Major Events - JD Industrial (07618) received a subscription rate of 60.52 times for its public offering in Hong Kong, with a share price set at HKD 14.10 [1] - Shanghai Pharmaceuticals (02607) obtained approval for the listing application of Succinic Acid Sultamicillin Tablets (SPH3127) [1] - Fosun Pharma (02196) received approval from the National Medical Products Administration for the drug registration application of Sodium Phosphonate Injection [1] - Lingbao Gold (03330) subsidiary plans to invest AUD 370 million to acquire a 50%+1 share stake in St Barbara Mining Pty Ltd [1] - Jiangsu Ninghu Expressway (00177) intends to increase capital by CNY 3.26964 billion to Longtan Bridge Company [1] - Yunfeng Financial (00376) had Fitch maintain the "A-" (Strong) financial strength rating for Wantong Insurance [1] Operating Performance - Sunny Optical Technology (02382) reported a shipment volume of 12.634 million vehicle-mounted lenses in November, a year-on-year increase of 69.4% [1] - Q Technology (01478) saw mobile camera module sales of 38.053 million units in November, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - Yue Yuen Industrial (00551) reported a cumulative operating profit of approximately USD 7.382 billion for the first 11 months, a year-on-year decrease of 1.6% [1] - Baoshan International (03813) reported a cumulative operating profit of CNY 15.784 billion for the first 11 months, a year-on-year decline of 6.8% [1] - COFCO Joycome (01610) reported a pig slaughter volume of 559,000 heads in November, a month-on-month decrease of 4.44% [1]

云锋金融(00376)发布公告，于2025年12月10日，惠誉国际评级有限公司宣布，维持万通保险国际有限 公司(万通保险，公司的非全资附属公司)"A-"(强劲)保险公司财务实力评级不变，评级展望维持稳定。 ...

智通财经APP讯，云锋金融(00376)发布公告，于2025年12月10日，惠誉国际评级有限公司宣布，维持万 通保险国际有限公司(万通保险，公司的非全资附属公司) "A-"(强劲)保险公司财务实力评级不变，评级 展望维持稳定。 ...

格隆汇12月10日丨云锋金融(00376.HK)公告，于2025年12月10日，惠誉国际评级有限公司宣布，维持万 通保险国际有限公司("万通保险"，公司的非全资附属公司)"A-"(强劲)保险公司财务实力评级不变，评 级展望维持稳定。 ...

本文述及之信用評級僅供參考而不作任何其他用途。該等評級並不構成投資或財務建議， 亦非購買、出售或持有任何本公司股份的推薦建議。投資者及本公司股東在買賣本公司 證券時務須小心謹慎，不可依賴本公告所披露的資訊。 承董事會命 雲鋒金融集團有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yunfeng Financial Group Limited 雲鋒金融集團有限公司 ( 於香港註冊成立之有限公司 ) (股份代號: 376) 自願性公告 雲鋒金融集團有限公司（「本公司」）謹此宣佈，於二零二五年十二月十日，惠譽國際評 級有限公司宣佈，維持萬通保險國際有限公司（「萬通保險」，本公司的非全資附屬公司） "A-"（強勁）保險公司財務實力評級不變，評級展望維持穩定。 執行董事兼代理行政總裁 黃鑫 香港，二零二五年十二月十日 於本公告日期，董事會包括虞鋒先生（彼為主席兼非執行董事），黃鑫先生（彼為執行董事及代 理行政總裁）， Michael James O' ...

湖北荆州国资拟以24.37亿元入主A股上市公司ST易事特（300376）。 ST易事特表示，本次股份转让可充分发挥国资和民营企业各方体制机制优势，实现强强联合。 公告称，荆江实业是专业化产业运营集团企业，肩负荆州城发向市场化经营实体转型的重大战略规划任 务，已构建生物医药、建筑施工、文旅、环保等多元化业务体系；荆州城发在新能源新材料、数字经 济、生态环保等战略性新兴产业布局深厚，且具备900多亿元总资产规模，加之荆江实业300亿元资产规 模与2A+信用评级优势，不仅能为公司提供更稳定的资金保障，更可助力引入政府、产业等战略及业务 资源，加快公司战略布局，促进公司整体业务发展。 ST易事特同时公告，12月7日，东方集团、何思模与广东恒锐、广东省广物控股集团有限公司（简 称"广物集团"）签署《股份转让协议之终止协议》，各方同意解除原《股份转让协议》。 回查公告，ST易事特此次控股权转让是在前四次转让未果后的第五次运作。 据公司2018年11月6日公告，公司接到当时控股股东东方集团及实际控制人何思模通知，东方集团、何 思模与珠海华发集团有限公司（简称"华发集团"）签署《股权收购协议》，拟先将东方集团及一致行动 人持 ...

湖北荆州国资拟以24.37亿元入主A股上市公司ST易事特（300376）。 12月8日晚间，ST易事特公告，广东恒锐股权投资合伙企业（有限合伙）（简称"广东恒锐"）拟将其持有公司的4.18亿股通过协议转让的方式 转让给湖北荆江实业投资集团有限公司（简称"荆江实业"），同时扬州东方集团有限公司（简称"东方集团"）拟将其质押给广东恒锐股份中的 1686.09万股公司股份一并转让给荆江实业。本次股份转让价格为5.61元/股，总计24.37亿元，荆江实业以现金方式向广东恒锐支付股份转让价 款。此外，东方集团还将不可撤销地放弃其持有的公司全部股份31.01%的表决权。 公告披露，交易完成后，荆江实业合计取得上市公司18.66%的股份，将成为公司的控股股东。荆州市国资委作为荆江实业的实际控制人，将成 为公司的实际控制人。 2022年12月，ST易事特运作第四次控制权转让，彼时公告称，东方集团、广东恒锐、何思模及广物集团签署了《股份收购框架协议》，广东恒 锐拟将其持有的公司17.94%的股权协议转让给广物集团，自股份过户完成后，东方集团在未来五年内不可撤销地放弃持有公司的31.78%股份的 表决权，东方集团支持广物集团在上 ...

