Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index stopping a three-day rise, closing down 0.48% at 23,792.54 points, with a total turnover of HKD 235.62 billion [1] - The Hang Seng China Enterprises Index fell 0.63% to 8,629.75 points, and the Hang Seng Tech Index also dropped 0.63% to 5,286.52 points [1] - For the week, the Hang Seng Index rose 2.16%, the China Enterprises Index increased by 2.34%, and the Tech Index gained 2.25% [1] Blue Chip Performance - Kuaishou-W (01024) continued its upward trend, rising 8.44% to HKD 59.1, contributing 22.8 points to the Hang Seng Index [2] - The annualized revenue run rate for Kuaishou's AI product exceeded USD 100 million as of March, with monthly payments surpassing RMB 100 million in April and May [2] - Other blue-chip stocks included CSPC Pharmaceutical Group (01093) up 12.72%, Hansoh Pharmaceutical (03692) up 2.84%, while SMIC (00981) fell 4.85% and Trip.com Group (09961) dropped 3.31% [2] Sector Highlights - Large tech stocks generally declined, with Xiaomi down over 2% and Alibaba down over 1%, while Kuaishou rose over 8% [3] - Precious metals saw gains, with China Silver Group rising 26% and silver prices reaching a 13-year high, driven by industrial demand [3] - The innovative drug sector saw gains, with CSPC Pharmaceutical up 12.72% and other biotech firms also performing well, indicating a positive outlook for the sector [4] Stablecoin Sector - The stablecoin sector experienced a pullback after Circle's successful NYSE listing, with China Everbright Holdings (00165) dropping 17.2% [5] - The Hong Kong government announced the implementation of the Stablecoin Regulation on August 1, 2025, which aims to reshape the regulatory framework for stablecoins [6] Automotive Sector - Automotive stocks declined, with XPeng Motors (09868) down 1.77% and Great Wall Motors (02333) down 1.76% [6] - Concerns over a price war in the automotive industry were raised, with profit margins for the sector declining [6] Notable Stocks - WanGuo Gold Group (03939) reached a new high, rising 11.73% to HKD 30, supported by positive mining contracts [7] - Xinyi Energy (03868) increased by 7.07% as it submitted listing materials for a solar power infrastructure REIT in China [8] - Juzhibio (02367) faced pressure, down 3.04%, amid ongoing controversies regarding its product composition [9]

Group 1: Market Overview - The Hang Seng Index closed down 131 points, ending at 23,157, after opening lower and briefly falling below the 23,000 mark [3][4] - The overall market turnover was 145.245 billion HKD, marking the lowest trading volume in nearly a month [4] - Major blue-chip stocks such as Alibaba and Meituan experienced declines of 0.6% and 1.7% respectively [3] Group 2: Retail Sector Insights - Hong Kong's retail sales value for April was estimated at 28.9 billion HKD, a year-on-year decline of 2.3%, marking the 14th consecutive month of decline [7][9] - The retail environment is described as unfavorable, with expectations that the sales figures are nearing a bottom, and a slight improvement is anticipated in the second half of the year [7] - Online sales accounted for 8.1% of total retail sales in April, with an estimated value of 2.3 billion HKD, down 3.5% year-on-year [9] Group 3: Corporate Developments - Anta Sports completed the acquisition of the Jack Wolfskin business for approximately 2.9 billion USD (about 22.62 billion HKD), which is expected to enhance its brand portfolio [11] - DiSheng Creation reported a 43.55% decline in net profit for the year ending March, with revenue down 19.93%, indicating challenges in adapting to changing consumer behaviors [12] - Vodafone and CK Hutchison completed the merger of their UK telecom businesses, creating a new entity named Vodafone Three, which will invest 11 billion GBP in developing a 5G network [13] Group 4: Strategic Moves in Digital Assets - OSL Group announced the acquisition of 90% of Evergreen Crest Holdings Ltd for 15 million USD (approximately 1.17 billion HKD), aiming to enter the Indonesian digital asset market [14]

