Kimi in talks for final round of funding; watch the catch-up rally in Semiconductor Equipment ETF Huaxia (562590)

As of 10:36 on July 22, 2026, the Huaxia Semiconductor Equipment ETF (562590) rose by 5.50%. Among popular individual stocks, gains and losses were mixed, with Qiangyi Shares leading the gain at 5.49%, Tuojing Technology up 3.09%, and Yitang Shares up 2.22%; while CSSC Special Gas led the decline at -5.24%, Yan'an Silicon fell 4.82%, and Shanghai Hejing fell 4.42%.

In terms of news, the domestic large model unicorn Moonshot AI plans to launch its final pre-IPO financing round in August, targeting a pre-money valuation of $50 billion. According to informed sources, the company is expected to complete a financing round launched prior to the release of Kimi K3 within the next few days, with a valuation of approximately $31.5 billion pre-money. Upon completion of this financing, Moonshot AI will immediately initiate negotiations for a new round of financing, which will be the company's last private equity financing before listing in Hong Kong. The company may list on the Hong Kong capital market as early as within six months.

Yesterday, market sentiment remained high, and several semiconductor equipment ETFs traded on the exchange exhibited a phenomenon of simultaneous premium/discount anomalies, specifically discounts. This situation primarily occurs in ETFs that include stocks from the STAR Market and the ChiNext Board. The reason for this phenomenon lies in the fact that the price fluctuation limits for individual stocks on the STAR Market and ChiNext are 20%, whereas the upper limit for most ETFs is only 10%. Therefore, when component stocks in these sectors collectively rise by more than 10%, even if the ETF itself hits the daily limit up, its net asset value growth rate may still lag behind the growth in the value of the actual stock portfolio it holds, resulting in the ETF trading at a discount relative to its intrinsic value.

Among the constituent stocks of the Huaxia Semiconductor Equipment ETF (562590), the STAR Market and ChiNext constituents rose by more than 10%. The Net Asset Value (IOPV) of the Huaxia Semiconductor Equipment ETF shares increased by 16.61% compared to the previous trading day's NAV, while the secondary market price increase of the Huaxia Semiconductor Equipment ETF was limited to 10.04% due to price limits, thus creating a discount. Under normal circumstances, this discount would converge at the opening of the next trading day (today), reflected in that day's price movement.