Core Viewpoint - Regulatory discussions dominated the digital asset forum during Hong Kong FinTech Week, highlighting the evolving regulatory framework in the digital asset sector compared to traditional finance [1] Company Analysis - DBS Bank maintains a "Buy" rating for Bank of China Hong Kong (02388) with a target price of HKD 39.4 and for OSL Group (00863) with a target price of HKD 20 [1] - The report emphasizes that Chinese regulators are cautious but not prohibitive regarding digital assets, with a focus on the internationalization of the Renminbi and the development of digital assets, including the central bank digital currency (e-CNY) [1] - The bank plays a crucial role in the digital asset space, countering concerns that stablecoins might disrupt banking operations, as banks are deeply involved in digital assets [1] Industry Outlook - A positive outlook is maintained for Hong Kong banks and fintech companies, with potential catalysts for fintech stock prices in the short term, such as the approval of stablecoin licenses in Hong Kong and favorable cryptocurrency policies in the U.S. [1] - The bank prefers companies with clear stablecoin and digital asset application scenarios, including OSL Group (00863), LianLian Digital (02598), and Linklogis Technology-W (09959) [1] - Bank of China Hong Kong (02388) is expected to benefit from long-term opportunities related to the tokenization and internationalization of the Renminbi [1]

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports, JD Group, and Tencent Holdings leading in short-selling ratios at 100.00%, 100.00%, and 95.83% respectively [1][2] - Alibaba, Xiaomi, and Pop Mart have the highest short-selling amounts, with figures of 1.746 billion, 1.525 billion, and 1.523 billion respectively [1][2] - The deviation values, which indicate the difference between current short-selling ratios and the average over the past 30 days, show Alibaba, Tencent, and JD Group at 50.20%, 42.97%, and 42.21% respectively [1][2] Short-Selling Ratio Rankings - Anta Sports-R (82020) and JD Group-SWR (89618) both have a short-selling ratio of 100.00%, while Tencent Holdings-R (80700) follows closely at 95.83% [2] - The short-selling amounts for the top three stocks are: Anta Sports-R at 59,000, JD Group-SWR at 636,800, and Tencent Holdings-R at 1,332,200 [2] Short-Selling Amount Rankings - Alibaba-SW (09988) leads with a short-selling amount of 1.746 billion, followed by Xiaomi Group-W (01810) at 1.525 billion and Pop Mart (09992) at 1.523 billion [2] - Other notable mentions include Tencent Holdings (00700) with 1.369 billion and Kuaishou-W (01024) with 710 million [2] Deviation Value Rankings - Alibaba-SWR (89988) has the highest deviation value at 50.20%, indicating a significant difference from its historical average short-selling ratio [2] - Tencent Holdings-R (80700) and JD Group-SWR (89618) also show high deviation values of 42.97% and 42.21% respectively [2]

FF301 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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: OSL 集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 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) | 00863 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | ...

Core Insights - The cryptocurrency concept stocks in Hong Kong experienced significant declines, with notable drops in companies such as Huajian Medical down nearly 12% and Boya Interactive down over 8% [1][2] - The overall market sentiment is bearish, driven by multiple negative factors affecting cryptocurrencies, including ETF fund outflows and concerns over high valuations in tech stocks [1] Market Performance - Huajian Medical: Latest price at 5.260, down 11.89% [2] - Boya Interactive: Latest price at 4.650, down 8.10% [2] - Guofu Quantum: Latest price at 1.570, down 6.55% [2] - Guotai Junan International: Latest price at 3.010, down 5.94% [2] - Blueport Interactive: Latest price at 0.455, down 5.21% [2] - OSL Group: Latest price at 15.910, down 4.67% [2] - OK Blockchain: Latest price at 0.233, down 4.12% [2] - Yunfeng Financial: Latest price at 3.780, down 3.82% [2] - New Fire Technology Holdings: Latest price at 4.180, down 3.91% [2] - Huaxing Capital Holdings: Latest price at 5.410, down 2.52% [2] Cryptocurrency Market Trends - Ethereum saw a significant drop of 15%, trading at $3,061 per coin, while Bitcoin fell over 7%, dropping below $99,000 [1] - The market is facing heightened risk aversion, with a total liquidation of $2.029 billion in the past 24 hours, affecting 473,095 traders [1]

Core Viewpoint - The digital asset industry is transitioning from the "speculative hype 1.0 era" to the "utility-driven 2.0 era," emphasizing the need for a compliant and trustworthy "Financial Internet" to integrate digital assets with the real economy [1][13]. Industry Insights - The Finternet 2025 - Asia Digital Finance Summit was held in Hong Kong, highlighting the city's role as a bridge between traditional finance and decentralized digital communities [4][17]. - The total market value of crypto assets has surpassed $3.5 trillion, with stablecoins reaching an unprecedented market cap of over $230 billion [4]. - The emergence of blockchain technology is reshaping the economic ecosystem, leading to new business models and innovations [5]. Market Dynamics - The tokenization market is projected to grow from billions to trillions in the next decade, reflecting a significant shift in how value is defined and exchanged [5]. - The volatility in the cryptocurrency market serves as a reminder of the challenges faced during this transition, marking a critical point in the industry's evolution [8][10]. Regulatory and Compliance Focus - The need for a balanced approach between innovation and regulation is emphasized, with a call for constructive global dialogue among regulators, entrepreneurs, and financial institutions [15]. - The potential for stablecoin payments is highlighted, with a growth rate nearly ten times that of traditional payment networks, particularly in B2B transactions [16]. Future Outlook - The future of the "Financial Internet" is not predetermined; it requires collective effort and vision from industry participants to shape its development [18][19]. - The summit serves as a platform for discussion and idea generation, aiming to build a credible and responsible "Finternet" [20].

