ipo

The tokenization platform xStocks announced the launch of its third IPO tokenization product, targeting the American sandwich chain brand Jersey Mike's, which will be issued on Solana, EVM, and TON. Users can submit subscription intentions through Kraken. According to its disclosure, Jersey Mike's has over 3,330 stores and sales of $4.3 billion. Previously, xStocks' two IPO tokenization targets were SpaceX and Bending Spoons.xStocks stated that this type of IPO tokenization product only provides price exposure and does not represent direct ownership. The allocation of shares is not determined by xStocks or Kraken and may be fully, partially, or not allocated at all. Unallocated funds will be returned, and it is not open to individuals from the United States, the United Kingdom, or Canada.

According to a report by Yicai, MSCI announced that Changxin Technology will be included in the MSCI China All Shares Index due to the listing of its IPO new shares, effective August 10.The MSCI China All Shares Index is a comprehensive Chinese stock index compiled by MSCI, covering all categories of Chinese-related stocks, including large-cap and mid-cap stocks listed on the Shanghai and Shenzhen exchanges, Hong Kong-listed companies, and overseas-listed Chinese stocks (such as US ADRs), fully reflecting investment opportunities in Chinese stocks. It is tracked by many global ETFs and passive funds, and the inclusion of Changxin may bring in passive capital inflows.

According to the Bloomberg Billionaires Index, after the IPO of Changxin Technology, CEO Zhu Yiming's wealth surged by nearly 300%, reaching $13.9 billion.In the company's IPO prospectus in May, Zhu Yiming promised to transfer 767.9 million shares for an employee incentive plan. After the stock price of Changxin Technology soared 466% on its first day of trading, the value of these shares has reached $5.6 billion. In other words, 40% of Zhu Yiming's wealth will be distributed as bonuses to employees.Meanwhile, Zhu Yiming also promised not to reduce his shareholding within ten years. However, Changxin Technology's bonus plan has specific conditions, including a three-year vesting period, a ten-year distribution period, and an unclear scope of beneficiaries. The company had a total of 19,298 employees as of the end of 2025.

Leading DRAM manufacturer Changxin Technology (688825.SH) today made its debut on the Sci-Tech Innovation Board, with the intraday increase continuing to expand. As of the time of writing, the stock price is 54.35 yuan, up 527.60% from the issue price of 8.66 yuan, with a transaction amount reaching 117.284 billion yuan, a turnover rate exceeding 56%, and a total market value of approximately 3.63 trillion yuan, firmly maintaining the top position in A-shares. The opening price of the stock was 49.50 yuan, with an intraday low of 38.11 yuan, and the current dynamic price-to-earnings ratio is about 36.70 times.

The domestic DRAM leader Changxin Technology (688825.SH) today listed on the Sci-Tech Innovation Board for the first time, opening at 49.5 yuan, a 471.59% increase from the issue price of 8.66 yuan, with a market value reaching 3.3 trillion yuan, ranking first in A-shares. This IPO raised approximately 57.9 billion yuan (before the full exercise of the over-allotment option), making it the largest IPO on the Sci-Tech Innovation Board to date. Based on the opening price, investors who subscribed earned 20,000 yuan.Nomura Securities simultaneously initiated coverage on Changxin Technology, giving a target price of 116 yuan, based on an expected earnings per share of 5.8 yuan in 2028 and a target price-to-earnings ratio of 20 times, implying an approximate 13.4 times increase from the issue price, with an implied market value of about 7.76 trillion yuan. Nomura believes this valuation is about twice that of Micron, primarily based on expectations of market share growth for Changxin Memory and the valuation premium in the Chinese market.

