实现扭亏为盈并录得显著盈利主要由于(i)集团投资管理业务分部经营利润大幅增加，持续为集团的财务 表现提供大力支持，(ii)华兴证券有限公司截至2025年6月30日止六个月的亏损大幅降低，及(iii)集团在 降低经营成本方面取得显著成果，经营开支显著降低。 格隆汇8月12日丨华兴资本控股(01911.HK)发布公告，集团预期截至2025年6月30日止六个月录得公司拥 有人应占利润约6,498万人民币，而于2024年同期录得公司拥有人应占亏损约7,382万人民币。 ...

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並表明不會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 正面盈利預告 本公告由華興資本控股有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條以及證 券及期貨條例（香港法例第571章）第XIVA部項下之內幕消息條文（定義見上市規則）而刊 發。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據對本集團 截至二零二五年六月三十日止六個月的未經審核簡明綜合管理賬目的初步評估，本集 團預期於截至二零二五年六月三十日止六個月錄得本公司擁有人應佔利潤約6,498萬人 民幣，而於二零二四年同期錄得本公司擁有人應佔虧損約7,382萬人民幣。本集團於截 至二零二五年六月三十日止六個月實現扭虧為盈並錄得顯著盈利主要由 ...

Core Insights - The stablecoin market is experiencing unprecedented growth, with the number of stablecoin wallets surpassing that of Solana, highlighting its foundational role in the digital economy [1] - The U.S. Treasury predicts that the total value of the stablecoin market could exceed $2 trillion by 2028, while Citigroup estimates it could soar to $3.7 trillion by 2030 [1] - Key drivers of this trend include efficiency improvements, demand from emerging economies, increased adoption by traditional finance, clearer regulatory frameworks, and advantages in cost and transparency [1][3] Market Dynamics - Stablecoins simplify cross-border transactions, reducing transaction costs by up to 30% [3] - In unstable economies like Latin America and Africa, stablecoins serve as a hedge against inflation, with user growth rates exceeding 40% annually [3] - Traditional financial institutions are increasingly integrating stablecoin settlement services, responding to regulatory improvements such as the U.S. GENIUS Act [3] Security Concerns - Security risks are identified as the biggest threat to the rise of stablecoins, with a 20% increase in billion-dollar security breaches in 2023 [3][7] - The "New Privateer Plan" proposed by Christopher Perkins aims to empower the private sector to respond swiftly to security incidents, ensuring accountability through blockchain technology [3][7] - The XBIT platform is enhancing security measures to promote sustainable development in the stablecoin ecosystem [1][8] Regulatory Developments - The establishment of a joint venture in Hong Kong by Animoca Brands and Standard Chartered Bank aims to issue stablecoins under the new regulatory framework, which is expected to attract institutional capital [7] - The global regulatory landscape is converging, as seen in the alignment of Hong Kong's regulations with the U.S. GENIUS Act [7] Market Performance - Positive sentiment towards stablecoins is reflected in stock market performance, with significant gains in digital currency-related stocks in both A-shares and Hong Kong markets [5] - Companies like Taxbit and Mural Pay are integrating stablecoin transactions into daily operations, enhancing compliance and reducing fraud risks [4]

Group 1 - Baofang, the founder of Huaxing Capital, has reappeared after being missing for approximately two and a half years, but the company has stated he will no longer participate in daily management [1] - Huaxing Capital's operations are reported to be normal, with the executive committee now responsible for strategic advancement [1] - The new XPeng P7 model has received over 10,000 pre-orders in just 6 minutes and 37 seconds, indicating strong market interest [1] Group 2 - Chery Automobile's chairman has ordered a reduction in mandatory Saturday overtime, aiming to improve employee work-life balance [2] - The company plans to streamline meetings by 30% and reduce the number of participants, reflecting a shift in management philosophy [2] - Chery's chairman acknowledged past management practices as inhumane and expressed a commitment to valuing employees' time [2] Group 3 - Hang Seng Bank reported a 30.46% decline in net profit for the first half of the year, with shareholder profit at HKD 6.88 billion [4] - The bank's net interest income also decreased by 7.39%, leading to a 7.4% drop in stock price on the day of the earnings release [4] - The new chairman emphasized a focus on diversifying income sources and building a future-oriented business model [4] Group 4 - The active management equity fund sector has seen a strong recovery, with 95% of funds achieving positive returns, averaging over 15% [6] - The medical industry theme funds have emerged as the biggest winners, with four funds doubling their returns [6] - Notably, Zhang Kun from E Fund leads with over 50 billion in assets under management, while some fund managers have reported negative returns [6] Group 5 - Hichain Energy's president has been taken into custody for allegedly infringing on trade secrets, but the company claims the technology in question is publicly known [7] - The company reassured stakeholders that the incident will not adversely affect its operations [7] Group 6 - Wang Hong has been appointed as the vice chairman of the Shenzhen Stock Exchange, focusing on attracting long-term capital through ETFs [8] - GAC Honda has announced a leadership change, with Gao Hongxiang taking over from Li Jin as executive vice president [9] - The management reshuffle at GAC Honda has been confirmed, although the duration of Gao's term was denied as being publicly disclosed [9] Group 7 - In a significant leadership change, Ye Cai has been appointed as the chairman of Invesco Great Wall Fund Management, marking a transition in the management of this large asset management firm [11] - The new chairman's appointment is part of a broader restructuring within the company [11] Group 8 - Zhu Yong has been elected as the vice chairman of CITIC Securities, following a board meeting that approved his appointment [12] - This change reflects ongoing adjustments within the company's leadership structure [12] Group 9 - Wang Yijun has been approved as the chairman of Bank of Communications Investment, bringing extensive experience from his 31 years at the bank [13] - His leadership is expected to guide the investment firm through its strategic initiatives [13]

