Friday, July 17, 2026

1. WAIC 2026 opens today in Shanghai. President Xi Jinping will deliver a keynote speech for the first time since the event's launch in 2018, and will propose establishing the Shanghai headquarters of WAICO, an international AI governance body.

2. CXMT is confirmed to list on the STAR Market on July 27. It began bookbuilding on July 15, and a forecast now points to first-half net profit exceeding RMB 50 billion. It is the largest semiconductor IPO ever in China's A-share market.

3. China's first-half integrated circuit exports reached $177.28 billion, up 96.1% year over year. Export volume actually fell, making higher memory prices the main driver of the increase in value.

4. LimX Dynamics completed a $200 million pre-IPO round at a RMB 15 billion ($2.2 billion) valuation. It raised $400 million over six months and has begun delivering its Luna humanoid robot to South Korea.

5. The KOSPI rebounded for a second straight session on July 15-16. The move was led by a 27% surge in the SK hynix ADR, while easing concern over rate hikes after softer U.S. June CPI helped the index recover the 7,200 level.

STEPX Neo, unveiled on July 13 by StepFun (阶跃星辰), received the WAIC 2026 'Treasure of the Exhibition Hall' award. Built on the large-model-native operating system Step AOS, it is a smartphone on which agents directly call Alipay, Meituan, JD, Ctrip, and Didi. It is the only agent phone to pass Level 3 testing under the national AI terminal intelligence grading standard. Launch pricing and sales timing have not been disclosed.

Why it matters: This is the first mass-produced case of a large-model company vertically integrating through both the OS and hardware layers. If a structure in which agents directly operate apps becomes commercialized, the rules of the app store-centered mobile economy will change.

Impact on South Korea: While Samsung Galaxy AI is still testing app-level agent integration, China has already produced a finished product. South Korean device makers need to move faster in reviewing their agent OS strategies.

(Caixin, 2026-07-14, https://companies.caixin.com/2026-07-14/102464046.html)

(新浪财经, 2026-07-15, https://finance.sina.cn/stock/jdts/2026-07-15/detail-inihwmih1116788.d.html)

WAIC 2026 exhibition scale: 261 large models, 108 chips on display

This year's WAIC exhibition will feature 261 large models and 108 types of chips. According to 36Kr, the event spans 100,000 square meters, includes 1,100 exhibiting companies, and will host more than 300 world premieres. Nine Turing Award and Nobel Prize winners will speak.

(36氪, 2026-07-16, https://eu.36kr.com/en/p/3896827901200259)

Robotics, Humanoids, and Embodied Intelligence

LimX Dynamics raised $200 million in a pre-IPO round on July 14. Its valuation stands at RMB 15 billion ($2.2 billion). Participants included overseas investors such as UAE-based Stone Venture, Italy's GGG, and Germany's Redstone VC, along with Lens Technology, IDG Capital, and NIO Capital. Combined with its $200 million Series B in February, it has raised a total of $400 million over six months. Its Hong Kong IPO remains in the confidential review stage. It has begun delivering its Luna humanoid robot for entertainment use to South Korea and has also announced plans to ship thousands of units to the Middle East.

Why it matters: Following Unitree, which is set for a RMB 4.2 billion STAR Market IPO in late July, LimX has also joined the IPO queue. In the second quarter, investment in China's robotics sector reached RMB 47.09 billion ($6.95 billion), more than six times the level of a year earlier. The shift from the venture stage to the capital markets stage is moving quickly.

Impact on South Korea: With Luna now entering South Korea directly, the timetable for South Korean robotics companies to confront Chinese-made humanoid robots in service and entertainment has moved forward.

