subscription

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).

According to official data, the second phase of Gate Pre-IPOs project OpenAI (OPENAI) opened for subscription for only 1 hour, and the total subscription amount has exceeded 148 million USD, with an oversubscription rate of 639.39%. User participation continues to rise, indicating an increasing market interest in pre-IPO investment opportunities for quality AI assets.This subscription for OpenAI (OPENAI) will continue until July 17 at 15:00 (UTC+8), supporting participation in both USDT and GUSD, with a total subscription value of approximately 20 million USD, issuing a total 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 waiving implied 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 the user participates and the longer the locking period, the higher the allocation weight. In addition, OPENAI will open the Pre-IPOs section for pre-market trading on July 20 at 16:00 (UTC+8).

Changxin Technology (688825.SH) announced that the company will conduct its initial public offering and list on the Sci-Tech Innovation Board, with an issue price of 8.66 yuan per share. Investors are requested to subscribe online and offline at this price on July 16, 2026 (T day), with no need to pay subscription funds at the time of application.Among them, the offline subscription time is from 9:30 to 15:00, and the online subscription time is from 9:30 to 11:30 and 13:00 to 15:00. The total number of initial shares issued is 66,880,886.08 shares, accounting for approximately 10.00% of the total share capital after issuance, and granting CICC an over-allotment option not exceeding 15.00% of the initial shares issued.The price corresponds to a diluted price-to-earnings ratio of 308.92 times for 2025, based on the lower of pre- and post-deduction earnings (without exercising the over-allotment option), which is higher than the industry average price-to-earnings ratio of 76.32 times and the average price-to-earnings ratio of comparable companies of 134.62 times. The total amount of funds raised is expected to be approximately 57.919 billion yuan (before the exercise of the over-allotment option), with a net amount of approximately 57.638 billion yuan after deducting issuance expenses.

According to the official announcement, the second phase of Gate Pre-IPOs project OpenAI (OPENAI) subscription will officially start on July 15 at 15:00 (UTC+8). This phase supports participation in both USDT and GUSD, with a total subscription value of approximately 20 million USD, issuing a total of 27,700 OPENAI asset certificates, with a subscription price of 1 OPENAI = 722 USD.This subscription will last until July 17 at 15:00 (UTC+8), with a minimum single subscription amount of 100 USDT or 100 GUSD, waiving implied fees and custody costs, and will open pre-market trading in the Pre-IPOs area on July 20 at 16:00 (UTC+8). In terms of the allocation mechanism, the platform uses "average locked amount per hour" as the basis for asset certificate allocation; the earlier the user participates and the longer the lock-up time, the higher the allocation weight.At the same time, Gate is launching multiple subscription benefits, including GT Sunshine Reward, exclusive airdrop activities for VIP users and super agents, and more. Users who successfully subscribe for more than 10,000 USD will receive a reward of 1 GT each; users who subscribe for less than 10,000 USDT can share a 2,000 GT prize pool; in addition, participating in the subscription using GUSD can also enjoy an annualized minting yield of 3.8%.

According to reports from Jiemian News, the prospectus shows that Changxin Technology has implemented a rare employee stock incentive plan in the semiconductor industry before its listing. The company launched two phases of employee stock ownership plans over four years, granting shares to a total of 6,760 individuals, accounting for 35% of the total number of employees, with a higher proportion of R&D and highly educated personnel. Chairman Zhu Yiming publicly promised to distribute the granted 768 million shares to current employees free of charge within ten years after the company has been listed for 36 months, and he personally committed not to reduce his holdings within ten years after the listing. This initiative aims to retain core talent and stimulate team motivation through a long-term interest-binding mechanism during the lengthy technology catch-up cycle.In terms of performance, benefiting from the AI-driven super cycle in the storage industry, Changxin Technology has achieved a strong turnaround and significant growth. The company expects to achieve revenue of 110 billion to 120 billion yuan in the first half of 2026, a year-on-year increase of more than six times; the net profit attributable to the parent company is expected to reach 50 billion to 57 billion yuan.Previous news: According to the official website of the Shanghai Stock Exchange, Chinese storage giant Changxin Technology disclosed its intention to list on the Sci-Tech Innovation Board and the "Issuance Arrangement and Preliminary Inquiry Announcement" on July 9, officially starting the IPO issuance process on the Sci-Tech Innovation Board. The announcement disclosed that the offline subscription date and online subscription date for the company's new shares are both set for July 16, 2026. The stock code for Changxin Technology/offline subscription code is "688825," and the online subscription code is "787825." This public offering plans to issue approximately 6.688 billion shares (before the exercise of the over-allotment option), while the issuer grants CICC an over-allotment option not exceeding 15.00% of the initial number of shares issued; if fully exercised, the total number of shares issued will increase to approximately 7.691 billion shares.

