Group 1 - The board meeting of Multi-Point Intelligent (02586.HK) is scheduled for August 13, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential declaration of an interim dividend, if any [1]

承董事會命 多点數智有限公司 主 席 馮廣晟先生 香 港，2025年8月1日 於 本 公 告 日 期，董 事 會 包 括(i)執 行 董 事 張 峰 先 生；(ii)非執行董事馮廣晟 先 生、陳 志 宇 先 生 及 王 正 浩 先 生；及(iii)獨 立 非 執 行 董 事 侯 陽 博 士、蔡 琳 女 士、毛 基 業 博 士 及 李 維 先 生。 Dmall Inc. 多点數智有限公司 （於 英 屬 維 爾 京 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2586） 董事會會議通告 多 点 數 智 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2025年8月13日（星 期 三）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 本 集 團 截 至2025年6月30日止六個月的中 期業績及其發佈，並 考 慮 建 議 派 發 中 期 股 息（如 有）。 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 ...

此外，多点数智公布，配售事项已于2025年7月21日根据配售及认购协议的条款及条件完成，经办人已 以尽最大努力成功配售合共3540万股配售股份予不少于六名承配人，配售价为每股配售股份11.1港元。 由于完成认购事项的所有条件均已达成，公司根据配售及认购协议的条款及条件于2025年7月25日按每 股认购股份11.1港元向卖方配发及发行3540万股认购股份。认购事项的所得款项净额约3.88亿港元。 香港联交所最新资料显示，7月31日，多点数智(02586)股东将股票存入德意志银行，存仓市值44.13亿， 占比45.19%。7月21日，多点数智股东将股票由国泰君安(香港)转入港股通(沪)，转仓市值4.71亿港元， 占比4.40%。 ...

Group 1 - The core point of the article highlights the recent stock movements and capital raising activities of Multi-Point Intelligence (02586) [1] - On July 31, shareholders of Multi-Point Intelligence deposited shares worth HKD 44.13 billion into Deutsche Bank, representing 45.19% of the total [1] - On July 21, shareholders transferred shares worth HKD 4.71 million from Guotai Junan (Hong Kong) to the Hong Kong Stock Connect, accounting for 4.40% [1] Group 2 - Multi-Point Intelligence announced the completion of a placement of 35.4 million shares at a price of HKD 11.1 per share, as per the terms of the placement and subscription agreement [1] - The net proceeds from the subscription amount to approximately HKD 3.88 billion [1] - All conditions for the completion of the subscription have been met, and shares were issued on July 25, 2025 [1]

Group 1 - JD reported over 66,000 applications for its "Dish Partner" recruitment initiative, with the first store of Seven Fresh Kitchen achieving over 1,000 daily orders and a 220% higher repurchase rate than average within a week [6] - Three Squirrels established its South China regional headquarters in Foshan, aiming for an annual output value exceeding 4 billion yuan through the development of a snack industry supply chain [8] - Fei Dazhu announced it has surpassed 180 directly-operated stores nationwide, significantly accelerating its store opening pace with over 50 new stores launched last year [9] Group 2 - Chongqing Department Store's New Century Supermarket opened its 9th store in Yubei, showing significant customer traffic growth and improved efficiency metrics, validating the potential of its fresh discount store model [10] - Starbucks reported an 8% year-on-year revenue increase in China for Q3 2025, reaching $790 million, with same-store sales up 2% and a total of 7,828 stores [10] - Yonghui Supermarket plans to raise up to 3.992 billion yuan through a private placement to upgrade stores, enhance logistics, and supplement working capital [11] Group 3 - Multi-point Intelligence signed a cooperation agreement with Zhuba Co. in Zhuzhou, marking the start of a digital transformation project in the retail sector [14] - Jiajiayue Group partnered with Fumeitong for directional planting, ensuring quality control from farm to table for garlic products [16] - Metro's first flagship store in Henan is set to open in January 2026, with a total investment of 1.5 billion yuan [19] Group 4 - Peets Coffee closed its first store in South China located in Shenzhen after nearly four years of operation [20] - Ajisen China temporarily reduced its franchise fees in mainland China from 3,500 yuan to 2,500 yuan per month, effective until the end of 2026 [21] - Shanghai's night-time consumption reached 88 billion yuan in the first half of 2025, a 3.3% year-on-year increase, with dining, retail, and cultural entertainment contributing 78% [22] Group 5 - 1688 announced an upgrade to its industrial product growth system to enhance procurement efficiency for merchants [23] - Kuaishou e-commerce launched the "Super Pet Fan Festival" pre-sale, providing support for merchants through traffic incentives and consumer subsidies [24] - Xianyu's AI products have reached 30 million users, with 138 million items listed using AI and a total GMV exceeding 1.4 billion [25]