(CNBC, 2026-07-13, https://www.cnbc.com/2026/07/13/chinese-humanoid-startups-ipo-limx-unitree.html)

(Caixin Global, 2026-07-14, https://www.caixinglobal.com/2026-07-14/chinese-robotics-startup-raises-200-million-102464155.html)

(The Next Web, 2026-07-14, https://thenextweb.com/news/limx-dynamics-2-2-billion-humanoid-pre-ipo)

AI Semiconductors and Computing Infrastructure

CXMT (长鑫存储) will list on the STAR Market on July 27. The IPO price is set at RMB 8.66 per share, with a base fundraising target of RMB 57.9 billion ($8.55 billion). If the over-allotment option is exercised, the total could rise to RMB 66.6 billion ($9.8 billion). This surpasses SMIC's 2020 listing as the largest semiconductor IPO ever in China's A-share market and the biggest IPO in Asia this year. Bookbuilding began on July 15, and first-half net profit is expected to exceed RMB 50 billion.

Why it matters: CXMT is the world's fourth-largest DRAM maker, with a 7.7% market share. If it raises more than $8.5 billion and expands DDR5 and LPDDR5X production, the structure of the memory market, now dominated by Samsung, SK hynix, and Micron, could begin to shift over the medium term. The sharp rise in first-half net profit reflects the combined effect of AI data center demand and higher memory prices.

Impact on South Korea: Price competition in commodity memory is becoming real. Apple is reportedly conducting technical validation of CXMT DRAM for devices sold in China, which could broaden its global customer base. In HBM and advanced process technology, however, the gap remains substantial. The issue is less a short-term threat than a medium-term structural change.

(Bloomberg, 2026-07-14, https://www.bloomberg.com/news/articles/2026-07-14/cxmt-prices-shanghai-star-board-ipo-at-8-66-yuan-per-share)

(Reuters/MSN, 2026-07-16, https://www.msn.com/en-us/money/markets/china-memory-chipmaker-cxmt-sets-july-27-listing-for-asia-s-biggest-ipo-of-2026-sources-say/ar-AA27SbAB)

(BigGo Finance, 2026-07-16, https://finance.biggo.com/news/b560832b-c547-49ed-9336-4b279c1bac32)

Huawei will display the Atlas 950 SuperPod for the first time at WAIC 2026. It is built with 8,192 Ascend 950 chips and is designed for large-scale model training and inference. The 950DT chip will be formally deployed on Huawei Cloud in August. Its fourth-quarter entry into South Korea has also been confirmed, with Hansol and SK Shieldus as distributors, and ByteDance has previously confirmed a $5.6 billion order.

Why it matters: An 8,192-chip cluster shows that China's domestically produced AI chip systems have reached the top global tier in single-cluster scale. Huawei's 2026 target for Ascend chip shipments is 750,000 units.

Impact on South Korea: The actual Ascend 950 hardware due to enter South Korea in the fourth quarter will be unveiled at this WAIC. Its positioning, at 2.87 times the performance of the H20 and one-quarter the price, could accelerate discussion around adoption in South Korean data centers.

(DigiTimes, 2026-07-14, https://www.digitimes.com/news/a20260714VL214/huawei-ascend-atlas-infrastructure-display.html)

(Futunn, 2026-07-16, https://news.futunn.com/en/post/75623231/huawei-atlas-950-hardware-to-debut-at-waic-has-domestic)

Telecom, Networks, and Edge AI

Why it matters: This is the world's first large-scale experiment in which telecom operators sell AI tokens instead of data traffic. If it succeeds, telecom carriers will become distribution platforms for AI models.

Impact on South Korea: KT, SKT, and LG U+ have each launched their own AI models, but none has moved to token-based pricing. The early data being accumulated by Chinese telecom carriers will serve as a useful reference for monetization strategies in South Korea.

(TechNode, 2026-05-18, https://technode.com/2026/05/18/china-telecom-launches-trial-ai-token-subscription-plans-starting-at-1-4-per-month/)

(SCMP, 2026-05-18, https://www.scmp.com/tech/tech-trends/article/3353954/forget-cellular-data-chinas-telecoms-giants-are-selling-ai-token-plans)

Policy, Regulation, and National Strategy

WAIC 2026 opens today, Xi Jinping to deliver first-ever keynote

The 2026 World Artificial Intelligence Conference (WAIC) opens today, July 17, in Shanghai and will run through July 20. President Xi Jinping will deliver the opening keynote for the first time since the event's launch in 2018. The Chinese government said it would "systematically explain China's policies, position, vision, and proposals on AI development and governance." Thai Prime Minister Anutin and Cambodian Prime Minister Hun Manet are also scheduled to speak at the opening ceremony.

