Boyaa Interactive International Limited 博雅互動國際有限公司 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，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 博雅互動國際有限公司 主席兼執行董事 戴志康 於本公告日期，本公司執行董事為戴志康先生和陶穎女士；本公司獨立非執行董事為 張毅林先生、蔡漢強先生和馬靖淳先生。 （於開曼群島註冊成立的有限公司） （股份代號：0434） 董事會會議召開日期 博雅互動國際有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二五年 八月十一日（星期一）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司截至 二零二五年六月三十日止六個月的未經審核中期業績。 香港，二零二五年七月三十日 ...

自去年7月30以来，Strategy的股价已上涨超过140%，而比特币的价格同期涨幅大约75%——在这样的差异之下，金库公司的模式引来了机构投资者和个 人投资者的更多关注，也催生了更多上市公司"试水"，其中就不乏港股上市公司。 香港上市公司打造「金库」 美国支持稳定币和加密货币的"天才法案"通过后，美国资本市场的加密货币"金库公司"再次成为投资者关注的焦点，而在这样的背景下包括Micro Strate g y （下称Strategy，MSTR.US）、 Bitmine （BMMR.US ）等公司 也在过去一段宣布新的融资等动作。 Strategy在7月25日宣布，发行约25亿美元的可变利率A系列永续延伸优先股（STRC）。每股定价为90美元。初始股息率为每年9.00%，公司有权每月调整 股息率。此次发行包括28,011,111股，每股票面金额为100美元。公司称，发行募集资金主要用来购买比特币及公司一般用途。 据彭博援引知情人士信息，该优先股9%的回报率以及无具体到期日，"这在优先股发行中非常罕见"。目前，Strategy持有607700枚比特币，平均收购成本 约71756美元，截至发稿，比特币价格约11.9 ...

Core Points - The U.S. House of Representatives passed the GENIUS Act, a stablecoin regulatory bill, which is now awaiting Trump's signature for enactment [1] - The bill defines "payment stablecoins" and establishes a regulatory framework, reserve requirements, and investor protections [1][2] Regulatory Framework - Only "Permitted Payment Stablecoin Issuers" (PPSI) can issue stablecoins in the U.S., which includes banks and certain state-level institutions [1] - Issuers with a market cap below $10 billion will be supervised by state regulators, while those above will be directly regulated by the Federal Reserve and the OCC [1] Reserve and Transparency Requirements - Issuers must hold liquid assets equal to the amount of stablecoins issued, ensuring a 1:1 reserve ratio [2] - Regular third-party audits and monthly liquidity reports are mandated to enhance transparency [2] Investor Protection - In the event of issuer bankruptcy, stablecoin holders have priority over other creditors [2] - Misleading marketing practices are prohibited, and issuers must comply with AML and CTF regulations [2] Market Reaction - Following the bill's passage, Circle's stock remained stable, while Coinbase's shares rose over 3% [2] - The cryptocurrency market saw significant gains, with Bitcoin surpassing $120,000 and Ethereum rising over 7% [3] Related Legislation - The House also passed the CLARITY Act, which aims to establish a regulatory framework for cryptocurrencies, transferring more control from the SEC to the CFTC [5][6] - The Anti-CBDC Act was also passed, preventing the Federal Reserve from issuing or testing a central bank digital currency without Congressional approval [6]

