Core Viewpoint - The company, QianShi International (00381.HK), opened with a surge of over 70% and is currently experiencing a rise of 65% due to its plan to partner with third parties to expand into digital economy-related projects [1] Group 1 - The company's stock performance indicates strong market interest and investor confidence following the announcement [1] - The proposed partnership aims to enhance the company's involvement in the digital economy sector, which is a rapidly growing area [1]

Core Viewpoint - The collaboration between Fujian Laojiu Investment Group and Yanji City Government aims to develop digital economy-related businesses in Hong Kong, leveraging blockchain technology and financial innovation to enhance local economic growth and cross-border trade [1][2]. Group 1: Expected Benefits of the Collaboration - The internal circulation platform is expected to gradually resolve inventory issues for small and medium-sized enterprises, allowing the public to have distribution rights of surplus value during consumption, thus forming a unified market for the free flow of production factors [2]. - The cross-border points system is anticipated to attract over a thousand merchants from neighboring countries, driving significant growth in tax revenue and consumption in Yanji [2]. - The initiative aims to establish the first "blockchain + stablecoin" pilot for border trade in China, providing a case study for the country's participation in international digital asset rule-making [2]. - The project will promote the implementation of AOM (Asset Object Marking) standards in Northeast Asia and facilitate the internationalization of the RMB stablecoin in cross-border trade, creating a benchmark for official applications of RMB stablecoin [2]. - The team led by Academician Li Lizhong will draft the "Cross-Border Stablecoin Compliance Operation Guidelines," exporting the "Yanji Model" to other border cities [2]. Group 2: Strategic Implications - The company, leveraging blockchain technology and cross-border financial innovation, combined with Yanji's policy advantages and geographical benefits, is expected to create a dual-driven model of "industrial digitalization + cross-border capital circulation" [3]. - If the pilot is successful, this model could be replicated in border port cities across the country, providing essential infrastructure support for China's digital Silk Road initiative [3].

Core Viewpoint - The company, QianShi International, has signed a memorandum of understanding with the Yanji Municipal Government to explore potential collaboration in digital economy-related businesses, focusing on two main projects that incorporate a stablecoin mechanism based on the Renminbi [1][2]. Group 1: Potential Collaboration Projects - The first project is an industrial digitalization platform that utilizes the company's hybrid blockchain technology to create a comprehensive data verification system for industries, enabling real-time proof of production data and assets, and addressing financing challenges for SMEs through the use of stablecoin as a settlement tool [1][3]. - The second project involves a cross-border points exchange system designed for the Yanji tourism market, leveraging blockchain's immutability to ensure transparency in points issuance and facilitating the conversion of local consumption points into stablecoins for use with international merchants [2][3]. Group 2: Expected Benefits - The industrial digitalization platform is anticipated to gradually resolve inventory issues for SMEs, allowing for the redistribution of capital to the public and creating a unified market for the free flow of production factors [3]. - The cross-border points system is expected to attract over a thousand merchants from neighboring countries, significantly boosting tax revenue and consumption in Yanji [3]. - The initiative aims to establish a pioneering model for "blockchain + stablecoin" in border trade, contributing to China's participation in international digital asset regulation [3]. - The project will also promote the implementation of AOM (Asset Object Marking) standards in Northeast Asia and facilitate the internationalization of the Renminbi stablecoin in cross-border trade [3]. - The team led by Academician Li Lizhong will develop compliance guidelines for cross-border stablecoin operations, potentially replicating the "Yanji model" in other border cities [3]. Group 3: Strategic Implications - The collaboration exemplifies a micro-level practice of China's "dual circulation" strategy, with Yanji aiming to become a digital financial center in Northeast China and a key player in the Eurasian digital financial landscape [3][4]. - The company is positioned to leverage its blockchain technology and cross-border financial innovation, combined with Yanji's policy advantages, to create a dual-driven model of "industrial digitalization + cross-border capital flow" [4]. - If successful, this model could be replicated in other border cities across China, providing essential infrastructure support for the construction of a digital Silk Road [4].