At the accompanying "High-Level Meeting on Global AI Governance," China plans to propose the establishment of the World AI Cooperation Organization (WAICO) and seek to locate its headquarters in Shanghai. It is aiming for a Global South-centered governance model in contrast to AI safety frameworks led by the United States and Europe.

At 100,000 square meters, the exhibition is the largest ever. It will include 1,100 companies, 1,400 speakers, 140 forums, and more than 300 world premiere products. Huawei's Atlas 950 SuperPod, ZTE's AI agent phone, and StepFun's STEPX Neo are among the headline exhibits. On the eve of the event, People's Daily carried an editorial opposing an "AI iron curtain."

Why it matters: Xi's direct appearance confirms that AI has moved to the very top tier of China's national strategy. The WAICO proposal is an attempt to formalize a dual-governance structure running in parallel with the U.S.-led AI safety summit track.

Impact on South Korea: If AI governance splits into two blocs, South Korea will bear the diplomatic burden of participating in both frameworks at once. The technical standards and regulatory direction emerging from WAIC will directly affect the terms under which South Korean firms can access the Chinese market.

(CGTN, 2026-07-13, https://news.cgtn.com/news/2026-07-13/Xi-to-attend-and-address-opening-ceremony-of-2026-World-AI-Conference-1OKgsIkkofu/p.html)

(SCMP, 2026-07-13, https://www.scmp.com/tech/article/3360404/xi-jinping-attend-world-ai-conference-first-time-china-elevates-tech-push)

(中国政府网, 2026-07-13, https://english.www.gov.cn/news/202607/13/content_WS6a5494bcc6d00ca5f9a0c27c.html)

Integrated circuits led the increase. First-half IC export value reached $177.28 billion, up 96.1% from a year earlier, but export volume, at 179.44 billion units, actually fell. The average unit price was about $0.99. This does not mean China's advanced chip manufacturing capability doubled. The figure reflects higher DRAM and NAND prices, along with exports tied to back-end processes such as packaging and testing.

Impact on South Korea: South Korea also posted record June exports of $102.25 billion, the first time monthly exports exceeded $100 billion, with semiconductors accounting for $44.8 billion. Both countries are benefiting from AI semiconductor demand, but if the rise in China's IC exports continues, the overlap in commodity memory price competition will widen.

(ABC News, 2026-07-14, https://abcnews.com/Technology/wireStory/chinas-june-exports-surge-27-year-earlier-ai-134735945)

(Tom's Hardware, 2026-07-15, https://www.tomshardware.com/tech-industry/china-claims-chip-exports-nearly-doubled-to-177-billion-in-the-first-half-of-2026)

(Softonic, 2026-07-16, https://en.softonic.com/articles/chinas-chip-exports-jump-in-h1-2026-177-28-billion-up-96)

After a circuit breaker was triggered on July 14, the KOSPI rebounded 6.24% on July 15 to close at 7,284.41. SK hynix rose 9.46% and Samsung Electronics gained 6.27%. On July 16, the two stocks again led the market, helping the KOSPI recover the 7,200 level.

The signal flare came from the SK hynix ADR, which surged 27% on Nasdaq. After Barclays set a $330 price target, the premium over the Korea-listed shares widened to as much as 50%. The rebound was also helped by U.S. June CPI, which fell 0.42% month over month, lowering the CME-implied probability of a July rate hike to 16%.