Group 1 - OSL Group has entered into a share purchase agreement to acquire 45,000 shares of Evergreen Crest Holdings Ltd., representing 90% of the target company's issued shares, for a total consideration of $15 million (approximately HKD 117 million) [1] - The consideration shares will account for approximately 1.48% of the company's total issued shares as of the announcement date, and 1.46% assuming no other changes in the issued share capital [1] - The target company will become an indirect subsidiary of OSL Group, and its financial performance will be consolidated into the company's financial statements [1] Group 2 - Evergreen Crest Holdings Ltd. was established under the laws of the British Virgin Islands and is owned 90% by the seller and 10% by minority shareholders [2] - The target company directly holds 95% of PT Langit Indonesia Berjangka and 99% of PT Multikripto Exchange Indonesia, which are involved in establishing a digital asset exchange [2] - PT Langit Indonesia Berjangka holds a futures broker license in Indonesia, while PT Multikripto Exchange Indonesia holds a cryptocurrency trader license [2] Group 3 - OSL Group primarily operates in the digital asset and blockchain platform business in the Asia-Pacific region and is seeking value-added acquisition opportunities to accelerate its international expansion [3] - The acquisition is expected to provide immediate and strategic access to the Indonesian digital asset market, which is considered one of the most promising cryptocurrency markets in Asia [3] - Indonesia's key characteristics for industry growth include a large young population, a robust economic growth foundation, and a rapidly increasing cryptocurrency adoption rate [3]

Core Viewpoint - OSL Group is acquiring 90% of Evergreen Crest Holdings Ltd for $15 million, aiming to enter the Indonesian digital asset market, which is considered one of the most promising cryptocurrency markets in Asia [1][2] Group 1: Acquisition Details - The acquisition involves OSL Midaspay Limited, a wholly-owned subsidiary of OSL Group, purchasing shares from Lau Shu Ming for a total consideration of $15 million, equivalent to approximately HKD 117 million [1] - The shares issued as part of the payment will represent about 1.48% of the company's total issued shares as of the announcement date [1] - Upon completion, Evergreen Crest Holdings Ltd will become an indirect subsidiary of OSL Group, and its financial performance will be consolidated into the company's financial statements [1] Group 2: Market Potential - The acquisition is expected to provide immediate and strategic access to the Indonesian digital asset market, which has key growth drivers such as a large young population, robust economic growth, and rapidly increasing cryptocurrency adoption [2] - According to industry reports, the number of cryptocurrency users in Indonesia is projected to reach approximately 22.1 million by November 2024, with total trading volume expected to reach $34.25 billion, reflecting a year-on-year growth of about 356.16% [2] - The number of registered cryptocurrency companies in Indonesia is anticipated to increase to 2,251 by June 2024, representing a year-on-year growth of approximately 72% [2] Group 3: Strategic Benefits - The acquisition will allow OSL Group to quickly obtain valuable regulatory licenses for cryptocurrency spot and derivative trading in Indonesia, avoiding lengthy and uncertain new license application processes [2] - The regulatory licenses held by the target company's subsidiaries will provide a compliance platform for expanding services in Indonesia, particularly in emerging business lines such as Real World Assets (RWA) and payment finance (PayFi) [3] - Indonesia ranks third globally in RWA attention, accounting for about 10.1% of the global total, indicating significant activity in this area [3] Group 4: Brand and Operational Synergies - The acquisition is expected to enhance OSL Group's brand recognition, market penetration, and reputation in the Southeast Asian digital asset sector [3] - The target group's brand "Koin Sayang" resonates locally, and OSL Group plans to implement unified marketing and public relations activities to expand its brand influence in Indonesia [3] - The acquisition is anticipated to create synergies and operational efficiencies by combining OSL Group's technological capabilities and extensive product offerings with the local licenses and strategic contributions of the target group [3] Group 5: Financial Considerations - The acquisition consideration will be settled through the issuance of shares rather than cash, allowing OSL Group to retain its existing cash reserves for future operations, business development, and potential investment opportunities [4]

