Group 1 - Guolian Minsheng (01456) expects a net profit of RMB 1.129 billion for the first half of 2025, representing a year-on-year increase of approximately 1183% [1] - NIO-SW (09866) saw a rise of over 10% as its sub-brand, Lido, officially launched pre-sales for its new model L90, priced starting at RMB 279,900, which is competitive against similar models [1] - China CNR (01766) rose over 7% following a profit warning, with the rail transit equipment industry showing high demand and Q2 performance exceeding expectations [1] Group 2 - Coal stocks experienced a broad increase, with companies like China Qinfa (00866) and China Shenhua (01088) rising over 4%, driven by strong coal prices amid high temperatures [1] - Zijin Mining (02899) saw a rise of 1.5%, with expected net profit growth of about 54% year-on-year for the first half of the year, although short-term impacts from copper tariffs are anticipated [1] Group 3 - WanGuo Data-SW (09698) increased over 6% after its REIT completed offline inquiries with a subscription multiple of 166 times, indicating significant valuation potential [2] - Hengrui Medicine (01276) rose over 4%, reaching a new high, with expectations that its performance and business development will act as key catalysts [2] - China Shipbuilding Defense (00317) increased over 5% as the merger of two shipbuilding companies approaches completion, with Q2 performance exceeding expectations [2] Group 4 - Bitcoin-related stocks saw significant gains, with Bit Origin (BTOG.US) rising 51.72% and SharpLink Gaming (SBET.US) increasing 17.15%, driven by a surge in Bitcoin prices [3] - Gold stocks strengthened amid geopolitical tensions, with Gold ETF (GLD.US) rising 0.96% and Barrick Mining (B.US) increasing 0.71% [3] Group 5 - British Petroleum (BP.US) rose 3.55% as the company anticipates an increase in Q2 oil production and strong trading performance [7] - Huami Technology (ZEPP.US) surged over 69%, projecting a 30% revenue growth for Q2, marking its first growth in three years [7]

Group 1 - Nasdaq Golden Dragon China Index increased by 1.6%, outperforming the three major US stock indices, which are down by up to 0.6% [1] - Notable gains in popular Chinese concept stocks include Bilibili up over 7.8%, Baidu and Yum China up to 5.3%, and Li Auto up over 4.3% [1] - Significant stock movements include Yunmi Technology up 36.14%, XinYong up 30.77%, and Bit Origin up 24.94% [1] Group 2 - Yunmi Technology's current price is $2.26, with a rise of 36.14% and a year-to-date increase of 54.79% [2] - XinYong's current price is $4.25, with a rise of 30.77% and a year-to-date increase of 429.28% [2] - Bit Digital's current price is $3.56, with a rise of 21.12% and a year-to-date increase of 21.53% [2]

Core Viewpoint - Bit Origin Ltd has regained compliance with Nasdaq's equity standard, confirming it meets the minimum requirement of $2.5 million in stockholders' equity [1][3]. Group 1: Compliance Status - On January 3, 2025, Nasdaq notified the Company of its non-compliance regarding stockholders' equity and other listing standards [2]. - The Company submitted a Form 6-K on June 30, 2025, demonstrating compliance with the required stockholders' equity threshold [3]. - Nasdaq has confirmed that the Company now meets the equity requirement but will be subject to ongoing monitoring for future compliance [3]. Group 2: Company Leadership - Jinghai Jiang, Chairman of the Board, CEO, and COO, expressed satisfaction in regaining compliance and emphasized the focus on long-term growth and adherence to listing requirements [4]. Group 3: Company Background - Bit Origin Ltd, previously known as China Xiangtai Food Co., Ltd., operates in the cryptocurrency mining business and is actively deploying blockchain technologies [4].

