Markets desk

Pack written to the site (not just chat). Paper only.

watchlists AJ last extract 22 Aug. No new mail. 26 eve AJ: sold META 560→598; LiAuto GM crush. Follow-ups unchanged: MU, XPEV, META (booked), AMD, ORCL wait, TSLA caution, EOSE avoid, SPCX watch. Source @alojoh 22 Aug extract + 26 Aug 21:18 HKT tweet.

news Overnight: Z.ai shipped GLM-5.3-Flash MIT weights (full GLM-5.3 still gated ~Fri 28 Aug); MiniMax 1H rev +283% to US$116.6m (off FY pace); Moonshot early talks to put Kimi K3 on Azure/AWS/GCP; KOSPI Wed +0.97% to 6,808.21 (Samsung +1.75%, Hynix +0.60%); Samsung first commercial LPDDR5X-PIM; sticky US July PCE +3.7% y/y.

X NEW AJ NVDA EPS $2.22 vs $2.09 (AJ $2.21); Citrini Bloomberg 26min Underwhelmed→Bullish 2028; Zephyr Rubin $40B/GW vs $80–100B pump; Jukan NVHBM +30% BW vs HBM4E (SKHY trademark) + Kioxia ¥1tn Iwate. Evening META/DeepSeek/GLM/YMTC not re-NEW. Home on, sentiment risk-on med.

DART no 000660. First keep G2G Bio 456160 Phase 1 GB-5001A (rcp 20260827900004). Kumhwa / Yukil / SK Biopharm / SKI–SKIET / Daegu / Hankook Precision / MakinaRocks and prior keeps stay. Last scan 08:41 KST.

funding Paper. BN SKHY 165.10 fund +0.50bp/8h; BN SKHYNIX 1273.8 fund +9.82bp/4h. HL xyz:SKHY mid 164.97 fund ~0; xyz:SKHX mid 1274.45 fund +1.08bp/h. Basis HL−BN SKHY −8.0 bp, SKHX +4.8 bp. 8h $100k vs ~$280 RT. no new BN–HL sit. Next 08:00 HKT.

Hynix Wed close 000660 = 1,688,000 (+0.60%) V 2.92m. For −228k / Inst +2k; shorts UNKNOWN. Cash not open (09:00 KST) — not a live gap. SKHY RTH 158.02 / AH 164.95. FX 1,384.8 Yonhap (frankfurter 1383.49). ADS=0.1 → fair ~$122.01; prem RTH +29.5% / AH +35.2%. Not convert arb. Seoul paper rule did not fire Mon–Wed. Paper only.

Z.ai ships GLM-5.3-Flash MIT weights; full GLM-5.3 still gated into ~Fri 28 Aug

On 26 Aug Z.ai released GLM-5.3-Flash, the first natively multimodal GLM-5 model: 320B total / 18B active MoE, 1M context, image+video, MIT license, weights at huggingface.co/zai-org/GLM-5.3-Flash. Official blog says it beats GLM-5.2 at ~1/10th the price and was previewed anonymously as ox-alpha on OpenCode/OpenRouter, with that traffic served on Chinese AI chips. API list: $0.15/M in, $0.03/M cached, $0.50/M out. Full GLM-5.3 (the 14 Aug coding/cyber model) is still gated: zai-org/GLM-5.3 returned 401 this morning; launch note still promises weights ~two weeks after 14 Aug (~28 Aug) after safety eval.

HK tape (02513 Zhipu/Z.ai) gets a real open-weight catalyst today, not the one the desk was watching. Flash is the self-hostable/cheap inference print; the cyber-capable full 5.3 drop is still a Fri event. Domestic-chip serving claim is the NVDA-China angle.

Z.ai

MiniMax 1H revenue +283% to US$116.6m, still off FY pace; adj. loss widens

SCMP: MiniMax on Wednesday posted 283% 1H revenue growth to US$116.6m, with Open Platform/enterprise AI up 703% to US$73.9m (63.4% of sales vs 30.3% a year earlier). 1H is only ~32% of Bloomberg FY26 consensus US$363.77m. Total loss narrowed 11% to US$358m but adjusted net loss widened 111.2% to US$293m. Gross profit >5x to US$20.8m; GPM 17.9% vs 12.1%. Shares closed +1.13% at HK$303 Wednesday ahead of the print. Published 18:52 HKT 26 Aug, updated 21:54 HKT.

HK-listed MiniMax (00100) is growing into enterprise but not on a straight line to FY forecasts; widened adjusted losses keep the crowded-lab, high-burn debate alive vs Zhipu/DeepSeek/Kimi into the cash open.