According to Bloomberg, DeepSeek announced the suspension of its second round of financing and verbally notified some potential investors that it would not sign investment agreements as expected. This suspension partly stems from founder Liang Wenfeng's dissatisfaction with the leak of a 4-hour internal transcript during its first financing deal, where he made 52 statements in an investor meeting regarding DeepSeek's organizational culture, open-source logic, technology roadmap, and views on the competitive landscape of the industry. The nearly 4-hour meeting record recently went viral on social media, including statements such as "The biggest gap between China and the U.S. in AI is computing power resources." Both DeepSeek and Liang Wenfeng have not confirmed the authenticity of the leaked record.DeepSeek stated that it may still choose to resume the transaction process in the future and has begun preparations for an initial public offering, with the IPO potentially being filed as early as this year.DeepSeek completed its first round of external financing in June 2026, raising over 50 billion yuan, approximately 7.4 billion dollars, with a post-investment valuation of about 50-59 billion dollars. It adopted a special structure, with most funds entering a limited partnership managed by Liang Wenfeng, where investors have no voting rights and are locked in for 5 years. Liang Wenfeng himself contributed about 20 billion yuan as the largest contributor, with participation from Tencent, CATL, JD.com, NetEase, and the Chinese National AI Fund. DeepSeek subsequently initiated discussions for its second round of financing in mid-July, targeting a valuation of about 71 billion dollars.

According to CoinDesk, institutional crypto trading platform LMAX Group is working with Morgan Stanley and investment bank KBW to evaluate strategic options, considering possibilities including a sale, SPAC merger, and IPO on Nasdaq or in Europe, with a potential valuation of up to $5 billion. Insiders say the company is not in a hurry to go public, as its foreign exchange business supports the weak crypto market.LMAX has accelerated its expansion in recent years, launching a 24/7 multi-asset exchange that supports foreign exchange, digital assets, commodities, and tokenized securities, and received a $150 million strategic investment from Ripple in January this year to promote institutional adoption of the RLUSD stablecoin through its trading and settlement network.

According to the official announcement, the second phase of Gate IPO Access for Jersey Mike's (JMKE) will open for intention subscription on July 27, 2026, at 10:00 (UTC+8). Users can participate using USDT or GUSD, with the opportunity to obtain corresponding stock shares and trade them through the Gate stock section after the listing.This subscription period will last until July 29, 2026, at 10:00 (UTC+8), with a reference subscription price of $21-25 per share, a minimum investment of 100 USDT or 100 GUSD, and a maximum investment of 500,000 USDT or 500,000 GUSD, with no additional fees required. In terms of subscription quotas, the USDT and GUSD subscription pools each account for 50%, and the platform will calculate the allocation ratio based on the average locked amount per hour during the user subscription period.This subscription is classified as "intention subscription," and the final allocation results will be determined based on the actual IPO issuance situation, the allocation amount obtained by the platform, and user participation. Stocks successfully allocated are expected to be issued to users' Gate stock accounts on July 30, 2026, and will be traded through the Gate stock section after the listing. There is no lock-up period for this stock, supporting 100% unlocking.

According to South Korean media outlet Chosun Ilbo, Morgan Stanley was not selected as the sole lead underwriter for SK Hynix's American Depositary Receipts (ADR) listing. The transaction size is approximately $26.5 billion (about 40 trillion Korean won), making it the largest IPO for foreign capital in the U.S. The commission, calculated at a 0.5% underwriting fee rate, is about $130 million. The final underwriting syndicate consists of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. Industry insiders generally believe that Morgan Stanley's exclusion is related to its repeated issuance of bearish reports on South Korean semiconductors.The report's author is Korean-American Managing Director Shawn Kim, who has repeatedly downgraded the stock ratings of memory stocks such as Samsung Electronics, SK Hynix, and Micron in research reports published in 2017, 2021, 2024, and on June 6 of this year, with the 2021 report titled "Memory, Winter is Coming." Additionally, Morgan Stanley has recently faced setbacks in South Korea: as a co-underwriter for the SpaceX IPO, Korea's Mirae Asset applied for $1.14 billion in subscriptions but received zero allocation; the sale of IGIS Asset Management, promoted in conjunction with Goldman Sachs, also ended in failure. Morgan Stanley's largest shareholder is Japan's Mitsubishi UFJ Financial Group (MUFG), which holds approximately 24% of the shares.

According to reports from Yicai, there are many rumors that "Xiaohongshu secretly submitted an IPO application before the end of June," but it was hindered by former employees reporting its "compliance issues for listing."In response, Xiaohongshu stated: The current circulating information related to the IPO is not true.

According to Jinshi Market news, Dark Side of the Moon is reportedly negotiating Pre-IPO financing with a valuation of 50 billion dollars.

