It’s normal that Koreans don’t have a good impression of Chinese companies.

Have Korean users become the main shorting force against Changxin Technology? Meanwhile, US and China-US addresses are generally bullish.
On July 27, according to Allium data, on the night before Changxin Technology listed, Hyperliquid wallets attributed to CXMT showed that overall US, China Hong Kong, and Mainland wallets were net long, while Korean-labeled wallets became the main shorting force in this sample.

Long side:
US-labeled wallets: hold $1.6 million in long positions, $345k in short positions, net long about $345k;
China Hong Kong-labeled wallets: hold $1.3 million in long positions, $431k in short positions, net long about $869k;
Mainland China-labeled wallets: only hold $83k in long positions, $16k in short positions, net long about $67k.
If it is assumed that all $760k short positions in Korean-labeled wallets were opened before the market opened, using $6.48 to open uniformly, with no rebalancing afterward, and all calculated at 1x leverage, then the theoretical unrealized loss on the shorts is about $48.5k, with a loss rate of about 6.4%.
Note: As shown in Allium documentation, in its overall address database, about 25% of Hyperliquid addresses can be attributed to a country; the actual coverage rate and confidence distribution of this CXMT sample were not disclosed. Regional labels are inferred from on-chain associations, sources of funds, and active time zones, etc., and do not equal the real nationality or real-time location of the holders. OI does not represent the number of traders either. $SOL
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