subscription

The real-time market application underlying protocol Linera announces the opening of pre-registration for the $LNRA community round, aimed at traders, badge recipients, community members, and external participants, allowing for token purchases before Season 1 and TGE. Pre-registration is open from now until September 1 UTC, with the subscription period from September 1 to 8 UTC. Participants can join at a fixed price / FDV using USDC on Base through sale.linera.net, with round pricing and scale to be announced on August 28.This round is divided into a reserved pool for badge holders and an open pool for all registered users. Badges can be earned daily through trading and social activities on app.linera.xyz and claimed at portal.linera.net. Higher levels and points determine the priority order for the reserved pool; the open pool is allocated proportionally, with a single wallet limit of $100,000. For every $1 committed, 1 Commitment Credit is earned, which can be used for fee-free trading volume in Season 1 on app.linera.xyz, with refunds also counted.It is reported that 65% of the total supply belongs to the community (including reserves and this pre-sale), while investors and early contributors hold a total of 25%, with a three-year vesting period from distribution. Linera claims there are currently about 50,000 traders, over 80 million predictions, and over 2 billion test trades, nearing the launch of the mainnet.

FundaAI released a research report on enterprise AI applications, indicating that enterprise AI budgets are still expanding, but there is a divergence in trajectories in the second half of 2026 and 2027. The AI spending guidance from large U.S. telecom operator A shows an increase from a baseline of 100 in January to about 190 in December, with an expected year-on-year increase of 40%--50% in 2027; large European automaker A has only increased by 10%--15% so far this year, with guidance for next year remaining roughly flat.Incremental spending is shifting from paid seats to API/Token consumption and production workflows. The aforementioned telecom operator's subscription and API ratio has changed from about 50%/50% to 40%/60%, and it may trend towards 35%/65%; mid-to-large biopharmaceutical company A has adjusted from 80%/20% to about 70%/30%. Open-source adoption is uneven, with active scenario usage accounting for 30%--40%, as the unit price is lower, leading to a smaller spending proportion; experts estimate that open-source inference can be about 40%--70% cheaper than closed-source cutting-edge models, with the gap narrowing to 20%--40% under full cost metrics, and model routing, caching, and context compression could further reduce API spending by about 20%--30%.On the production side, AI budgets are increasingly built from the bottom up based on workflow ROI. The typical production ROI for this telecom operator is about 1.5--2 times, with a payback period of 6--18 months, and mature use cases can reach 3--5 times. The next wave of spending is related to agents, software modernization, network operations, commoditized workflows, and longer-cycle business processes, but engineering capacity, process reengineering, governance, and data readiness are becoming tighter constraints than funding.

On August 24, according to the Shanghai Securities Journal, Alibaba announced the completion of the pricing for a new share placement of HKD 80 billion (approximately USD 10.2 billion), with 100% of the net proceeds from the placement to be used for investing in full-stack AI capabilities and strengthening AI infrastructure construction.According to sources close to the transaction, this placement was nearly 3 times oversubscribed, exceeding HKD 200 billion. Sovereign and long-term funds ultimately accounted for over 40% of the subscription, with high order quality. Major sovereign funds from regions such as the Middle East, Europe, and Asia actively participated in this subscription.

Leading RWA trading platform MSX announced that the platform will open subscriptions for the MSX Pre-IPO Phase 3 project on August 31, 2026, at 18:00 (UTC+8). This phase will exclusively feature two globally high-profile AI unicorns—Neuralink, the brain-computer interface leader under Elon Musk, and Anduril Industries, a top AI defense technology unicorn in the United States.Previously, the MSX Pre-IPO Phase 2 project Polymarket has opened for redemption, with subscriptions yielding high returns. The introduction of Neuralink and Anduril in this third phase further expands the range of cutting-edge technology assets in the platform's Pre-IPO projects. Users participating in this subscription must hold $MSX, and the subscription amount will be allocated based on the user's effective holdings. Specific allocation tiers and participation rules will be subject to the information published by the MSX official platform.