Core Viewpoint - The article discusses the recent developments surrounding Bao Fan, the founder of Huaxing Capital, who has re-emerged after a two-and-a-half-year investigation, and the subsequent impact on Huaxing Capital's operations and leadership structure [2][4]. Group 1: Bao Fan's Situation - Bao Fan has recently been reported to have ended his cooperation with an investigation after being absent for two and a half years, which significantly affected Huaxing Capital [2]. - His disappearance led to a 17-month suspension of Huaxing Capital's shares, and upon resuming trading, the stock price had decreased by 60% [2]. - As of August 8, Huaxing Capital's stock price was 6.87 HKD per share, marking a 16.84% increase from the previous trading day, with a market capitalization of 39.39 billion HKD [2]. Group 2: Leadership Changes - During Bao Fan's absence, Huaxing Capital underwent significant management changes, with Bao resigning from all executive roles citing health and family reasons [4]. - Xu Yanqing, Bao's wife, has taken on prominent roles within the company, including being appointed as the chairperson of the board in October 2024 [5]. - Wang Lihang was appointed as the new CEO in November 2024, marking a new leadership phase for Huaxing Capital [6][7]. Group 3: Strategic Focus and Future Plans - Under the new leadership of Wang Lihang, Huaxing Capital is undergoing a "second entrepreneurship," focusing on mergers and acquisitions (M&A), AI, and embodied intelligence [8][9]. - The company has completed several strategic M&A transactions, accumulating a total transaction amount exceeding 20 billion RMB over the past year [9]. - Huaxing Capital is actively participating in the AI and embodied intelligence sectors, with significant involvement in major financing deals in these areas [9][10].

Core Viewpoint - The article discusses the return of Bao Fan, the founder of Huaxing Capital, after a prolonged investigation period of 894 days, highlighting the implications for the company and the venture capital industry in China [4][5][6]. Group 1: Bao Fan's Investigation and Return - Bao Fan has ended his cooperation with the investigation, which lasted from February 26, 2023, to August 8, 2025, totaling 894 days [5]. - During this period, there were at least three rumors about his imminent return, with the first in March 2023, the second in February 2024, and the third in September 2024 [6][7]. - Huaxing Capital has undergone significant management changes during Bao's absence, with his wife, Xu Yanqing, taking on key roles, indicating a shift in leadership and strategy [7][8]. Group 2: Impact on Huaxing Capital - The company has faced challenges due to Bao's situation, including the early closure of fundraising for its new economy funds and a halt on new project investments [7]. - As of mid-2024, Huaxing Capital's asset management scale was reported at 34.8 billion yuan, with approximately 17.4 billion yuan generating management fees [7]. - The company has shifted its focus back to mergers and acquisitions, moving away from its previous branding as a "boutique investment bank" [13]. Group 3: Industry Context and Changes - The "de-Bao Fan" process has become a significant topic in the venture capital industry, marking a potential turning point in how firms operate and manage leadership transitions [8][10]. - Other prominent figures in the industry, such as Zhang Ying and Fu Jixun, have also adapted their strategies and public personas during this period, reflecting broader changes in the venture capital landscape [8][9]. - The article suggests that Bao Fan's return may not have as significant an impact as anticipated, given the changes that have already taken place within Huaxing Capital and the industry at large [14].

