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 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) | 01911 | 說明 普通股 | | | | | | | | | | 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 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公 ...

Group 1 - The core viewpoint of the news highlights the positive performance of cryptocurrency-related stocks in Hong Kong, with significant gains observed in several companies [1][3] - As of September 30, the Hong Kong Monetary Authority (HKMA) received 36 applications for stablecoin licenses from various institutions, including banks, tech firms, and startups, indicating a growing interest in the stablecoin market [3] - The HKMA plans to review these applications and aims to announce the first batch of stablecoin issuers' licenses by early next year, with a high threshold for approval [3] Group 2 - Yunfeng Financial announced a strategic investment agreement with Anthea Holding Limited, focusing on blockchain-based insurance products, including cryptocurrency life insurance and digital asset-related savings and retirement insurance [3] - The collaboration aims to explore the digitization of traditional insurance policies and develop an efficient and forward-looking insurance business model [3]

China Renaissance Holdings Limited 華興資本控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 1911) N O T I F I C AT I O N L E T T E R 通 知 信 函 29 September 2025 Dear non-registered shareholder(s), China Renaissance Holdings Limited (the "Company") - Notice of Publication of Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the webs ...

Dear registered shareholder(s), China Renaissance Holdings Limited (the "Company") - Notice of Publication of Interim Report (the "Current Corporate Communications") China Renaissance Holdings Limited 華興資本控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 1911) N O T I F I C AT I O N L E T T E R 通 知 信 函 本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「香港交易所」）網站（www.hkexnews.hk）及本公司網站 （http://www.huaxing.com/），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網站上的本次公司通訊文件出現困難， 閣下可將 要求（註明 閣下的姓名、 ...

Financial Performance - Total revenue and net investment income for the first half of 2025 reached RMB 456.4 million, a year-on-year increase of 27%[14] - Operating profit for the first half of 2025 was RMB 75.8 million, compared to an operating loss of RMB 87.7 million in the same period of 2024[10] - Profit attributable to owners of the company for the first half of 2025 was RMB 64.98 million, a significant recovery from a loss of RMB 73.82 million in the first half of 2024[12] - The company's adjusted net loss for the first half of 2025 was RMB 36.99 million, improving from a loss of RMB 117.9 million in the same period of 2024[12] - The company reported a pre-tax profit of RMB 98.0 million for the first half of 2025, compared to a pre-tax loss of RMB 73.6 million in the first half of 2024[10] - Total revenue and net investment income for Huaxing Securities rose to RMB 130 million, a year-on-year increase of 25%[19] - Total income for the company reached RMB 425.1 million for the six months ended June 30, 2025, representing a 29.3% increase from RMB 328.9 million for the same period in 2024[57] - Total revenue for the six months ended June 30, 2025, was RMB 425,142,000, an increase of 29.2% compared to RMB 328,921,000 for the same period in 2024[166] - The company reported a net profit of RMB 66,022,000 for the period, reversing a loss of RMB 85,967,000 in 2024[166] Investment Management - Investment management business contributed 52% of total revenue, with fund exit amounting to RMB 1.3 billion in the first half of 2025[15] - The investment management segment saw a revenue increase of 80.8% to RMB 237.5 million compared to the same period last year[23] - Investment management revenue increased by 54.7% to RMB 254.97 million for the six months ended June 30, 2025, compared to RMB 164.81 million for the same period in 2024[34] - The investment management segment's operating profit margin improved to 58.5% for the six months ended June 30, 2025, compared to 30.1% in the previous year[34] - The