Investment Rating - The report does not provide a specific investment rating for the company [7] Core Insights - The company is a digital payment service provider that is expected to benefit from the implementation of stablecoin regulations in Hong Kong, which will take effect on August 1, 2023 [1] - The company has achieved profitability, with total revenue of 1.31 billion RMB in 2024, a year-on-year increase of 28%, and a net profit of 79 million RMB [3][11] - The company plans to apply for stablecoin issuance in Q4 2024, targeting cross-border trade payments [4] Summary by Sections Company Overview - The company primarily offers digital payment solutions, including payment collection, remittance, virtual cards, and aggregated payments, mainly serving small and medium-sized enterprises, particularly in the cross-border e-commerce sector [2] - As of December 2024, the company has served 5.9 million merchants and holds 65 payment licenses across various jurisdictions [2] Financial Performance - In 2024, the company's total transaction volume (TPV) is projected to reach 3.3 trillion RMB, representing a year-on-year growth of 65% [2] - The digital payment service revenue is expected to account for 88% of total revenue, with global payments contributing 70% of digital payment revenue [2][11] - The gross profit margin for 2024 is estimated at 52%, with a gross profit of 683 million RMB [3][11] Business Developments - The company has obtained a Virtual Asset Trading Platform (VATP) license, allowing it to conduct regulated activities under Hong Kong's Securities and Futures Ordinance [3][12] - The company is also involved in clearing services through a joint venture established with American Express, holding one of the three available clearing licenses in China [4] Market Position and Valuation - The company's current price-to-sales (P/S) ratio is 6.2x for 2025E and 5.1x for 2026E, compared to the average P/S ratios of 7.5x for overseas digital payment companies [5][13] - The company has a market capitalization of approximately 10.74 billion HKD [7]

6月16日午后，数字货币相关概念大幅上涨。行情软件显示，数字货币、跨境支付、数字哨兵、电子身 份证、数据确权、Web3.0等多个相关概念股大涨。截至收盘，天阳科技（300872）（300872）、四方 精创（300468）（300468）"20cm"涨停，恒生电子（600570）（600570）"10cm"涨停，拉卡拉 （300773）（300773）、雄帝科技（300546）（300546）、正元智慧（300645）（300645）、飞天诚信 （300386）（300386）等个股涨幅居前。 陈茂波表示，按估算，全球稳定币总市值约为2400亿美元，而去年全球稳定币交易量则超过20万亿美 元。随着数字资产市场的蓬勃发展，市场对稳定币的需求料将进一步增加。稳定币是一种锚定法定货币 或与特定资产挂钩、具价格稳定性的数字资产。其中，法币稳定币凭借区块链技术的安全性和高效性以 及法币的稳定性，将成为结合金融体系和实体经济，以降低成本并提升效率的潜在工具。事实上，稳定 币既可不受传统支付时间和地域限制作为交易媒介，还可凭其可编程的特性，开拓多元化的创新方案， 使金融服务流程自动化和智能化。 中金公司（601995）认为 ...

Market Overview - The Hong Kong stock market indices continued to rise in the afternoon, with the Hang Seng Technology Index leading the way, reaching a peak increase of 1.7% before closing up 1.15% [1] - The Hang Seng Index and the National Enterprises Index rose by 0.7% and 0.86%, respectively, with the Hang Seng Index surpassing 24,000 points [1][2] Sector Performance - Major technology stocks showed strong performance, with Xiaomi up 4.23% and Kuaishou up 3.45% [2] - Real estate stocks and Chinese brokerage stocks performed robustly, particularly Jin Hui Holdings, which surged over 35.77% [2][6] - AI concept stocks and application software stocks were also active, while gold stocks experienced a decline [2][11] Notable Stocks - Kingsoft Corporation rose over 11%, SenseTime increased by over 6%, and several other tech stocks like Xiaomi and JD Health saw gains exceeding 4% [4][5] - Jin Hui Holdings saw a significant increase of 35.77%, while other real estate companies like Yajule Group and Shimao Group also reported gains [6] - Stablecoin concept stocks collectively strengthened, with Lianlian Digital rising nearly 18% [7][8] Financial Sector - Brokerage stocks remained active, with Hongye Futures rising over 17% and several others like Guolian Minsheng and Zhongjin Company also showing gains [9][10] - The recent policy changes allowing companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange may further stimulate market activity [10] Logistics and Transportation - Air cargo and logistics stocks saw significant increases, with Jun Gao Holdings up over 26% and SF Express up over 11% [11][12] Gold and Precious Metals - Gold stocks experienced volatility, with companies like Fuhsing Asia and Lingbao Gold seeing declines of over 12% [13] Biopharmaceutical Sector - Biopharmaceutical stocks faced downward pressure, with WuXi Biologics dropping over 5% [14][15] Capital Inflows - Southbound funds recorded a net purchase of 5.743 billion HKD, indicating strong investor interest in Hong Kong stocks [15] Market Outlook - Analysts suggest that with increasing attention from domestic and foreign investors towards Chinese assets, the risk of significant market downturns is relatively controllable, while sector rotation is becoming increasingly important [17]