广东企确通为一家于2024年12月30日在中国成立的公司，是一家依托国家资讯中心BSN联盟链技术，专 注于资料确权与企业数位化转型，具备技术研发及本土化服务能力。 广东企确通与公司的合作，是基于双方在资料服务与国际化资源领域的互补优势。广东企确通凭藉先进 的资料处理技术和本土化服务经验，能为公司提供精准的企业资料支援；而公司的全球业务网路和跨领 域资源，可助力广东企确通拓展国际市场。这一合作不仅能提升双方在资料分析、风险管控等领域的服 务能力，更能为客户提供更高效、更国际化的综合解决方案，实现双赢发展。 格隆汇6月9日丨权识国际(00381.HK)公告，于2025年6月9日，公司与广东企确通数据科技有限公司（广 东企确通）就共同推动资料确权技术与实体经济融合，探索区块链与元宇宙的创新应用场景相关事项订 立战略合作协定书。 根据战略合作协定书，公司与广东企确通将基于BSN联盟链技术，联合开发资料确权平台，为中小微企 业提供资料存证、资产数位化及合规交易服务，优先应用于公司未来元宇宙生态专案。广东企确通负责 技术实施与本土化服务落地，公司提供国际资本对接及跨境合规支援，共同拓展粤港澳大湾区及东南亚 市场。公司将开 ...

Company Overview - 权识国际集团股份有限公司 was established in 1991 and listed on the Hong Kong Stock Exchange in 2001 under stock code 00381 [2] - The company started with manufacturing and selling gifts, toys, flags, and gardening products, serving global clients including Disney and Warner Bros [2] - Currently, the company is in a critical transition towards diversification, aiming to strengthen its revenue base and overall capabilities [2] Financial Performance - As of December 31, 2024, 权识国际 reported total revenue of 358 million yuan, a year-on-year increase of 0.71% [1] - The net profit attributable to shareholders was -78.37 million yuan, a significant decrease of 327.41% year-on-year [1] - The gross profit margin stood at 36.64%, with a debt-to-asset ratio of 51.84% [1] Market Performance - As of May 30, the stock price of 权识国际 closed at 0.68 HKD per share, reflecting a 23.64% increase with a trading volume of 3.716 million shares [1] - Over the past month, the stock has seen a cumulative increase of 22.22%, but it has declined by 58.33% year-to-date, underperforming the Hang Seng Index by 17.51% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the household appliances and goods industry is 13.64 times, with a median of 3.61 times [1] - 权识国际's P/E ratio is -5.13 times, ranking 61st in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as 凯富善集团控股 at 1.58 times and 丽年国际 at 1.63 times [1]

Core Viewpoint - The company *ST Chuntian (600381.SH) has received regulatory measures from the China Securities Regulatory Commission (CSRC) for failing to disclose related party transactions and relationships with Yibin Tinghua Wine Industry Development Co., Ltd. [1][2] Group 1: Regulatory Actions - The CSRC's Qinghai Regulatory Bureau issued a decision on May 23, 2025, requiring *ST Chuntian to rectify its actions and issued warning letters to key executives including Chairman Zhang Xuefeng and others [1][2] - The company was found to have made prepayments to Yibin Tinghua for product purchases without disclosing the related party relationship and transaction details [1][2] Group 2: Violations and Responsibilities - *ST Chuntian violated multiple provisions of the Information Disclosure Management Measures, specifically Articles 2, 48, and 41 of the relevant regulations [2] - Key executives, including Zhang Xuefeng, actual controller and former director Xiao Rong, financial director Wang Lin, and board secretary Chen Ding, were held primarily responsible for the violations [2]

