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） 董事名單與其角色和職能 OSL集團有限公司自二零二五年八月一日起董事會成員載列如下： 非執行董事 | 郟航先生 | 楊桓先生 | 周承炎先生 | 楊超先生 | 徐康女士 | 刁家駿先生 | | 崔崧先生 | 李金鴻先生 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成員 | 成員 | 主席 | | | | | | | 審核委員會 | | 成員 | 成員 | 成員 | 成員 | | | | | 主席 | 提名委員會 | | 成員 | 成員 | 主席 | 成員 | | | 替任成員 | 楊超先生的 | 成員 | 薪酬委員會 | | 成員 | | | 成員 | | 成員 | | | 主席 | 風險管理 委員會 | 香港，二零二五年七月三十一日 李金鴻先生 （ 主席 ） 執行董事 崔崧先生 （ 行政總裁 ） 刁家駿先生 徐康女士 楊超先生 獨立非執行董事 周承炎先生 楊桓先生 郟航先生 下表提供各董事會成員在該等委員會 ...

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) 獨立非執行董事變更 及 (2) 董事委員會組成變更 委任獨立非執行董事 – 1 – 郟先生將與本公司訂立董事委任函。郟先生的任命沒有固定期限，並須根據本公 司組織章程細則於本公司股東週年大會上輪值退任及重選連任。郟先生的薪酬總 額每年為700,000港元，有關金額已獲薪酬委員會及董事會批准（ 經不時審閱 ），並 經參考其經驗、於本公司的職務及職責以及現行市況後釐定。 於本公告日期，除上文所披露者外，郟先生(i)並無於本公司或其他附屬公司擔任 任 何 其 他 職 務 ； (ii ) 在 過 去 三 年 並 無 於 香 港 或 海 外 其 他 上 市 公 司 擔 任 董 事 職 位 ；(iii) 與 任 何董 事、 本 公司 ...

Core Insights - The Hong Kong digital asset ecosystem is experiencing expansion opportunities as regulatory frameworks are being optimized, allowing licensed institutions to broaden their business scope [1][3][4] Regulatory Developments - Hong Kong regulators are loosening restrictions on licensed institutions, with the Securities and Futures Commission (SFC) recently approving licensed crypto exchanges to offer staking services upon separate approval [3][4] - The regulatory environment is evolving from strict to more permissive, enabling a wider range of products and services within the digital asset space [3][16] - The principle of "same activity, same risks, same regulation" is being adopted to foster a vibrant and innovative digital asset ecosystem [3][16] Competitive Landscape - The Hong Kong cryptocurrency market consists of three main participants: global exchanges without local licenses (e.g., Binance), licensed exchanges and brokers (e.g., OSL and Futu), and offline stores facilitating small-scale crypto transactions [4][17] - Licensed exchanges and brokers have advantages such as connections with local banks, enhanced customer protection, and the ability to conduct marketing activities in Hong Kong [4][17] - OSL's fee structure for OTC trading is 25 basis points, with comprehensive solutions charging 10-15 basis points, and payment services around 2.5%, which is higher than international peers like Coinbase [4][20] Stablecoins and Their Role - Stablecoins play a crucial role in the Hong Kong digital asset ecosystem, with exchanges facilitating a significant volume of stablecoin-related transactions [5][21] - OSL is applying for stablecoin licenses in the EU and considering applications in Hong Kong and Singapore, emphasizing the importance of sustainable use cases for stablecoin issuance [5][21] - The transition from mainstream stablecoins to Hong Kong dollar-backed stablecoins may face challenges, leading most licensed institutions to operate primarily as stablecoin distributors rather than issuers [5][21][22] RWA Tokenization - The tokenization of Real World Assets (RWA) in Hong Kong is still in its early stages, with OSL providing end-to-end solutions and custodial services [6][23] - Current RWA transactions are conducted in fiat, limiting the potential for 24/7 trading; however, using stablecoins could enable real-time transactions [6][23][24] - The slow development of RWA tokenization presents opportunities for the application of Hong Kong dollar stablecoins [6][24][25] Cross-Border Payment Solutions - OSL is building a global payment network that supports both crypto and fiat transactions, with stablecoins playing a key role [26][30] - The application of stablecoins in payments can significantly reduce transaction times compared to traditional banking methods, which typically take 2 to 5 business days [28][30]

