According to BlockBeats, on July 29th, based on Bitget market data, the Hang Seng Tech Index rose over 2.3% intraday, the Hang Seng Index rose 1.40%, MiniMax (00100.HK) rose over 8%, Li Auto (02015.HK) rose over 10%, Xiaomi Group (01810.HK) rose over 9%, Leapmotor (09863.HK) rose nearly 8%, and Tencent Holdings (00700.HK) rose over 4%.

According to BlockBeats, on July 29th, following previous reports on May 22nd, the China Securities Regulatory Commission (CSRC) announced a crackdown on illegal cross-border securities trading by institutions such as Tiger Brokers, Futu Securities, and Changqiao Securities, with eight departments simultaneously launching a campaign to rectify illegal cross-border securities business. For mainland investors, US stock trading permissions have been switched to "outflow only," meaning existing users can only sell their holdings and transfer funds out.

At the time, the market jokingly referred to this arrangement as a "market top signal" given by the government.

According to Hyperinsight monitoring , in the hour the announcement was released, the XYZ100 on Hyperliquid traded between 29,479 and 29,578 points. On the same day, the Nasdaq 100 index and the XYZ100 were at the same price level.

The Nasdaq 100 continued its slight rise afterward, reaching a high of 30,762.20 points on June 3, setting a new all-time high. Subsequently, Tiger Brokers, Changqiao Brokers, and Futu Brokers all set June 12 as the execution date for business adjustments. Existing users in mainland China only retained the functions of selling, closing positions, and transferring funds out in mainstream brokerages, and the vast majority of mainland China US stock traders switched to one-way exit.

During the 20-day window, when mainland investors were explicitly restricted from continuing to buy US stocks through mainstream brokerages, US technology assets had already reached historical highs. During this period, the memory semiconductor sector also experienced a more significant pullback.

As of press time, the XYZ100 index was at approximately 27,664 points, a cumulative drop of about 10.1% from its historical high of 30,771 points; it has also fallen by about 6.2% since the regulatory announcement was released on May 22.

Additional data: The correction in the South Korean market was even more dramatic. The KOSPI fell from 7,847.71 points on May 22 to approximately 5,550 points currently, a cumulative drop of nearly 29%; compared to the record closing high reached in June, the pullback is close to 39%.

According to BlockBeats, on July 29th, the South Korean KOSPI index fell by more than 8% intraday, triggering the market's circuit breaker mechanism. The index broke below the 5600-point mark, hitting a new recent low. This marks the ninth time this year that the South Korean stock market has triggered the circuit breaker mechanism, and the second consecutive trading day that it has been triggered.

Previously, market observers believed that the circuit breaker mechanism in the South Korean stock market had failed and was no longer effective in stopping the sell-off.

The core logic behind this round of sharp decline is the revaluation of AI semiconductors coupled with structural flaws in the South Korean market. Samsung Electronics and SK Hynix together account for over 40% of KOSPI's market capitalization, and fluctuations in these two stocks can sway the overall market direction.