Investment Rating - The report assigns an "Accumulate" rating for OSL Group, marking the first coverage of the company [6] Core Insights - OSL Group has achieved profitability for the first time since its strategic transformation in 2018, with a revenue increase of 78.6% year-on-year to HKD 375 million in 2024, and a net profit of HKD 54.8 million, reversing a loss of HKD 250 million from the previous year [1][4] - The company is accelerating its global expansion, particularly in Asia, the Middle East, and Europe, with recent acquisitions including CoinBest, now OSL Japan, and a target company in Italy [2] - A new PayFi business line has been introduced, with an investment of up to USD 30 million to develop a global PayFi ecosystem, bridging traditional finance and Web3 [3] Financial Forecast and Valuation - The forecast for OSL Group's net profit from 2025 to 2027 is projected at HKD 60 million, HKD 82 million, and HKD 681 million, with year-on-year growth rates of 7.59%, 36.72%, and 728.29% respectively [4][10] - The estimated earnings per share (EPS) for the same period are HKD 0.10, HKD 0.13, and HKD 1.09, with a price-to-sales (P/S) ratio of 10x for 2025, leading to a target price of HKD 11.98 [4][10]

Core Viewpoint - OSL Group has launched a new business unit, OSL Pay, aimed at revolutionizing cross-border fiat and cryptocurrency payment infrastructure, marking the first phase of its global business plan [1] Group 1: Business Launch and Objectives - OSL Pay will leverage existing OAM registration in Italy to establish operational capabilities in Europe, with an expected launch in the second quarter [1] - The platform aims to provide innovative solutions for cross-border value transfer between traditional finance and digital asset markets, utilizing a unified architecture for efficient fiat and cryptocurrency conversion [1][2] - OSL Pay is preparing to comply with the EU's Markets in Crypto-Assets Regulation (MiCA) and global anti-money laundering standards [1] Group 2: Leadership and Expertise - Zhang Jingwei has been appointed as the head of OSL Pay, bringing over 20 years of experience in fintech and a background in digital transformation and advisory services for large banking institutions [1] - Zhang has previously held leadership roles at top cryptocurrency exchanges, focusing on global business development and regulatory strategies [1] - The company expects Zhang to drive innovation within OSL Pay [1]

Market Overview - In 2024, the global digital asset market is projected to reach a trading volume of $1,085.71 billion, representing a significant increase of 43% compared to 2023[13]. - Approximately 7% of the global population, or 562 million people, now hold digital assets, marking a substantial growth of 33% year-over-year[13]. - Asia continues to lead in digital asset adoption, with 327 million holders, accounting for 58% of the global total, reflecting a 22% increase from 2023[14]. - The overall market sentiment towards digital assets is positive, with increasing institutional adoption and a clearer regulatory framework[11]. Regulatory Environment - The evolving regulatory environment is providing much-needed clarity for digital assets, with significant developments in the U.S. and the implementation of the MiCA regulation in the EU[13]. - The approval of the first Bitcoin spot ETF by the SEC on January 10, 2024, has driven Bitcoin to a historic high, enhancing trading volume and market capitalization[13]. Company Vision and Strategy - The company's vision emphasizes creating a secure and trustworthy digital asset environment for individuals and businesses, which is more critical than ever[12]. - The mission focuses on integrating digital assets into the financial system to benefit individuals and enterprises, guiding the company's strategy and operations[12]. - The company aims to strengthen its market leadership in Hong Kong while expanding overseas and enhancing its product portfolio to drive sustainable growth[20]. - The company is actively expanding its business footprint beyond Asia, leveraging its strong market positioning[14]. Financial Performance - In 2024, the company achieved a profit of HKD 55 million, a significant turnaround from a loss of HKD 250 million in the previous year, marking its first profitability since the strategic shift to digital assets[17]. - Total revenue for the year reached HKD 375 million, representing a substantial year-on-year growth of 79%, with platform trading volume increasing to HKD 100 billion, up 