Group 1: Company Overview - Qian Shi International Group Co., Ltd. was established in 1991 and listed on the Hong Kong Stock Exchange in 2001 under stock code 00381 [2] - The company started with manufacturing and selling gifts, toys, flags, and gardening products, serving global clients including Disney and Warner Bros [2] - Qian Shi International is currently undergoing a critical transformation towards diversification, aiming to strengthen its revenue base and overall capabilities [2] Group 2: Recent Financial Performance - As of December 31, 2024, Qian Shi International reported total revenue of 358 million yuan, a year-on-year increase of 0.71% [1] - The company experienced a net loss attributable to shareholders of 78.37 million yuan, a decrease of 327.41% compared to the previous year [1] - The gross profit margin stood at 36.64%, with a debt-to-asset ratio of 51.84% [1] Group 3: Stock Performance and Valuation - As of May 7, the stock price of Qian Shi International was 0.72 HKD per share, reflecting a 46.94% increase with a trading volume of 5.53 million shares [1] - Over the past month, the stock has seen a cumulative decline of 12.5%, and a year-to-date decline of 62.88%, underperforming the Hang Seng Index by 12.97% [1] - The company's price-to-earnings ratio is -4.57, ranking 63rd in the household appliances and products industry, which has an average P/E ratio of 13.06 [1] Group 4: Strategic Initiatives - The company has been actively exploring various investment opportunities to broaden its business portfolio [2] - In 2014, Qian Shi International acquired a 28% stake in Zhongle Development Co., which owns 1,765.53 acres of land in Jiangxi Province for fruit cultivation [2] - The company is also venturing into cultural and artistic fields, having purchased contemporary ceramic works from a renowned artist in Jingdezhen in 2015 [2]

Financial Performance - The company reported revenue of approximately HKD 386.7 million for the fiscal year ending December 31, 2024, representing a 0.71% increase from HKD 383.9 million in 2023[4]. - The gross profit decreased to HKD 141.7 million, down 14.56% from HKD 165.8 million in the previous year[4]. - The loss attributable to shareholders was approximately HKD 84.6 million, a significant decline from a profit of HKD 37.2 million in 2023, marking a 327.41% decrease[6]. - The basic loss per share was HKD 24.83, compared to a profit of HKD 39.06 per share in the previous year, reflecting a 163.57% decline[6]. - The total comprehensive loss for the year was HKD 97,454,000, compared to a comprehensive income of HKD 52,431,000 in 2023[136]. - The net loss for the year was HKD 72,825,000, compared to a profit of HKD 65,701,000 in 2023, indicating a significant turnaround in performance[136]. Revenue Breakdown - The toy and gift business generated revenue of approximately HKD 239.7 million, down 8.7% from HKD 262.4 million in 2023, primarily due to decreased revenue from North America[13]. - The herbal medicine business generated revenue of approximately HKD 95,300,000, down from HKD 121,500,000 in 2023[21]. - The liquor business recorded revenue of approximately HKD 51,600,000, with no revenue reported in 2023[22]. - The group’s total revenue from North America was approximately HKD 239,000,000, a decrease from HKD 262,000,000 in 2023, accounting for 61.8% of total revenue[23]. - The group’s revenue from China was approximately HKD 147,700,000, up from HKD 122,100,000 in 2023, representing 38.2% of total revenue[23]. Assets and Liabilities - The total assets increased by 3.42% to HKD 796.6 million from HKD 770.3 million in 2023[4]. - The total equity rose by 12.85% to HKD 383.6 