South Korean equities suffered a brutal sell-off, with the KOSPI index plummeting as much as 8.03% before triggering a second trading halt. The index closed down 4.91% at 7,655.92, while the Nikkei 225 fell 2.12%. Heavyweights SK Hynix and Samsung Electronics slumped roughly 6% and 7%, respectively, as pressure from leveraged ETF unwinding intensified. The rout underscores fragile sentiment in Asia's tech-heavy markets amid global risk-off moves.

A South Korean lawmaker is calling for the delisting of leveraged ETFs tracking Samsung Electronics and SK Hynix, arguing they have turned the KOSPI into a "casino." With an estimated 212 trillion won parked in these products and the two stocks comprising about 60% of the index, regulators warn the concentrated leverage amplifies volatility and burns retail investors. The National Assembly is now reviewing tighter restrictions, including potential delistings.

SK Hynix's American Depositary Receipt offering has been fully subscribed, with the book set to close on July 8 New York time. The chipmaker expects net proceeds of about $28 billion in what could be the largest tech IPO in recent memory. The listing comes despite the ongoing equity rout in Seoul, reflecting robust global demand for the memory chip giant and a potential catalyst for broader Asian tech sentiment.

The People's Bank of China added 480,000 ounces to its gold reserves in June, marking the 20th consecutive month of purchases. Total holdings now stand at 75.44 million ounces, worth roughly $2,346.4 million. The persistent buying spree, part of a broader diversification away from the US dollar, provides a macro tailwind for gold and indirectly for bitcoin, which is often viewed as a digital haven by Asian investors.

More than 30% of China's large industrial enterprises have adopted AI applications, and annual humanoid robot production could surpass 100,000 units this year, according to an official from the Ministry of Industry and Information Technology. The comments were made ahead of the World AI Conference in Shanghai, where China is also set to launch an "International AI Ethics Governance Action Plan" with BRICS nations, highlighting Beijing's push to lead global AI standards.

Ant Group's Alipay has officially launched its AI Open Platform, opening beta access to enterprise developers and service providers. Merchants can now integrate the "Abao" assistant to offer intelligent services to 1 billion users across mobile, vehicle systems, AI glasses, and IoT devices. The move signals Alipay's ambition to become the operating system for AI-powered fintech services across China's vast digital ecosystem.

The Hong Kong Exchange saw average daily turnover rise to HK$283 billion in the first six months of 2026, up 18% from a year earlier. ETF trading volume also climbed 17%, while leveraged and inverse products more than doubled. The surge underscores Hong Kong's role as a bridge for global capital into China's onshore markets, even as regional equity volatility intensifies.

After three failed tenders, the Korean National Police Agency has received bids from seven companies — including Upbit Custody, Koda, and KDAC — to manage seized virtual assets. The budget for the fourth round has been boosted by 3.2x to KRW 267 million. The selection marks a significant step in institutionalizing crypto custody for law enforcement in one of Asia's most active digital-asset markets.

From October 1, South Korean courts will be able to directly freeze, transfer, and liquidate digital assets held on local exchanges as part of civil seizure procedures. The new rules empower judicial authorities to enforce claims more effectively against crypto holdings, closing a legal gray area that had shielded some assets. The move is expected to increase the use of crypto as collateral in civil disputes, with potential ripple effects on exchange operations and user privacy.

Alibaba's Tongyi Qianwen (Qwen) has notified users it will decommission its AI agent service on July 15, the same date ByteDance's Doubao retires similar features. The shutdown follows Shanghai's cyberspace administration removing over 14,000 non-compliant AI agents in a recent crackdown. A new regulation on "anthropomorphic AI interaction services" is set to take effect the same day, signaling Beijing's tightening grip on AI-generated content and virtual personalities.