According to the official announcement from MSX, the platform has officially opened the redemption application for the Pre-IPO Phase II projects Anthropic and Polymarket.Official data shows that as of the latest valuation, the subscription price for Polymarket has risen from $152 per share to $202.67 per share, with a floating profit of 33.3%; the latest valuation of Anthropic is also higher than the subscription price.After this redemption opening, users can choose to apply for redemption and settle in USDT at the latest market price according to their own needs, or continue to hold until the target completes its IPO.Previously, MSX had completed the trading loop from subscription to listing for the Pre-IPO Phase I projects $CBRS and $SPCX. Users can log in to the MSX platform page to view specific redemption rules and asset status.

According to Caixin, a large number of mainland and Hong Kong investors participated in the Hong Kong IPO "new share subscription" through ZD Group, and the related funds cannot be redeemed on time. The Hong Kong police stated that as of August 17, 24 investors have reported the case, which has been treated as "fraud" and is being followed up by the Wan Chai District Major Crime Unit, with no arrests made yet.Previously, several investors were informed that the bank accounts of entities associated with ZD Group had been frozen, resulting in the inability to redeem funds, with the scale of involvement reaching the billion Hong Kong dollar level, some of which are cross-border investment funds from the mainland to Hong Kong.

Bitget launches the VIP Simple Earn Coin Interest Activity. The first phase of the activity runs from August 19 to August 26. VIP users who meet the net recharge threshold can subscribe to the corresponding ETH Simple Earn Coin product and receive annualized interest rewards distributed in the form of DOS, with a combined APR of up to 8%.In addition, from August 26 to September 2, VIP users who meet the average ETH financial holding requirements for the past 7 days can subscribe to the corresponding ETH Simple Earn Coin product and receive annualized interest rewards distributed in the form of ETH, with a combined APR of up to 5.5%. No registration is required for the activity, and eligibility will be automatically verified by the system. Specific parameters are subject to the display on the activity page.

According to official data, Gate's yield-generating stable asset GUSD has accumulated a subscription scale that has exceeded $257 million, setting a new historical record. Users holding GUSD can enjoy an annualized subscription yield of 3.8%, with earnings distributed daily, and it supports flexible deposits and withdrawals, meeting users' dual demands for stable income and liquidity.Meanwhile, the Gate Launchpool DOS staking activity is ongoing, with the current total amount of liquid staking in the GUSD pool exceeding 93.06 million GUSD, and the estimated annualized yield reaching 6.36%. When combined with the basic 3.80% yield of GUSD, the overall annualized yield rate reaches 10.16%. Users can participate in various ecological scenarios such as Launchpool through GUSD, further enhancing asset utilization efficiency while maintaining liquidity.

According to regulatory filings, the Morgan Stanley Bitcoin Trust (MSBT) recorded approximately $371.1 million in total share subscription contributions within 85 days of its listing, including about $200.3 million in cash and approximately $170.8 million in Bitcoin. During the same period, the fund's net assets decreased by approximately $6.68 million due to operations, almost entirely from unrealized depreciation in Bitcoin (approximately $6.617 million), along with realized losses of about $618,600 and sponsor fees of about $72,300, not caused by large redemptions by investors.The documents show that the redemption allocation during this period accounted for only about 1.42% of the total subscription contributions. The fund issued approximately 17.9 million shares and redeemed 250,000 shares (corresponding to 1,790 creation baskets and 25 redemption baskets). The share circulation increased from about 17.65 million on June 30 to about 21.74 million on July 31, an increase of approximately 23.17%. Creation and redemption were conducted by authorized participants at a net asset value of 10,000 shares per basket.

According to the announcement from the Shanghai Stock Exchange, Yushu Technology has released the announcement of the results of its initial public offering and listing on the Sci-Tech Innovation Board, as well as the prospectus for the initial public offering and listing on the Sci-Tech Innovation Board. It disclosed that the online and offline subscription payment work has been completed, and after the adjustment mechanism was activated, the final number of shares issued offline was 22,650,148 shares, accounting for approximately 70% of the number of shares issued after deducting the final strategic placement. The final number of shares issued online was 9,707,000 shares, accounting for approximately 30% of the number of shares issued after deducting the final strategic placement.In addition, before this issuance, the actual controller of Yushu Technology, Wang Xingxing, directly held 86,714,964 shares of the company, controlling a total of 34.763% of the shares. Through the arrangement of special voting rights, the proportion of voting rights controlled by Wang Xingxing in the company was 68.7816%. After this issuance, the proportion of voting rights controlled by Wang Xingxing will decrease to no more than 65.309%.

