; and around July 24, he added to his shorts in Micron, Nvidia, and SOXX. As of the close of U.S. stocks on July 28, the floating gains on shorts were: AMAT approximately 34.7%, SOXX approximately 23.3%, Micron Technology approximately 22.0%, and Nvidia approximately 0.5%. Without considering position weights, the simple average floating gain for the short portfolio established from late June to early July was approximately 20.1%. Additionally, if the added short positions are approximately calculated based on the closing price on July 24, as of the close on July 28, the floating gains on the added shorts for Micron Technology, Nvidia, and SOXX were approximately 10.9%, 4.8%, and 6.4%, respectively, with a simple average of approximately 7.4%. Due to the current lack of information on specific short sizes, option structures, add ratios, and whether positions have been closed, actual profit amounts cannot be calculated.

"Big Short" Michael Burry Shorts Semiconductors, Gains Up to ~34.7%

On July 29, a senior Iranian official stated that Tehran has rejected Oman's proposed joint management plan for the Strait of Hormuz region, deeming it unlikely to succeed. Iran refuses to allow other countries to participate in the management of the Strait of Hormuz and believes that only Iran and Oman can determine relevant arrangements based on their respective territorial waters. Iran insists that all shipping routes entering the Strait of Hormuz, as well as some exit routes, must be under Iranian control. A 50-50 joint management arrangement with Oman is not in Iran's interests, although Tehran views Oman as a valuable neighbor. The United States and Saudi Arabia are attempting to pressure Oman to advance its unrealistic plan for the Strait of Hormuz. (Jin Shi)

[Iran Rejects Oman's Joint Management Plan for Strait of Hormuz, Insisting on No 50-50 Split]On July 29, a senior Iranian official stated that Tehran has rejected Oman's proposed joint management plan for the Strait of Hormuz region, deeming it unlikely to succeed. Iran refuses to allow other countries to participate in the management of the Strait of Hormuz and believes that only Iran and Oman can determine relevant arrangements based on their respective territorial waters. Iran insists that all shipping routes entering the Strait of Hormuz, as well as some exit routes, must be under Iranian control. A 50-50 joint management arrangement with Oman is not in Iran's interests, although Tehran views Oman as a valuable neighbor. The United States and Saudi Arabia are attempting to pressure Oman to advance its unrealistic plan for the Strait of Hormuz. (Jin Shi)

Iran Rejects Oman's Joint Management Plan for Strait of Hormuz, Insisting on No 50-50 Split

On July 29, South Korea’s stock market weakened today, and the CSOP Double Long Daily Hynix (07709.HK) also fell sharply. As of the midday close in Hong Kong, the product dropped 25.72% on the day, with losses since July reaching 81.05%. Data shows that the latest asset size of this product is 31.92 billion Hong Kong dollars, down 70% from its peak. Another leveraged product under CSOP Asset Management linked to South Korean chip stocks also saw significant declines: as of the midday close in Hong Kong, the CSOP Double Long Daily Samsung Electronics (07747.HK) fell 16.56% on the day and has declined 69.55% this month. (Jin Shi)

[CSOP Double Long Daily Hynix Plunges Nearly 26%, Down Over 80% Since July]On July 29, South Korea’s stock market weakened today, and the CSOP Double Long Daily Hynix (07709.HK) also fell sharply. As of the midday close in Hong Kong, the product dropped 25.72% on the day, with losses since July reaching 81.05%. Data shows that the latest asset size of this product is 31.92 billion Hong Kong dollars, down 70% from its peak. Another leveraged product under CSOP Asset Management linked to South Korean chip stocks also saw significant declines: as of the midday close in Hong Kong, the CSOP Double Long Daily Samsung Electronics (07747.HK) fell 16.56% on the day and has declined 69.55% this month. (Jin Shi)

CSOP Double Long Daily Hynix Plunges Nearly 26%, Down Over 80% Since July

On July 29, the Nikkei 225 index fell 3% intraday, now at 60,490.58 points. (Jin Shi)

[Nikkei 225 Drops 3% Intraday, Now at 60,490.58]On July 29, the Nikkei 225 index fell 3% intraday, now at 60,490.58 points. (Jin Shi)

