每周编辑精选 Weekly Editor's Picks（0523-0529）

The information flow is too fast, making it easy for in-depth analysis articles to be drowned out by hot topics. This "Weekly Editor's Pick" column surfaces these insightful pieces from the vast ocean of information, helping you filter out the noise, retain the insights, and gain inspiration.

Investment & Entrepreneurship

The End of the "Grey Account Era" for HK and US Stocks: Where Can Your Money Go?

On May 22nd, coordinated regulatory measures from both Mainland China and Hong Kong took effect simultaneously, directly ending the "grey channel" for investing in Hong Kong and US stocks, impacting millions of mainland Chinese investors who used Hong Kong brokers to access overseas markets.

Most brokerages swiftly implemented the new regulations, tightening new account openings. Brokers that have completely stopped accepting new clients from Mainland China include: Futu Securities, Tiger Brokers, Longbridge Securities, and华盛证券 (Huasheng Securities). All four have closed their new account channels. Some existing accounts can still trade normally for now, but are restricted to one-way selling, with a full wind-down expected after a 2-year transition period.

Hong Kong-licensed brokers that still maintain limited channels for Mainland residents include: Yingli Securities, Fosun Wealth, and Chefu Securities.

Overall, after May 2026, the compliant pathways for ordinary Mainland investors to trade HK and US stocks will be significantly narrowed, but not completely closed. Based on the current situation, several routes remain viable.

• **The Safest Path**: Compliant identity, compliant capital channels, and a Hong Kong bank account.
• **Policy-Compliant Channels**: Stock Connect (Southbound), QDII, Cross-boundary Wealth Management Connect.
• **On-Chain Path**: Platforms like Hyperliquid and xStocks offer technical alternatives.

SpaceX's Century-Defining IPO Countdown: Which Platforms Allow Retail Investors to "Get On Board" Early?

On June 12th, SpaceX will ring the bell for its IPO on the Nasdaq, with the ticker symbol SPCX. SpaceX is expected to raise between $75 billion and $80 billion, with a target valuation of approximately $1.75 trillion to $2 trillion, making it the largest IPO in human history.

Thanks to the rise of the Pre-IPO market, ordinary people now have the opportunity to get an early piece of SPCX. In this article, Odaily takes stock and compares 7 Pre-IPO platforms currently offering pre-IPO SPCX.

After Dell's Surge, Who's Next in the AI Infrastructure Rally?

The AI boom is spreading from models and chips further down to servers, memory, storage, and data center equipment. As tech giants like Alphabet and Amazon continue to ramp up AI infrastructure spending, hardware manufacturers like Dell, which possess the supply chains, customer relationships, and delivery capabilities, are becoming direct beneficiaries of this new wave of AI capital expenditure.

For investors, Dell's rise signals that AI trading is moving into a more downstream, tangible phase: whoever can turn chips into deliverable data center infrastructure may be poised for the next round of valuation re-rating.

Anthropic's $1 Trillion Pursuit: Beyond the Pre-IPO, What are the Hidden "Claude Concept Stocks"?

Also recommended: "Serenity, the US Stock 'Pump and Dump' King: Building Positions Low Ahead of Institutions, 3840% Annual Return" and "Trump, the US Stock 'Big Operator,' Lifts the Entire Quantum Computing Sector".

Prediction Markets

Profiting $2.4 Million: These 9 Insider Addresses Knew the US-Iran War Best

Policy & Stablecoins

SEC Delays Innovation Exemption for Tokenized Stocks: Who is Fiercely Opposing?

The innovation exemption was put on hold right at the final hurdle. The main opposition comes from Wall Street, represented by traditional forces like Citadel Securities and the Securities Industry and Financial Markets Association (SIFMA).

Wall Street's core arguments against it mainly focus on: concerns about potential market liquidity fragmentation; fears that tokenized US stocks could threaten traditional compliance defenses; and existing technological and legal gaps. The SEC also holds cautious reservations internally.

At its core, this exemption delay represents a fierce collision between the innovative attempts of a nascent force and the defense mechanisms of the established order.

The dream of fully open "tokenized stock" trading may still have a long way to go in this regulatory tug-of-war, but the door to asset tokenization has been forced open and is destined never to close again.

Tiger Research: Deep Dive into Circle's Financial Report, Where is the Next Phase of Crypto Heading?

With Q1 2026 performance as an inflection point, Circle is accelerating its paradigm shift – evolving from a simple stablecoin issuer into a comprehensive infrastructure operator for the digital asset industry.