million, up from HKD 340.0 million in the previous year[4]. - The group’s cash and bank balances were approximately HKD 135,900,000 as of December 31, 2024, compared to HKD 111,900,000 in 2023[27]. - The group’s debt was approximately HKD 139,400,000 as of December 31, 2024, down from HKD 141,800,000 in 2023[27]. - The group’s capital debt ratio improved to 68% from 89.1% in the previous year[27]. - The group had net current liabilities of approximately HKD 26,428,000 as of December 31, 2024[108]. Operational Efficiency - Administrative expenses decreased by approximately 3.9% to about HKD 83,000,000 from HKD 86,400,000 in the previous year[25]. - Financial costs increased by approximately 6.8% to HKD 28,900,000 from HKD 27,100,000 in the previous year[26]. - The operating cash flow for the year was a net outflow of HKD 3,374,000, a decrease from a net inflow of HKD 27,543,000 in 2023[143]. - The company experienced a loss before tax of HKD 65,844,000, contrasting with a profit of HKD 69,074,000 in the prior year[143]. Corporate Governance - The company is committed to achieving excellence in corporate governance and has complied with all applicable code provisions, except for a specific deviation noted[89]. - The board of directors consists of five executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2024[92]. - The board held seven meetings in 2024 to review financial and operational performance and make important decisions[94]. - The remuneration committee reviewed the remuneration policy and approved the compensation for directors and senior management during the year[98]. Investment and Diversification - The company has initiated a liquor trading business as part of its diversification strategy to ensure long-term development[10]. - The company is exploring other profitable investment opportunities to expand its existing business and diversify its revenue base[9]. - The company is involved in various business investments, including leisure and cultural sectors, indicating a diversified investment strategy[147]. Shareholder Information - The board does not recommend any final dividend for the year ended December 31, 2024[32]. - The company has not purchased, redeemed, or sold any of its listed securities during the year ended December 31, 2024[33]. - Sales to the top five customers accounted for approximately 64.42% of total revenue, with the largest customer contributing about 31.87%[58]. - Purchases from the top five suppliers represented approximately 57.66% of total procurement, with the largest supplier accounting for about 21.74%[58]. Compliance and Risk Management - The company has no significant contingent liabilities as of December 31, 2024, and December 31, 2023[30]. - There are no major capital commitments reported as of December 31, 2024, and December 31, 2023[31]. - The group has engaged MOSS Valuation & Advisory Limited as an independent consultant to review its internal control systems, focusing on financial, operational, compliance, and risk management functions[112]. - The group has adopted a risk management framework that includes identifying significant risks and assessing their impact on the business[115]. Audit and Financial Reporting - The independent auditor confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[117]. - The audit committee is responsible for overseeing the financial reporting process of the company[129]. - The auditor identified significant risks related to material misstatements due to fraud or error during the audit process[131]. - The consolidated financial statements are prepared on a going concern basis, contingent on the successful implementation of the board's plans[157].