Nikkei 225 Drops 3% Intraday, Now at 60,490.58

On July 29, South Korean semiconductor stocks experienced a significant correction in line with global chip stocks, with SK Hynix and Samsung Electronics under pressure, and the KOSPI once faced a sharp sell-off. Market focus shifted from 'how strong is AI demand' to 'can valuations hold, and can capital expenditure returns be realized.' Against this backdrop, South Korea's major financial group Mirae Asset issued a research report lowering its target price for SK Hynix from 4.2 million won to 2.8 million won, a reduction of 33%, while maintaining a 'buy' rating. Based on the closing price of 1.55 million won on July 28, the new target price still implies a potential upside of approximately 80.6%. Mirae Asset believes that this round of adjustment is more due to a downward shift in the industry's valuation center. Factors such as the localization of mature process equipment in China, the listing of CXMT, and expectations of NAND contract price cuts have temporarily lowered investor risk appetite. However, the report emphasizes that these variables have limited substantive impact on SK Hynix's future earnings estimates. On the fundamental side, Mirae Asset noted that Google Cloud's order backlog has risen from $46.8 billion to $51.4 billion, and the spot price of DRAM 16Gb has risen for more than 50 consecutive trading days, breaking through previous highs, indicating that memory prices still have short-term support. The firm expects SK Hynix's second-quarter operating profit to reach 62.3 trillion won, up 65.7% quarter-on-quarter. However, the market will become more discerning going forward. The report says investors need to focus on progress in long-term agreement signings, whether memory supply will tighten further by 2027, the pace of HBM4 shipments, the implementation of MaaS business, and whether the company will strengthen shareholder returns ahead of time. Mirae Asset stated that given still strong profitability and financial stability, the recent pullback in SK Hynix's stock price is excessive. For the current market, the signal from this report is that the AI hardware chain is undergoing valuation reassessment, but the cyclical prosperity and cash flow logic of the memory leader have not been broken.

[South Korea's Top Broker Mirae Asset Cuts SK Hynix Target Price to 2.8 Million Won, Says Recent Share Decline Excessive but Fundamentals Unchanged]On July 29, South Korean semiconductor stocks experienced a significant correction in line with global chip stocks, with SK Hynix and Samsung Electronics under pressure, and the KOSPI once faced a sharp sell-off. Market focus shifted from 'how strong is AI demand' to 'can valuations hold, and can capital expenditure returns be realized.' Against this backdrop, South Korea's major financial group Mirae Asset issued a research report lowering its target price for SK Hynix from 4.2 million won to 2.8 million won, a reduction of 33%, while maintaining a 'buy' rating. Based on the closing price of 1.55 million won on July 28, the new target price still implies a potential upside of approximately 80.6%. Mirae Asset believes that this round of adjustment is more due to a downward shift in the industry's valuation center. Factors such as the localization of mature process equipment in China, the listing of CXMT, and expectations of NAND contract price cuts have temporarily lowered investor risk appetite. However, the report emphasizes that these variables have limited substantive impact on SK Hynix's future earnings estimates. On the fundamental side, Mirae Asset noted that Google Cloud's order backlog has risen from $46.8 billion to $51.4 billion, and the spot price of DRAM 16Gb has risen for more than 50 consecutive trading days, breaking through previous highs, indicating that memory prices still have short-term support. The firm expects SK Hynix's second-quarter operating profit to reach 62.3 trillion won, up 65.7% quarter-on-quarter. However, the market will become more discerning going forward. The report says investors need to focus on progress in long-term agreement signings, whether memory supply will tighten further by 2027, the pace of HBM4 shipments, the implementation of MaaS business, and whether the company will strengthen shareholder returns ahead of time. Mirae Asset stated that given still strong profitability and financial stability, the recent pullback in SK Hynix's stock price is excessive. For the current market, the signal from this report is that the AI hardware chain is undergoing valuation reassessment, but the cyclical prosperity and cash flow logic of the memory leader have not been broken.

South Korea's Top Broker Mirae Asset Cuts SK Hynix Target Price to 2.8 Million Won, Says Recent Share Decline Excessive but Fundamentals Unchanged

On July 29, according to Cointelegraph, Uzbekistan officially launched its first tax-free crypto mining zone, Besqala Mining Valley. The park offers a tax exemption policy lasting until 2035, while charging miners a 1% revenue fee and implementing a double electricity tariff.