16% year-on-year[17]. - The company recorded USD 29 billion in inflows into digital asset investment products over 19 weeks since the U.S. presidential election, reaching a total of USD 166 billion by February 14, 2025[16]. - The adjusted non-IFRS revenue for the year was HKD 213.6 million, a 58.3% increase from HKD 134.9 million in the previous fiscal year[31]. Operational Efficiency - The company has successfully adjusted its operations to align with the evolving market environment, establishing itself as a leader in the industry[12]. - The company implemented effective measures to enhance operational efficiency and optimize costs, contributing to improved financial performance[41]. - The company is focused on expanding its digital asset and blockchain platform business, with ongoing investments in technology and employee training to support growth[42]. Expansion and Acquisitions - The company plans to pursue strategic acquisitions globally, particularly in Southeast Asia, Europe, and the Middle East, to enhance its market presence and operational efficiency[21]. - OSL Group expanded its management team in 2024, appointing key industry professionals to drive its strategic initiatives and global expansion[29]. - The group completed the acquisition of 81.38% of the shares in CoinBest Co., Ltd., now renamed OSL Japan, a licensed cryptocurrency trading platform in Japan[59]. Risk Management and Compliance - The group has maintained a prudent financial risk management approach, avoiding high-risk speculative investments or significant hedging instruments[56]. - The group has established anti-money laundering policies and procedures to mitigate risks associated with anonymous digital asset transactions[71]. - The company has implemented strong security measures, including advanced encryption protocols and regular vulnerability assessments, to mitigate data security risks[73]. Corporate Governance - The company has fully complied with the applicable provisions of the Corporate Governance Code for the year 2024, with a focus on maintaining high standards of corporate governance[95]. - The board's main responsibilities include overseeing the company's performance, approving operational plans, and ensuring compliance with financial reporting standards[105]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance for the year ending December 31, 2024[99]. Diversity and Inclusion - The company maintains a gender ratio of 25.2% female to 74.8% male in the workplace, including senior management[150]. - The board consists of 1 female director and 7 male directors as of the report date, maintaining the same composition as in 2023[149]. - The company emphasizes the importance of board diversity as a key element in achieving strategic goals and sustainable development[146]. Shareholder Communication - The company emphasizes the importance of transparency and timely disclosure of information to shareholders and investors[159]. - The company has established a shareholder communication policy to ensure timely access to relevant information[161]. - The company encourages shareholders to participate in annual general meetings to express their opinions and exercise voting rights[160].

Group 1 - The report highlights steady revenue growth for Chuanheng Co., with a 2024 revenue of 5.906 billion yuan, a year-on-year increase of 36.72% [3][5] - The net profit attributable to shareholders for 2024 reached 956 million yuan, up 24.80% year-on-year, with a weighted average return on equity (ROE) of 16.19% [3][5] - The company’s Q4 2024 revenue was 1.932 billion yuan, showing a year-on-year increase of 54.83% and a quarter-on-quarter increase of 29.73% [4][6] Group 2 - The report indicates that the price of phosphate rock remains high, with an average price of 1,018 yuan/ton in Q1 2025, reflecting a year-on-year increase of 1% [8] - The company has acquired a 58.5% stake in Qianyuan Geological Exploration, enhancing its phosphate resource advantages [9] - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares, amounting to approximately 646 million yuan, which is 67.58% of the annual net profit [10] Group 3 - The report discusses the performance of Industrial and Commercial Bank of China (ICBC), noting a 2024 revenue of 821.803 billion yuan, a year-on-year decrease of 2.52% [25][26] - ICBC's net profit for 2024 was 365.863 billion yuan, with a quarterly growth rate of 1.59% in Q4 [26][28] - The bank's non-performing loan ratio