Summary of Yunfeng Financial Conference Call Company Overview - **Company**: Yunfeng Financial - **Core Business**: An innovative fintech company with major shareholders including Yunfeng Financial Holdings and American Mutual Insurance. It operates under two main licenses: a virtual asset license and a long-term insurance and MPF trustee qualification [3][4][5]. Financial Performance - **H1 2025 Financial Results**: - Annualized new premiums reached HKD 22.22 billion, a year-on-year increase of 107% [2][5]. - New business value was HKD 6.07 billion, up 81% year-on-year [2][5]. - Net profit attributable to shareholders was HKD 4.86 billion, reflecting a 142% increase [2][5]. - Total assets amounted to HKD 105 billion, with total intrinsic value at HKD 22.4 billion [2][5]. Strategic Initiatives - **Web3 Development**: - Upgraded trading platform to support transactions of Bitcoin, Ethereum, and other virtual assets [2][6]. - Exploring on-chain real-world assets (RWA) and launched virtual asset fund management services [2][6]. - Strategic investment of 10,000 Ethereum to lock in costs for future RWA projects [2][6][9]. Ecosystem and Partnerships - **Ecosystem Support**: - Strong backing from shareholders like Yunfeng Fund and American Mutual Insurance, creating synergistic effects [2][7]. - Collaboration with Ant Bank as a key distribution partner to promote insurance products [2][7]. Management Team - **Management Stability**: - Experienced management team including CEO Huang Xin, COO Liu, and CFO Chen, all in key roles since 2015 [2][8]. - Dr. Jiang Guofei, former president of Ant Group, joined to enhance Web3 initiatives [2][8]. Investment Strategy - **Investment Portfolio**: - American Mutual Insurance maintains a diversified portfolio, with approximately 85% in fixed-income assets and 97% rated as investment grade [4][14]. - Plans to allocate 10%-15% of client funds into virtual assets, aligning with global cryptocurrency investment logic [19]. Market Position and Advantages - **Market Advantages**: - Hong Kong's market allows global clients to open policies easily, catering to mainland Chinese clients seeking overseas asset allocation [12]. - Established distribution channels with over 3,000 agents and a 50-year history in the market [12]. Web3 and Future Trends - **Web3 Advantages**: - Web3 technology reduces costs and enhances efficiency by eliminating intermediaries, leading to faster transactions [15][16]. - Anticipated exponential growth in on-chain clients and asset scale due to regulatory support in the U.S. [16]. RWA Tokenization - **RWA Tokenization Outlook**: - Demand for on-chain products is strong, with expectations for increased investor interest by 2026 as regulatory clarity improves [18]. - Current offerings include various on-chain conditions and products, with a focus on real-world assets like gold [18]. Regulatory Considerations - **Regulatory Landscape**: - Insurance funds can invest in virtual assets within limits, with a focus on maintaining a majority in fixed-income products [19]. - The strategy aims for controlled risk while exploring potential long-term returns from virtual asset investments [19]. Conclusion - **Future Plans**: - No immediate plans to acquire more Ethereum, with current holdings sufficient for RWA projects [20]. - Future needs will be communicated to the market, ensuring clarity and preparedness for any adjustments [20].

Core Viewpoint - The cryptocurrency market is experiencing significant downward pressure due to multiple factors, including macroeconomic policy expectations, institutional selling, and increased regulatory scrutiny, leading to a decline in both cryptocurrency prices and related stocks in A-shares and Hong Kong markets [1][2][5][6]. Market Performance - As of December 2, A-shares and Hong Kong stocks related to cryptocurrency continued to decline, with notable drops in companies like Jingbeifang, Hailian Jinhui, and Cuiwei Co., each down approximately 1% [1]. - Bitcoin saw a significant drop, falling to a low of below $84,000 on December 1, down nearly 30% from its all-time high of $126,251 in early October. Ethereum experienced an even larger decline, with a single-day drop exceeding 10% [1][2]. Institutional Behavior - Institutional investors have been a core factor in the current market adjustment, with over $20 billion in cryptocurrency assets sold since September. The year-end period has heightened the tendency for institutions to lock in profits, leading to increased selling pressure [3][5]. - The flow of funds into Bitcoin ETFs has also slowed, indicating a decrease in institutional risk appetite [3]. Leverage and Market Dynamics - The market experienced a significant leverage liquidation effect on December 1, with over 270,000 contracts forcibly liquidated, amounting to nearly $985 million, predominantly affecting long positions [2]. - The current market structure is characterized by a rapid liquidation process triggered by shifts in macroeconomic expectations, leading to a more pronounced decline in prices [2][4]. Macroeconomic and Regulatory Influences - The upcoming Federal Reserve meeting has created uncertainty, with officials emphasizing persistent inflation and the need for restrictive monetary policy, dampening expectations for interest rate cuts [5]. - Regulatory developments in China have also impacted market sentiment, with a recent meeting involving multiple regulatory bodies reaffirming strict policies against virtual currency trading and emphasizing the risks associated with stablecoins [6][7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 雲鋒金融集團有限公司 | | | 呈交日期: | 2025年12月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00376 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,059,291,673 | | 0 | | 4,059,291,673 | | 增加 / 減少 (-) | | | 0 ...