6月16日，香港稳定币概念股再度迎来狂欢，板块个股全线上涨。截至发稿，连连数字(02598.HK)涨近 15%，联易融科技(09959.HK)和众安在线(06060.HK)涨幅均超12%，其他多股也纷纷跟涨。 稳定币概念股集体飙升的背后，是香港即将释放的又一波数字资产政策红利！ 6月15日，香港特区财政司司长陈茂波发表标题是提速前进 扬帆稳航;的随笔。他表示，香港在数字金 融、绿色金融及离岸人民币市场方面有长足发展，带动了金融机构相关的业务。例如，去年本地银行数 字资产和相关产品交易总额达172亿港元；去年底，在银行托管的数字资产总额达51亿港元。 陈茂波进一步表示，因应最新的发展和形势变化，我们即将就数字资产的发展发表第二份政策宣言，阐 述下一步的政策愿景和方向，一系列具体的措施包括让传统金融服务的优势与数字资产领域的技术创新 有更好的结合、提高数字资产在实体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资 产技术的创新及应用。; 香港财经事务及库务局局长许正宇近日也表示，香港积极发展虚拟资产生态圈，政府即将发布第二份虚 拟资产政策宣言，探索传统金融与虚拟资产的融合，并将于年內就场外交易及托管服务 ...

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，並明確表示概不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。 Lianlian DigiTech Co., Ltd. 連連數字科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 於股東週年大會上所提呈決議案的投票表決結果如下： （股份代號：2598） 於2025年6月6日舉行之股東週年大會投票表決結果 茲提述連連數字科技股份有限公司（「本公司」）發佈的日期均為2025年4月23日的 通函（「通函」）及通告（「通告」），內容有關本公司2024年股東週年大會（「股東週 年大會」）。除文義另有所指外，本公告所用詞彙與通函所界定者具有相同涵義。 2024年股東週年大會 董事會欣然宣佈股東週年大會已於2025年6月6日（星期五）上午十時正於中國浙江 省杭州市濱江區越達巷79號A座12樓本公司會議室舉行。 於股東週年大會日期，本公司已發行股份總數為1,079,060,000股股份，包括 418,668,764股H股及660,391,236股非上市股份。其中包括771, ...

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]

Summary of the Conference Call for Lianlian Technology Company Overview - Lianlian Technology is the largest independent digital payment solution provider in China, with digital payment service volume exceeding 3 trillion RMB in 2024 and over 5.9 million customers. Revenue growth is reported at 27.9%, significantly outpacing the average growth rate of the cross-border e-commerce industry at 10.8% [2][7]. Core Business and Services - The company operates as a ToB provider, facilitating cross-border trade by offering both financial services (such as payment processing, currency exchange, and trade declaration) and logistical services (including marketing and supply chain management) [3]. - Lianlian has established partnerships with major e-commerce platforms like Amazon, Shopee, and TikTok, as well as financial institutions such as City Bank and Deutsche Bank, creating a robust ecosystem [2][12]. Financial Performance - In 2024, the company reported a total payment volume (TPV) growth of 64.7% and revenue growth of 27.9%. Global payment TPV grew by 63.1%, with domestic payment TPV increasing by 64.9% [16]. - The core revenue model consists of digital payment services (90% of revenue) and value-added services (10% of revenue), with profitability achieved in the main business by 2023 [16][17]. Industry Positioning - Lianlian is recognized as the only publicly listed cross-border payment company in China, holding a market share of approximately 10% in the independent digital payment solutions sector. The competitive landscape includes major players like PingPong and Payoneer, with the top five companies controlling about 80% of the market [6][21]. Technological Advancements - The company is embracing digital technologies, integrating AI and Deepfake technology to enhance customer service and operational efficiency. It is also exploring the establishment of a digital asset exchange to improve settlement efficiency [2][8][15]. Regulatory Compliance and Risk Management - Lianlian maintains strict compliance with regulatory requirements and has a robust risk management framework, including a dedicated IT team for compliance processes [11]. Future Growth Strategies - The company plans to expand its global footprint by acquiring licenses in the Middle East and Latin America, aiming to diversify its business and mitigate geopolitical risks [15][23]. - Lianlian is also focusing on the development of stablecoin and digital asset services, which are expected to enhance settlement efficiency and profitability [19][24]. Market Trends and Projections - The cross-border e-commerce sector is projected to grow at approximately 30% in 2025, with overall revenue growth expected to exceed 20% [27]. - The trend towards online trade is driving small and micro enterprises to seek comprehensive solutions, which Lianlian aims to provide through its one-stop service model [9]. Conclusion - Lianlian Technology is positioned for significant growth in the digital payment sector, leveraging its extensive partnerships, technological innovations, and strategic global expansion plans to capitalize on the increasing demand for cross-border payment solutions.