According to Bloomberg, AI startup 01.ai, founded by AI expert Kai-Fu Lee, plans to conduct an initial public offering (IPO) in Hong Kong after the end of the 2027 fiscal year and intends to seek Pre-IPO financing during its first annual performance announcement. To comply with the Hong Kong Stock Exchange's listing regulations for specialized technology companies, 01.ai is currently adjusting its offshore holding structure to pave the way for its future listing in Hong Kong.Founded in 2023, 01.ai achieved a valuation of over $1 billion in just 8 months after receiving investments from institutions such as Alibaba Cloud. The company has completed a business strategy transformation, shifting from its early self-developed cutting-edge large language models to building AI infrastructure services for enterprises, primarily fine-tuning and customizing based on domestic open-source models such as DeepSeek, Alibaba Qianwen, and Zhiyu GLM. Kai-Fu Lee revealed that approximately 50% of 01.ai's business revenue currently comes from overseas markets.

According to Bloomberg, optical module company Zhongji Innolight Co. has received approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange to plan for a listing in Hong Kong, which is expected to become one of the largest IPOs in the Hong Kong market in recent years.It is reported that Zhongji Innolight received approval for its Hong Kong listing plan from Chinese securities regulators on July 17, having previously obtained listing permission from the Hong Kong Stock Exchange.If the listing is successfully completed, the company is expected to raise up to $8 billion, making it one of the most watched new stock projects in the Hong Kong capital market in recent years. Zhongji Innolight is primarily engaged in the research and manufacturing of high-speed optical communication modules, benefiting from the global wave of AI data center construction, with rapidly growing demand for 800G and 1.6T high-speed optical modules.The market believes that this listing in Hong Kong will further enhance the company's international capital influence and provide financial support for expanding its global AI infrastructure supply chain layout.

The domestic DRAM storage chip leader Changxin Technology (688825) has officially opened for new stock subscription. Due to the large issuance scale, this new stock offering has rarely seen a "sunshine market" trend. Institutions predict that the online winning rate will soar to 0.3% to 0.7% (with a neutral expectation of about 0.45%), reaching 10 to 20 times that of ordinary Sci-Tech Innovation Board new stocks. Calculations show that the probability of winning for a single account with an average market value of 200,000 in the Shanghai market is as high as about 18%, and theoretically, an average market value of 1 million can reliably secure 1 winning ticket.The issuance price of the stock is 8.66 yuan per share, and to secure one winning ticket (500 shares), a payment of 4,330 yuan is required. The official winning rate and results will be disclosed on July 17 and July 20 (Monday) respectively, and winners must ensure sufficient funds in their accounts by 16:00 on the 20th. Various institutions have given a neutral expectation, as Changxin Technology's market value is expected to reach 2 trillion to 3 trillion yuan after listing, with the profit margin for a single winning ticket expected to be around 20,000 yuan.If Changxin Technology fully exercises the green shoe mechanism, the total fundraising amount will reach 66.607 billion yuan, setting a new record for the largest IPO on the Sci-Tech Innovation Board, and it will also become the third largest IPO in A-share history. Financial data shows that the company has fully turned a profit, with expected operating revenue in the first half of 2026 reaching 110 billion to 120 billion yuan, and net profit attributable to the parent company reaching 50 billion to 57 billion yuan. The total amount of this strategic placement exceeds 14.4 billion yuan, successfully attracting social security funds, pension funds, as well as 30 major industry terminal giants such as Alibaba Cloud, Tencent, Meituan, and Xiaomi.

According to official data, the second phase of the Gate Pre-IPOs project for OpenAI (OPENAI) has seen a continuous rise in user participation 24 hours after the subscription opened. As of now, the total subscription amount has exceeded 231 million USD, with a subscription rate of 1156.57%.This round of OpenAI (OPENAI) subscriptions will continue until July 17 at 15:00 (UTC+8), supporting participation in both USDT and GUSD. The total subscription value is approximately 20 million USD, with a total issuance of 27,700 OPENAI asset certificates. The subscription price is 1 OPENAI = 722 USD, with a minimum subscription amount of 100 USDT or 100 GUSD, and it waives implicit fees and custody costs. In terms of the allocation mechanism, the platform uses "average locked amount per hour" as the basis for asset certificate allocation. The earlier users participate and the longer the locking period, the higher the allocation weight. Additionally, OPENAI will open pre-market trading in the Pre-IPOs section on July 20 at 16:00 (UTC+8).