SCMP

Moonshot in early talks to put Kimi K3 on Azure, AWS and Google Cloud

Reuters, citing three people: Moonshot AI is negotiating revenue-share deals that would let Microsoft, Amazon and Google host Kimi K3. Moonshot is seeking up to 30% of K3-related cloud revenue. Talks are early; no certainty of a deal. Open issues include revenue split, data access and token-usage audit. Would be the first major Chinese-lab/US-hyperscaler revenue-share. Bessent last month floated a trade blacklist; US officials allege Fable distillation and illegal Nvidia chips — Moonshot denies distillation. Alibaba is a backer; firm raised >US$2bn in May and is preparing a possible HK listing. K3 is 2.8T open-weight.

If any hyperscaler signs, it is a monetisation/HK-IPO plus for Moonshot/Kimi and a political-risk overhang (blacklist vs commercial demand). Alibaba-as-backer is the listed proxy. NVDA-China: alleged restricted-chip use sits under the same headline.

Reuters / Tech Startups

KOSPI +0.97% to 6,808.21 on chip buybacks; Samsung +1.75%, Hynix +0.60% into Nvidia

Yonhap 2nd LD, Seoul 26 Aug: KOSPI closed +65.47 pts / +0.97% at 6,808.21. Volume 323.3m shares, ₩22.38tn. Institutions net bought ₩760.37bn; foreign+retail net sold a combined ₩2.36tn. Samsung Electronics +1.75% to ₩261,500; SK hynix +0.60% to ₩1,688,000. Hynix has been buying ~650k shares since last Thursday; Samsung also in the market this week. Won ₩1,384.8/USD as of 15:30 KST, down ₩1.3. 3y KTB yield −1.4 bp to 3.816%. Daishin: 6,800 reclaim on buybacks plus softer oil and UST yields. Investors waiting on Nvidia as the AI-infra barometer. (Tue pack had KOSPI +0.68%; this is the Wednesday close.)

Seoul cash already squeezed shorts via buybacks into the NVDA print. Asia wires as of 07:30 HKT have not yet published the Nvidia result; today's KOSPI/Hynix/Samsung open is the first chance to reprice it. Won 1,384.8 is the FX print for the SKHY premium book.

Yonhap

Samsung launches first commercial LPDDR5X-PIM; Llama 3.1 8B runs 2.3x vs LPDDR5X

KED Global, 26 Aug 10:27 KST (09:27 HKT): Samsung unveiled the industry's first commercial LPDDR memory that computes inside the memory, aimed at smartphones and on-device AI. Company says LPDDR5X-PIM runs Meta's 8-billion-parameter Llama 3.1 2.3 times faster than conventional LPDDR5X. Distinct from the already-covered Groq 3 LPX foundry print. Rest of the KED article is paywalled after the lede.

On-device PIM is a second Samsung AI-memory story after Groq/HBM: if it ramps, it supports the 'memory shortage is not only HBM' tape and differentiates 005930 vs 000660 into today's NVDA-driven open.

KED Global

US July PCE sticky: headline +3.7% y/y, core +3.3%; HSI still consolidating

HKET invest homepage live strip, 03:44 27 Aug HKT: US July PCE +0.2% m/m / +3.7% y/y, matching June but a touch above forecasts; core PCE +0.2% m/m / +3.3% y/y, in line with June and consensus. HKET says the print leaves Treasury yields supported and HSI still consolidating, waiting for a break. Separate 27 Aug HKET column headlines (HSI 25,680 'true/false break', SMIC RSI toward HK$90, Unitree 'halved') sat on the homepage but full bodies were not retrieved.

Sticky PCE keeps UST/Jackson Hole as the HSI/KOSPI vol overlay on top of NVDA. Do not treat 25,680 or SMIC-90 as facts until the column bodies are readable.

HKET

SKHYUSDT vs SKHYNIX/10 premium + BN funding

Share-equivalent hedge is 10 SKHY per 1 SKHYNIX. Dollar hedge leaves leftover Hynix beta.

27 Aug 07:35 HKT. BN SKHY 165.10 fund +0.50bp/8h; BN SKHYNIX 1273.8 fund +9.82bp/4h. HL xyz:SKHY mid 164.97 fund ~0; xyz:SKHX mid 1274.45 fund +1.08bp/h. Basis HL−BN SKHY −8.0 bp, SKHX +4.8 bp. Next 08:00 HKT. 8h $100k vs ~$280 RT taker. no new BN–HL sit.

Seoul paper rule did not fire Mon–Wed. Cash 000660 opens 09:00 KST — not live yet. Paper only.