Core Viewpoint - The article discusses the return of Bao Fan, the founder of Huaxing Capital, after a prolonged investigation period of 894 days, highlighting the implications for the company and the venture capital industry in China [3][13]. Summary by Sections Bao Fan's Investigation and Return - Bao Fan was reported to have ended his cooperation with the investigation on August 8, 2023, after being involved in the process since February 26, 2023 [3][4]. - During the investigation, Huaxing Capital faced significant operational challenges, including the premature closure of fundraising for its funds due to the impact of Bao Fan's situation [4][5]. Company Management Changes - Following Bao Fan's departure from daily operations, significant management changes occurred, including the appointment of Xu Yanqing as a non-executive director and later as chairperson, and Wang Lixing as the new CEO [5][6]. - The company emphasized a shift towards a new identity, referred to as "Huaxing 2.0," indicating a strategic pivot in its operations and management philosophy [5][10]. Industry Context and Changes - The article reflects on the broader changes in the venture capital landscape during Bao Fan's absence, noting the emergence of new leaders and shifts in investment strategies among peers [6][7]. - The concept of "de-Bao Fanization" has been discussed as a significant trend in the industry, marking a transition in how Huaxing Capital and its competitors operate [6][8]. Financial Adjustments and Agreements - Huaxing Capital entered into a settlement agreement regarding its fourth RMB fund, recovering investments and waiving interest, which reflects the company's efforts to stabilize its financial position [9][10]. - The valuation of the underlying assets in the fund remained relatively stable despite market fluctuations, indicating a careful management of investments during a turbulent period [9][10]. Future Outlook - The article suggests that Bao Fan's return may not have the anticipated impact on the company, as the industry has evolved during his absence, and new leadership is now in place to guide Huaxing Capital forward [11][13]. - The narrative around Bao Fan has become symbolic of the challenges and transformations within the venture capital sector in China, representing a broader shift in the industry's dynamics [12][13].

Core Viewpoint - C1 Fund, the world's first private investment company focused on Web3 and digital asset services, has officially listed on the New York Stock Exchange, marking a significant bridge between traditional capital markets and the Web3 industry [2][3]. Group 1: IPO Details - C1 Fund issued 6,000,000 shares at a price of $10 per share, raising approximately $60 million [2]. - The fund plans to invest at least 80% of its total assets in equity and equity-linked securities of companies primarily engaged in Web3 and digital asset services and technology [2]. Group 2: Management Team - The core team of C1 Fund includes industry leaders such as Michael Lempres, Najam Kidwai, Michael Zhao, and Elliot Han, bringing extensive experience in fintech and digital asset investments [3][4]. - The team aims to provide exclusive investment opportunities focused on the top 30 leading companies in the global Web3 industry, seeking to achieve excess returns through active management [3]. Group 3: Market Impact - The listing of C1 Fund signifies a deep integration of traditional financial markets with the Web3 industry, effectively linking high-growth opportunities in Web3 with liquidity from mainstream financial markets [3]. - The innovative structure of the fund aims to address the uncertainty of exit strategies in the primary market for Web3 investments [3]. Group 4: Strategic Partnership - Huaxing Capital served as the sole underwriter for C1 Fund's IPO in Asia, leveraging its strengths in cross-border capital operations and industry ecosystem integration [3][4]. - The partnership is based on a shared vision of focusing on top digital asset leaders and a commitment to compliance, aiming to create a mutually beneficial ecosystem [4]. Group 5: Future Outlook - Huaxing Capital plans to establish a long-term strategic partnership with C1 Fund, focusing on deepening investments in the Web3 sector and supporting more outstanding entrepreneurial ventures [4]. - The collaboration is seen as a significant step towards becoming a flagship financial institution in the Web 3.0 era, enhancing financial efficiency and asset liquidity through digital currencies [4].

Group 1 - Intel CEO Chen Liwu wrote a letter to employees clarifying that many things are "not factual" and hinted that he will not resign, emphasizing his commitment to the company's future goals and opportunities [3] - Intel stated its dedication to advancing U.S. national and economic security interests, planning to invest billions in semiconductor R&D and manufacturing in the U.S., including a new wafer fab in Arizona [4] - There are reported disagreements between Intel CEO Chen Liwu and some board members regarding core strategic issues, including whether to retain or exit the foundry business [4] Group 2 - The New York City Human Resources and Social Security Bureau has not yet acknowledged the recruitment plan by Pang Donglai, which includes positions for ex-convicts [8][9] - Huaxing Capital's founder Bao Fan has returned after two and a half years of cooperating with an investigation, but he will no longer participate in daily management [10] - Kuaishou has added an independent takeaway entry in its app, enhancing its local life services [21] Group 3 - Tesla is reportedly disbanding its Dojo supercomputer team and will rely on external technology partners like NVIDIA and AMD [23] - Lyten announced the acquisition of Northvolt's remaining assets and intellectual property, planning to restart its super factory [30] - Firefly Aerospace's stock surged over 34% on its first day of trading, achieving a market cap of approximately $8.5 billion [30] Group 4 - Japan's population is projected to fall below 120 million by 2026, reflecting a serious trend of declining birth rates [43] - China's robot industry saw a revenue increase of 27.8% year-on-year in the first half of the year, with industrial and service robots' production rising significantly [43] - In July, the retail sales of new energy passenger vehicles in China reached 987,000 units, marking a 12% year-on-year increase [43]

Group 1 - The founder of Huaxing Capital, Bao Fan, has reportedly re-emerged after being under investigation for two and a half years since February 2023 [1] - There is significant public interest regarding Bao Fan's return and whether he is fully free now [1] - Huaxing Capital has confirmed the news of Bao Fan's return, indicating a potential shift in the company's leadership dynamics [1]