Bitget has launched the US stock bottom-fishing interest-earning product FCN (Fixed Coupon Note), allowing users to use USDT to subscribe to structured products linked to US stock rToken and set target purchase prices. According to the product rules, if the observation price at maturity is greater than or equal to the exercise price, users will receive the USDT principal and the agreed USDT interest; if the observation price at maturity is lower than the exercise price, the USDT principal will be converted into the corresponding number of US stock rToken at the exercise price, while also receiving the agreed USDT interest.At the same time, the platform has launched a first-time rebate activity. Users who successfully subscribe to FCN for the first time with a single amount of no less than 1,000 USDT can receive up to 20 USDT; if the cumulative subscription amount reaches the specified threshold, an individual can receive a maximum cashback reward of 10,000 USDT. For more details, please refer to the official Bitget platform.

According to official data, the cumulative subscription scale of Gate GUSD's current U.S. Treasury bonds has exceeded $251 million, setting a new historical record. Users holding GUSD can enjoy an annualized subscription yield of 3.8%, with earnings distributed daily, and it supports flexible deposits and withdrawals, meeting users' dual needs for stable income and liquidity.Meanwhile, the Gate Launchpool DOS staking activity is ongoing, with the estimated annualized yield of the DOS GUSD staking pool reaching 10.63%. When combined with the basic 3.80% current yield of GUSD, the overall annualized yield reaches 14.43%. The subscription for the third phase project of Gate Pre-IPOs, Moonshot AI (KIMI), has begun, allowing users to participate using both USDT and GUSD. Participating in the subscription with GUSD allows users to simultaneously enjoy the 3.8% current U.S. Treasury bond yield, achieving a combination of income generation and innovative asset allocation.

Yushu Technology officially launched online and offline subscriptions on August 10, with an issue price of 150.80 yuan per share. The total market value after issuance is approximately 60.993 billion yuan, with total fundraising of nearly 6.1 billion yuan, and the issuance price-to-earnings ratio is 219.23 times, significantly higher than the industry average of 38.56 times.Meituan holds a total of 9.65% of Yushu's shares before issuance through its three subsidiaries, making it the largest external institutional shareholder; Sequoia China holds a total of 7.11%, ranking second. Based on the issue price, the two institutions will receive substantial paper returns. Sequoia first participated in the capital increase in December 2019 with 15 million yuan, at which time the post-investment valuation was only 150 million yuan.A fund under DJI planned to invest 10.1286 million yuan in 2018 for a corresponding shareholding of about 17%, and completed the business registration, but chose to withdraw its investment in 2019. If this investment had been retained until now, the corresponding market value would be approximately 3.7 billion yuan based on the issue price. DJI did not explain the reason for the withdrawal, but in 2019, the company announced an anti-corruption notice, disclosing the handling of 45 employees suspected of corruption, which led to a complete halt of the investment department's work.Among other major shareholders, Jingwei Venture Capital holds 5.45%, Shunwei Capital holds 4.42%, and CITIC Securities holds a total of 4.49%. In terms of strategic placement, DeepSeek received 933,400 shares (subscription of 141 million yuan), and Shanghai Qishan Investment, a subsidiary of Tencent, received 903,300 shares. CITIC Securities, as the sole sponsor, will receive approximately 145 million yuan in sponsorship underwriting fees and will be allocated 808,900 shares through co-investment. Yushu also reminds that the issuance price-to-earnings ratio is significantly higher than the industry average, posing a risk of stock price decline. The deadline for payment for successful applicants is August 12.