Ticker	Follow	Note
MU	Y	Cheapest PEG in 22 Aug AJ article. China-memory export (YMTC/CXMT) still the overlay.
XPEV	Y	AJ $12.20 / long-XPEV deep dive + VLA 630. LiAuto GM crush is the China-auto overlay, not a new XPEV print.
META	booked	AJ sold 598 26 eve; this morning AJ NVDA beat $2.22 vs $2.09 (not a new long).
AMD	Y	Corridor entries after the dump. Jalapeño still a merchant-GPU headwind.
ORCL	Y	Wait, don’t chase.
PLTR / AAPL	N	Expensive growth. Unchanged.
EOSE	avoid	AJ red flags
TSLA	caution	Cybertruck +6–7% after volume collapse; sells at ~cost. Unchanged.
SPCX	watch	AJ follow-up unchanged.

Source @alojoh 22 Aug extract + 26 eve META/LI + 27 Aug 04:25 HKT NVDA. No new overnight mail.

Wed 26 Aug: KOSPI +0.97% to 6,808.21 (Yonhap). Institutions +₩760.37bn; foreign+retail −₩2.36tn combined. 000660 1,688,000 (+0.60%) V 2.92m; For −228k / Inst +2k; shorts UNKNOWN. Samsung +1.75% to ₩261,500. FX ₩1,384.8/USD. Official daily MDC shorts still missing.

Samsung launches first commercial LPDDR5X-PIM; Llama 3.1 8B runs 2.3× vs LPDDR5X (KED lede only). Union reject of tentative wage deal still in the tape from Tue.

Tue 25 still in the tape: KOSPI +0.68% / foreigners −₩3.82trn; Groq 3 LPX Samsung Foundry lede. Mon 24: KOSPI −3.12%, Samsung −8.7% on ₩90–110tn return. Last week 17–21 Aug: Liberation Day Mon; Wed crash then Thu bounce after ₩40조 buyback/cancel.

NVDA FQ2 EPS $2.22 vs $2.09 Street; AJ $2.21 off one cent

NVDA FQ2 (qtr ending Jul 2026) non-GAAP EPS $2.22 vs $2.09 Street; AJ $2.21, off one cent.

Tape: Print is a clean beat. AJ already on the number; tape still sold-the-news in replies. Supportive AI-infra / HBM demand print into the Asia open.

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AJ NVDA forecast error 0.5% vs Street 5.9%

AJ flags 0.5% NVDA EPS forecast error vs Street 5.9% (7.7% when AJ published).

Tape: Self-score on the beat. HC had the number. Not a new position call; raises AJ weight on the NVDA/AI-infra pack.

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Street NVDA estimate revisions incoming

AJ: Street NVDA estimate revisions incoming after the beat.

Tape: Classic post-print catch-up. Watch FY28 supply-constrained +70% comments on the tape; not a new AJ buy.

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Bloomberg 26 min: Underwhelmed → Bullish Outlook into 2028

Two Bloomberg mobile screenshots 26 minutes apart: 5:14 “Underwhelmed — Nvidia's Estimate-Topping Forecast Fails to Impress” vs 5:40 “Bullish Outlook — Nvidia: AI-Fueled Sales Surge to Extend Into 2028.” Same other headlines (Meta settlement, Putin, Treasuries/Warsh).

Tape: Sell-the-news then 2028 AI-sales rewrite in under half an hour. Standing Citrini Long XBI Short QQQ is NOT re-NEW’d. Mixed tape: print good, narrative unstable. Not a new pair.

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Rubin $40B/GW vs Jensen $80–100B pump; total DC $60B/GW

QT Wall St Engine: NVDA rev/GW Hopper $18B, Grace Blackwell $25B, Vera Rubin $40B; total DC capex/GW $30B→$60B. Zephyr: why the $80–100B/GW pump a few weeks ago? Follow-up reply 2092735063125631176: “Huh?? Vera Rubin: $40B”.

Tape: Does not re-NEW last night’s Rubin rack $32B/GW card. Intensity still up (memory is why) but Jensen’s $80–100B was the high print; $40B NVDA-rev / $60B total is the call-number. Mixed vs prior hype, still bullish vs Hopper.

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Astra — OpenAI “Persistent” reasoning effort

QT AiBattle: Codex GitHub spotted a new reasoning effort “Persistent” — “Continue working until put to sleep.” Zephyr one-word: Astra.

Tape: OpenAI long-running agent SKU watch (Astra). MSFT/OpenAI product cadence, not a China-lab print. Secondary to NVDA/HBM for the desk.

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NVHBM / NVLink Fusion — “I like this”

QT NVIDIA AI Infra: NVLink Fusion expansion with NVHBM — next-gen HBM, memory controller in the 3D stack. Amazon Annapurna Labs first, with AWS custom silicon.

