Morning · 25 Aug 7:30 HKT
Pack written to the site (not just chat). Paper only.
watchlists AJ last extract 22 Aug. Overnight X: long XPEV (left-for-dead / 71% underperform). MU still largest seat. TSLA caution, ORCL wait, EOSE avoid, SPCX watch. Korea: Hynix after Mon −3.41%.
news Overnight: Alibaba US$10.2bn AI placing + exec buys; Tencent-follow debate; Lee likely to see Samsung’s Lee Jae-yong this week; BOK CCSI 104.5 first drop in 4 months. No MiniMax/DeepSeek print. GLM-5.3 weights Fri 28 Aug.
X Overnight: AJ long-XPEV deep dive (left for dead / 71% underperform); Jukan Samsung+SKHY NAND China capex (~30k wpm Hynix); Zephyr/Jukan Groq 3 LPX full production, maybe Samsung Foundry. Citrini/BowTied none. Tape mixed: AI-hardware bid vs SPX/Nasdaq soft into NVDA week.
DART no 000660 DART 24–25 Aug. Session keeps still on the strip (Hanmi lead). After 22:17 KST Sat cutoff.
funding Paper. SKHYNIXUSDT 1177.61 vs xyz:SKHX 1178.4 (BN not rich). SKHYUSDT 155.01 vs xyz:SKHY 154.88. Seoul paper rule did not fire. Sit if already on, no new cross. Majors only if idle.
Hynix Mon close 000660 = 1,671,000 (−3.41%) V 3.99m. For −913k / Inst −173k; shorts UNKNOWN. SKHY 155.37 / AH 154.88. USDKRW 1,382.40. ADS=0.1 → prem vs AH +28.13%. Not convert arb. Best paper idea: no new BN–HL sit.
Asia news · Yonhap / KED / HKET / SCMP
25 Aug 07:25 HKT · overnight vs evening pack · no KED 25 Aug chip print · MiniMax/DeepSeek: none · GLM-5.3 open weights still Fri 28 Aug
Alibaba execs buy US$15.3m after US$10.2bn AI placing
Joe Tsai bought 720,000 sh (~HK$80m) and CEO Eddie Wu 350,000 sh (~HK$40m) Mon, separate from a 710m new-share issue (3.7% of 19.17bn) that raised US$10.2bn and drew US$28bn of demand (3× covered). First primary issuance since the 2019 HK listing.
HK tape opens with 09988 dilution vs insider buy. Full-stack AI capex is being equity-financed; watch Tencent whether it follows.
SCMPAfter Alibaba’s HK$80bn placing, is Tencent next?
HKET column: Alibaba (09988) placed HK$80bn of new shares; the market immediately asked whether Tencent (00700) is the next to tap shareholders.
Platform-stock open risk is follow-on contagion, not model scores. 00700 vs 09988 cash-return gap is the session debate.
HKETLee likely to meet Samsung’s Lee Jae-yong this week on chip/AI projects
Sources Mon: President Lee Jae Myung is likely to meet Samsung Chairman Lee Jae-yong this week on the three mega projects (semiconductors, physical AI, AI data centres), days after seeing SK’s Chey Tae-won; Hyundai’s Euisun Chung also likely this week. Comes amid speculation Washington wants Korean chip investment as part of Seoul’s US commitment; Industry Minister Kim said no such talks had been held.
Policy/capex overlay on a tape that just punished Samsung’s return mix. Any US-bound spend vs domestic mega-projects is a KOSPI event if it prints.
YonhapConsumer sentiment drops first time in 4 months as KOSPI correction bites
BOK Tue: CCSI 104.5 in Aug, −2.3pts from Jul, first on-month drop since Apr (still >100 since May). Current-conditions subindex 79 (−5); outlook 89 (−3). BOK: stock-market correction and inflation outweighed a solid real economy. KOSPI −24.6% in Jul on AI-infrastructure fears; Jul exports +63% y/y to 2nd-largest month, led by memory.
Sentiment now tracks the chip-led equity drawdown, not exports. Domestic demand is not a backstop if Samsung/Hynix keep swinging the index.
YonhapNexperia China pivots to 100% domestic 12-inch wafers
Nexperia’s China unit (Sun briefing) said it will move its entire product line — diodes, MOSFETs, logic ICs — onto 12-inch wafers from an unnamed Chinese strategic partner, targeting ‘100% domestic production’ after European fabs cut wafer supply. China already handles ~70% of Nexperia’s global output. 12-inch area is ~4× a 6-inch wafer and 2.25× an 8-inch.
China localisation of even legacy/discrete supply is accelerating. Auto/industrial chain risk is Wingtech–Nexperia split, not just 7nm SMIC.
SCMPShein HK IPO up to US$1.76bn; Tencent among cornerstones
Filing Mon: sell 279m sh at HK$47.60–49.50 to raise up to HK$13.85bn (US$1.76bn); books opened Mon, trading 1 Sep. Cornerstones (Boyu, Tiger Global, General Atlantic, Tencent, Greenwoods, Taikang, UBS) ~US$383m, up to 22.5% of the deal. Retail HK$1.39bn tranche 1.6× covered by 17:00 (HK$3.58bn margin). Peak valuation was nearly US$100bn in 2022; this IPO values it just over US$27bn at the cap.