improved to 1.34%, down from the previous quarter, indicating enhanced asset quality [27][28] Group 4 - The report on Shanghai Pudong Development Bank (SPDB) indicates a 2024 revenue decline of 1.55%, but a net profit increase of 23.31%, marking the highest growth rate in five years [30][31] - The bank's non-performing loan ratio decreased to 1.36%, reflecting improved asset quality [32] - SPDB's total assets grew by 5.05% year-on-year, with a loan total increase of 7.45% [31][32] Group 5 - The report on the computer industry emphasizes the impact of "reciprocal tariffs" on global industrial patterns, accelerating China's self-reliance and independent control processes [34][37] - The domestic software and hardware markets are expected to benefit from the tariff policies, with significant growth opportunities identified [34][36] - The report suggests that the domestic chip industry will see accelerated localization, with increased resilience and growth potential [36][37] Group 6 - The report on Nanji E-commerce highlights the company's transformation into a brand authorization model, with a focus on quality and rapid response [41] - The company aims to capitalize on the "alternative to big brands" trend, with a projected revenue growth of 20% to 61.88 billion yuan from 2024 to 2026 [42][43] - The light luxury brand launched by the company has shown promising sales performance, indicating strong market potential [42][43] Group 7 - The report on Focus Media discusses the acquisition of New潮传媒, which is expected to enhance the company's market position and revenue potential [44][45] - The acquisition is projected to optimize the competitive landscape of the outdoor advertising industry, potentially increasing the company's market share [46] - Historical acquisitions by Focus Media have led to significant revenue growth, suggesting a positive outlook for this acquisition [47]

港股牛市回归，中国科技股重估的背景板下，投资者普遍关心的一个关键性问题是"谁有机会晋升为港 股未来的Tenbagger（"十倍股"）？"我们认为，其中一个标的或藏于新兴的数字资产领域。 1、港股科技重估浪潮中的数字资产潜力股 2025年全球金融市场正经历一场结构性变革，以DeepSeek为代表的国产大模型技术突破，彻底改写了 国际资本对中国科技企业的认知。当前国际投资者普遍认为，中国科技企业在AI时代已具备与美股巨 头分庭抗礼的实力。港股市场作为连接全球资金的重要枢纽，其科技股估值体系也正在重构。 随着中国科技资产与美股对标空间逐渐打开，港股科技板块吸引了全球资本的目光。在AI、人形机器 人等新兴赛道之外，数字资产领域正悄然崛起一颗新星——OSL集团（00863.HK）。 主流机构的增持配置数字资产的趋势，正在重塑产业价值。据CoinShares数据，2025 年第一季度贝莱德 等机构合计增持320万枚比特币。多个来自大行的调查也显示，机构希望继续增加数字资产配置。 同时，数字资产平台合规化浪潮持续扩大，各国采用积极的监管态度，为平台及投资者提供友好的环 境。据公开报道，在今年一季度，欧盟MiCA合规框架下已 ...

Financial Performance - The group's revenue reached a historic high of HKD 374.47 million, a significant increase of 78.6% compared to HKD 209.84 million last year[3]. - The operating profit from continuing operations was HKD 54.85 million, a turnaround from a loss of HKD 249.79 million in the previous year, marking the first profit since the strategic shift to digital assets in 2018[4]. - Total comprehensive income amounted to HKD 168 million, compared to a total comprehensive loss of HKD 265.90 million last year, indicating a successful recovery[3]. - The net loss before tax decreased to HKD 7.06 million from HKD 23.70 million, showing a positive trend in financial performance[4]. - The group achieved a gross profit margin of approximately 14.7% in the current fiscal year, compared to a negative margin in the previous year[4]. - The company reported a net income of HKD 54,846,000 for the year ending December 31, 2024, compared to a net loss of HKD 249,789,000 in the previous year, indicating a significant recovery[5]. - The basic earnings per share from continuing operations was HKD 0.09, compared to a loss of HKD 0.58 per share in the previous year, reflecting a positive turnaround in profitability[7]. - The company reported a significant increase in trade payables, which reached HKD 439,929 million, compared to HKD 883,779 million in the previous year[11]. Revenue Sources - Revenue from key customer A in the digital asset and blockchain platform business is projected to be HKD 78,016,000 for 2024, representing a significant contribution to the group's income[32]. - The group reported customer contract revenue of HKD 374,747,000 for 2024, an increase from HKD 209,837,000 in 2023, indicating strong growth in service offerings[33]. - The revenue from SaaS service fees and related income for 2024 is HKD 91,640,000, up from HKD 17,796,000 in 2023, reflecting a substantial increase in demand[33]. - The revenue from digital asset trading business was HKD 161.7 million, up from HKD 72.1 million in the previous fiscal