Core Viewpoint - VSING has established a trading account with OSL Digital Securities Limited, marking its entry into the Web3 industry and aiming to enhance its digital entertainment business through integration with digital assets [1] Group 1: Company Developments - The opening of the trading account is a strategic move for VSING to connect with the growing Web3 industry [1] - The company believes that integrating Web3 functionalities through a trusted and regulated source will create synergies within its ecosystem [1] Group 2: Industry Insights - Digital assets are increasingly prevalent in global commerce, with the Web3 industry being a significant driver of growth and innovation [1] - The growth of the Web3 sector is particularly notable as it represents an emerging market with substantial potential [1]

Investment Rating - The report initiates coverage with an "Outperform" rating for OSL Group, projecting a target price of HKD 25.33 for 2027 [3][11]. Core Insights - OSL Group is the only listed licensed virtual asset exchange in Asia, benefiting from a unique licensing barrier and diversified product expansion, positioning it advantageously in the market [3][10]. - The company is expected to achieve significant revenue growth driven by the gradual regulatory support in Hong Kong, with anticipated revenues of HKD 6.73 billion, HKD 11.83 billion, and HKD 17.80 billion for 2025, 2026, and 2027 respectively [7][9]. - The management team has been revamped, focusing on strategic positioning in the Hong Kong market and accelerating global expansion through acquisitions in Japan and Europe [3][10]. Financial Summary - Revenue projections indicate a growth of 79% in 2025, 76% in 2026, and 50% in 2027, with a net profit forecast of HKD -0.66 million in 2025, HKD -0.12 million in 2026, and HKD 0.20 million in 2027 [3][7]. - The company is expected to achieve its first profit since its strategic shift to the digital asset sector in 2024, highlighting effective execution of its strategy and improved operational efficiency [3][10]. - The financial outlook includes a gross margin of approximately 91% across the forecast period, indicating strong profitability potential [9][30]. Business Model and Strategy - OSL operates a dual-driven business model focusing on digital asset market services and technology services, catering to high-net-worth individuals, professional investors, and retail clients [24][30]. - The company plans to invest up to USD 30 million to develop its PayFi ecosystem, which will become a key area of focus, encompassing payment services and cross-border transactions [3][8]. - OSL has established itself as a compliance leader in the Hong Kong market, having obtained dual licenses from the SFC and AMLO, ensuring all operations are conducted within a strict regulatory framework [3][48]. Market Position and Competitive Advantage - OSL is positioned as a pioneer in the compliant digital asset exchange space in Hong Kong, leveraging its first-mover advantage to capture market opportunities as regulations evolve [15][48]. - The company has a robust security framework, including a comprehensive asset protection system with insurance coverage of up to USD 1 billion, enhancing its appeal to institutional clients [48][49]. - The management team comprises experienced professionals from both the digital asset and traditional finance sectors, which is expected to drive the company's strategic initiatives and global expansion [19][23].

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依賴該等內容而引致之任何損失承擔任何責任。 OSL Group Limited OSL集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：863） – 1 – 由 於 贊 成 上 述 1 項 普 通 決 議 案 之 票 數 超 過 50 % ， 故 該 等 決 議 案 已 正 式 通 過 為 本 公 司之普通決議案。 本公司之香港股份過戶登記分處卓佳證券登記有限公司獲委任於股東特別大會擔 任投票表決之監票人。 全 體 董 事（ 包 括 執 行 董 事崔 崧 先 生 、 刁 家 駿 先生 、 徐 康 女 士 及 楊 超 先生 ， 非 執 行 董 事 為 李 金鴻 先 生 ， 而 獨 立 非 執 行董 事 為 周 承 炎 先 生 、楊 桓 先 生 及 郟 航 先 生 ）已 親身或以電子方式出席股東特別大會。 附註： 承董事會命 OSL集團有限公司 執行董事兼行政總裁 崔崧 於二 ...

Core Viewpoint - OSL Group has announced a strategic plan to invest up to $30 million in collaboration with industry partners to accelerate the global development of its PayFi ecosystem, reflecting a strong growth trajectory in the digital asset space [1] Financial Performance - As of the latest report, OSL Group's stock rose by 3.82% to HKD 17.13, with a trading volume of HKD 22.24 million [1] - In the first half of 2025, OSL Pay generated revenue of HKD 55.9 million, accounting for 29% of the group's total revenue, primarily driven by the European market [1] Strategic Developments - OSL launched OSL Pay in April 2025 to optimize fiat and cryptocurrency exchanges, followed by the introduction of OSL Biz Pay for enterprise payment services in July [1] - Citigroup initiated coverage on OSL Group with a "Buy/High Risk" rating and a target price of HKD 21.8, which corresponds to a projected price-to-sales ratio of 22 times for 2025 [1] Market Outlook - Citigroup expressed optimism regarding OSL Group's focus on establishing a compliant digital asset exchange and payment gateway amid increasing regulatory scrutiny, leveraging its first-mover advantage in the Hong Kong cryptocurrency OTC market [1] - The firm anticipates that the growth of the PayFi business and the global expansion of regulated digital asset market operations will drive revenue growth of 80%, 60%, and 36% from 2025 to 2027 [1]

Core Viewpoint - OSL Group (00863.HK) experienced a nearly 4% increase in stock price, reaching 17.13 HKD with a trading volume of 22.24 million HKD [1] Group 1 - The stock price rose by 3.82% as of the time of reporting [1] - The trading volume was reported at 22.24 million HKD [1]