Impact on South Korea: The repeated pattern of a 20% correction followed by a sharp rebound within two weeks once again exposed the KOSPI's structural dependence on just two stocks, Samsung Electronics and SK hynix. Since the ADR listing, the price gap between the Korean main board and the U.S. market has amplified speculative volatility, and with leveraged ETFs such as SKUU and SKDD now trading on Nasdaq, derivatives are turning that volatility into a structural feature.

(Seoul Economic Daily, 2026-07-15, https://en.sedaily.com/finance/2026/07/15/kospi-rebounds-above-7300-on-sk-hynix-adr-surge)

(Seoul Economic Daily, 2026-07-16, https://en.sedaily.com/finance/2026/07/16/samsung-sk-hynix-rebound-sharply-as-kospi-reclaims-7200)

(Korea Times, 2026-07-15, https://www.koreatimes.co.kr/economy/20260715/kospi-closes-near-7300-as-sk-hynix-adr-surge-boosts-investor-sentiment)

Attorney Kim Kyung-jin's Commentary

Xi Jinping is taking the stage himself at today's WAIC opening ceremony. That fact alone changes the weight of the event. China has elevated AI beyond a technology competition and turned it into an instrument for shaping international order. WAICO is not an alternative to the U.S.-led AI safety summit. It is a parallel system. The strategy is now clear: draw in the Global South and split AI governance into two tracks.

From South Korea's standpoint, three developments are landing at once this week. CXMT's listing is making the pressure of memory competition visible, Huawei's Ascend 950 is appearing in physical form at WAIC ahead of its fourth-quarter entry into South Korea, and LimX's Luna has begun deliveries into the South Korean market. China is moving into South Korea simultaneously on three fronts: semiconductors, AI chips, and robots. It is better to prepare for the reality of faster market entry than to take comfort in the existence of a technology gap.

https://news.cgtn.com/news/2026-07-13/Xi-to-attend-and-address-opening-ceremony-of-2026-World-AI-Conference-1OKgsIkkofu/p.html

https://www.scmp.com/tech/article/3360404/xi-jinping-attend-world-ai-conference-first-time-china-elevates-tech-push

https://english.www.gov.cn/news/202607/13/content_WS6a5494bcc6d00ca5f9a0c27c.html

https://www.bloomberg.com/news/articles/2026-07-14/cxmt-prices-shanghai-star-board-ipo-at-8-66-yuan-per-share

https://finance.biggo.com/news/b560832b-c547-49ed-9336-4b279c1bac32

https://www.cnbc.com/2026/07/13/chinese-humanoid-startups-ipo-limx-unitree.html

https://www.caixinglobal.com/2026-07-14/chinese-robotics-startup-raises-200-million-102464155.html

https://thenextweb.com/news/limx-dynamics-2-2-billion-humanoid-pre-ipo

https://en.sedaily.com/finance/2026/07/15/kospi-rebounds-above-7300-on-sk-hynix-adr-surge

https://en.sedaily.com/finance/2026/07/16/samsung-sk-hynix-rebound-sharply-as-kospi-reclaims-7200

https://abcnews.com/Technology/wireStory/chinas-june-exports-surge-27-year-earlier-ai-134735945

https://www.tomshardware.com/tech-industry/china-claims-chip-exports-nearly-doubled-to-177-billion-in-the-first-half-of-2026

https://www.digitimes.com/news/a20260714VL214/huawei-ascend-atlas-infrastructure-display.html

https://companies.caixin.com/2026-07-14/102464046.html

https://eu.36kr.com/en/p/3896827901200259

https://technode.com/2026/05/18/china-telecom-launches-trial-ai-token-subscription-plans-starting-at-1-4-per-month/

https://www.scmp.com/tech/tech-trends/article/3353954/forget-cellular-data-chinas-telecoms-giants-are-selling-ai-token-plans

https://www.koreatimes.co.kr/economy/20260715/kospi-closes-near-7300-as-sk-hynix-adr-surge-boosts-investor-sentiment

https://en.softonic.com/articles/chinas-chip-exports-jump-in-h1-2026-177-28-billion-up-96

Generation time: 2026-07-17 07:00 KST