year, reflecting a growth of 124.3%[73]. - Revenue from the digital asset market business rose by 73.3% to HKD 283.1 million, up from HKD 163.4 million in fiscal year 2023[80]. - Revenue from digital asset technology infrastructure services grew by 415.0% to HKD 91.6 million, compared to HKD 17.8 million in fiscal year 2023[81]. Asset and Liability Management - Total assets as of December 31, 2024, amounted to HKD 1,863,737,000, compared to HKD 1,440,786,000 in 2023, representing an increase of approximately 29.4%[9]. - The company reported a total of HKD 655,678,000 in receivables for 2024, compared to HKD 823,700,000 in 2023, showing a decrease of about 20.4%[9]. - The total liabilities for 2024 were not specified, but the significant growth in assets suggests a potential increase in leverage[9]. - Total liabilities amounted to HKD 1,045,696 million, a significant increase from HKD 579,371 million in the previous year[11]. - The company's total equity was HKD 395,090 million, a decrease from HKD 1,284,366 million in the previous year[13]. Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to enhance its service offerings in the digital asset space[4]. - The company aims to leverage its blockchain platform to drive future growth and innovation in the digital asset market[4]. - The company plans to invest up to USD 30 million to promote the development of the PayFi ecosystem, focusing on payment services as a key growth area[63]. - The company is focusing on key markets in Southeast Asia, Europe, and the Middle East for future expansion efforts[64]. - The group is actively seeking global acquisition opportunities to accelerate its overseas expansion plans[111]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with all relevant standards[155]. - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and internal controls[158]. - The company has confirmed compliance with the standards for securities trading by its directors as of December 31, 2024[154]. - The group continues to comply with strict regulatory requirements in various jurisdictions, including anti-money laundering and capital adequacy regulations[119]. Operational Efficiency - The group has implemented effective measures to enhance and optimize operational efficiency, contributing to the improved financial performance[86]. - The group aims to enhance operational efficiency to improve financial margins, including streamlining workflows and implementing centralized procurement processes[101]. - Employee costs for the year 2024 are projected to be HKD 192,891,000, compared to HKD 179,045,000 in 2023, reflecting an increase of approximately 7.5%[35]. - Other operating expenses for 2024 are estimated at HKD 106,882,000, up from HKD 96,955,000 in 2023, indicating an increase of about 10.5%[36]. Digital Asset Management - The total digital assets held by the group amounted to HKD 839,115,000 as of December 31, 2024, an increase from HKD 822,627,000 in 2023[44]. - The digital assets include proprietary digital assets valued at approximately HKD 590,712,000, an increase from HKD 184,564,000 in 2023[44]. - The fair value of digital assets held by OSL Digital Securities Limited as of December 31, 2024, is approximately HKD 5,004,094,000, a significant increase from HKD 874,731,000 in 2023[46]. - The group holds customer unwithdrawn digital assets primarily in wallet form to facilitate rapid transaction settlements and reduce settlement risks[122]. Acquisitions and Investments - The company acquired 81.38% of OSL Japan Limited for a total consideration of $10,830,000 (approximately HKD 84,472,000) through a share purchase agreement[17]. - The group completed the acquisition of MTrinity UAB and MultiExchange Canada Limited, expanding its European presence[141]. - The group has acquired an 81.38% stake in CoinBest Co., Ltd., a licensed cryptocurrency trading platform in Japan, now renamed OSL Japan[109]. Risk Management - The volatility of digital asset prices may significantly impact the group's performance, and management regularly reviews asset positions based on various factors[121]. - The group has implemented guidelines and risk control procedures to manage digital asset storage, including a dedicated digital asset wallet solution with comprehensive security monitoring and risk control measures[123]. - Business continuity and disaster recovery plans are in place to ensure operational resilience against external and internal threats[131].