According to BlockBeats, on July 25th, the latest draft of the U.S. Senate's "Cryptocurrency Market Structure Act" (also known as the CLARITY Act) includes provisions encouraging white-hat hackers to responsibly disclose cybersecurity vulnerabilities. It proposes authorizing rewards for individuals who identify and report security vulnerabilities to strengthen the protection of digital asset infrastructure before they are maliciously exploited. This provision incorporates the opinions of former CFTC Chairman J. Christopher Giancarlo, a long-time advocate for digital asset innovation.

According to BlockBeats, on July 25th, Hyperinsight monitoring showed that the price of CXMT (Changxin Memory, listed entity Changxin Technology) Pre-IPO contract on Hyperliquid fell to $6, a drop of over 5.7% in 24 hours, corresponding to a RMB price of 40.62. Based on the total share capital of 66.881 billion shares after issuance, the on-chain implied market value is approximately $400 billion, equivalent to approximately RMB 2.7 trillion.

Based on this market value, the cost of each 500-share subscription for retail investors who win the lottery is 4,330 yuan. The estimated market value of 500 shares on the first day of listing is 20,310 yuan, with a profit of about 16,000 yuan per subscription.

According to BlockBeats, Changxin Memory Technologies (CXMT), a leading Chinese domestic memory chip manufacturer, is scheduled to officially list on the Shanghai Stock Exchange's STAR Market next Monday (July 27th), with an initial market capitalization of approximately 580 billion yuan. Changxin is expected to challenge for the title of the world's third-largest DRAM supplier . The following is a summary of current predictions for its post-listing market capitalization performance:

A recent research report from UBS suggests that the DRAM industry will be in short supply until at least the second quarter of 2028. This continued positive outlook provides key support for market expectations that Changxin Technology will achieve a valuation of trillions of yuan or even higher.

Zhang Xiaorong, Dean of the Deep Technology Research Institute, said that assuming Changxin's net profit this year is around 100 billion yuan, a reasonable PE ratio of 20-25 times, coupled with the driving force of the industry, it is highly likely that it can reach a market value of trillions after listing.

CNBC technology analyst Daniel Haylor's view: Changxin Memory is well-positioned, especially to benefit from the huge shortage in the mobile memory market; the world's three largest memory giants are shifting a large amount of capacity to the higher-margin HBM field, which will further squeeze the supply of general-purpose DRAM. As China's leading DRAM manufacturer, Changxin is expected to achieve significant growth and valuation revaluation in this structural opportunity.

Wang Jiyue, a senior investment banker, predicts that Changxin Technology's valuation will reach 2 trillion to 3 trillion yuan after its listing. Compared with Hynix , Samsung Electronics and Hynix currently have P/E ratios (TTM) of 21.7 and 21.3 times, respectively.

A research report by CITIC Securities predicts that the supply shortage of storage will continue until at least 2027, with price increases expected throughout 2026. This industry cycle logic reinforces institutions' optimistic assessment of Changxin Technology's post-IPO valuation of 2 trillion to 3 trillion yuan.

Reuters' view: Its market capitalization is expected to exceed 3 trillion yuan (about US$443 billion), and may even reach 5 trillion yuan driven by the AI upswing cycle and technological self-reliance.

Multiple Chinese securities firms unanimously predict that Changxin Technology's market capitalization is expected to reach 2 trillion to 3 trillion yuan after its listing. The core support includes the long-term demand for DRAM/HBM for AI computing power, the unique DRAM production capacity platform in China, the support of the National Integrated Circuit Industry Investment Fund, and the logic of domestic substitution. Some calculations show that the reasonable opening range is 2 trillion to 2.5 trillion yuan.

Financial Times analysts expect Changxin Technology's valuation to soar to as high as 3 trillion yuan , mainly benefiting from the AI-driven surge in demand for memory chips and the company's rapid expansion in the global DRAM market share. International analysts are optimistic about the company's growth story and structural opportunities.

Some optimistic institutions and some securities analysts in the electronics industry believe that, given the high prosperity and the scarcity premium of A-share semiconductors, Changxin Technology's market value is expected to break through 3 trillion yuan or even reach 4 trillion yuan at a stage peak, and may be even higher in extreme scenarios. This view is based on the expectation of high net profit in 2026 and the valuation logic of growth stocks benchmarked against international giants.

According to professional market research data from third-party institutions, in the medium to long term, under the long-term dividends brought by AI infrastructure, specific scenarios include assuming revenue of close to or exceeding 100 billion yuan and net profit of 10 billion to 15 billion yuan in 2026-2027. Based on a high-growth price-to-earnings ratio of 50-100 times, the secondary market may give a monopolistic leading company a valuation, and the long-term stable market value is likely to fall in the range of 1.6 trillion to 2.2 trillion yuan.

According to BlockBeats, on July 25, the North Korean National Intelligence Service raided a safe house in Pyongyang on July 12, arresting a hacking gang that had infiltrated the internal networks of the Central Bank of North Korea and the Trade Bank. Sources in Pyongyang stated that the gang leader was a veteran of the cyber warfare unit under the General Bureau of Reconnaissance and Intelligence. They recruited young IT talents from Kim Chaek University of Technology and Pyongyang University of Science and Technology, using hacking skills honed in the military and universities to breach the heavily guarded internal networks and external payment systems of the two banks. They split stolen state trade funds into small amounts and transferred them to overseas cryptocurrency wallets, then exchanged them for cash through brokers. The gang also established bases in border areas such as Sinuiju in North Pyongan Province and Hyesan in Ryanggang Province to exchange the laundered cryptocurrency for US dollars in real time.

The group operated an encrypted transaction network in a secure building in Pyongyang for an extended period until officials from the Central Bank of North Korea discovered minor anomalies in foreign exchange payment approvals and suspicious records of logins from overseas IP addresses. The North Korean National Intelligence Service followed the trail, located the suspects, and raided the premises, arresting them on the spot. They seized computer equipment worth hundreds of thousands of dollars and a large number of unregistered disposable mobile phones. Subsequently, they sealed off the headquarters and computing centers of two banks and deployed mobile signal detection vehicles to track abnormal wireless frequencies.

The news caused a huge shock in Pyongyang's top leadership, military circles, and university circles. One official said, "The country trained them to use these skills to defend the motherland, but they plundered the national treasury. Not only will they face the death penalty, but their entire family lineage may also be unable to survive." The top leadership of the Reconnaissance and Intelligence Bureau and the science and technology education department are already nervous about the case, fearing that accountability will affect them.