Hangzhou-based AI startup DeepSeek has appointed CITIC Securities to prepare for an initial public offering on the Shanghai Stock Exchange's STAR Market, aiming to launch the process within this year. The company is currently raising a new funding round at a target valuation of about 500 billion yuan ($75 billion), following a June round that valued it at over $50 billion post-money. DeepSeek plans to use IPO proceeds to expand computing infrastructure, model research and chip development. Founder Liang Wenfeng contributed 20 billion yuan in the June round, with Tencent investing 10 billion yuan and CATL 5 billion yuan as major external shareholders.

US law enforcement and intelligence officials have accused six Chinese AI companies, including DeepSeek, Moonshot AI and Alibaba, of using distillation techniques to train their models on outputs from OpenAI, Anthropic, Google and SpaceX. The allegations, reported by Reuters, suggest the practices may have occurred with the knowledge of the Chinese government and could enhance China's military and cyber capabilities. Chinese foreign ministry spokesperson Mao Ning dismissed the accusations, calling for the US to avoid unfounded criticism and to strengthen cooperation in AI development.

SoftBank Group will repay the remaining $25.9 billion of a $40 billion bridge loan used to fund its OpenAI investment on September 15, ahead of its original March maturity. The loan, the largest dollar-denominated borrowing in SoftBank's history, is unsecured. The company is exploring long-term refinancing options including syndicated loans, bond issuance, asset-backed financing backed by its OpenAI stake, and potential asset sales. SoftBank recently secured a $10 billion margin loan against its OpenAI holdings and plans to meet investors in New York to discuss high-yield bond issuance of $10-20 billion.

Cryptocurrency exchange BitMart has appointed Alvarez & Marsal as its financial advisor to assess its financial position and develop an orderly withdrawal plan after users faced restrictions on fund withdrawals. The exchange plans to announce user feedback channels and a detailed action plan within three weeks, and will establish a feedback website within five business days. BitMart acknowledged the withdrawal limits but did not provide a specific timeline for resuming withdrawals. An independent third party will oversee operations and asset custody during the interim period.

OpenAI is expanding its partnership with Samsung Electronics to jointly develop and produce next-generation chips, according to OpenAI Korea General Manager Harrison Kim. Speaking at a press conference in Seoul, Kim said the collaboration extends beyond semiconductors to enterprise AI services, though he declined to provide details. Samsung stated it cannot confirm customer-related information. The deepening ties reflect OpenAI's push into custom chip design and the growing demand for advanced memory chips in AI computing.

Gemini Digital Payments Singapore has obtained a Major Payment Institution license from the Monetary Authority of Singapore, the crypto exchange announced. Singapore will continue to serve as Gemini's strategic operational hub, with local offerings including spot trading, custody and OTC services for retail and institutional clients. The approval marks another step in Gemini's Asia expansion as Singapore solidifies its position as a regional crypto hub.

Bybit has introduced foreign exchange perpetual contracts, initially covering EUR/USD, GBP/USD and USD/JPY pairs, settled in USDT with dynamic leverage. The products offer 24/7 trading, unlike traditional forex markets that close on weekends, allowing traders to react instantly to macroeconomic data and central bank announcements. Contracts have no expiry date and operate through a funding rate mechanism within Bybit's unified trading account. This marks a significant expansion of Bybit's product suite beyond crypto assets.

BlackRock strategists say Japan's interest rate normalization is having spillover effects beyond its borders, with potential to push up global bond yields. They highlight a feedback loop where rising US rates weaken the yen and pressure the Bank of Japan to act, while higher Japanese rates attract capital repatriation and reduce demand for US Treasuries. Japan holds about $1.1 trillion in US government debt; a repatriation of just 5% would equal $55 billion, roughly a quarter of last year's foreign purchases of US bonds. The analysis underscores the growing interconnectedness of Asian and Western bond markets.

Tokenized real-world asset perpetual contracts saw record monthly volume of $799.5 billion in August, according to CoinMarketCap. Stock-based contracts now dominate the market, rising from 9% of volume in January to 62.3% in August, with SK Hynix, Micron and SanDisk among the most traded. Binance led exchanges with a 50.4% market share, followed by Hyperliquid and OKX. SanDisk alone recorded $365.9 billion in volume, making it the third-largest trading instrument ever in this category.

Iran's central bank has tacitly permitted exporters to use cryptocurrencies such as Tether and Bitcoin for cross-border trade settlement, according to the Financial Times. The move relaxes foreign exchange repatriation rules and official rate controls, encouraging firms to bring funds back "by any means" amid tightening US sanctions. Data from TRM Labs shows nearly $10 billion in crypto assets flowed through Iran in 2025. Chainalysis notes that Iran's exclusion from global payment systems has driven adoption of crypto as an alternative payment tool.