Core Viewpoint - Bit Origin Ltd is seeking confirmation for a proposed share capital reduction, which will be discussed in a court hearing scheduled for June 5, 2025 [1][3]. Group 1: Share Capital Reduction Details - The company approved a special resolution on March 14, 2025, to reduce the par value of each authorized share from US$0.30 to US$0.000001, pending court confirmation [2]. - Following the share capital reduction, the authorized share capital will be US$500, divided into 500,000,000 shares, including 475,000,000 Class A Ordinary Shares and 25,000,000 Class B Ordinary Shares [2]. Group 2: Court Hearing Information - A petition for the confirmation of the share capital reduction was presented to the Grand Court of the Cayman Islands on May 1, 2025, and will be heard at 10:00 a.m. on June 5, 2025 [3]. - Creditors or shareholders wishing to oppose the confirmation must notify the company's legal representatives at least 24 hours before the hearing, by June 4, 2025 [4]. Group 3: Company Background - Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., operates in the cryptocurrency mining business and is actively deploying blockchain technologies [5].

[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for the six months ended December 31, 2024, reflect a significant strategic pivot, zero revenue, a net loss of $2.8 million, and severe liquidity challenges with negative shareholder equity [Consolidated Balance Sheets](index=1&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, the company's financial position significantly weakened with total assets decreasing by 39.6% and shareholders' equity turning negative to -$1.9 million Consolidated Balance Sheet Highlights (unaudited) | Balance Sheet Item | December 31, 2024 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $29,756 | $1,409,070 | -97.9% | | Total current assets | $4,033,749 | $6,684,745 | -39.6% | | Total assets | $4,033,749 | $6,684,745 | -39.6% | | Total liabilities | $5,932,694 | $5,775,162 | +2.7% | | Total equity | $(1,898,945) | $909,583 | Negative Turn | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=2&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) For the six months ended December 31, 2024, the company reported zero revenue and a net loss of $2.8 million, reflecting the cessation of mining operations, though an improvement from the prior year's $7.1 million loss Statement of Operations Highlights (unaudited) | Metric | Six Months Ended Dec 31, 2024 | Six Months Ended Dec 31, 2023 | | :--- | :--- | :--- | | Total Revenues | $0 | $2,888,482 | | Gross Profit (Loss) | $0 | $(945,202) | | Loss from Operations | $(1,906,578) | $(6,751,879) | | Net Loss | $(2,819,073) | $(7,058,158) | | Loss Per Share (Basic & Diluted) | $(0.34) | $(1.99) | - The company had **no cryptocurrency mining revenue** in the six months ended December 31, 2024, compared to **$2.9 million** in the prior year period, reflecting the cessation of mining operations[3](index=3&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=3&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity declined from $0.9 million to a deficit of -$1.9 million by December 31, 2024, primarily driven by the $2.8 million net loss for the period Key Changes in Shareholders' Equity (Six Months Ended Dec 31, 2024) | Item | Amount | | :--- | :--- | | Balance, June 30, 2024 | $909,583 | | Net loss | $(2,819,073) | | Conversion of convertible debenture | $10,545 | | Exercise of warrants | $0 | | Balance, December 31, 2024 | $(1,898,945) | [Consolidated Statements of Cash Flows](index=4&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended December 31, 2024, the company experienced a net cash decrease of $1.4 million, with $2.9 million used in operating activities, partially offset by $1.5 million from investing activities Cash Flow Summary (unaudited) | Cash Flow Activity | Six Months Ended Dec 31, 2024 | Six Months Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(2,925,202) | $(4,620,364) | | Net cash provided by investing activities | $1,545,888 | $3,718,828 | | Net cash provided by financing activities | $0 | $7,773,271 | | **Change in Cash and Cash Equivalents** | **$(1,379,314)** | **$6,871,735** | | **Cash and Cash Equivalents, end of period** | **$29,756** | **$6,888,009** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes detail the company's strategic pivot from Bitcoin mining to hardware sales, highlight a going concern warning due to significant losses and low cash, and outline subsequent events including capital restructuring and executive changes [Note 1 – Nature of business and organization](index=6&type=section&id=Note%201%20%E2%80%93%20Nature%20of%20business%20and%20organization) This note outlines the company's business model shift from Bitcoin mining, ceased in December 2023 due to high costs, to