Hong Kong-listed PCB-related stocks rallied in the afternoon: 09630.HK rose over 14.5%, 01377.HK rose over 8%, 01888.HK rose over 6%, and 02476.HK and 01989.HK each gained more than 5%.

Wall Street Journal columnist James Mackintosh says SK Hynix’s US ADR has traded at a 16–51% premium to the Korea-listed shares since the ADR’s US listing two weeks ago, peaking at a 29% premium on July 24. He calls the gap a sign of overheated AI-related trading and notes conversion restrictions on the underlying Korea shares block ordinary arbitrage (buy Korea/convert to ADR/sell US), allowing the premium to persist. That structural impediment raises the risk of large losses for funds if the premium widens further — short positions or borrowed-stock hedges could be squeezed. By contrast, TSMC’s average US premium since the 2022 ChatGPT launch is ~15%, making SK Hynix’s current premium unusually elevated. Mackintosh cautions US ADR buyers are likely to incur losses unless Korea-listed shares rise; use of ADRs for financing would magnify those losses.

A-share travel and hotel sector active at the open; Huatian Hotel hit the daily limit, while Junting Hotel, Jinjiang Hotel, Shou Lv Hotel, Jinling Hotel and Zhongxin Tourism rose.