Its forward-looking business strategy revolves around three core pillars: maximizing USDC profit margins and circulation; launching its own L1 network, "Arc," to diversify Gas and fee income; and capturing the AI payment gateway through its Agent Stack.

Airdrop Opportunities & Interaction Guides

TermMax and Renaiss Gain Traction: How to Participate in These Two YZi Labs-Incubated Projects?

Meme

Binance's 'Event Trench' Powered by 42.space: Trading News, Sports, and Crypto Prices as Memes

Binance Wallet officially announced a new feature called Event Rush. Users can trade outcome tokens for real-world events like sports matches, cryptocurrency price targets, or news. This feature is powered by the 42.space protocol on the BNB Chain. Users can purchase event tokens using USDT on BSC and can sell them anytime before the event ends or hold them until settlement.

42.space and predict.fun are not rivals; they represent two different paths for Binance to bet on prediction markets.

Ethereum & Scaling

Native Privacy: Ethereum's Lifeline?

With ETH's price languishing and privacy coins strengthening against the trend, Ethereum developers are accelerating the implementation of native privacy features.

The complete transparency of asset balances and transaction history on the Ethereum chain not only deters institutional investors but also weakens its core competitiveness as the default settlement layer for the industry.

Industry insiders suggest that Ethereum's privacy features must be implemented within 12 months, otherwise, it will remain at the level of technical research, while traffic and attention will be continuously captured by competitors.

Security

45% Flash Crash in 30 Minutes: Retail Investors Get Hit Before SpaceX Even Lists

On the evening of May 28th, the SPACEX-USDH perpetual contract on Hyperliquid experienced a severe flash crash. The price plummeted from $2,277 to a low of $1,254 within 30 minutes, a drop of nearly 45%, before rebounding to around $2,169.

This was caused by erroneous data returned by one of the off-chain data providers that act as oracle price components, leading to severe fluctuations in the oracle price and mark price for the market, triggering liquidations for some users.

The team has since taken measures to prevent similar incidents. Additionally, they are evaluating the impact on affected users to formulate an appropriate compensation plan. Affected users will receive compensation within the next 48 hours.

Week's Hot Topic Catch-Up

Policy & Macro Markets

SEC delays approval for tokenized stock trading;

Hong Kong Monetary Authority (HKMA) requires banks to review suspicious account openings using fake documents traced back to January 2023 within 3 months;

US and Iran reach agreement on fully opening the Strait of Hormuz;

OpenAI, SpaceX queue for IPOs: Wall Street starts clearing positions early;

Views & Voices

Trump: I saved the American crypto industry and will establish a "future-proof" crypto market structure framework;

US CLARITY Act may create new "Yield-as-a-Service" track, promoting AI-driven compliant yield infrastructure development;

Grayscale VP: The so-called "10 o'clock sell-off" is not a conspiracy, but the new normal for ETFs;

VanEck CEO: Memory chip stocks are a supply-demand mismatch bubble; most crypto projects will die out in five years;

CryptoQuant Analyst: Bitcoin has entered a risk-off phase, with ETF demand momentum far below last year's peak;

Bloomberg Analyst: Bitcoin's volatility structure is increasingly converging with gold, its asset properties may be changing;

Researcher backs Ethereum Foundation: Its duty is not to "pump ETH", but to make itself gradually irrelevant;

Vitalik publishes article outlining future development expectations for Ethereum, revealing nearly 90% of his personal net worth is in ETH;

Bankless Co-founder confession on liquidating ETH: Ethereum did the right thing, but "ETH is money" has no future;

Standard Chartered maintains long-term bullish view on ETH: expects $4,000 by end of 2026, rising to $40,000 by 2030;

Polymarket Team angrily calls Kalshi executives "idiots" for criticizing Polymarket's lack of KYC and calling for its shutdown;

Polymarket clarifies existing platform will not add mandatory KYC;

Institutions, Major Companies & Leading Projects

OKX launches Exchange OS (Interpretation);

Polymarket launches perpetual contract Beta version;

Data

Ethereum L1 transaction volume hits all-time high, Gas fees remain low;

Micron Technology total market cap breaks $1 trillion;

Mining coin Pearl is trending;

VVV surges;

Security

Top-tier Auditor warning: No DeFi is safe;

CertiK launches Skill Scanner, establishing a standardized security review layer for AI Agent applications;

Google Engineer caught up in Polymarket insider trading case...

Attached is the portal for the "Weekly Editor's Pick" series. See you next time~