becoming a non-exclusive sales representative for Aethir Edge miners since June 2024 - The company **ceased Bitcoin mining operations** in **December 2023** because of **high operating costs** in the United States[10](index=10&type=chunk) - Since **June 2024**, the company has become a **non-exclusive sales representative** for **Aethir Edge miners**, and in 2025, it entered agreements to sell **295 units**[10](index=10&type=chunk) [Note 2 – Summary of significant accounting policies](index=6&type=section&id=Note%202%20%E2%80%93%20Summary%20of%20significant%20accounting%20policies) This note highlights the company's critical liquidity and going concern warning, with a cash balance of $30,000 and a $2.8 million operating loss, outlining management's plans for remediation through sales, public offering, and debenture conversions - The company's financial condition, with a **cash balance of approximately $30,000** and a six-month **operating loss of $2.8 million**, raises **substantial doubt** about its ability to continue as a **going concern**[13](index=13&type=chunk) - To remediate its financial situation, the company is focusing on **selling Aethir Edge miners**, **planning a public offering**, and **converting debentures into equity**[14](index=14&type=chunk)[20](index=20&type=chunk) - For cryptocurrency miner sales, the company acts as an **agent** and recognizes revenue on a **net basis**, representing the **commission earned**[53](index=53&type=chunk) - In the prior year period (six months ended Dec 31, 2023), the company recognized a **significant impairment loss of $4,530,587** on **long-lived assets**, with **no such impairment** recorded in the current period[31](index=31&type=chunk) [Note 3 – Cryptocurrencies](index=21&type=section&id=Note%203%20%E2%80%93%20Cryptocurrencies) This note details the company's cryptocurrency holdings of 4.47 BTC valued at $178,687 as of December 31, 2024, which were subsequently sold in January 2025 for approximately $0.4 million, yielding a $0.2 million gain Cryptocurrency Balance (BTC) | Date | Quantity (in coins) | Amount | | :--- | :--- | :--- | | June 30, 2024 | 4.47 | $178,687 | | December 31, 2024 | 4.47 | $178,687 | - The full balance of **4.47 BTC** was sold in **January 2025** for **approximately $0.4 million**, with a **gain on disposal of approximately $0.2 million** recognized[69](index=69&type=chunk) [Note 8 – Convertible Debentures](index=25&type=section&id=Note%208%20%E2%80%93%20Convertible%20Debentures) This note details the company's convertible debentures, with a combined remaining balance of $7.77 million as of December 31, 2024, which were subsequently fully converted into ordinary shares in early 2025 Convertible Debentures Summary | Item | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Remaining Principal Balance | $7,770,000 | $7,780,000 | | Less: discount and issuance cost | $(2,072,929) | $(2,615,989) | | **Total Net Balance** | **$5,697,071** | **$5,164,011** | - Subsequent to the reporting period, the remaining **$5.78M** balance of the December 2023 debenture was **fully converted** into **9,477,901 ordinary shares** in **March 2025**[92](index=92&type=chunk) - Subsequent to the reporting period, the remaining **$1.99M** balance of the May 2024 Exchange Note was **fully converted** into **2,802,200 ordinary shares** in **February 2025**[96](index=96&type=chunk) [Note 9 – Equity](index=29&type=section&id=Note%209%20%E2%80%93%20Equity) This note details equity changes, including executive departures of CEO Lucas Wang and President Jiaming Li, and a decrease in outstanding warrants due to 1,228,000 cashless exercises - **CEO Lucas Wang resigned** on **April 10, 2024**, and his **unvested shares were forfeited**[99](index=99&type=chunk) - **President Jiaming Li resigned** on **November 27, 2023**, and the Board passed a resolution to issue his remaining unvested shares[100](index=100&type=chunk) - During the six months ended December 31, 2024, **1,228,000 warrants** were exercised on a **cashless basis**, resulting in the issuance of **708,424 ordinary shares**[103](index=103&type=chunk) [Note 11 – Subsequent Events](index=33&type=section&id=Note%2011%20%E2%80%93%20Subsequent%20Events) This note describes critical subsequent events, including shareholder approval in March 2025 of a dual-class share structure and authorization for a reverse stock split to restructure capital and potentially regain exchange compliance - In **March 2025**, shareholders approved a **dual-class share structure**, creating **Class A shares (1 vote)** and **Class B shares (20 votes)**[106](index=106&type=chunk)[107](index=107&type=chunk) - Shareholders also approved a **reverse stock split** of all shares at a **ratio between 1-for-2 and 1-for-200**, with the final ratio at the Board's discretion[107](index=107&type=chunk)