total return of five main funds and nine special funds exceeded the agreed return level, resulting in recognized performance fees of RMB 147.2 million, a significant increase from RMB 10.1 million for the same period last year[43] - The net investment loss in the investment management segment improved by 47.7%, from RMB 334.45 million in 2024 to RMB 175.02 million in 2025[34] Investment Banking - Investment banking revenue reached approximately RMB 70 million, maintaining a focus on AI and advanced manufacturing sectors[16] - The investment banking segment reported a revenue decline of 29% to RMB 69.3 million[23] - Investment banking revenue for the six months ended June 30, 2025, was RMB 693.18 million, a decrease of 29.0% from RMB 975.70 million for the same period in 2024, primarily due to a decline in underwriting fees[30] - The investment banking segment reported an operating loss of RMB 299.99 million for the six months ended June 30, 2025, compared to an operating loss of RMB 615.48 million for the same period in 2024, reflecting a 51.4% improvement[32] Operating Expenses - Total operating expenses for the first half of 2025 were RMB 380.6 million, down from RMB 447.3 million in the same period of 2024[10] - The operating expenses for the investment banking segment decreased by 37.6% to RMB 992.17 million for the six months ended June 30, 2025, down from RMB 1,591.18 million in 2024[31] - Total operating expenses decreased by 14.9% from RMB 447.3 million for the six months ended June 30, 2024, to RMB 380.6 million for the six months ending June 30, 2025[62] - Compensation and benefits expenses decreased by 27.4% from RMB 282.1 million to RMB 204.9 million during the same period[62] Cash Flow and Liquidity - Cash and cash equivalents totaled RMB 1,420.8 million as of June 30, 2025, with RMB 1,224.3 million excluding Huaxing Securities[73] - The net cash generated from operating activities for the six months ended June 30, 2025, was RMB 78.7 million, with a pre-tax profit of RMB 98.0 million adjusted for non-cash and non-operating items totaling RMB 70.4 million[75] - The net cash used in investing activities for the six months ended June 30, 2025, was RMB 35.6 million, primarily due to RMB 122.9 million in time deposits and RMB 78.7 million in digital asset purchases[77] - The net cash generated from financing activities for the six months ended June 30, 2025, was RMB 85.4 million, primarily from issuing profit certificates amounting to RMB 100.0 million[79] Shareholder Information - Major shareholder Mr. Bao holds 218,127,332 shares, representing 38.12% of the total issued shares of 572,197,776 as of June 30, 2025[103][105] - Mr. Li Shujun holds 35,390,872 shares, representing 6.19% of the total issued shares[103] - The company has not declared or paid any dividends for the six months ended June 30, 2025[99] Corporate Governance - The company has complied with all applicable corporate governance codes as of June 30, 2025[113] - The company has maintained strict internal control measures to enhance transparency and accountability to shareholders[113] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2025[120] Strategic Initiatives - The company is entering its 2.0 era, indicating a strategic shift and recovery in its business segments amid a complex global environment[14] - The company aims to deepen its investment in AI and emerging technologies, focusing on creating a synergistic ecosystem in the financial and digital sectors[21] - The board approved a budget of USD 100 million for the development of Web 3.0 business and investment in cryptocurrency assets over the next two years[87] - The company has invested in leading cryptocurrency firms since 2018, including Circle Internet Group and Amber Group[134] Risk Management - The company maintains a rigorous investment process to manage various risks, including market, liquidity, and credit risks[86] - A comprehensive risk management framework is being developed to identify and manage market, liquidity, operational, counterparty, cybersecurity, and compliance risks associated with the cryptocurrency asset investment plan[145]