Tape: Custom HBM is the SKHY/Samsung tell. Pairs with Jukan’s NVHBM spec post. AWS as first attach is a second buyer besides NVDA GPU. Supportive 000660/HBM.

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Custom NVHBM: +30% BW vs HBM4E (SKHY trademark)

QT same NVHBM/NVLink Fusion note. Specs vs HBM4E: +30% BW, −15% HBM power, +25% XPU die area. Reply tape: SKHY filed NVHBM trademark KR Jul 31 2025 / US Aug 8 2025; NVDA $279bn supply commits (from $119bn), primarily memory.

Tape: Core SKHY item. Custom stack + controller-in-HBM is a Hynix-shaped spec; trademark is not proof of sole-source. Widens qualified HBM attach (AWS/Annapurna) rather than cutting SKHY out.

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Jensen: ROIC <1y on $50B data centers

QT P Equity Research / Jensen: “I heard the other day that return on investment capital is now less than a year. We're talking about $50 billion data centers.”

Tape: Demand/ROIC still the bull case vs capex-per-GW sticker shock. Supports risk-on AI infra; not a SKHY-specific print.

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Kioxia ¥1tn ($6.27bn) third NAND fab, Iwate

Nikkei: Kioxia ¥1tn ($6.27bn) third NAND fab, Iwate. Production start after 2029 per reply. Same-minute link-card 2092752550663700635 not a second story.

Tape: NAND supply response, same overlay as last night’s YMTC IPO/crown tape. 2029 start is not near-term bits; still the SKHY/Samsung/WDC/SNDK overhang if the cycle stays tight into 27–28. Do not re-NEW YMTC.

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DeepSeek 10x rev, 2nd round at RMB 500bn, infra RMB 11bn

The Information: Jan–Jul rev RMB 475m ($70.7m) ~10x FY2025; loss RMB 935m → 715m. GM 44.6%, API 82.9%. ARR $400–500m. V4-Pro API peak $0.87 → $3.96 (still << Kimi K3 / Opus 5). Jun RMB 50bn round; now another RMB 50bn + Shanghai IPO next year. Zephyr: that infra line is ~50k Hoppers.

Tape: China frontier-lab capex is real. Supportive NVDA/HBM. Pricing war vs Kimi/Claude still on.

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GLM dropping soon

QT Techmeme: Z.ai Ox Alpha GLM. GLM-5.3 weights still the Fri 28 Aug watch.

Tape: Zhipu / China open-weight cadence.

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YMTC IPO “over 2T RMB”; SNDK is $220B

Street Rmb200–300bn price / >Rmb1T post. Zephyr: higher share + China semis premium. Pairs with afternoon FT 2027 NAND crown. Also: YMTC+CXMT “over $200B combined rev at 80% GM in 2027” (Naura bid).

Tape: NAND overhang for SKHY/Samsung/WDC. China semicap bid.

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Rubin NVL72 rack ~$8M → $32B per GW

230–250kW. Capex-per-GW still rising (memory is why). Home: BofA NVDA FQ2 3–4% beat/raise; watch off-balance-sheet multi-year commitments.

Tape: intensity, not a demand cut. NVDA week.

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META 560 → 598, sold. Settlement is the bid

Reentered 8 days ago, averaged $560, sold $598 (HC). Gary Black sold the bottom. Home: ~$17B/10y state-AG kids settlement, $META +4% pre-mkt, verdict-risk off.

Tape: AJ booked it. Settlement bid is the tape; not a new long.

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LiAuto GM: China auto “mayhem,” H1 2026 takes the cake

Wrong powertrain too long. “This is not sustainable.”

Tape: LI-specific plus China auto price war overlay on XPEV/LI vs TSLA.

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NVDA asks HBM4 12-high → 8-high; Samsung/SKHY mix shift

Zdnet Korea via Jukan: Nvidia asked suppliers to change primary HBM4 config from 12-high to 8-high (thermal on Rubin, 12-high yield loss). HBM4E likely 8-high-centric for Rubin Ultra. Source: not a demand downgrade — system-level config.

Tape: mix shift, not demand cut. 8-high eases yield, lowers per-unit DRAM content. Watch bits vs ASP. SKHY/MU/NVDA chain.

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YMTC planning 5 new fabs long term

QT of Jukan’s YMTC post. Thread reply: 3–5yr fab time makes 2027 crown aggressive and a price war likely. Zephyr did not push back.

Tape: structural NAND oversupply risk 2027+. Negative Samsung/SKHY NAND mix; positive China semicap.

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YMTC aims for global NAND crown by end-2027

FT: overtake Samsung and SK Hynix. Shanghai IPO last week to raise Rmb33bn ($5bn) for fabs/R&D. Jukan: “faster than I expected.” Distinct from this morning’s YMTC/CXMT ex-China item.