Core Points - Bit Origin Ltd has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement of $1.00 per share [1][2] - The company's ordinary shares have failed to maintain this minimum bid price for 30 consecutive business days from January 7, 2025, to February 20, 2025 [2] - Bit Origin has a compliance period of 180 calendar days until August 20, 2025, to regain compliance [3] - If the company fails to regain compliance by the deadline, it may be eligible for additional time under certain conditions [4] - The company is actively monitoring its share price and considering options to regain compliance [5] Company Overview - Bit Origin Ltd is an emerging growth company engaged in the cryptocurrency mining business and deploying blockchain technologies [6]

Core Points - Bit Origin Ltd has received a notification from Nasdaq indicating non-compliance with the minimum stockholders' equity requirement, specifically failing to maintain at least $2,500,000 in stockholders' equity [1][2] - As of June 30, 2024, the company's reported stockholders' equity was $909,583 [1] - The company has 45 days to submit a plan to regain compliance, with the possibility of an extension of up to 180 days if the plan is accepted [2] Company Overview - Bit Origin Ltd, previously known as China Xiangtai Food Co., Ltd, operates in the cryptocurrency mining sector and is based in the United States [3] - The company is also involved in deploying blockchain technologies and has diversified expansion strategies [3]

Core Viewpoint - Bit Origin Ltd has received a notification from Nasdaq indicating non-compliance with the minimum stockholders' equity requirement for continued listing, reporting only $909,583 in stockholders' equity against the required $2,500,000 [1][2]. Group 1: Compliance Notification - The Notification Letter states that Bit Origin has 45 calendar days to submit a plan to regain compliance with Nasdaq's listing Rule 5550(b)(1) [2]. - If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days to demonstrate compliance [2]. - The Notification Letter does not have an immediate effect on the trading of Bit Origin's securities, which will continue to trade under the symbol "BTOG" [2]. Group 2: Company Overview - Bit Origin Ltd, previously known as China Xiangtai Food Co., Ltd., operates in the cryptocurrency mining business and is based in the United States [3]. - The company is also involved in deploying blockchain technologies and has diversified expansion strategies [3].