| 国泰君安国际 | | 耀才证券金融 | Osl集团 | 连连数字 | | --- | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | | 稳定币概念集体走低，截至发稿，OSL集团(00863)跌8.19%，报16.58港元；连连数字(02598)跌4.62%， 报12.38港元；国泰君安国际(01788)跌4.15%，报6.46港元；耀才证券金融(01428)跌3.34%，报14.46港 元。 消息面上，香港金融管理局发布新闻稿指出，将于8月1日起实施稳定币发行人监管制度。有意申请执照 的机构请于8月31日或之前联系金管局。个别机构认为已准备充分并希望尽早获得考虑，应于9月30日或 之前向金管局提交申请。中信证券指出，整体推进节奏略慢于预期，反映了金管局审慎稳健的监管态 度，我们预期年底前首批稳定币发行人牌照有望落地。 据悉，管局总裁余伟文此前发文表示，稳定币发行人须有实实在在的应用场景，须具备充分配套、关键 的能力和经验。预计在初阶段只会批出数个牌照。余伟文还指出，一个月以来市场和社会上对稳定币的 讨论热度及降温力度仍需加强，并谈及如何按照稳妥、可持续 ...

据悉，管局总裁余伟文此前发文表示，稳定币发行人须有实实在在的应用场景，须具备充分配套、关键 的能力和经验。预计在初阶段只会批出数个牌照。余伟文还指出，一个月以来市场和社会上对稳定币的 讨论热度及降温力度仍需加强，并谈及如何按照稳妥、可持续的原则落实《稳定币条例》。他表示，有 必要防范市场和舆论对于稳定币的过度炒作，建议投资者在消化市场所谓"利好"消息时保持冷静和独立 思考。 智通财经APP获悉，稳定币概念集体走低，截至发稿，OSL集团(00863)跌8.19%，报16.58港元；连连数 字(02598)跌4.62%，报12.38港元；国泰君安国际(01788)跌4.15%，报6.46港元；耀才证券金融(01428)跌 3.34%，报14.46港元。 消息面上，香港金融管理局发布新闻稿指出，将于8月1日起实施稳定币发行人监管制度。有意申请执照 的机构请于8月31日或之前联系金管局。个别机构认为已准备充分并希望尽早获得考虑，应于9月30日或 之前向金管局提交申请。中信证券指出，整体推进节奏略慢于预期，反映了金管局审慎稳健的监管态 度，我们预期年底前首批稳定币发行人牌照有望落地。 ...

Group 1 - OSL Group's shareholder transferred shares from BNP Paribas to Morgan Stanley Hong Kong Securities, with a market value of HKD 1.187 billion, representing 10.55% of the total shares [1] - OSL Group announced that on July 25, 2025, it entered into placement and subscription agreements, with an estimated total proceeds of approximately HKD 2.355 billion from these transactions [1]

OSL集团发布公告，于2025年7月25日(交易时段前)，本公司已订立配售及认购协议、一般授权认购协 议及特别授权认购协议，根据该等协议拟进行交易的所得款项总额合共估计约为23.55亿港元。 智通财经APP获悉，香港联交所最新资料显示，7月29日，OSL集团(00863)股东将股票由法国巴黎银行 转入摩根士丹利香港证券，转仓市值11.87亿港元，占比10.55%。 ...