[Uzbekistan officially launches its first tax-free crypto mining zone, Besqala Mining Valley]On July 29, according to Cointelegraph, Uzbekistan officially launched its first tax-free crypto mining zone, Besqala Mining Valley. The park offers a tax exemption policy lasting until 2035, while charging miners a 1% revenue fee and implementing a double electricity tariff.

Uzbekistan officially launches its first tax-free crypto mining zone, Besqala Mining Valley

On July 29, according to Cointelegraph, the South Korean Financial Services Commission (FSC) plans to work with the ruling party to advance the comprehensive Digital Asset Basic Act, covering standards for stablecoin issuance and circulation, digital asset business rules, exchange admission, disclosure, internal controls, and system resilience. Currently, there are 10 independent bills on digital assets and stablecoins pending review in the National Assembly. Key points of contention include whether Korean won-pegged stablecoin issuers should be bank-owned and whether major crypto exchanges should have shareholding caps. Meanwhile, the National Assembly's Finance and Economy Planning Committee is set to review a bill proposed by the opposition to repeal the crypto tax. The bill, introduced by lawmaker Song Eon-seok of the People Power Party in March, aims to delete provisions taxing income from the transfer or lending of digital assets. The tax, originally scheduled to take effect on January 1, 2027, would impose a 20% tax rate plus a 2% local income tax on crypto income exceeding 2.5 million won (approximately $1,700) per year.

[South Korea Plans Stablecoin Rules, Opposition Pushes to Repeal Crypto Tax]On July 29, according to Cointelegraph, the South Korean Financial Services Commission (FSC) plans to work with the ruling party to advance the comprehensive Digital Asset Basic Act, covering standards for stablecoin issuance and circulation, digital asset business rules, exchange admission, disclosure, internal controls, and system resilience. Currently, there are 10 independent bills on digital assets and stablecoins pending review in the National Assembly. Key points of contention include whether Korean won-pegged stablecoin issuers should be bank-owned and whether major crypto exchanges should have shareholding caps. Meanwhile, the National Assembly's Finance and Economy Planning Committee is set to review a bill proposed by the opposition to repeal the crypto tax. The bill, introduced by lawmaker Song Eon-seok of the People Power Party in March, aims to delete provisions taxing income from the transfer or lending of digital assets. The tax, originally scheduled to take effect on January 1, 2027, would impose a 20% tax rate plus a 2% local income tax on crypto income exceeding 2.5 million won (approximately $1,700) per year.

South Korea Plans Stablecoin Rules, Opposition Pushes to Repeal Crypto Tax

On July 29, the total trading volume of SK Hynix-related contracts SKHX and SKHY on the Hyperliquid platform reached $1.765 billion over the past 24 hours, surpassing BTC to become the platform's most actively traded asset. Among them, SKHX had a 24-hour trading volume of $1.327 billion and open interest (OI) of $492 million; SKHY had a 24-hour trading volume of $439 million and open interest of $71 million.

[Hyperliquid's SK Hynix-related contracts surpass BTC in 24h trading volume, becoming platform's most active asset]On July 29, the total trading volume of SK Hynix-related contracts SKHX and SKHY on the Hyperliquid platform reached $1.765 billion over the past 24 hours, surpassing BTC to become the platform's most actively traded asset. Among them, SKHX had a 24-hour trading volume of $1.327 billion and open interest (OI) of $492 million; SKHY had a 24-hour trading volume of $439 million and open interest of $71 million.

Hyperliquid's SK Hynix-related contracts surpass BTC in 24h trading volume, becoming platform's most active asset

On July 22, Russian Foreign Minister Lavrov stated that the meeting with U.S. Secretary of State Rubio has been scheduled for tomorrow.

[Russian Foreign Minister Lavrov: Meeting with U.S. Secretary of State Rubio Scheduled for Tomorrow]On July 22, Russian Foreign Minister Lavrov stated that the meeting with U.S. Secretary of State Rubio has been scheduled for tomorrow.

Russian Foreign Minister Lavrov: Meeting with U.S. Secretary of State Rubio Scheduled for Tomorrow

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Russian Foreign Minister Lavrov: Meeting with U.S. Secretary of State Rubio Scheduled for Tomorrow

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