Yushu Technology will launch its new stock subscription on Monday. According to public information, its issue price is 150.8 yuan, corresponding to an issue market value of approximately 61 billion yuan.According to on-chain analyst Yu Jin (@EmberCN), currently, the pre-market contract price on the Hyperliquid platform is about 88 USD (approximately 587 yuan), corresponding to a market value of about 237.4 billion yuan, which is about 3.9 times higher than the valuation corresponding to the issue price. Based on the pre-market price calculation, if one wins a subscription for 500 shares, the potential profit is about 220,000 yuan. In addition, based on the maximum subscription of 12 lots, the probability of winning one lot is about 0.3%.

Google's parent company Alphabet's massive bond issuance attracted about $115 billion in subscription demand.

Earlier today, the Hong Kong Stock Exchange disclosed that the long position ratio of H&H International Investment, managed by Duan Yongping, in Pop Mart International Group Limited decreased from 7.65% to 5.55% as of July 30, 2026.According to the detailed interpretation of the announcement, this reduction was caused by the exercise of sold call options. Duan Yongping holds the underlying shares of Pop Mart through H&H International Investment while selling call options to earn premiums. After some calls expired and were exercised on July 30, Duan Yongping had to deliver shares at the agreed price, resulting in a decrease in physical holdings, and the disclosed long position ratio fell from 7.65% to 5.55%.This time, Duan Yongping had some calls expire and be exercised, delivering part of the shares at an average settlement price of approximately HKD 162.50, resulting in a net decrease of about 8.9328 million shares in physical holdings. Additionally, the expiration or conversion of other option positions contributed to the overall decline in the disclosed total long position ratio.Duan Yongping is accustomed to using sold options to enhance returns or build positions, and he has previously engaged in similar operations with stocks like Apple. On July 23, Duan Yongping had just responded to investors on Xueqiu, stating, "Pop Mart has just started buying, and it is highly likely that I won't sell within the next 10 years." The decrease in ratio this time is mainly due to passive reduction caused by option settlements, rather than actively selling in the market. The actual decrease in physical holdings is also not as exaggerated as the disclosed ratio suggests, as the disclosed long position ratio also includes the impact of related derivative positions.

According to Jinshi reports, Yushu Technology (688836.SH) announced that the company will conduct its initial public offering and list on the Sci-Tech Innovation Board. This issuance will adopt a combination of strategic placement, offline issuance, and online issuance. The proposed public offering will issue 40.446434 million shares, accounting for 10% of the total share capital after issuance, with a total share capital of 404.46434 million shares after issuance.The preliminary inquiry date is August 5, 2026, and the offline subscription date is August 10, 2026. The company has a special voting rights mechanism arrangement, and the actual controller Wang Xingxing controls a total of 68.78% of the voting rights under the voting rights differential arrangement.

According to official news, the total subscription amount for Gate GUSD has reached 217 million USD. The Gate GUSD current US Treasury product has been fully upgraded, allowing users holding GUSD to enjoy an annualized yield of 3.8%, with support for deposits and withdrawals at any time, and earnings distributed daily to the spot account or trading account. New users participating in the GUSD current US Treasury subscription can also enjoy a limited-time annualized yield of 100%. The GUSD current US Treasury supports subscriptions in USDT, USDC, and USD1, allowing users to obtain GUSD at a 1:1 exchange rate, and simultaneously enjoy the corresponding product earnings and GUSD current US Treasury earnings while participating in products like Launchpool and Pre-IPOs.In addition, Gate's 367th ANTFUN Launchpool is currently ongoing, where users can participate in staking using USDT, GUSD, or ANTFUN to share a reward of 3,756,574 ANTFUN. The current total amount of GUSD liquid staking is close to 50 million, with the GUSD pool APR at 4.09%. After adding the GUSD subscription earnings, the estimated combined APR reaches 7.89%. Additionally, the estimated annualized yield for the USDT pool liquid staking pool is 5.55%, and the estimated annualized yield for the ANTFUN exclusive staking pool is 87.20%.Gate has launched a no-loss quick redemption feature for GUSD. Users can redeem GUSD minted with USDT, USDC, or USD1 within the no-loss exit limit of the corresponding currency, enjoying real-time 1:1 crediting of the original currency without redemption fees, achieving a balance between earning income and flexible allocation of funds.

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.