innovation

On August 24, according to Reuters, China's largest flash memory chip manufacturer Yangtze Memory Technologies Co., Ltd. (YMTC) and its parent company Yangtze Memory Technologies Holdings (CCSH Corporation) have had their listing application accepted by the Shanghai Stock Exchange's Science and Technology Innovation Board, with the market expecting the company to go public next year. This IPO is expected to raise 33 billion yuan (approximately 4.9 billion USD). CCSH plans to issue between 1.98 billion and 2.43 billion new shares.The prospectus shows that the company's revenue in the first quarter of 2026 (January to March) reached 47 billion yuan, nearly a fivefold increase year-on-year; net profit was 33.38 billion yuan, more than double the net profit of 14.21 billion yuan for the entire year of 2025. YMTC's factories are currently operating at near full capacity and are continuously expanding sales in the tightening NAND flash memory market. The average selling price of NAND flash memory in the first quarter of 2026 reached 2.73 times the average level of 2025, and the gross profit margin also significantly increased from 35.3% in 2025 to 76.8%.CCSH plans to use 20.8 billion yuan of the funds raised from this listing to expand production lines, and an additional 12.2 billion yuan for research and development of the next generation of NAND flash memory and high-speed storage products.

The Shanghai Stock Exchange has changed the IPO review status of Yangtze Memory Technologies Co., Ltd. to accepted for its initial public offering and listing on the Sci-Tech Innovation Board, with a proposed financing amount of 33 billion yuan. The sponsoring institutions are CITIC Securities and CITIC Construction Investment.The prospectus of Yangtze Memory shows that after turning a profit in 2024, the profit level will rise rapidly, with operating revenue of 47.042 billion yuan and net profit attributable to the parent company of 33.379 billion yuan achieved from January to March 2026. According to TrendForce data, from January to March 2026, the company ranked third globally and first in China among global NAND Flash manufacturers by both sales revenue and shipment volume.

According to The Block, Securitize President Brett Redfearn stated that the U.S. Securities and Exchange Commission withdrew the crypto innovation exemption rule last Friday due to concerns about the voting progress of the Clarity Act.Redfearn expects that the rule will be introduced after the Senate votes on September 15, possibly in early October.

On August 20, the B.AI platform DeepSeek-V4-Flash zero-threshold free access event continues. B.AI upholds the vision of "Inclusive Computing Power" and is committed to building a globally leading one-stop AGI infrastructure, continuously lowering the threshold for AI use, allowing developers and Web3 users to easily experience, build, and deploy Agentic applications.Relying on the one-stop AGI infrastructure, B.AI aggregates cutting-edge model matrices from around the world, with built-in intelligent routing to optimize costs and efficiency; stably supporting high-throughput scenarios such as millions of long contexts and Agent workflows; elastic API routing balancing production-level high availability and extreme cost-effectiveness; Web2/Web3 dual channels bridging crypto assets and fiat currency settlement. Currently, DeepSeek-V4-Flash is continuously available for free on both Web and API ends, with $0 access to top model capabilities.

The first meeting of the U.S. CFTC Innovation Advisory Committee (IAC) will be held on August 20 from 1:00 PM to 4:00 PM Eastern Time, which is August 21 from 1:00 AM to 4:00 AM Beijing Time.The meeting is mainly divided into three parts: the first part discusses the transition of cryptocurrency regulation from "uncertainty to clarity," including the absence of federal market structure, fragmentation of state-level licenses, overlapping regulatory authorities, enforcement-style regulation, and how to improve regulatory clarity under existing statutory authorities; the second part discusses the application of AI in trading, compliance, monitoring, risk management, and "Agentic Finance," and clarifies the intersection of cryptocurrency and AI; the third part focuses on prediction markets and event contracts, discussing federal and state regulatory authorities, state-level litigation and enforcement, market manipulation, customer protection, and long-term regulatory frameworks. CFTC Chairman Michael S. Selig, IAC Chairman Walt Lukken, and designated federal official Michael J. Passalacqua will deliver opening remarks.