Core Viewpoint - The passage discusses the recent approval of the GENIUS Act, a regulatory framework for stablecoins in the United States, which is expected to enhance transparency and investor protection in the stablecoin market [1][2]. Summary by Sections Stablecoin Regulation - The GENIUS Act defines "payment stablecoins" as digital assets pegged to a fixed currency value, primarily for payment or settlement purposes, and clarifies that they are not classified as securities or commodities [2]. - Only "Permitted Payment Stablecoin Issuers" (PPSI) can issue stablecoins in the U.S., which includes banks and certain state-level institutions, with oversight based on market capitalization [2]. Reserve and Transparency Requirements - Issuers must hold liquid assets equivalent to the stablecoin issued, ensuring a 1:1 reserve ratio to maintain value stability [3]. - Regular third-party audits and monthly liquidity reports are mandated to enhance market trust, with specific requirements for issuers based on their market capitalization [3]. Investor Protection - In the event of issuer bankruptcy, stablecoin holders have priority over other creditors, and misleading marketing practices are prohibited [3]. - Issuers are required to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations [3]. Market Reactions - Following the passage of the GENIUS Act, stocks of stablecoin issuers like Circle and cryptocurrency platforms like Coinbase showed minimal changes, with Coinbase experiencing a slight increase [3]. - The cryptocurrency market saw significant price increases, with Bitcoin surpassing $120,000 and Ethereum rising over 7% [4]. Legislative Developments - The U.S. House also passed the CLARITY Act, which aims to establish a regulatory framework for cryptocurrencies, shifting oversight from the SEC to the CFTC, although it faces opposition from some Democrats [7]. - Another bill, the CBDC Anti-Surveillance State Act, was passed to prevent the Federal Reserve from issuing central bank digital currency without Congressional approval [7].

Group 1 - The core viewpoint of the article highlights the strong performance of cryptocurrency-related stocks in the Hong Kong market, with notable gains in several companies [1] - Blue Ocean Interactive (08267.HK) saw an increase of 9.33%, indicating a significant rise in investor interest [1] - OSL Group (00863.HK) and Boyaa Interactive (00434.HK) also experienced gains of 4.94% and 4.36% respectively, reflecting a positive trend in the sector [1][1]

Group 1 - The virtual asset market is rapidly developing, with Hong Kong accelerating its efforts to establish itself as an international virtual asset center, attracting Chinese brokerage firms to enter the market [1] - The Hong Kong government views Web3.0 and virtual assets as core strategies to reshape financial competitiveness, having released the "Virtual Asset Policy Declaration" in 2023 to support industry innovation [1] - The Hong Kong Securities and Futures Commission (SFC) has tightened regulations, implementing a "dual license" system for virtual asset trading platforms, with 11 institutions already obtaining formal licenses [1] Group 2 - Hong Kong is exploring the issuance of an official stablecoin, the "Digital Hong Kong Dollar," aimed at providing an anchor asset for the virtual economy and enhancing cross-border payment capabilities [2] - Companies listed in Hong Kong are accelerating their layout in the Web3.0 sector, covering various areas such as trading platforms, data analysis, and asset tokenization [2] - OSL Group, as Hong Kong's first licensed virtual asset trading platform, reported a 79% year-on-year revenue increase to HKD 375 million in 2024, with a trading volume exceeding HKD 100 billion [2] Group 3 - Other Hong Kong-listed companies, such as Boyaa Interactive, Victory Securities, and Blueport Interactive, have also made moves in the cryptocurrency space, with stock price increases of 97%, 176%, and 60% respectively this year [3]

Group 1 - The cryptocurrency concept stocks in the Hong Kong market have shown strong performance, with Okex Chain (01499.HK) rising by 4.84%, Blueport Interactive (08267.HK) also increasing by 4.84%, OSL Group (00863.HK) up by 4%, and Boya Interactive (00434.HK) gaining 1.94% [1] - Blueport Interactive has established the LK CRYPTO division to accelerate its layout in WEB3 and RWA cryptocurrency assets [1]