According to the official website of the Shanghai Stock Exchange, Chinese storage giant Changxin Technology disclosed its IPO prospectus and "Issuance Arrangement and Preliminary Inquiry Announcement" for the Sci-Tech Innovation Board on July 9, officially starting the IPO issuance process for the Sci-Tech Innovation Board. The announcement revealed that the offline subscription date and online subscription date for the company's new shares are both July 16, 2026. The announcement also indicated that Changxin Technology's stock code/offline subscription code is "688825," and the online subscription code is "787825." The announcement shows that the proposed public offering will issue 668,808.8608 million shares (before the exercise of the over-allotment option), and the issuer grants China International Capital Corporation an over-allotment option not exceeding 15.00% of the initial number of shares issued. If the over-allotment option is fully exercised, the total number of shares issued will increase to 769,130.1608 million shares.

According to Reuters, informed sources revealed that due to the subscription scale reaching several times, South Korean chip manufacturer SK Hynix will end its $28 billion American Depositary Receipt (ADR) issuance book-building at 4 PM Eastern Time on Wednesday. It is reported that the final pricing guidance for this issuance will be announced after the close of the Korean stock market on Thursday, and the allocation results will be finalized later on Thursday evening, with plans to officially list on Nasdaq on July 10.The report pointed out that this issuance has attracted strong demand from American investors, with several large orders ranging from $200 million to over $1 billion. The company previously disclosed that institutions such as Baillie Gifford and Coatue Management have expressed interest in purchasing a total of up to $7 billion in ADRs. This transaction is expected to issue 17.79 million new shares, making it the second largest stock issuance in history globally, following SpaceX's record $85.7 billion IPO last month, surpassing the previous records of Saudi Aramco (2019) and Alibaba (2014). As a core supplier of high bandwidth memory (HBM) for companies like Nvidia and Google, SK Hynix stipulates that every 10 ADRs represent 1 share of common stock, with a reference price of 242,500 Korean won per ADR based on the Seoul closing price on July 3.

According to Jinshi News, SK Hynix's American ADR listing has received oversubscription, and SK Hynix will stop accepting subscriptions at 4 PM New York time on July 8.

According to the official announcement, Gate has completed the stock distribution for the direct IPO phase project SpaceX (SPCX). Users can check their SPCX stock assets that have been credited to their stock accounts; the unallocated portion and remaining subscription funds have been automatically returned to the spot account. With the completion of the stock distribution, SPCX will subsequently enter the market trading phase according to the new stock listing process in the U.S.Meanwhile, Gate has launched exclusive benefits for users who subscribed to SpaceX (SPCX), allowing participation in designated USDT surplus products with a maximum annualized return of 200%. Holding USD1 also grants additional yield rewards. The platform has simultaneously launched the "SPCX Stock Launch Plan" limited-time event. During the event, users participating in stock trading can receive first-order rewards, share their SPCX holdings for a chance to receive stock airdrops, and complete designated trading volumes to participate in leaderboard competitions, with a total of 50,000 USDT worth of SPCX stock prize pool to share.In addition, Gate stocks have launched on the stock trading web platform, achieving comprehensive coverage on both App and Web. Gate stocks support trading over 10,000 mainstream U.S. market stocks and ETFs using USDT, covering major U.S. securities trading markets such as the NYSE and NASDAQ, and support fractional trading starting from as low as 0.01 shares. With the launch of the direct IPO, Gate is gradually improving its product ecosystem covering Pre-IPO, IPO, and stock trading, providing users with a more convenient one-stop global investment experience.

Kraken employee Nata posted that the subscription limit for SpaceX tokenized stock (SPCX) on the xStocks platform "is much lower than expected and has been significantly reduced," adding "hedging canceled." Currently, Kraken has not made an official statement on this.

According to Jinshi reports, the SpaceX IPO reportedly attracted over $350 billion in total demand. Among this, over $250 billion came from institutional subscriptions.