Core Insights - Beijing Private Equity Association announced that Shanghai Huasheng Youge Equity Investment Management Co., Ltd., a subsidiary of Huaxing Capital, has joined the association as a council member institution [1] - Du Yongbo, Co-President and Executive Director of Huaxing Capital Group, will represent the institution as a council member [1] Company Overview - Huaxing New Economy Fund is the core product of Huaxing Capital Group's investment management business [1] - The mission of the fund is to identify and partner with outstanding future enterprises [1] - The fund aims to create value for these enterprises and participate in sharing the value created [1] Competitive Advantage - Huaxing New Economy Fund benefits from Huaxing Capital Group's ecosystem, providing unparalleled industry networks and extensive market coverage [1] - The company has the capability to offer unique value-added services to its portfolio companies, making it a preferred partner and quasi-strategic investor for many Chinese new economy enterprises [1]

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8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: 華興資本控股有限公司 (「本公司」) （於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月3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) | 01911 | 說明 | 普通股 | | | | | | | | | 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 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,0 ...

Core Viewpoint - The leading internet brokerages, Chinese brokers, and the former "king of mergers and acquisitions" have released their semi-annual reports, showcasing their respective paths in the virtual asset transformation, which is becoming a crucial topic in the capital markets by 2025 [2][19]. Group 1: Company Performance - Futu's revenue for Q2 2025 reached HKD 53.11 billion, a year-on-year increase of 69.7%, with net profit at HKD 26.6 billion, up 105.2% [5][10]. - Guotai Junan International reported a revenue of HKD 28.25 billion for the first half of 2025, a 30% year-on-year increase, and a net profit of HKD 5.5 billion, which is a significant growth of 182% [3][12]. - Huaxing Capital achieved a net profit of RMB 65 million, successfully turning around from previous losses, with total revenue and net investment income of approximately RMB 460 million, a 27% increase year-on-year [15][16]. Group 2: Market Position and Strategy - Futu is leveraging its internet brokerage advantages to expand its crypto trading business globally, with a virtual asset balance nearing HKD 40 billion, reflecting a 43% quarter-on-quarter increase [5][6]. - Guotai Junan International has established a comprehensive virtual asset service system, following regulatory frameworks, and has seen its market value increase significantly, reaching HKD 562.09 billion, a 436% increase year-to-date [12][14]. - Huaxing Capital is focusing on the integration of traditional and decentralized finance, with a strategic budget of USD 100 million allocated for Web 3.0 and cryptocurrency investments [16][18]. Group 3: Stock Performance - As of the end of August, the stock price increases for Futu, Guotai Junan International, and Huaxing Capital were 132.03%, 436.36%, and 187.76%, respectively [4].

Core Insights - The virtual asset sector is emerging as a significant topic in the capital markets by 2025, providing new growth paths for Hong Kong brokerages to overcome traditional business growth bottlenecks [1][2] - Three brokerages, Futu, Guotai Junan International, and Huaxing Capital, are actively positioning themselves in the virtual asset space, reflecting deep exploration in the integration of traditional finance and digital assets [1][2] Futu - Futu leverages its internet brokerage advantages, focusing on global licensing and a vast user base to drive its crypto trading business expansion [1][3] - As of Q2 2025, Futu's revenue reached HKD 53.11 billion, a year-on-year increase of 69.7%, with net profit at HKD 26.6 billion, up 105.2% [3][5] - The platform's virtual asset-related asset balance approached HKD 40 billion, with a quarter-on-quarter growth of 43% [3][5] - Futu has successfully established operations in Hong Kong, Singapore, and the U.S. within a year of launching virtual asset trading services [3][5] Guotai Junan International - Guotai Junan International adopts a "compliance synergy" approach, utilizing its traditional brokerage license advantages to build a comprehensive virtual asset service system [2][6] - The brokerage reported a revenue of HKD 28.25 billion for the first half of 2025, a 30% year-on-year increase, with a net profit of HKD 5.5 billion, up 182% [2][7] - The company’s market capitalization surged by 200% to HKD 327 billion by June 30, 2025, and exceeded HKD 500 billion shortly after [7][9] - Guotai Junan International launched cryptocurrency trading services for Hong Kong investors, allowing integrated trading within existing brokerage accounts [8][9] Huaxing Capital - Huaxing Capital reported a turnaround to profitability in its mid-2025 financial results, achieving a net profit of RMB 65 million [2][10] - The firm is focusing on a strategy that integrates traditional finance with decentralized finance, with a budget of USD 100 million allocated for Web 3.0 and cryptocurrency investments [10][11] - Huaxing has a history of investing in Web 3.0 projects, including a significant investment in Circle, which recently went public [12][13] - The company is also collaborating with YZi Labs to create a fund aimed at integrating traditional financial resources with digital asset technology [11][12]

Core Insights - The State Council has issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," marking a significant shift from exploration to large-scale implementation of AI across key sectors [1][3][11] - The document outlines a phased development goal, aiming for AI integration in six key areas with an application penetration rate exceeding 70% by 2027, over 90% by 2030, and a transition to an intelligent economy by 2035 [3][4] - The "Opinions" emphasize the importance of foundational support in eight areas, including models, data, computing power, applications, open-source, talent, policies, and security, to facilitate the deep integration of AI into industries [4][10] Industry Trends - AI is transitioning from "technology validation" to "value creation," demonstrating its role in cost reduction and efficiency enhancement across various sectors [5][11] - Emerging scenarios such as smart connected vehicles, smart homes, and intelligent robotics are expanding, indicating AI's rapid penetration into production and daily life [5][10] - Companies with capabilities in technology iteration, industry scenario understanding, and ecosystem building are expected to lead the intelligent upgrade of industries in the next three to five years [5][10] Company Actions - Huaxing Capital has been actively involved in the AI sector, facilitating capital connections and strategic layouts for numerous AI+ companies, helping them transition from startups to scalable enterprises [5][8] - The firm has witnessed and participated in the deep integration of AI with various industries, supporting both AI foundational model companies and vertical application firms [10][11] - Huaxing Capital aims to continue building platforms for industry collaboration, fostering the growth of AI companies with unique Chinese characteristics [10][11]