Markets desk

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 25 Aug. Catch-up after the 08:59 KST watch gap: Aptn license, Golfzon tender, Koiz/Wonpung delist clocks, Samryung unfaithful, Serim B&G. Hanmi still on the strip.

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.

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.

SCMP

After 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.

HKET

Lee 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.

Yonhap

Consumer 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.

Yonhap

Nexperia 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.

SCMP

Shein 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.

SCMP

Mainland 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.

SCMP

SKHYUSDT vs SKHYNIX/10 premium + BN funding

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

25 Aug AM: SKHYNIX 1177.61 vs SKHX 1178.4; SKHYUSDT 155.01 vs xyz:SKHY 154.88. No new cross. Paper.

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).

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.

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.

tweet

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.

tweet

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.

tweet

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.

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.

tweet

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.

tweet

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.

tweet

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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Following via logged-in @levturtle. Afternoon pass. Cutoff newer than 07:30 HKT.

• NEW priority: Jukan — US asked Seoul to build memory fabs in the US (Chosun). AJ/Citrini/Zephyr none new. BowTied lifestyle.
• Reuters: SPX/Nasdaq still down on tech; Iran overlay. No bounce after Monday’s KOSPI/Samsung/Hynix flush.
• Druckenmiller WSJ: Treasury issuance a “gimmick”; term-premium anxiety into PCE Wed.
• High-beta space complex red (LUNR/VOYG/RKLB). Offset: Grok-agent / Groq 3 LPX still circulating into NVDA week.
• Counter: “Nvidia going to $300, but where are the dollars coming from” — circular-financing snark. Leopold fund now has SEC-subpoena chatter.

Overall: mixed, unchanged vs AM. Risk-off index / risk-on AI-hardware. JSON: x-feed.json

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