Financial Performance - Total revenue for the year ending December 31, 2024, was HKD 386,662,000, representing a slight increase from HKD 383,923,000 in the previous year[3]. - Gross profit decreased to HKD 141,666,000 from HKD 165,807,000, indicating a decline of approximately 14.6%[3]. - The company reported a net loss attributable to shareholders of HKD 84,626,000 compared to a profit of HKD 37,213,000 in the previous year[3]. - Basic loss per share was HKD 24.83, compared to earnings per share of HKD 39.06 in the prior year[3]. - The company experienced a net loss of HKD 72,825,000 for the year, compared to a loss of HKD 65,701,000 in the previous year[4]. - The company reported a loss of HKD 84,626,000 for the year ending December 31, 2024, compared to a profit of HKD 37,213,000 for the year ending December 31, 2023[40]. - The basic and diluted loss per share for 2024 was HKD (24.83), while for 2023 it was HKD 39.06[40]. - The company reported a significant impairment loss of HKD 35,814,000 related to investments in joint ventures[29]. Revenue Breakdown - Revenue from toy and gift sales reached HKD 239,744,000 in 2024, a decrease of 8.6% from HKD 262,377,000 in 2023[21]. - Revenue from herbal products was HKD 95,286,000 in 2024, down 21.6% from HKD 121,546,000 in 2023[21]. - Revenue from traditional Chinese medicine business was approximately HKD 95,300,000 this year, down from HKD 121,500,000 in 2023[76]. - Revenue from toys and gifts was HKD 123,231,000 in 2024, compared to HKD 98,818,000 in 2023, reflecting a growth of 24.6%[32]. - Revenue from Chinese herbal medicine was HKD 57,003,000 in 2024, compared to HKD 76,442,000 in 2023, indicating a decline of 25.5%[33]. - Revenue from external customers for the year ended December 31, 2024, was HKD 386,662,000, compared to HKD 383,923,000 for the year ended December 31, 2023, representing a slight increase of 0.6%[26]. Expenses and Costs - Administrative expenses were HKD 82,964,000, down from HKD 86,381,000, reflecting a reduction of about 3.8%[3]. - Total cost of sales increased to HKD 244,996,000 from HKD 218,116,000, marking an increase of about 12.3%[3]. - The cost of sales increased to HKD 190,861,000 in 2024 from HKD 164,500,000 in 2023, reflecting a rise of about 15.9%[40]. - Research and development costs rose to HKD 6,258,000 in 2024, compared to HKD 5,429,000 in 2023, indicating an increase of approximately 15.3%[40]. - The company reported a significant increase in sales and distribution costs, which rose to HKD 36,171,000 in 2024 from HKD 37,346,000 in 2023[40]. - Financial costs increased by approximately 6.8% to HKD 28,900,000 from HKD 27,100,000 in 2023[82]. Assets and Liabilities - Non-current assets amounted to HKD 463,631,000, an increase from HKD 454,819,000 in the previous year[5]. - Current assets increased to HKD 332,980,000 from HKD 315,462,000 year-over-year[5]. - The company’s total liabilities increased to HKD 359,408,000 from HKD 277,349,000 in the previous year[5]. - The company’s total assets decreased to HKD 437,203,000 from HKD 492,932,000 year-over-year[5]. - The group reported a loss of approximately HKD 72,825,000 for the year ending December 31, 2024, and is in a net current liability position of about HKD 26,428,000[97]. - Total liabilities as of December 31, 2024, were HKD 412,962,000, a decrease from HKD 430,305,000 as of December 31, 2023, indicating a reduction of about 4.0%[28]. Strategic Plans and Outlook - The company plans to focus on market expansion and new product development in the upcoming fiscal year[3]. - Future guidance indicates a cautious outlook due to current market conditions and operational challenges[3]. - The company plans to expand its market presence and invest in new product development to drive future growth[32]. - The group is currently evaluating the impact of delayed construction schedules for high-end hotels and villas, expected to commence in October 2025[69]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance code provisions, except for a specific provision regarding the attendance of independent non-executive directors at the annual general meeting[98][99]. - The Audit Committee has reviewed the annual performance report for the year ending December 31, 2024[101]. - The company's annual report will be sent to shareholders and published on the stock exchange and the company's website at an appropriate time[102]. Share Capital and Equity - The company changed its name from "Kiu Hung International Holdings Limited" to "AOM International Group Company Limited" effective November 8, 2024[8]. - The company completed a share consolidation on April 28, 2023, reducing the total number of ordinary shares owed to Mr. Guo from 800,000 to 160,000 shares[56]. - The company completed another share consolidation on January 18, 2024, further reducing the total number of ordinary shares owed to Mr. Guo from 160,000 to 80,000 shares[56]. - The company issued 80,000,000 shares at HKD 0.10 each on May 21, 2019, as part of a debt settlement of HKD 17,600,000[55]. Employee and Operational Metrics - The group employed 321 employees as of December 31, 2024, down from 387 employees in 2023[93].

侨雄国际：否认股价被操纵的报导 将就恶意沽空报警 财联社10月23日电，侨雄国际(00381.HK)在港交所发布股价及成交量不寻常波动及澄清新闻报告称，公 司董事会关注到关于指公司是一只被操纵的小市值标的，通过两个经纪商反复操作股票，存在操纵股价 的嫌疑的报导。经董事会作出一切合理查询，坚决否认媒体报导中包含的猜测。 公司将会作出进一步行动。向负责传播误导性及恶意陈述，恶意沽空从而获益的有关实体及╱或相关个 人及任何人，导致的如公司市值的损害或其他补偿，保留采取法律行动的权利。同时公司将会到警察局 报案，追究相关怀疑恶意沽空行为的刑事责任。公司重申媒体报导中之指控毫无理据，含有误导性陈 述、恶意及虚假指控及明显事实错误。律师将会代表公司去信媒体，要求下架有关的虚假媒体报导。 董事会确认，并不知悉导致价格或成交量波动的任何原因，或任何必须公布以避免公司证券出现虚假市 场的资料，又或根据《证券及期货条例》第XIVA部须予披露的任何内幕消息。 ...