From the HKEX's billion-dollar blockbuster to Binance's star contract: Behind 07709, the Asian new wave of integration between crypto and TradFi

On August 19, South Korean semiconductor leader SK Hynix announced a significant positive development, officially declaring a 40 trillion won share buyback plan, the largest in history, after hours, while also committing to return over 50% of free cash flow to shareholders from 2025 to 2027. Under the stimulus of this good news, SK Hynix's stock surged approximately 6%, driving the Southbound East Ying 2x long SK Hynix product (Hong Kong stock code 07709.HK) to soar over 20% in a single day.

As the most notable and highest-gaining ETP product in the stock market over the past year, 07709.HK was launched just a week ago on Binance, the world's largest cryptocurrency exchange, alongside other core consumer internet stocks in Hong Kong such as Kuaishou and Meituan, as well as a 2x long Samsung Electronics product. These products quickly filled Binance's derivative matrix of core Asian assets and ignited the enthusiasm of cryptocurrency users to trade global stock assets.

Since its launch on Binance, the price of 07709.HK has accumulated a maximum increase of 59%, becoming one of the highest-gaining stock perpetual contract products on the platform during the same period; as of 4 PM on the 19th, the 24-hour trading volume exceeded 24.6 million USD, with trading depth and user interest continuing to rise, making it a new star in Binance's TradFi sector.

Why has a leveraged ETP born on the Hong Kong Stock Exchange quickly gained popularity in the cryptocurrency market? Behind Binance's intensive layout of Asian stock derivatives reflects a new trend in the development of the cryptocurrency industry. When the AI storage bull market meets the all-weather trading of cryptocurrency derivatives, a migration of assets and a restructuring of pricing power across traditional finance and the crypto world is quietly beginning.

I. From Hong Kong Stock Myth to Crypto New Star: The Explosive Journey of 07709

As the most iconic leveraged product in this round of AI market, the birth and explosion of 07709.HK is itself a phenomenal event in the Asian financial market.

On October 16, 2025, Southern East Ying Asset Management officially launched the SK Hynix Daily Leveraged (2x) product on the Hong Kong Stock Exchange, with the code 07709, at an issuance price of only 7.8 HKD. This product does not directly hold SK Hynix's common stock but aims to achieve double the daily price fluctuation of SK Hynix through a total return swap (Swap) replication method, rebalancing positions after daily closing to reset the leverage ratio back to 2x.

At that time, the AI wave was driving an explosion in HBM (High Bandwidth Memory) demand, and as the absolute leader in the global HBM sector, SK Hynix's stock price was in an upward channel. With clear leveraged attributes and convenient trading channels in Hong Kong, this product quickly attracted a large influx of retail and speculative funds, initiating an epic growth phase.

In just 8 months, the asset management scale of 07709 skyrocketed from an initial 23 million HKD at launch to a peak of over 132 billion HKD on June 22, 2026, becoming not only the largest listed fund in the Hong Kong stock market but also the largest single-stock leveraged ETP globally. In terms of price, the product's net value surged from 7.8 HKD to a maximum of 193.65 HKD, with a maximum increase of over 1061% within the year, becoming the market's recognized "10x base," with wealth effects spreading throughout the Asian investment circle.

In late June 2026, as the South Korean stock market corrected and the semiconductor sector took short-term profits, SK Hynix's stock price fell from its peak. However, even amidst severe fluctuations, this product remained the most closely watched individual stock leveraged product globally. On July 31, during a single-day surge of 17% in the South Korean stock market, 07709 soared by as much as 306% intraday, with a single-day trading volume exceeding 9.2 billion HKD, fully demonstrating its strong capital attraction.

The 2x long perpetual contract for SK Hynix launched on Binance opened up new incremental space for this traditional market blockbuster product. Unlike the spot ETP on the Hong Kong Stock Exchange, the contracts on Binance use USDT as margin, support up to 20x leverage, provide 24/7 uninterrupted trading services, and employ an 8-hour settlement funding rate mechanism to anchor the underlying price.

For crypto users, there is no need to open overseas brokerage accounts or conduct currency exchange operations; they can participate in leveraged trading of global top semiconductor assets using only USDT, significantly lowering the participation threshold. The all-weather trading mechanism also fills the trading gap during the off-hours of the South Korean and Hong Kong stock markets, allowing investors to respond promptly to global market news.

Since its launch, the contract's price has seen a maximum increase of 58%, with a single-day peak increase of 21% on August 19, driving trading volume to 24.6 million USD, with liquidity and open interest steadily improving, making it the most outstanding product in Binance's Asian stock perpetual contracts, and officially completing the crossover of this Hong Kong stock blockbuster into the crypto market.

II. Why SK Hynix? The Underlying Narrative of the AI Storage Bull Market

The continued popularity of 07709 fundamentally relies on the explosive fundamentals of SK Hynix in the AI era—this is not merely a case of speculative trading but a direct reflection of global technological industry trends in the capital market.

Currently, the explosive growth of AI large models and AI servers has upgraded storage chips from being mere accessories in consumer electronics to the core bottleneck of the computing power industry. From NVIDIA's AI GPUs to AI factories around the world, there is a high reliance on high bandwidth memory (HBM) for fast data transmission, and SK Hynix is the absolute dominator in this sector.

