Asia Market Daily: July 10, 2026 (Asia/Shanghai)

1. China Imposes Temporary Ban on Helium Exports, Affecting Semiconductor and AI Chip Supply Chains

   The Chinese Ministry of Commerce and General Administration of Customs announced a temporary ban on helium exports effective July 10, 2026. Helium is a critical material for advanced semiconductor, AI chip, and HBM memory manufacturing. The move tightens global supply and is expected to increase semiconductor production costs while securing domestic strategic resources.

2. Metaplanet Explores Bitcoin-Backed Digital Credit Products for Japanese Market

   Tokyo-listed Metaplanet, together with JPY stablecoin issuer JPYC and security token platform Progmat, is forming a research group to develop Bitcoin-collateralized digital credit products. These would tokenize BTC collateral for daily-interest debt instruments tradeable 24/7, targeting mid-sized Japanese firms facing high bond issuance costs.

3. Trial of Former Chinese IC Fund Chief Lu Jun Lingers Six Months After Hearing, Involving Bitcoin Bribes

   Lu Jun, former head of the National Integrated Circuit Industry Investment Fund, is accused of accepting over 700 million yuan in bribes, including Bitcoin and equity payments totaling 12.18 million yuan. The court adjourned in November 2025 and has not yet rendered a verdict after six months.

4. HSBC Issues First Digital Native Structured Product in Hong Kong

   HSBC completed its first "digital native" structured product issuance in Hong Kong—a privately placed USD-denominated note issued directly on a blockchain rather than digitized after issuance. Marketnode acted as tokenization agent. The pilot showcases end-to-end lifecycle benefits of tokenization.

5. Tencent in Talks to Become Largest Shareholder in AI Agent Company Manus

   According to the Financial Times, Tencent is negotiating to become the largest shareholder in AI agent company Manus. Existing investors including Tencent, ZhenFund, and Sequoia China are discussing a $2 billion valuation deal to counter Meta's acquisition attempt.

6. Binance Co-CEO Richard Teng Outlines Asia Expansion and 2030 User Goal of 3 Billion

   Richard Teng stated Binance is accelerating compliance license applications in Japan, India, and other Asian markets, partnering with Philippine BlockShoals Technologies. The exchange spends over $300 million annually on compliance and aims to grow from 3.7 billion current users to 3 billion by 2030.

7. Yen Appreciation Weighs on Bitcoin and Crypto Performance in Japan Relative to USD Markets

   The yen surged to 161.55 against the dollar after Japan's June producer price index hit 7.1%, strengthening BOJ rate hike expectations. Bitcoin and other major cryptocurrencies denominated in yen saw smaller gains compared to their USD pairs, highlighting the yen's impact on Japanese crypto markets.

8. SK Hynix Raises $26.5 Billion in US ADR Offering, Becomes Third-Largest IPO in US History

   South Korean memory chip giant SK Hynix priced its US ADR at $149 per share, raising $26.5 billion from 177.9 million ADRs. The offering was over 7 times subscribed with demand near $200 billion, and ADRs begin trading on Nasdaq under ticker SKHYV on July 13.

9. Chinese Bitcoin Miner Cango Announces 10-for-1 Reverse Stock Split

   NYSE-listed bitcoin mining company Cango Inc. (CANG) will implement a 10-for-1 reverse stock split effective July 20, 2026. The move consolidates all outstanding Class A and B ordinary shares, with no fractional shares issued. The split was authorized by shareholders on June 24.

10. Crypto Exchanges Process Nearly $1 Trillion in RWA-Linked Trading Volume in 2026, Binance Accounts for 60.9%

    CoinDesk reports that crypto exchange RWA-related trading volume approaches $1 trillion year-to-date, with Binance dominating at 60.9%. Binance's gold and silver perpetual contracts average $10.6B and $14.1B daily in Q1, and its WTI crude weekend prices explain 86% of conventional oil market Monday opening gaps.