HK IPO calendar is live into next week. Tencent as cornerstone is a 00700 flow tell; size is a markdown vs private marks — watch bookbuild into 1 Sep.
SCMPMainland tech and pharma firms pitch HK as global springboard
Published 22:39 HKT 24 Aug, updated 03:03 HKT 25 Aug: GBA trip arranged by HKMAO. Guangzhou Pharmaceutical vice-chairman Chen Jiehui said the SOE is considering investing in the Northern Metropolis (30,000 ha) after alignment talks; no size disclosed.
Soft HK-policy print overnight. Not a tape mover vs Alibaba placing, but keeps Northern Metropolis / inbound corporate flow in the HK narrative.
SCMPSK Hynix map
Korea line
000660 / SKHYNIX / xyz:SKHX
Mon close 1,671,000 (−3.41%) V 3.99m. BN SKHYNIX 1177.61 vs HL SKHX 1178.4 — not rich. Last month BN funding sum +3.40%, HL +2.02% (23 Jul–22 Aug UTC).
ADR line
SKHY / xyz:SKHY
SKHY 155.37 / AH 154.88 vs KR ~$120.87 fair → +28.13% prem. 1 ADS = 0.1. Not convert arb. Do not mix scales with SKHX.
SKHYUSDT vs SKHYNIX/10 premium + BN funding
Share-equivalent hedge is 10 SKHY per 1 SKHYNIX. Dollar hedge leaves leftover Hynix beta.
BN vs HL (Korea pair)
25 Aug AM: SKHYNIX 1177.61 vs SKHX 1178.4; SKHYUSDT 155.01 vs xyz:SKHY 154.88. No new cross. Paper.
US / AJ
| Ticker | Follow | Note |
|---|---|---|
| MU | Y | Cheapest PEG in 22 Aug AJ article |
| XPEV | Y | AJ $12.20 / ~$11B 21 Aug + overnight long-XPEV deep dive |
| META / AMD | Y | Corridor entries after the dump |
| ORCL | Y | Wait, don’t chase |
| PLTR / AAPL | N | Expensive growth |
| EOSE | avoid | AJ red flags |
| TSLA | caution | AJ follow-up unchanged |
| SPCX | watch | AJ follow-up unchanged |
Source @alojoh 22 Aug extract. No new overnight mail. X overnight: long-XPEV deep dive (paid HC).
Korea / KRX
Mon 24 Aug: KOSPI −3.12% (Samsung −8.7% on ₩90–110tn return; 000660 −3.41% to 1,671,000). For −913k / Inst −173k on Hynix; shorts UNKNOWN. Official daily MDC still missing.
Last week 17–21 Aug: Mon Liberation Day (KRX shut). Wed 000660 −9.75% then Thu +12.7% after ₩40조 buyback/cancel. Foreigners net sold the week (Yonhap/KRX). KIND + DART + data.krx flows/shorts stay on the morning report.
X · priority
Five handles only · logged-in Chrome · 25 Aug 2026 07:30 HKT. Cutoff: newer than 21:30 HKT 24 Aug. AJ 20:22 HKT XPeng GM vs TSLA is before cutoff — context only, not NEW.
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.
tweetXPeng 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.
tweetGROQ 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.
tweet#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.
tweet“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.
tweetXiaomi 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.
tweetLong 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.
tweetTSLA 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.
tweetX · tape sentiment
Home (Following) via logged-in @levturtle Chrome. Morning pass 07:30 HKT. Cutoff newer than 21:30 HKT 24 Aug.
- Reuters: SPX/Nasdaq lower, tech-led, Iran pressure + NVDA week.
- Bloomberg/Leopold: NVDA 15% hike “doesn’t seem all that demanding” given memory costs.
- Intel x86 share below 70% first time since 1995.
- Asia memory/Alibaba placing NOT on the Following timeline — overlay, not consensus.
- AJ added long-XPEV leg; Citrini XBI/QQQ unchanged. BowTied lifestyle only, none new.
Overall: mixed. Leaning risk-off in index tape / risk-on in AI-hardware narrative. JSON: x-feed.json
DART · material KR
Live after 23 Aug 2026 22:17 KST · KOSPI/KOSDAQ · last scan 25 Aug 2026 08:33 KST · no new 000660; pre-open RSS was noise
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.
DARTUnfaithful-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.
DARTBuys 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.
DARTHumanoid-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.
DARTAnsan 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.
DARTAmmonia 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.
DARTLGD 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.
DARTMOBIS NA HEV inverter — ₩20bn, 11.8% of FY sales
USD 14.6m, FOB, through 15 Apr 2027. Straight equipment print.
DARTRehab abolished — no plan filed
Court (2025회합196) ended rehab 20 Aug, confirmed today. Next is likely bankruptcy. Tiny name, may already be halted.
DARTGenentech 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.
DARTExpo 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.
DARTAI 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.
DARTFY 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.
DARTDaesan 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.
DARTUS 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.
DARTOld 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.
DARTSupply 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.
DARTCTP51 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