Core Viewpoint - The collaboration between government and enterprises is creating a stablecoin ecosystem anchored by high-quality Chinese assets, with RWA assets on-chain expected to usher in the era of Web 3.0 [1][5] Group 1: Stablecoin and RWA - Stablecoins focus on "fiat currency tokenization," while RWA emphasizes "asset tokenization," enhancing asset liquidity and providing low-risk, stable-return financial products in the Web 3.0 space [2] - Hong Kong is leading the world in stablecoin legislation, closely following the U.S. legislative progress [2] Group 2: Blockchain Layers - The progression from consortium chains to Layer 2 public chains and then to Layer 1 public chains highlights the advantages of each layer, including compliance with KYC/AML regulations and high transaction performance [3] - Layer 1 public chains serve as the foundational layer for consensus, data storage, and smart contract execution, while Layer 2 enhances performance and liquidity [3] Group 3: RWA Development Phases - The first phase of RWA focuses on foundational construction, with assets being tokenized and offering fixed returns similar to traditional investments [4] - The second phase activates liquidity through a layered architecture, enabling a closed-loop of "financing-splitting-circulation" for RWA [4] - The third phase aims to create a mature global RWA ecosystem with cross-chain transactions becoming the norm [4] Group 4: Investment Recommendations - The report suggests monitoring companies involved in RWA asset tokenization, such as Aorede, Longxin Group, and Xiexin Energy, during the foundational phase [5] - For the liquidity activation phase, attention should be given to trading platforms and internet brokerages like Yao Cai Securities and Dongfang Wealth [5] - In the global asset network integration phase, major internet giants like JD.com and Alibaba are recommended for observation [5]

宜搜科技配股募资超3亿港元，布局现实世界资产业务（RWA）等；多点数智募资近4亿港元，投向稳 定币及区块链研发……香港《稳定币条例》生效在即，多家港股公司融资布局相关业务，备受市场关 注。 业内人士认为，近期多家港股公司"抢滩"稳定币的举措，在二级市场引起投资者关注，公司股价呈现上 涨态势。当中部分企业在稳定币等领域积累较深，具备较强的竞争优势，市场发展空间较大，但需警惕 蹭热度的公司，避免市场炒作风险。 募资布局稳定币等新兴领域 据不完全统计，超过40家港股公司在7月披露再融资公告。其中，多家港股公司募集资金的主要用途为 布局稳定币相关业务。 7月24日，宜搜科技发布公告称，该公司、控股股东Growth Value LTD.及配售代理订立配售及认购协 议，Growth Value LTD.将出售6578.7万股，按最后交易日（7月23日）收盘价折让14.7%，确定每股配售 价5.26港元。同时，宜搜科技按照每股5.26港元，向该股东发行同等数量的股份。 截至7月25日，宜搜科技自6月29日宣布推进现实世界资产代币化以来，股价累计上涨58.62%；多点数 智自7月3日宣布申请稳定币以来，公司股价涨幅超26.5 ...

Group 1 - The Hang Seng Index rose by 1.9%, gaining 457 points to close at 24,485 points, while the Hang Seng Tech Index increased by 2.08%. The early trading volume in Hong Kong stocks reached HKD 175.9 billion [1] - In June, 150 A-share IPOs were accepted, and brokerage firms are expected to continue reporting high year-on-year growth in their mid-year results. Chinese brokerage stocks saw significant gains, with Zhongzhou Securities surging by 64% and Guolian Minsheng rising by 21% [1] - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting on stablecoins, leading to a rise in stablecoin-related stocks, including Guotai Junan International, which increased by 6.6% [1] Group 2 - TSMC reported a 40% year-on-year increase in revenue for the first half of the year, indicating ongoing domestic advancements in the semiconductor industry. Chip stocks rose, with Huahong Semiconductor gaining 4.12% [1] - The Bond Connect Southbound channel is set to expand, which is expected to alleviate pressure on the asset side for insurance companies. Domestic insurance stocks saw broad gains, with China Pacific Insurance rising by 5.6% [1] Group 3 - Greenland Hong Kong's stock surged over 17% after signing a cooperation agreement with Shenzhen Lihe for the "Shaoguan Intelligent Computing Center" [2] - Giant Star Legend's stock increased by over 20% following Jay Chou's first video release on Douyin, which attracted over 10 million followers [3] - Singularity National Peak's stock rose by 5% after signing a letter of intent to acquire an AI technology company [4] Group 4 - Fast Retailing, the parent company of Uniqlo, saw its stock drop nearly 6.6% due to a decline in revenue and profit in the Greater China region for the third fiscal quarter [5] - Yao Cai Securities fell over 2% after Ant International denied rumors of a partnership with Circle regarding stablecoins [6]