Regulatory Environment - The company is subject to extensive laws and regulations governing its operations, which may impose significant costs and liabilities, particularly in relation to environmental compliance and health and safety standards [38]. - New legislation, such as the Crypto-Asset Environmental Transparency Act, could require the company to report greenhouse gas emissions and obtain permits, potentially increasing operational costs [54]. - The SEC's evolving stance on digital assets may impact the company's ability to hold or trade certain assets, affecting liquidity and market value [56]. - The company faces regulatory scrutiny regarding the classification of its digital assets, which could lead to fines and penalties if deemed securities [50]. - Future climate change regulations could impose significant costs on the company and its suppliers, impacting competitiveness and operational viability [46]. - The lack of consistent climate legislation creates economic uncertainty for the company, particularly in the high-energy-demand Bitcoin mining sector [46]. - Regulatory changes related to electricity consumption by mining companies could adversely affect the company's operational results [49]. - There is uncertainty regarding the regulatory status of digital assets, which could lead to compliance costs and affect business operations [90]. - The ongoing regulatory developments may materially impact the treatment of digital assets, affecting the company's business and financial condition [99]. - Regulatory actions in various countries could severely restrict the ability to acquire, own, or use cryptocurrencies, affecting the company's operations [138]. - The CEA imposes requirements on certain Bitcoin transactions, which may lead to additional regulatory oversight by the CFTC [228]. Financial Performance and Risks - The company's Bitcoin mining operations require substantial power, and profitability is contingent on maintaining electricity costs lower than generated revenue [45]. - The company faces significant risks related to the fluctuation of Bitcoin prices, which are expected to impact operational results [81]. - The company’s Bitcoin holdings are less liquid than cash and cash equivalents, impacting liquidity [71]. - The market price of the company's ordinary shares has recently declined significantly, with potential risks of delisting from Nasdaq [100]. - Future financing may cause dilution in shareholder ownership or impose restrictions on operations [101]. - The company faces material weaknesses in internal control over financial reporting, which could adversely affect the accuracy of financial results [109]. - The company does not expect to pay dividends in the foreseeable future, relying on price appreciation for returns on investment [98]. - The company's ability to pay dividends may be limited by restrictions on its subsidiaries' ability to make dividend payments [175]. - Future sales of substantial amounts of ordinary shares could adversely affect the market price and the Company's ability to raise capital [199]. - The company may require additional capital to support business growth, which may not be available on acceptable terms [148]. Operational Challenges - The company temporarily ceased its Bitcoin mining operations in the United States due to high operating costs as of December 2023, with 1,112 Aethir Cloud rendering miners currently in operation [105]. - The company plans to enter into hosting service contracts for suitable miners' facilities, with potential risks if sufficient power supply is not secured [107]. - The company suspended operations in Georgia due to high energy prices and moved 1,490 miners to a facility in Indiana [183]. - The company entered into a service agreement with Ever Best Bit Limited to assist in finding data mining host services, with fees calculated at $0.020 per kWh [185]. - The average monthly fees for hosting services in Indiana from July 2022 to August 2023 were tracked, indicating ongoing operational costs [186]. - The company faces risks related to internet disruptions, which could adversely affect cryptocurrency prices and operations [121]. - The company may face increased competition for suitable mining locations, impacting its operational viability [136]. - The company pledged 55 Bitcoins as collateral for financings and short-term loans, with a significant decrease in Bitcoin value potentially leading to margin calls [163]. Bitcoin Market Dynamics - Bitcoin prices have fluctuated significantly, ranging from approximately $35,041 per coin in June 2021 to $30,477 in June 2023, and projected to be $62,678 in June 2024 [110]. - The Bitcoin mining reward will halve from 6.25 Bitcoin per block to 3.125 Bitcoin per block in April 2024, reducing daily rewards from approximately 900 Bitcoin to 450 Bitcoin [134]. - The upcoming Bitcoin halving events may not lead to a corresponding increase in Bitcoin prices, potentially decreasing revenue from mining operations [134]. - Bitcoin production in Marion, Indiana averaged 20.72 Bitcoins per month from July 2022 to July 2023, with a range from 3.75 to 30.04 Bitcoins [187]. - Bitcoin production in Cheyenne, Wyoming averaged 11.16 Bitcoins per month from September 2023 to December 2023, with a range from 4.88 to 14.34 Bitcoins [190]. - Miners earn money through transaction fees, with users competing for priority by adding fees to their transactions during high network usage [225]. Strategic Initiatives - The company may pursue additional opportunities to acquire complementary businesses, potentially increasing leverage and debt service requirements [80]. - The company intends to pursue additional opportunities for acquisitions, which could increase leverage and debt service requirements [142]. - The Company invested $3,000,000 in the MineOne Cloud Computing Investment I L.P. partnership, holding an 8.8235% interest [193]. - The Company sold 100% equity interest in WVM Inc. and China Silanchi Holding Limited for a total of $1,000,000 on April 27, 2022 [201]. - SonicHash US ceased operations in the Wyoming facility as of December 31, 2023, due to high operating costs [190].

Core Viewpoint - Bit Origin Ltd has signed a strategic agreement to become a sales representative for Aethir, a leading enterprise-focused GPU cloud provider, aiming to enhance its market reach and drive growth in the technology and blockchain sectors [1][4]. Group 1: Bit Origin's Strategic Move - The partnership with Aethir aligns with Bit Origin's strategic objectives to innovate and lead in technology and blockchain [4]. - Bit Origin plans to acquire certain Aethir devices for strategic self-deployment in Singapore or Malaysia, indicating a commitment to expanding its operational capabilities [4]. Group 2: Aethir's Market Position - Aethir has successfully raised nearly USD 150 million, positioning itself as a leader in decentralized GPU cloud infrastructure [2]. - Aethir provides GPU-as-a-service for AI and gaming applications, connecting GPU providers with enterprise clients needing high-performance computing resources [2]. Group 3: Industry Implications - The agreement highlights Bit Origin's commitment to embracing cutting-edge technologies and facilitating access to global GPU computing resources [5]. - Aethir's infrastructure supports cloud gaming and has contracts with major gaming and telecom companies, showcasing its flexibility and operational expertise [2].