Tape: medium-term NAND pricing risk for SKHY, Samsung, WDC/SNDK.

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Dylan Patel: OpenAI profitable in Q3

Dwarkesh clip: Codex / 5.6. Top reply: “on a non-GAAP basis.”

Tape: AI-capex sustainability bid if it sticks. Supportive NVDA/AVGO/memory.

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Jalapeño: design moat erodes, manufacturing remains

Barrier to chip design is collapsing. Manufacturing is the remaining moat — until robots. Who benefits as the design moat erodes.

Tape: rotation thesis — long TSMC / HBM / ABF-packaging; fade pure design premium (NVDA, ARM, AMD).

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Labs co-design silicon faster than Nvidia/AMD

Because they have cutting-edge internal models. QT: GPT-Astra helped develop Jalapeño; Codex+GPT-Astra for kernels. Background: Jalapeño claimed better perf/$ and perf/W than Vera Rubin NVL72, Samsung HBM4.

Tape: custom-ASIC share-gain vs merchant GPU. Negative-at-the-margin NVDA/AMD into earnings week.

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YMTC/CXMT pushing memory outside China

DigiTimes: raising the share of memory shipped ex-China. YMTC selling NAND to third-party module makers for enterprise drives. Apple evaluating CXMT/YMTC; possible US green light around Sept Trump–Xi.

Tape: China memory finding indirect NA cloud routes. Medium-term NAND/DRAM overhang — MU, 000660, Samsung.

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Jalapeño chip in nine months

“It's amazing that they managed to develop the chip in just nine months.”

Tape: design-cycle compression is the shock, not the spec sheet. NVDA moat-narrowing.

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Jalapeño-bullish-Cerebras argument — Jukan doesn’t buy it

Flags the idea that Jalapeño forces Meta/AWS to adopt Cerebras more aggressively. Not his view.

Tape: watch CBRS chatter and META/AMZN accelerator capex. Not a bid.

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Ajinomoto ABF film shortage — AI/high-end first, 2Q26 full

Meritz channel checks: Ajinomoto tells customers of acute ABF film shortage, prioritizing AI/high-end. 2Q26 ABF lines already at full utilization.

Tape: AI-server substrate bottleneck. Positive ABF/substrate names; risk to non-AI package supply.

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CXMT seen as key LPDDR6 supplier for Xiaomi Xring O3

Chinese media: CXMT expected to be a key LPDDR6 supplier for Xiaomi’s Xring O3.

Tape: CXMT moving up the LPDDR stack. Medium-term mobile-DRAM pricing risk for Samsung/SKHY.

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XPeng VLA 630: gap is nowhere near 4–5 years

QT of @thinkercar on XPeng 2nd-gen VLA 630 upgrade. “Not a one horse race.”

Tape: continues the long-XPEV / fade-TSLA autonomy-gap trade.

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Cybertruck +6–7% after volume collapse

Standard & Premium hike, framed as loss-per-unit repair. AJ: TSLA sells Cybertrucks at ~cost.

Tape: TSLA demand-side negative. Pricing is margin defense, not strength.

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Qwen 3.8 Flash Next tomorrow — Qwen 4 architecture

125B params + 51B N-gram, 6B active. Releasing tomorrow.

Tape: China open-weight cadence. Supports BABA / Alibaba-ecosystem AI.

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Blackwell getting killed at higher interactivity

Caveat: labs don’t serve users at 100+ tps/user.

Tape: mild NVDA-bear datapoint vs inference-ASIC narrative into earnings week.

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Macro memo: bank liquidity regs, Bessent twist, Warsh Jackson Hole

Stayed up writing it. Not published yet. Joke Bessent post skipped.

Tape: SLR / duration-supply tease. Long XBI Short QQQ standing unchanged. No PCE print on the timeline.

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US asked Seoul to build memory fabs in the US

Per local Korean media (Chosun): the U.S. government asked the South Korean government to build memory fabs in the U.S. and ensure stable memory supply.

Tape: onshore capex/cost risk for Samsung/Hynix after Monday’s dump; supply-security bid for US memory/equipment. Not a DART print.

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Samsung + SK Hynix step up NAND capex in China

Samsung converting local lines to latest NAND; Hynix adding ~30k wpm H2'26–2027 (zdnet.co.kr).

Tape: NAND capex upcycle; supply risk 2027 NAND pricing. Mildly negative memory-price bulls, positive equipment; SKHY China NAND mix.