Public data shows that SK Hynix currently holds a 64% share of the global HBM market and is the only manufacturer capable of stably mass-producing both HBM3E and HBM4. It is deeply bound to top global AI chip companies such as NVIDIA. In June 2025, NVIDIA and SK Hynix announced a multi-year technical partnership to jointly promote the development of memory technology for AI factories, covering multiple core product lines such as the Vera Rubin supercomputer and Jetson Thor robot platform, further solidifying their binding relationship. Due to strong demand from companies like NVIDIA and Google, SK Hynix's HBM production capacity for 2026 has been fully sold out.

In terms of performance, SK Hynix's growth is also explosive. In the first quarter of 2026, the company's consolidated revenue reached 52.58 trillion won, a year-on-year increase of 198.1%; net profit reached 40.35 trillion won, nearly quadrupling year-on-year, with profitability continuously breaking historical records. On June 22, 2026, SK Hynix's market value surpassed Samsung Electronics for the first time, ending Samsung's 27-year reign as the "market value king" in the South Korean stock market, topping the Korean capital market, and becoming Asia's third trillion-dollar market value technology company.

Just today (August 19), after hours, SK Hynix announced a 40 trillion won share buyback, setting a historical record for South Korean listed companies, and its pre-market stock price immediately rose over 6%.

At the same time, the global storage industry is in a new upward cycle. According to TrendForce data, in the second quarter of 2026, the contract price of general DRAM increased by 58% to 63% month-on-month, and the contract price of NAND Flash increased by 70% to 75% month-on-month, ushering in a prosperous phase of both volume and price for storage chips.

It is this combination of "industry monopoly position + explosive performance growth + long-term growth space" that has made SK Hynix a core asset pursued by global capital, and has turned the 2x leveraged products linked to its performance into efficient tools for investors to capitalize on the AI storage market. Whether it is the myth of the billion-dollar scale in the Hong Kong stock market or the contract heat in the crypto market, they are essentially votes from global capital for the AI storage sector.

III. Cryptocurrency Exchanges Betting on Asian Stocks: A New Battlefield for TradFi Integration

Binance's intensive launch of perpetual contracts for Kuaishou, Meituan, 2x long SK Hynix, and 2x long Samsung is not an isolated product launch but a key step in its global TradFi derivative strategy.

Over the past two years, RWA has been one of the most imaginative sectors in the cryptocurrency industry. Data shows that in January 2025, the global trading volume of RWA derivatives in the cryptocurrency field was only 230 million USD; by May 2026, this figure had skyrocketed to 347.17 billion USD, growing more than 1500 times in a year and a half. Currently, Binance's RWA product line covers various categories such as commodities, US stocks, stock indices, and bonds, and now focuses on Asian stocks, further improving its global asset layout.

The reason Binance has chosen the Asian market as its current expansion focus is due to multiple contributing factors.

First is the difference in regulatory environments. The US market has strict regulations on synthetic stocks, stock tokens, and other products; in 2021, Binance had to suspend its US stock token business due to regulatory pressure. In contrast, the Asian market has a more open overall attitude, with places like Hong Kong and Singapore actively embracing financial technology, and South Korea already having a mature individual stock leveraged ETF market, providing a friendly soil for the development of cryptocurrency derivatives. Choosing Asia as a breakthrough point for TradFi business has become a common choice for leading cryptocurrency exchanges.

Secondly, there is a high match with user demand. Asian investors generally have a stronger risk appetite and habit of leveraged trading, with retail trading accounting for a high proportion of the South Korean stock market and a high penetration rate of leveraged products. The Hong Kong stock market's leveraged and inverse products have also developed for many years, with sufficient user education. The stock perpetual contracts launched by crypto platforms precisely hit many pain points of the traditional market: no need to open accounts with overseas brokers, no quota approval or currency exchange processes, one-click trading with USDT, support for higher leverage multiples, and 24/7 uninterrupted trading. These characteristics perfectly align with the trading needs of Asian retail investors and attract a large number of global crypto users who previously could not participate in the South Korean or Hong Kong stock markets.

More importantly, Asia possesses the world's most growth-potential core assets. From South Korea's semiconductor leaders (SK Hynix, Samsung) to China's AI, internet, and consumer giants (Tencent, Kuaishou, Meituan, Zhiyu), these are core targets in the global technology industry and consumer market, with ample volatility and capital attention, making them naturally suitable for derivative trading. Binance's choice to launch these assets essentially captures the global capital trend of allocating core assets in Asia.

With the development of cryptocurrency platform stock derivatives, a "dual-track pricing" market structure is beginning to form. Traditional exchanges are responsible for spot pricing during daytime hours, while crypto platforms accommodate trading demands and price discovery during off-hours. When significant macro news and industry events occur, the crypto market often reacts first, guiding the opening trends of traditional markets the next day.

It is evident that the crypto market is gradually transforming from a "supplement" to the traditional market into an important force influencing asset pricing.

Conclusion

The rise of 07709 in the stock market and Binance exchange has never been an isolated product phenomenon. It is a microcosm of the explosion of the AI storage industry, a reflection of the leveraged trading demand of Asian investors, and a landmark event in the deep integration of the cryptocurrency industry and traditional finance.

From the billion-dollar blockbuster fund on the Hong Kong Stock Exchange to the star perpetual contracts on crypto platforms, the cross-market migration of a single product reflects the profound changes occurring in the global financial market. When 24/7 uninterrupted crypto liquidity meets the world's most growth-potential core assets in Asia, new trading ecosystems, pricing mechanisms, and wealth opportunities are accelerating to form.

For investors, this is an era full of opportunities, but it also requires a respectful awareness of leverage risks. For the entire industry, the stories of products like 07709 are just the beginning of the integration of crypto and TradFi, with more exciting chapters yet to come.