According to official data, within 24 hours of the launch of the first project SpaceX under Gate's IPO Access, the cumulative intended subscription amount has exceeded 92 million USDT, with nearly 10,000 participants, reflecting the market's ongoing attention and enthusiasm for investment opportunities in popular tech company IPOs.This project supports participation in subscriptions using USDT, with a minimum intended subscription amount of 100 USDT and a maximum intended subscription amount of 500,000 USDT. The event adopts an "intended subscription" mechanism, and the platform will calculate the allocation weight based on the user's average locked amount during the subscription period. The specific results will be determined based on the project's issuance situation and the actual allocation amount obtained by the platform.After users receive the IPO allocation, the corresponding stocks will be directly distributed to their Gate stock accounts. After the allocation ends, the relevant stocks will be listed on the Gate stock section on June 12, allowing users to directly engage in real stock trading or hold them, achieving a seamless connection from IPO subscription to secondary market trading.

Bybit announced the official launch of its on-chain US stock IPO subscription product, Bybit IPO Express, and partnered with xStocks to introduce the first phase of the SpaceX tokenized IPO subscription service.It is reported that this product is open to eligible Bybit VIP and Pro users, allowing users to subscribe to stock assets at the issue price directly in the primary market without the need to open a traditional brokerage account. The tokenized SpaceX shares issued this time are fully backed by xStocks, pegged 1:1 to real equity, and comply with institutional-level regulatory standards.The specific timeline for the SpaceX tokenized subscription is as follows:Registration and subscription period: June 7 to June 11Quota phase: June 11 to June 12Spot trading launch: June 12The official statement indicated that the Bybit platform will continue to expand its on-chain US stock and RWA ecosystem in the future to provide more diversified investment opportunities.

According to Jinshi, citing two informed sources, SpaceX's IPO has received approximately $150 billion in investor subscription funds, with the subscription amount reaching twice the fundraising plan. As the largest IPO in history, the enthusiasm for subscriptions has been quite remarkable.Informed sources indicate that the project is still in the early promotion stage, and large institutional funds typically submit orders only at the end of the IPO subscription period. Current statistical data only reflects intended subscriptions and not the final allocation amount; the actual allocation quantity will be determined during the pricing phase.

According to market news, the subscription orders for SpaceX's initial public offering (IPO) have exceeded the number of shares available for issuance.

According to Bloomberg, informed sources say that underwriters for SpaceX's approximately $75 billion initial public offering (IPO) have been told not to accept subscription orders from investors in mainland China and Hong Kong, due to U.S. restrictions on the export of critical technologies. The lead underwriter for the transaction has further notified other banks in the underwriting syndicate that clients from mainland China and Hong Kong, including private banking clients, are not allowed to participate in placing orders.The report states that this move is primarily due to regulatory and compliance risk considerations, and the related arrangements have not been publicly disclosed.

According to The Block, Kraken's parent company Payward's xStocks framework will launch a service that allows Kraken and partner platform users to participate in U.S. stock IPOs at the offering price and receive on-chain tokenized shares corresponding 1:1 with the underlying stock, which is held by a regulated custodian.Users can submit non-binding subscription intentions through partner platforms weeks before the IPO. Payward will aggregate demand and collaborate with the underwriting team to allocate shares, completing pricing, allocation, and token issuance on the listing day.xStocks tokens can circulate across multiple chains such as Ethereum, Solana, and TON, and can be used in combination with DeFi protocols.

Anthropic announced that starting from June 15, 2026, a new billing policy for the Agent SDK will be implemented. According to the new regulations, third-party Agent tools such as OpenClaw will be allowed to access the Claude subscription version again, but they must use a separate "exclusive monthly quota," which will no longer be shared with the regular chat quota.Previously, Anthropic had restricted third-party tools from accessing the Claude subscription quota in April of this year to prevent abuse. This adjustment is seen as the final solution to the related controversy, which is to reopen third-party access while completely isolating Agent calls from the regular chat quota.Specifically, Pro users will receive a monthly exclusive quota of $20; Max 5x and advanced Team versions will receive $100; Max 20x and advanced Enterprise versions can receive up to $200. The relevant quotas can only be used for third-party applications, self-built Agent projects, and claude-p backend command calls, with quotas refreshing monthly, and any excess must be paid at the standard API rate.