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On July 6th, SK Hynix officially launched its marketing and promotion process for its US stock listing on Monday, hoping to leverage the continued enthusiasm of investors for the memory chip sector and advance its listing in the US. According to its filings, SK Hynix plans to issue approximately 17.79 million American Depositary Receipts (ADRs) corresponding to its ordinary shares, with an offering size of approximately $28 billion based on the closing price in the Korean market last Friday. As a leading supplier of HBM chips, SK Hynixs US listing provides it with an efficient financing channel. According to previously disclosed regulatory documents, SK Hynix expects its ADRs to officially begin trading on July 10th (this Friday). Based on the current proposed offering size, this ADR offering will rank among the top three largest IPOs in history (the exact amount depends on the exchange rate), potentially rivaling the $29.4 billion IPO of Saudi Aramco in 2019.On July 6th, Poly Property Group (00119.HK) announced that in June 2026, the Group achieved contracted sales of approximately RMB 3.6 billion, a decrease of 25% year-on-year; contracted sales area was approximately 115,000 square meters, and the average contracted sales price was approximately RMB 31,132 per square meter. As of June 2026, the Groups cumulative contracted sales amounted to approximately RMB 23.2 billion, a decrease of 13.11% year-on-year. The cumulative contracted sales area was approximately 799,000 square meters, and the average contracted sales price was approximately RMB 29,051 per square meter.July 6th - An on-site investigation at Hangzhous Bai Nao Hui Computer City revealed that the price increase in storage chips has spread from upstream to end consumers, with ordinary consumers facing a sharp rise in memory and hard drive prices. One distributor stated that the dramatic price increases for memory and SSDs have caused some panic, and they are not stockpiling large quantities. Reports indicate that the prices of some SSDs and memory modules have doubled, with a 1TB SSD rising from around 500 yuan to around 1000 yuan, and an 8TB SSD specifically designed for the PS5 costing nearly 20,000 yuan – enough to buy three PS5 Pro consoles. This price surge, triggered by the structural squeeze on production capacity due to AI computing power demand, is expected to continue until 2027.July 6 - Tencent Mobility, a wholly-owned subsidiary of Tencent Holdings (00700.HK), plans to sell approximately 273 million shares of Kuaishou (01024.HK) through block trades, at a price range of HK$43.15 to HK$44.53 per share, potentially raising up to US$1.6 billion.Spains Strategic Petroleum Reserves (SPR) reported that Spains crude oil imports in May increased by 8.2% year-on-year, reaching 5.2 million tons.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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