Zhongji Innolight Stumbles in Hong Kong Debut | The China Show | 7/30/2026

Watch on YouTube ↗  |  July 30, 2026 at 04:24  |  1:33:10  |  Bloomberg Markets
Speakers
Paul Mackel — Global Head of FX Research, HSBC
Hebe Chen — Head of Research, The Block
Sean Chen — Tech Analyst, Bloomberg Intelligence
Anna Wong — Bloomberg Chief US Economist
Julia — Asia Equity Capital Markets Reporter, Bloomberg
Hui Shan — Chief China Economist, Goldman Sachs

Summary

The China Show covers the Fed's rate hold and three hawkish dissents that pushed long-end yields to multi-year highs, rattling risk assets. Zhongji Innolight's US$7 billion Hong Kong debut stumbles amid AI trade jitters. Samsung's spectacular chip earnings fuel a KOSPI rebound as Seoul pledges measures to curb leveraged ETF volatility. Guests share trade views on currencies, Korean equities, gold, and China's AI sector.

  • Fed leaves rates unchanged with three dissents favoring a hike; 30-year Treasury yield hits 19-year high.
  • Zhongji Innolight begins trading in Hong Kong with shares down sharply on the first day.
  • Samsung reports a ~250-fold surge in chip profits and guides for sustained memory demand, lifting the stock and KOSPI.
  • South Korea announces emergency measures to cap retail leveraged ETFs after a steep equity market rout.
  • Paul Mackel of HSBC sees the dollar grinding higher and is bullish on CNH and INR.
  • Hebe Chen of Vantage Markets turns positive on KOSPI, expects gold to find a floor near $4,000, and favors China's AI sector.
  • Goldman's Hui Shan expects the Politburo to issue stronger easing signals but not a full-scale stimulus.
  • Bloomberg Intelligence's Sean Chen makes a constructive case for Zhongji Innolight's growth and market leadership.
Ideas
Paul Mackel Global Head of FX Research, HSBC 15:58
USD strengthens against EUR, GBP, AUD
The US dollar will grind higher over the next few months because the Fed rate-hike bias remains in play while other central banks are done or neutral. The euro, British pound, and Australian dollar all face selling pressure: the RBA is finished with hikes after weak CPI, and the euro still has question marks. The dollar remains the cleanest dirty shirt in G10.
EUR/USD AUD/USD GBP/USD HIGH
Paul Mackel Global Head of FX Research, HSBC 17:14
Chinese yuan appreciates on policy guidance
The Chinese renminbi has been performing well and will continue to strengthen gradually due to FX policy guidance from China and corporate conversion of large FX stocks into local currency. The currency regime is no longer driven by interest-rate differentials.
CNH HIGH
Paul Mackel Global Head of FX Research, HSBC 17:57
Indian rupee benefits from regulatory inflows
The Indian rupee is a currency to like now due to regulatory changes that are bringing so-called CNR inflows, which are supporting the currency. This creates a window of opportunity for the rupee to perform better.
INR HIGH
Hebe Chen Head of Research, The Block 55:35
KOSPI set for longer-term recovery
The KOSPI is going through a healthy cycle; the recent pullback, although sizeable, is a constructive rebuild that exposes over-leveraged trades. More policy protections are being built in, which underpins a positive longer-term outlook for the Korean index.
EWY MED
Hebe Chen Head of Research, The Block 56:22
China AI sector favored on policy support
China's AI players have two key advantages: they are policy-driven and hand-picked by the state, and they are more liquidity-insensitive than Western peers. This gives them more room to run, especially when markets worry about AI spending and higher cost of capital.
China AI sector MED
Hebe Chen Head of Research, The Block 57:59
Gold supported by renewed central bank buying
Gold is finding a floor around $3,900–$4,000 as central bank buying is returning after a brief slowdown. This long-term buying interest protects gold prices from larger declines.
GLD MED
Sean Chen Tech Analyst, Bloomberg Intelligence 60:58
Zhongji Innolight to deliver strong growth
Zhongji Innolight is poised for strong consensus-beating growth over the next two years. Its leading market position helps it secure critical upstream components amid industry-wide shortages. The Hong Kong listing proceeds will accelerate overseas expansion (Thailand), capturing more market share, and the company is actively managing geopolitical exposure by shifting production and reducing domestic revenue reliance to single digits.
300308.SZ MED
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This Bloomberg Markets video, published July 30, 2026, features Paul Mackel, Hebe Chen, Sean Chen discussing EUR/USD, AUD/USD, GBP/USD, CNH, INR, EWY, China AI sector, GLD, 300308.SZ. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paul Mackel, Hebe Chen, Sean Chen  · Tickers: EUR/USD, AUD/USD, GBP/USD, CNH, INR, EWY, China AI sector, GLD, 300308.SZ