港股稳定币概念股集体回调，中国光大控股(00165.HK)跌超8%，众安在线(06060.HK)、连连数字 (02598.HK)均跌超6%。 ...

Market Performance - Jinli Permanent Magnet (06680) rose over 17% due to significant increases in overseas medium and heavy rare earth prices, which are expected to gradually transmit to the domestic market [1] - Zhixing Technology (01274) increased over 3% after securing a platform-based logistics vehicle contract with a leading domestic brand [1] - Weimeng Group (02013) surged over 9% as its upgraded Weimeng Guide Agent product is anticipated to benefit from the growth of WeChat e-commerce [1] - Zhaoke Ophthalmology-B (06622) gained over 8% following FDA approval for a new drug trial application for cyclosporine eye gel [1] - Zai Ding Pharmaceutical (09688) rose over 5% after reporting excellent data from the low-dose group of ZL-1310 [1] - Lianlian Digital (02598) saw a mid-session increase of over 5% as it partnered with BVNK to provide stablecoin payment solutions for its merchants [1] - Reading Group (00772) increased over 7% after acquiring a 26.67% stake in Yihua Kaitian, with its IP+AI strategy expected to unlock more value [1] - NIO opened nearly 4% higher, projecting a year-on-year revenue growth of 11.8%-15% for Q2 [1] - Kuaishou-W (01024) rose over 6% as its Kecing AI recently launched a new 2.1 series model, with institutions optimistic about its profitability [1] - Meituan (03690) surged over 3%, reaching a nearly two-month high, with southbound funds continuing to accumulate for 13 consecutive days [1] US Market Highlights - Applied Digital (APLD.US), a stock related to Nvidia, surged nearly 30%, with a 94% increase over three trading days, as long-term contracts are expected to generate $7 billion in revenue [2] - Tesla (TSLA.US) fell 3.55% due to declines in both the Chinese and European automotive markets, with a 15% year-on-year drop in China's May wholesale sales of new energy passenger vehicles [2] - MongoDB (MDB.US) saw a nearly 15% increase in after-hours trading following better-than-expected Q1 results and an $800 million stock buyback plan [2] - Broadcom (AVGO.US) rose over 3% before earnings, reaching a new historical high, with Morgan Stanley stating that AI is operating at full speed, expecting strong Q2 results [3] - Meta increased over 3% as it was reported to be accelerating the development of ultra-lightweight open-headset projects [3] - Guidewire Software (GWRE.US) surged over 16% after exceeding Q3 earnings expectations and raising its guidance [3] - Dollar Tree (DLTR.US) fell over 8% after warning of potential 50% declines in adjusted earnings due to tariffs and weak consumer spending [3] - STMicroelectronics (STM.US) rose nearly 11% amid reports that Italy and France are considering splitting its joint management rights [3]

Group 1 - The concept stocks related to stablecoins in the Hong Kong market have shown significant growth, with notable increases in share prices [1] - Lianyi Rong Technology (09959.HK) surged by 16%, indicating strong investor interest [1] - China Everbright Holdings (00165.HK) experienced a rise of over 14%, reflecting positive market sentiment [1] Group 2 - Lianlian Digital (02598.HK) saw an increase of over 5%, contributing to the overall trend in the stablecoin sector [1] - Standard Chartered Group (02888.HK) also rose by over 2%, further highlighting the momentum in this market segment [1]