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XPeng left for dead: −71% vs market while launching humanoids + global FSD

Deep dive at ajinvestmentresearch.com (+ paid HC follow-up). AJ rotating anti-TSLA / pro-China-EV into a long XPEV thesis.

Tape: dir-up XPEV / mixed vs TSLA. Earlier 20:22 HKT XPeng GM vs TSLA is before cutoff — not a NEW card.

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GROQ 3 LPX in Full Production LFG

QT Wall St Engine: NVDA Groq 3 LPX low-latency inference extending Vera Rubin NVL72 in full production.

Tape: bullish NVDA inference; supports +15% accelerator hike.

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#SamsungFoundry QT of Groq 3 LPX

Groq 3 LPX maybe Samsung Foundry — a foundry offset to Samsung −8.7%.

Tape: 005930 foundry color, not a bits print. Paired with Zephyr Groq 3 LPX full-production QT.

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“What happened? Has another one of Leopold's funds blown up?”

AI-fund blow-up chatter. No ticker named in the post.

Tape: mixed. Overlay on NVDA week / AI-hardware bid, not a SKHY print.

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Xiaomi bonding 50μm→1.4μm — “who is actually stacking this chip??”

“Extremely similar to Huawei's Logic Folding.” Advanced packaging / China stacking. Just before the 21:30 HKT cutoff; not on last evening strip (that had the 15:52 HKT TSMC-fab question).

Tape: China stacking color. Not a SKHY print.

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Long XBI Short QQQ?

No new public post overnight. Exact standing text unchanged. Pin is the 2022 $SIVB short.

Tape: long biotech vs mega-cap tech. Unchanged vs the AI-hardware bid / NVDA week.

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TSLA Cybercab: “none of which has been priced in, right?”

Evening still-live. Sarcastic fade of a bull arguing EV/FSD/Megapack/Semi ramps are real. Treats the Cybercab event as already in the price.

Tape: leftover, not NEW. Still fading TSLA into the event; AM add is the long-XPEV leg above.

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Morning NEW pass. Cutoff newer than 21:45 HKT 26 Aug. Home on. Evening NEW kept, not re-NEW.

• NEW: AJ NVDA beat $2.22 vs $2.09 (AJ $2.21) + Street revisions incoming. Citrini Bloomberg 26min Underwhelmed→Bullish 2028.
• NEW: Zephyr Rubin $40B/GW vs $80–100B pump; NVHBM; Astra Persistent; ROIC <1y on $50B DCs. Jukan custom NVHBM +30% BW vs HBM4E (SKHY trademark) + Kioxia ¥1tn Iwate.
• Evening kept, not re-NEW: META/DeepSeek/GLM/YMTC/Rubin-rack/LiAuto/XBI-QQQ. BowTied lifestyle only.
• Home on. Sentiment risk-on, confidence medium.

Overall: risk-on, confidence medium. JSON: x-feed.json

Phase 1 GB-5001A (donepezil LAI) vs Aricept — no SAE, SS by dose 3–4, Cav ~ oral 5mg

140mg IM q4w ×4. Multi-dose n=10 (8/2). ADR 12.50% (1/8); no SAE/death/dropout. Cmax,ss 24.93 / Cav,ss 20.32 vs oral 5mg Cav 22.65, Cmax 32.08. 70–280mg judged safe. CSR draft 26 Aug. Follow-on trials.

DART

KHNP Hanul NPP water-treatment O&M — ₩33.10bn, 7.82% of sales

한국수력원자력, 한울본부 수처리설비 운전·경상정비. ₩33.10bn ex-VAT vs 2025 cons. sales ₩423.4bn. 1 Sep 2026–31 Aug 2029. Same-type work last 3 years (자율공시). 3-year spread, partly in the run-rate.

DART

Two 3rd-party raises ~₩6.0bn, ~43% of common, −10%

Pair: (1) 제3자배정 to 김승준, 2.31m sh @ ₩1,301, ₩3.00bn, 1-year lockup. (2) 소액공모 2.53m sh @ ₩1,188 planned, ₩3.00bn. Both 운영자금, 납입 3 Sep. Current ordinary 11.20m → +4.83m (~43%).

DART

License-in Opakalim (BHV-7000) — USD 795m headline, USD 400m upfront

Exclusive worldwide from Biohaven Ireland. Max ₩1.10tn (USD 795m). Upfront USD 400m (350 at HSR close + 50 +1y, non-refundable). Milestones max USD 395m. = 156% of 2025 cons. sales. SKBP pays ongoing RISE2/3 trials. Conditional on HSR.

DART

Small-scale absorption of SKIET — 1 : 0.1174540, no premium

SKI absorbs listed sub SK아이이테크놀로지. Price SKI 125,862 / SKIET 14,783. Issues 4.48m sh, ₩564bn (~2.6%). SK stake 52.09% → 50.74%. SKIET is the disappearing name; formula take-under vs 24 Aug close 15,310.