Investment Rating - The report upgrades the investment rating of OSL Group to "Buy" [6] Core Views - The report highlights that while there may be short-term dilution effects, the long-term growth prospects are accelerating due to strategic acquisitions and compliance advantages [1][2][4] Summary by Sections Event Highlights - The total fundraising amount is HK$23.55 billion, completed through three agreements, including a placement of 101 million shares at HK$14.9 per share, representing a 15.34% discount to the previous closing price [1] - Post-placement, the total share capital increases by 13.9%, with the major shareholder maintaining a 29.95% stake, reinforcing control [1] - Fund allocation includes 50% for strategic acquisitions, 30% for global business initiatives, and 20% for working capital [1] Short-term and Long-term Impacts - Short-term market sentiment is affected by the placement discount, leading to a drop in stock price, but high participation from major shareholders and institutions indicates long-term confidence [2] - Long-term growth is driven by acquisitions targeting Southeast Asia and the establishment of a stablecoin business in line with upcoming regulations [2] Compliance and Global Expansion - OSL Group aims to establish itself as the Asia-Pacific equivalent of Coinbase, leveraging its strong compliance background to facilitate global expansion [3] - The management team, including experienced individuals from the cryptocurrency sector, is expected to enhance the company's ability to acquire quality compliant assets globally [3] Profit Forecast and Investment Recommendations - The report anticipates a 12% short-term EPS reduction due to share dilution, but improved cash flow and reduced debt ratios are expected to optimize financial structure [4] - Revenue projections for 2025-2027 are HK$750 million, HK$1.51 billion, and HK$2.36 billion, with year-on-year growth rates of 100%, 101%, and 56% respectively [4] - A price-to-sales (P/S) valuation method is applied, with a target price of HK$24.11 for 2025, indicating a 33% upside potential [4]

Group 1: Market Overview - The Hang Seng Index rose by 0.40%, gaining 102 points to close at 25,490 points, while the Hang Seng Tech Index fell by 0.59% [1] - Hong Kong's stock market saw a morning trading volume of HKD 149.7 billion [1] Group 2: Brokerage Performance - The establishment of the China Capital Market Society has led to positive performance reports from listed brokerages, with notable gains in shares such as Guotai Junan (up 3%), Everbright Securities (up 0.54%), and CITIC Securities (up 1%) [1] Group 3: Gaming Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew its casino legalization bill, leading to a rise in gaming stocks. Notable increases include Suncity Holdings (up 7.79%), Melco International Development (up 3.89%), and Sands China (up 1.62%) [1] Group 4: Financial Technology and Digital Currency - Yunfeng Financial rose by 5.68% as the company plans to enter the Web 3.0 space and expand investments in stablecoins and other digital currencies [1] - OSL Group announced the completion of a USD 300 million equity financing, which will be used for license application preparations and other core areas, resulting in a 2.68% increase in its stock [1] Group 5: Innovative Products and Earnings - Guichuang Tongqiao saw a nearly 6% increase, with expected net profit growth of nearly 67% year-on-year for the first half, and several innovative products anticipated to receive approval [1] - China Tobacco Hong Kong surged over 13%, indicating that its exclusive cigarette export business is unaffected by related regulatory draft [1] Group 6: Optical Technology - Conant Optical experienced a rise of over 6%, driven by the upward trend in smart glasses and the potential growth of its XR business [2] Group 7: Gold and Coal Sectors - Laopu Gold's stock fell nearly 4% after a profit warning, despite a projected net profit increase of up to 288% year-on-year for the first half [3] - The main contracts for coking coal saw significant declines, with companies like Mongolian Coking Coal and Yancoal Australia dropping by 5% and 3.39% respectively, indicating a need to monitor policy developments [3]

Core Insights - OSL Group has completed a $300 million equity financing, marking the largest public equity financing in the Asian digital asset sector to date [2][3] - The financing is aimed at accelerating global expansion and enhancing payment and stablecoin operations [2] Summary by Categories Financing Details - OSL will issue new shares at a price of HKD 14.90 per share, which represents a discount of approximately 15.34% compared to the last trading day's closing price of HKD 17.60 [4] - The financing involves agreements with WK Triangulum Investment Limited and Brand Wisdom Limited for the subscription of 9.344 million new shares, accounting for about 1.49% of the existing issued share capital [5] Strategic Objectives - The funds will support strategic acquisitions, including license applications, partnerships, and commercial transactions to facilitate global expansion [2] - OSL aims to develop new business plans focusing on payment and stablecoin services, integrating fiat, stablecoins, and mainstream digital assets for cross-border payment solutions [2] - The financing will also strengthen OSL's working capital, enhancing its competitive advantage in terms of business coverage and scale [2] Market Performance - Since the launch of its expansion plan at the end of 2023, OSL has completed several strategic acquisitions and established compliance in key global markets [2] - OSL's market capitalization has surpassed HKD 10 billion, reflecting strong market recognition of its business model and growth prospects [2]