CFTC Chairman Mike Selig stated, "For years, the anti-crypto army, doomsayers, and slowists have stifled innovation." "The CFTC is turning a new page, charting a course for innovators to explore the new frontier of finance."

According to the official announcement from Yushu Technology, its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 19, 2026.Yushu Technology announced that in 2025, the company achieved an operating income of 1.699 billion yuan, with a net profit attributable to the parent company's shareholders of 278 million yuan, whichever is lower after deducting non-recurring gains and losses. The issuance price for this listing is 150.80 yuan per share, corresponding to a diluted static price-to-sales ratio of 35.89 times for 2025, which is higher than the average level of comparable companies in the same industry. The corresponding diluted price-to-earnings ratio after deducting non-recurring gains and losses is 219.23 times, which is higher than the average static price-to-earnings ratio in the industry over the past month. The number of unrestricted circulating shares at the initial stage of listing is 30.877 million shares, accounting for 7.44% of the total share capital after issuance.

The U.S. Securities and Exchange Commission (SEC) suddenly canceled the meeting originally scheduled for last Friday. The meeting was planned to advance the formulation of cryptocurrency regulatory rules and to announce the repeatedly postponed innovation exemption arrangements, which may be related to the Clarity Act.Earlier last week, the SEC announced it would hold a public meeting where commissioners would discuss the Reg Crypto proposal, which involves how companies can raise funds through tokens and ultimately exit SEC oversight after issuing their own digital assets. The SEC had originally planned to announce at least some of the innovation exemption arrangements, concerning how security token issuers handle the underlying securities. Both of these arrangements did not proceed as scheduled.

Ethereum co-founder Vitalik Buterin posted on the X platform, stating that the Bitcoin community deserves recognition for promoting the development of related technological concepts, including Utreexo and other UTXO (Unspent Transaction Output) state optimization solutions. The scaling route currently being explored by Ethereum is integrating the advantages of different blockchain state models in practice.Vitalik Buterin pointed out that Ethereum hopes to simultaneously leverage the advantages of UTXO model states, dynamic states, and solutions between the two, enabling the vast majority of network activities to achieve "hyperscale" while not sacrificing decentralization, ease of node operation, and censorship resistance.Vitalik Buterin stated that future Ethereum scaling is not simply about copying a certain architecture, but rather aims to enhance throughput while maintaining the openness and security of the network by combining different design philosophies. Among them, Utreexo is a state compression solution proposed by the Bitcoin ecosystem, which reduces the storage burden on nodes by introducing accumulator technology, making full node operation more lightweight, and is considered beneficial for enhancing Bitcoin's long-term scalability.

The SEC has postponed the "innovation exemption" plan for tokenized securities and canceled the cryptocurrency rules meeting, causing concept stocks such as Bullish, Coinbase, and the UNI token to drop.

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) will once again delay the launch of its innovative exemption program for tokenized assets due to concerns raised by Wall Street and the White House. The exemption was originally intended to provide U.S. crypto companies with a regulatory sandbox of 12 to 36 months, allowing them to issue and trade tokenized securities.The core controversy lies in whether the exemption terms allow third parties to issue stock tokens without the consent of the listed company. SEC Commissioner Hester Peirce defended on the X platform that the framework is limited in scope, only facilitating the digital representation trading of existing equity securities, rather than synthetic products.

The U.S. Commodity Futures Trading Commission (CFTC) has announced the agenda for the inaugural meeting of the Innovation Advisory Committee (IAC). The committee will hold its first meeting on August 20, focusing on regulatory issues in emerging areas such as crypto assets, artificial intelligence, and prediction markets.CFTC Chairman Michael S. Selig stated that the U.S. has long been a global center for financial innovation and hopes to explore how emerging technologies and financial products can drive market development through discussions with innovative entrepreneurs, researchers, and industry builders, and to jointly explore the "new frontiers of finance." The meeting will be live-streamed on the CFTC official website. Committee members and attendees will discuss topics such as the regulatory framework for digital assets, the impact of AI technology on financial markets, and the development of prediction markets. The public can submit relevant opinions by August 27, and these opinions will be publicly released through the U.S. Federal Regulations website Regulations.gov. The CFTC indicated that the meeting agenda may be adjusted based on the committee's subsequent focus.The Innovation Advisory Committee aims to provide the CFTC with recommendations on emerging technologies, financial products, and trends in market innovation, covering important areas such as digital assets and artificial intelligence that may influence the structure of future financial markets.

