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Real-time News
On July 13th, shares of memory chip maker SK Hynix plunged 10% in Seoul after its highly anticipated first day of trading in the US, dragging down the Korea Composite Stock Price Index (KOSPI). The company had risen 13% on Friday in the US. Jason Minsang Kam, head of active equity management at Seoul Kyobo Life Insurance, said the market had already priced in the gains in New York, and the stock could face significant profit-taking and arbitrage liquidation pressures during the session. SK Hynixs $26.5 billion US offering is widely seen as a bellwether for overseas listing demand and the sustainability of the artificial intelligence (AI) rally. As a major supplier of high-bandwidth memory (HBM) for Nvidias AI processors, SK Hynix has been closely watched by global investors. According to previous news reports, despite recent market concerns about overvaluation and high capital expenditure levels in the AI sector, the offering was oversubscribed by more than 7 times.Zhipu (02513.HK) rose more than 10% after JPMorgan Chase raised its target price for Zhipu again.On July 13, a spokesperson for the UN Secretary-General issued a statement on July 12, saying that Secretary-General Guterres expressed deep concern over the serious escalation of the situation in the Gulf region and the renewed outbreak of military confrontation, urging Iran and the United States to urgently resume negotiations and resolve outstanding issues through diplomatic means. The statement said that all attacks must cease. The Secretary-General called on all parties to exercise maximum restraint, refrain from actions that would further escalate the situation, and to take immediate measures to de-escalate it. The statement emphasized that a return to full-scale hostilities would have disastrous consequences for the people of the region, international peace and security, and the global economy, and reiterated the necessity of restoring complete freedom of navigation in the Strait of Hormuz.July 13 – The U.S. Department of Justice is investigating allegations that United Auto Workers (UAW) President Shawn Fain abused his power and attempted to financially benefit his fiancée. Sources familiar with the matter said a lawyer hired to oversee the UAW mentioned the investigation last month in emails to Fain and the unions vice president, Rich Boyer, who will be Fains opponent in the upcoming election. In his latest report on the unions activities, released on June 25, the overseer stated that he determined Fain "acted improperly to financially benefit his fiancée." Fains fiancée works at a training center jointly operated by the UAW and automaker Sterlantis (STLA.N).Pop Mart (09992.HK) shares surged more than 4% in early trading after news broke that Duan Yongping had increased his stake in Pop Mart to 7.65%.