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down by 0.29%, the Hang Seng China Enterprises Index down by 0.18%, and the Hang Seng Tech Index down by 0.24% [1][2] - All three indices reached new highs since April during the trading session [1] Sector Performance - Major technology stocks mostly declined, with Meituan down 1.66%, Netease down 1%, and Xiaomi, JD.com, and Tencent also falling, while Baidu and Alibaba saw gains [2] - Large financial stocks, including banks, insurance, and brokerage firms, performed poorly, and sectors related to "anti-involution" saw significant declines, particularly in construction materials, cement, and steel [2] - Conversely, education stocks surged due to a national initiative for large-scale vocational skills training, and cryptocurrency-related stocks rebounded in the afternoon [2][11] - Biopharmaceutical stocks continued their upward trend, and semiconductor stocks rose as Nvidia announced a resumption of chip sales to China [2] Notable Stock Movements - Kintone International saw a drop of over 7%, while NIO, Meituan, and BYD Electronics fell over 1%. Conversely, Tongcheng Travel rose over 3%, and Tencent Music and Kuaishou increased by over 2% [4][5] - Real estate stocks declined, with Midea Real Estate down over 5% and several other major developers falling by over 3% [6] - Coal stocks experienced significant drops, with Anyu Asia and Mongolia Energy down over 6% [7] Tourism and Education Stocks - Tourism-related stocks were active, with Tongcheng Travel rising over 5% and other travel companies following suit [8] - The government announced a large-scale vocational skills training initiative, leading to a collective rise in education stocks, including China Oriental Education and Zhonghui Group, both up over 3% [10] Cryptocurrency Stocks - Cryptocurrency-related stocks saw significant gains, with Blue Ocean Interactive up over 25% and Boya Interactive up over 9% [11][12] Individual Stock Highlights - Weiyali resumed trading and saw a dramatic increase of 918.4% at one point, closing with a gain of 288.34% [13] - China San San Media rose over 72%, with a month-to-date increase of 378%, following plans to apply for a stablecoin license [17] Capital Flows - Southbound funds recorded a net inflow of 1.603 billion HKD, with the Shanghai-Hong Kong Stock Connect seeing a net buy of 2.009 billion HKD [21] Market Outlook - Huatai Securities indicated that market volatility may increase, with the importance of sector rotation rising. They suggested focusing on sectors with higher profitability and safety margins in the short term, such as food and beverage, personal care, and finance [23]

Group 1 - Hong Kong cryptocurrency concept stocks experienced a pullback during trading [1] - OK Group (01499.HK) fell nearly 6% [1] - Boya Interactive (00434.HK) and Guotai Junan International (01788.HK) both dropped over 4% [1] - Guofu Quantum (00290.HK) declined nearly 2.5% [1]

Investment Rating - Investment rating: None [4] Core Views - The partnership between MP Materials and the U.S. Department of Defense (DoD) aims to enhance domestic manufacturing capabilities for rare earth magnets, reducing reliance on foreign supply chains. This collaboration signifies a shift towards localizing critical supply chains amid rising geopolitical uncertainties [4][16][17] - The restructuring of key resource supply chains driven by geopolitical security concerns is expected to be a significant theme for future investment opportunities [4][17] Market Performance Review - The Hong Kong and U.S. tech stocks experienced fluctuations during the week of July 7 to July 11, 2025. The Hang Seng Tech Index closed at 5248.5, up 0.6%, underperforming the Hang Seng Index by 0.3 percentage points. The Philadelphia Semiconductor Index closed at 5696.3, up 0.9%, outperforming the Nasdaq 100 and S&P 500 indices [7][9] - The uranium sector saw gains, with notable increases in companies such as Centrus Energy (+18%) and others [9] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies rose to $3.61 trillion as of July 11, 2025, up from $3.32 trillion the previous week. The total trading volume for cryptocurrencies was $19.32 billion, accounting for 5.35% of the total market cap [19][26] - The sentiment in the cryptocurrency market is currently in the "greed" zone, with a fear and greed index reading of 67 [23] Recent Important Events - The partnership between MP Materials and the DoD is a landmark event, reflecting the U.S. government's push for domestic production of strategic resources [16][17] - The cryptocurrency market saw significant inflows into core asset ETFs, totaling $2.718 billion for the week [28]