According to Decrypt, the U.S. Securities and Exchange Commission (SEC) plans to launch two crypto-related initiatives in the coming days, while the Congressional CLARITY Act remains stalled until at least September. The SEC intends to propose "Regulation Crypto" at a public meeting on Friday, allowing projects to raise funds through token sales without completing a full securities registration.The SEC also plans to introduce an "innovation exemption" for tokenized stocks, with details potentially announced on Friday. This exemption will allow tokenized versions of stocks like Apple, Tesla, and Nvidia to be traded on the blockchain around the clock, supporting fragmented trading and near-instant settlement.Such tokens typically track stock economic exposure but do not carry voting rights or dividend rights. This initiative is part of SEC Chairman Paul Atkins' "Project Crypto" agenda, with Robinhood Chain, Solana, and Base already advancing related on-chain markets.

Morgan Stanley announced the launch of the "U.S. Innovation Infrastructure Initiative," which aims to drive approximately $1.5 trillion in capital raising and investment activities over the next 10 years to support U.S. economic growth.The initiative will focus on strategic areas such as artificial intelligence, quantum technology, and semiconductors, and will promote the construction of digital and physical infrastructure.

Plume posted on the X platform that it has joined the Digital Asset Solutions Industry Working Group of the Depository Trust & Clearing Corporation (DTCC).The working group aims to provide feedback on DTCC's tokenization services and facilitate ongoing in-depth dialogue to promote the widespread adoption and innovation of digital assets.

According to CCTV Finance, based on a previous announcement, the preliminary inquiry date for the IPO of Yushu Technology on the Sci-Tech Innovation Board is today. After the inquiry is completed, subscription will begin on August 10, with both online and offline subscription dates being August 10, and the payment deadline being August 12.The preliminary inquiry period is from 9:30 to 15:00, during which the sponsor (lead underwriter) will conduct verification of offline investors, and investors participating in the strategic placement will pay the subscription funds. On August 6, the issuance price will be determined, valid bidding investors and their subscription shares will be confirmed, and the final allocation quantity and ratio for investors participating in the strategic placement will be determined. This IPO of Yushu Technology aims to raise 4.202 billion yuan, publicly issuing 40.4464 million new shares, accounting for 10% of the total share capital after issuance, which will be 404 million shares. The market estimates that the IPO market value of Yushu Technology will exceed 40 billion yuan. Based on the new share subscription unit of 500 shares on the Sci-Tech Innovation Board and the estimated market value of the issuance, the IPO issuance price of Yushu Technology is approximately 104 yuan per share, with a single subscription requiring about 52,000 yuan, but the specific deviation of the IPO inquiry still needs to be determined by market participants.

According to official news, the Gate stock section was launched on August 3 at 15:00 (UTC+8) with GIGADEV (兆易创新 03986.HK), ZJINNOLIGHT (中际旭创 03308.HK), SMIC (中芯国际 00981.HK), HHGRACE (华虹宏力 01347.HK), BYD (比亚迪 01211.HK), CATL (宁德时代 03750.HK), ZIJINMINING (紫金矿业 02899.HK), YOFC (长飞光纤光缆 06869.HK), PYPL (PayPal Holdings), JMKE (泽西迈克三明治) perpetual contract trading (settled in USDT), supporting 1-20 times leverage.

The Binance futures platform will launch the GIGADEVUSDT U-based perpetual contract on August 3 at 13:30, with a maximum leverage of up to 20 times. This contract will be priced in USDT and supports 24/7 trading.

According to Jinshi, U.S. President Trump praised Nvidia (NVDA.O), calling it a leader in technological innovation and emphasizing the company's important contributions to advancing artificial intelligence and graphics processing technology.

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.