DART

SPA terminate confirmed — ₩3.4bn deposit stays with sellers

New rcp vs the AM keep. 구정모 외 6인 2.80m sh SPA terminated 25 Aug on 2nd installment default. 계약금+중도금 ₩3.4bn stays with sellers, not the company.

DART

CNC VTL to TEI Turkey — ₩7.80bn, 25.5% of sales

Aero/defense engine parts. USD 5.65m, 25 Aug 2026–24 Apr 2027. Repeat customer. 35/50/15 T/T.

DART

AI OS Runway + solutions — ₩2.35bn, 20.51% of sales

Domestic, counterparty withheld to 2029. 18 Aug 2026–31 Dec 2027; 선급 ₩0.3bn. Also closes the Jul/Aug 조회공시.

DART

Hungary prismatic auto notching dies — ₩4.80bn, 16.74% of sales

Counterparty withheld. 25 Aug 2026–31 Oct 2027. Repeat customer. 20/70/10.

DART

KRW 10bn private CB — 140% conversion, no refix floor

시설자금. 0% coupon, maturity 2031-09-03. Conversion ₩5,106; 1.96m sh = 5.10%. Put 30m; issuer call 50% from 12m. 납입 3 Sep. Subscriber unnamed.

DART

EGM passed 10-for-1 capital reduction (90%)

무상감자 결손보전. 59.6m → 5.96m sh. Halt 9 Sep–6 Oct; new listing 7 Oct.

DART

₩9.66bn into 100% US sub (Maryland campus)

USD 7.0m, 15.3% of parent equity. Sub 2025 sales ₩60m, NP −₩930m. 납입 8 Sep.

DART

2026 CEO Investor Day — OP margin 9+%, TPR wording

2030 horizon. TSR → Total Payout Ratio. Mega-cap target, not a gap print. Pre-announced 소각 skipped.

DART

Preferred bidder — 35MW Shinan solar EPC+O&M, ≥5% of sales

Amount not fixed. Two contracts to follow. Preferred bidder only.

DART

Dongseo Power Dangjin #6 overhaul — ₩15.7bn, 6.22% of sales

자율공시. 한국동서발전 당진 6호기 A급 보일러 계획예방정비. KRW 15.666bn, 6.22% of 2025 consol. sales (₩252bn). 31 Aug–16 Nov. Repeat counterparty, signed 25 Aug, no advance. Last 11,900 pre-open, mcap ~₩179bn → contract ~8.7% of mcap.

DART

Control-change SPA terminated — 2nd installment unpaid

구정모 외 6인 25.82% @ ₩8,000 (₩22.4bn) SPA auto-terminates after ₩7.0bn 2nd installment missed 25 Aug. Buyer had already swapped to 리앤고파트너스. ₩3.4bn already paid is forfeit to sellers, not the company. Last 4,410 already ~45% below deal. Illiquid; 8–20% tail if gap-and-go.

DART

Exclusive license for GPC-100 (Burixafor) — ₩6.5bn cash, big milestones

Buys exclusive license from GPCRT for GPC-100 (CXCR4 antagonist) + combo method. Cash ₩0.5bn due 26 Aug + ₩6.0bn due 24 Nov (₩6.5bn). Last FY sales ₩16.90bn → cash is ~38% of sales. Conditional on regulator OK; can terminate on R&D halt or approval fail. Milestones to originator GPC-R: MM NDA ₩30bn, SCD NDA ₩20bn, AML NDA ₩20bn, plus sales-tier fees; running royalty 10% of net sales.

DART

Board opinion on SJ Partners 2nd tender — take-private / delist path

SJ Partners (One-Hundred Partners 100%) 2nd tender 10 Aug–2 Sep for remaining 5,742,701 sh after buying 9,742,319 on 7 Aug. 1st tender 29 Jun–5 Aug targeted 15,485,020 sh (36.15% of 42.84m, ex largest holder Kim Young-chan + treasury). Holders: Kim Won-il 43.37%, Kim Young-chan 10.65%, SJ Partners 22.74% (76.76% combined), treasury ~9.8%. Goal: 100% sub then delist.

DART

Delisting clock: 56 days below ₩20bn mkt cap, 0 days above

Management-issue since 5 Jun (30-day mkt-cap miss). After 90 trading days must have 10 consecutive days ≥₩20bn or 30 days cumulative. As of 25 Aug close: 56 days elapsed, 56 days under ₩20bn, 0 days over. At 61 days under, the 30-day-over test is mathematically dead and delist process starts.

