Financial News on June 12, 2026

1. SpaceX officially listed on the Nasdaq today under the ticker symbol SPCX, raising an initial $75 billion and achieving a valuation of approximately $1.77 trillion—making it the largest IPO in human history. 2. SpaceX’s underwriters have notified syndicate members that subscription orders from investors in mainland China and Hong Kong are prohibited; investors from these regions are explicitly excluded from this IPO. 3. Prometheus, a physical AI startup founded by Jeff Bezos, has completed a new funding round of $12 billion, bringing its valuation to $41 billion. This round will fund development of 'Artificial General Engineer' technology. 4. Jeff Bezos stated that Prometheus may collaborate with Amazon in data center optimization, leveraging AI to enhance data center operational efficiency. 5. Waymo launched its subscription-based membership service 'Waymo Premier', priced at approximately 46,000 Korean won per month (about RMB 240), offering members benefits including 10% cashback on rides and free ride cancellations. 6. Broadcom initiated a cash tender offer of up to $2.5 billion to acquire certain of its outstanding notes, including multiple series of senior notes maturing between 2037 and 2038. 7. UK retail group Frasers Group launched an all-cash takeover bid for German fashion brand Hugo Boss, proposing to acquire all remaining shares at €38 per share, valuing the entire transaction at approximately €1.978 billion. 8. Hugo Boss confirmed receipt of Frasers Group’s acquisition offer but noted that the offer was made 'without any prior coordination with the company'; its Board of Directors will carefully review the proposal. 9. Samsung Securities forecasts that Samsung SDI is expected to return to profitability in Q3 2026, supported primarily by growing battery demand for data centers and energy storage systems. 10. Databricks will host the 'Data + AI Summit 2026' on June 16, showcasing the latest enterprise AI operational transformation solutions and technological achievements. 11. Marvell Technology’s stock rose 11.13% to $280.71 after appointing Dan Durn as its new CFO and reaffirming its financial outlook for Q2 FY2027. 12. Micron Technology’s stock surged 11.66% to $995.87, pushing its market capitalization to $1.14 trillion; analysts raised their price targets, and investors are closely watching the AI-driven memory price uptrend. 13. Super Micro Computer’s stock rose following its securing of $7 billion in AI-related financing, rekindling market optimism regarding demand for AI servers. 14. OpenAI is negotiating to lease a super-data-center campus with a capacity of up to 10 GW, with total investment potentially exceeding $500 billion—the largest compute infrastructure initiative in OpenAI’s history.

Surge in Overseas Revenue and High-Premium Acquisition: Can Estun Transform Lead into Gold?

In 2024, Estun reported a net loss attributable to shareholders of RMB 810 million—the first such loss since its IPO in 2015. Estun attributed this to broader industry market shifts and significantly underperforming results from four subsidiaries, including Germany-based Cloos, leading to a total goodwill impairment provision of RMB 345 million, of which RMB 204 million was allocated to Cloos. The latest interim report shows that Cloos generated revenue of RMB 543 million in the first half of the year but incurred a net loss of RMB 15.27 million. Although Estun assessed Cloos as 'not facing significant impairment risk,' given its persistent losses, the underlying impairment risk cannot be considered fully resolved. Moreover, the quality and future performance trajectory of Estun’s subsidiary Estun Cozuo remain subject to scrutiny. The overall valuation of Estun Cozuo stands at RMB 487 million, representing an extraordinary 901.20% appraisal premium—resulting in a substantial new goodwill addition to Estun’s balance sheet. Given Cloos’s aforementioned performance, if subsequent business execution falls short of expectations, existing challenges could compound, heightening Estun’s exposure to goodwill impairment pressure—and consequently dragging down overall earnings. From 2024 through April 30, 2026, Estun Cozuo reported revenues of RMB 10.99 million, RMB 50.17 million, and RMB 14.87 million, respectively, alongside net losses of RMB 36.10 million, RMB 52.99 million, and RMB 12.66 million. The entity remains unprofitable and reliant on external funding, with economies of scale yet to materialize. To mitigate risks, both parties introduced performance commitments and compensation mechanisms: Estun Cozuo must achieve minimum revenues of RMB 70 million (May–December 2026), RMB 120 million (2027), RMB 180 million (2028), and RMB 250 million (2029)—totaling no less than RMB 620 million cumulatively; and non-recurring net profit attributable to shareholders from its collaborative business segment must reach at least RMB 5 million (May–December 2026), RMB 15 million (2027), RMB 20 million (2028), and RMB 26 million (2029)—cumulatively no less than RMB 66 million. However, whether these targets will be met remains to be seen over time. Additionally, Estun itself carries notable debt pressure. In March, the company listed on the Main Board of the Hong Kong Stock Exchange, raising approximately RMB 1.2 billion via its IPO. While its debt-to-asset ratio improved favorably, it still stood at 62.22% as of the end of the first half of 2026. Though cash and cash equivalents rose to RMB 1.824 billion, short-term borrowings remained at RMB 1.06 billion, and accounts payable totaled RMB 1.641 billion—leaving liquidity relatively tight. According to official announcements, Wu Kan—the current General Manager of Estun—is the son of founder Wu Bo. He established Estun Cozuo in July 2022, then transferred his 100% equity stake in Estun Cozuo to Estun’s controlling shareholder, Parrest, in November 2022. Subsequent adjustments resulted in ownership stakes of 39.07% (Parrest), 23.26% (Advanced Manufacturing Fund), 13.95% (Estun), 6.98% (Software & Information Fund), and 5.58% each for Cozuo Co-Creation, Cozuo Win-Win, and Cozuo Synergy. In essence, this acquisition involves assets held by the controlling shareholder—including minority stakes by related parties—and those assets remain unprofitable. Furthermore, the performance commitments attached to the transaction do not specify net profit requirements. Coupled with the extremely high acquisition premium, questions around fairness and uncertainty warrant close scrutiny. Finally, humanoid robots remain largely aspirational: the sector as a whole continues to operate in a 'capital-intensive iteration phase with limited path to profitability,' and commercial viability remains uncertain.

Ecovyst to Host Third Quarter 2026 Earnings Conference Call and Webcast

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Ecovyst Inc. announced it will host its Q3 2026 earnings conference call on November 5, 2026. As a leading provider of sulfuric acid regeneration and derivatives, the company will discuss financial results via webcast and telephone.

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