In an internal all-staff letter addressing recent market volatility, MiniMax founder and CEO Yan Junjie said the company’s long-term direction is unchanged. Effective immediately and until the company achieves AGI, Yan will receive no salary. Over the next four years he will allocate from his personal holdings shares equal to 4% of the company’s total share capital to incentivize long-term team members, and set aside 1% to establish a dedicated fund to support related open-source communities.

By July 9, 244 fund products had closed fundraising early, up 45 YoY. Equity strategies dominated: 80 passive index equity funds, 11 enhanced-index funds and 46 active equity-biased funds, signaling funds are channeling capital into the market. 'Sold-out' funds were common — the first batch of CSI REITs total-return index funds sold out in one day and multiple FOFs and quant funds were also oversubscribed. Industry participants said managers are accelerating fund formation to secure position-building and returns amid a structurally driven market where opportunities in tech and innovative drugs can be fleeting; products with size caps filled quickly, and those without caps closed early to avoid diluting existing holders' returns.

Iran's Islamic Revolutionary Guard Corps said foreign powers will not receive any share of benefits in the Strait of Hormuz.