DART

Delisting clock: 10 more days under ₩20bn can force delist

Management-issue since 3 Jul. Needs 45 consecutive days ≥₩20bn within 90 trading days. 36 days elapsed, 0 consecutive days over. If mkt cap stays under ₩20bn for 10 more consecutive days, delisting can proceed.

DART

Unfaithful-disclosure pre-notice — late CEO-change filing

Type: disclosure failure. Event 27 Mar, filed 30 Jul, pre-notice 25 Aug. Decision deadline 17 Sep. Trailing 1-year penalty points 0.0. If designated and this case ≥8 pts, 1-day halt; ≥10 trailing can trigger substantive review.

DART

Management-issue warning — close under ₩1,000 for 25 sessions

KOSDAQ rule: close <₩1,000 for 30 consecutive sessions → management issue. As of 25 Aug, 25 sessions under. Five more sessions from 26 Aug and it can be designated.

DART

Control change: ₩13bn 3rd-party to a 1-month-old shell

Siwon Innotech (₩990m equity, no sales) becomes largest holder 15 Sep. Plus ₩8bn CB (18% if converted) and a ₩4.5bn old-CB buyback.

DART

Unfaithful-disclosure warning — paid-in date slipped 6+ months

Pre-notice, decision 16 Sep. Zero points on the clock, so halt is not the base case. Tiny name still gaps on these.

DART

Buys 90% of Future Hitech (semi test gear) for ₩34bn

11% of assets, 13% of equity. Kids-book publisher walking into semiconductor equipment. FTC filing required.

DART

Humanoid-robot reducers — ₩1.92bn, 27% of FY sales

Unnamed Korean OEM, through Apr 2028. No down payment. Tiny reducer name; 27% of sales is the gap.

DART

Ansan plant ₩55.5bn, 57% of equity

Eye-drop/solid-dose building + warehouse through Sep 2029. Includes the Nov 2025 ₩9.5bn. Capacity up, cash out mostly in 2027.

DART

Ammonia cargo to PHILPHOS — ₩3.71bn, 29% of FY sales

USD 2.68m, T/T, through 27 Dec. Spot trade, not production. Tiny name; 29% of sales is the gap.

DART

LGD Vietnam OLED laminator — ₩5.8bn, 18% of FY sales

USD 4.15m, 90% down, through Nov 2027. Small tool name; 18% of sales is the gap.

DART

MOBIS NA HEV inverter — ₩20bn, 11.8% of FY sales

USD 14.6m, FOB, through 15 Apr 2027. Straight equipment print.

DART

Rehab abolished — no plan filed

Court (2025회합196) ended rehab 20 Aug, confirmed today. Next is likely bankruptcy. Tiny name, may already be halted.

DART

Genentech takes HM17321 — $190m up front, $2.31bn headline

LA-UCN2 agonist, worldwide ex-Korea. Milestones $2.12bn + royalties. Cash is the $190m; the rest is binary. Parent filed the same notice.

DART

Expo 2027 Montenegro — ₩73bn, 43.5% of FY sales

EUR 45m pavilion job through Dec 2027. Huge vs a ~₩70bn name. Collection/execution risk, but the % is the gap.

DART

AI NPU ASIC — ₩18.2bn, 15% of FY sales

Signed 12 Mar, disclosed now. Mix $8.7m + ₩5.4bn. Delayed, so some of it may be in the price.

DART

FY swing to ₩7.4bn profit vs a loss

Sales +6.7% to ₩178bn, OP +27% to ₩8.4bn. Unaudited. Triggered the 30% P&L-change rule.

DART

Daesan NCC shutdown story: not confirmed, plan was rejected

Creditors rejected a ~₩1.2tn restructuring plan 23 Feb. Still looking at NCC cuts. Firm answer in 6 months.

DART

US Big Tech DC substation — ₩231bn, 4.65% of FY sales

Via LS ELECTRIC AMERICA. Signed 8 Jun, amount locked 21 Aug, through 30 Jan 2027. Same print at parent LS — count once.

DART

Old job marked up: ₩143bn → ₩193bn (12.3% of sales)

Correction, not a new award. End date slipped to 30 Apr 2027. Small-cap construction; +₩50bn can still print. Holdings 060980 is the same filing.

DART

Supply contract KRW 21bn — 14.9% of last FY sales

Hoffman Construction (US, Idaho), PFC abatement gear, USD 15.1m, 21 Aug 2026–30 Jul 2027. Large vs 141bn FY sales. Not a rumor; DART during the cash session.

DART

CTP51 Keytruda biosimilar — Korea product-license application

Application, not approval. Small positive if the street was not already counting a KR filing; not a rerating on its own.

DART