Market Performance - Today, Hong Kong stocks showed significant movements with various companies experiencing notable gains, including Now Medical Technology (02225) which rose over 5% after a partnership with David Medical to develop "Minimally Invasive 5.0" technology [1] - Semiconductor stocks also saw an uptick, with Huahong Semiconductor (01347) increasing by 4.12%, and SMIC (01347) rising by 3.11% [1][2] - Hong Kong Travel (00308) surged over 14%, doubling its stock price in less than a month, driven by speculation in the tourism industry [1] - Meituan-W (03690) rose over 3% as it led an investment in Star Sea Map, furthering its focus on embodied intelligence [1] - The insurance sector saw broad gains, with China Pacific Insurance (02601) up 4.88% and China Life Insurance (02318) increasing by 3.19% [1] Company-Specific Developments - Alibaba-W (09988) increased over 3%, although its investment in instant retail and delivery services may impact profitability, according to HSBC [2] - Qian Shi International (00381) skyrocketed by over 55% due to a proposed digital economy collaboration involving a stablecoin mechanism [2] - Stablecoin-related stocks rose, with Guotai Junan International (01788) up 9.13% and China Everbright Holdings (00165) increasing by 4.83% [2] - Yadi Holdings (01585) gained over 4% following the announcement of a new electric vehicle replacement program [3] - WuXi AppTec (02359) opened nearly 5% higher after announcing expected revenue exceeding 20 billion yuan and a projected doubling of net profit [3] Industry Trends - The electric vehicle sector is expected to see growth due to a new replacement program, which could accelerate industry expansion [3] - The rare earth sector is also experiencing upward momentum, with Jinli Permanent Magnet (06680) rising over 5% after major players announced price increases [3] - The biotechnology sector is witnessing positive developments, with Xiansheng Pharmaceutical (02096) gaining over 3% after a collaboration with Conade Biopharmaceuticals [2][3]

Core Viewpoint - The recent surge in small-cap stocks in the Hong Kong market, particularly those related to stablecoin concepts, has attracted investor attention despite ongoing market consolidation. The stocks exhibit characteristics such as small market capitalization, concentrated ownership, and a history of low trading activity [1][4]. Group 1: Market Activity - On July 10, stablecoin concept stocks in Hong Kong saw significant gains, with Delin Holdings rising over 70% at one point and closing up 18%. Jinyong Investment experienced a dramatic increase of over 650% on July 8, followed by a sharp decline of nearly 47% on July 9 [2][3]. - Jinyong Investment announced a strategic cooperation framework with AnchorX to explore applications of the AxCNH stablecoin in various financial transactions, including securities and foreign exchange [2][3]. Group 2: Industry Concerns - Industry insiders express skepticism regarding the profitability of the cooperation between Jinyong Investment and AnchorX, citing a lack of transparency in their banking custody and auditing mechanisms. The stability of AxCNH remains unverified, and traditional financial institutions are hesitant to adopt stablecoin settlements [3][4]. - The recent trading activity of several Hong Kong stocks linked to stablecoin concepts has raised concerns about speculative trading, as many of these stocks have small market capitalizations and concentrated ownership, leading to potential manipulation [4][6]. Group 3: Company Profiles - Jinyong Investment, listed since October 2007, has a high ownership concentration, with 69.16% of its shares held in the central clearing system and 95.79% of the top ten brokerage positions. The company has a history of unstable profitability, with a projected pre-tax profit of 72.16 million HKD for 2024, up 53% from 2023 [4][5]. - Puxing Energy, listed in 2009, primarily engages in natural gas power plant operations. As of July 10, its market capitalization was under 700 million HKD, and its stock price had been below 1 HKD for an extended period before the recent surge [5].