Core Viewpoint - The CEO of HashKey Group, Dr. Xiao Feng, highlighted that Digital Asset Treasury (DAT) is expected to be the optimal pathway for transferring crypto assets from on-chain to off-chain during the Bitcoin Asia 2025 conference [2] Group 1: Advantages of DAT over Traditional ETFs - Superior liquidity mechanism: DAT significantly enhances asset circulation efficiency, overcoming the lengthy redemption process of ETFs, thus providing investors with a more flexible and rapid asset movement channel [2] - Greater price elasticity and risk isolation: DAT generally exhibits higher market volatility and possesses risk isolation characteristics, creating richer arbitrage strategies and tool options for institutional investors [2] - More scientific leverage structure: DAT companies often design financing structures with leverage effects, offering higher capital appreciation potential compared to merely holding cryptocurrencies for value increase [2] - Built-in asset protection mechanism: DAT features a natural "downside protection"; when its stock price falls below the net value of underlying assets, investors can purchase Bitcoin or related ETFs at a discount, which is typically corrected quickly by the market [2] Group 2: Implications for Traditional Finance - These characteristics make DAT not only technically feasible but also structurally robust, establishing a more efficient bridge for crypto assets to enter the traditional financial sector [2]

Group 1 - The core viewpoint of the news is that Shengye (06069.HK) successfully completed the first supply chain asset RWA (Real World Assets) tokenization project in the Asia-Pacific region on August 27, 2025, under the HashKey Group's Ethereum Layer-2 blockchain, HashKey Chain [1] - The RWA tokenization project has established a shelf quota equivalent to $100 million, linked to the real returns of high-quality supply chain assets across various industry sectors, including e-commerce, and has received positive subscriptions from international investors [2] - The project will be issued in phases using innovative forms such as multi-currency and open stablecoin settlements, including but not limited to supply chain revenue rights tokenization and tokenized supply chain loans [2] Group 2 - HashKey Chain serves as a compliance-friendly blockchain infrastructure, providing a secure, stable, and composable technical foundation for the group, supporting the registration, docking, reconciliation, and circulation of supply chain entity assets on-chain [2] - The successful implementation of the RWA tokenization project aligns with the group's global layout and the development of an "AI + International Supply Chain Technology Platform," accelerating the transformation of "real asset certainty" into "on-chain value configurability" [3] - The project not only marks a successful attempt at RWA tokenization but also validates the compliance and replicability of the entire process related to supply chain asset RWA tokenization, laying the groundwork for scaling up more high-quality international supply chain assets on the platform [3]

Core Viewpoint - The company has successfully launched the first Real World Assets (RWA) tokenization project in the Asia-Pacific region, marking a significant step in its global expansion and the development of an AI-driven international supply chain technology platform [1][3]. Group 1: RWA Tokenization Project - The RWA tokenization project has established a shelf amount equivalent to $100 million, linked to high-quality supply chain assets within the company's international supply chain technology platform [2]. - The project will be issued in phases using multiple currencies and innovative stablecoin settlement methods, including supply chain revenue rights tokenization and tokenized supply chain loans [2]. - HashKey Chain provides a compliant blockchain infrastructure that ensures the secure and efficient flow of supply chain assets between on-chain and off-chain environments [2][3]. Group 2: Global Supply Chain and Web3.0 Integration - The successful implementation of the RWA tokenization project is expected to accelerate the transformation of real asset certainty into on-chain value configurability, validating the compliance and replicability of the entire RWA tokenization process [3][5]. - The integration of RWA tokenization with stablecoin applications aims to address inherent issues in traditional transactions, such as unclear property rights and high transaction costs, thus facilitating efficient capital allocation between global capital and digital assets [3][4]. - The company aims to enhance the operational efficiency of its international supply chain technology platform by converting high-quality international supply chain assets into standardized, traceable digital assets [4][5]. Group 3: Future Prospects and Collaborations - The company plans to extend its digital and intelligent management capabilities of supply chain assets into the Web3.0 domain, filling the information gap in the underlying asset trading within the Web3.0 ecosystem [5]. - Future collaborations with industry partners are anticipated to build an open, compliant, and win-win Web3.0 ecosystem, enhancing the resilience of the real economy and creating sustainable value for small and medium-sized enterprises and global investors [5].

SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） 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 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。 （股份代號：6069） (1)自願性公告－於HASHKEY CHAIN成功發行 亞太區首個供應鏈資 產RWA代幣化項目； 及 (2)有 關2025年7月29日自願性公告之澄清公告 (1) 自願性公告 本 公 告 乃 由 盛 業 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」 或「盛 業」）自 願 作 出。 茲提述本公司於2025年8月21日就正式啟動全球化佈局，打造由人工智能（「AI」） 技 術 驅 動 的 全 新「國 際 供 應 鏈 科 技 平 台」（「科技平台」）的 自 願 性 公 告。本 公 司 董 事 會（「董事會」）進 一 步 欣 然 宣 佈，2025年8月27日，本 集 團 在 亞 ...

Group 1 - The core viewpoint of the article is the establishment of a Digital Asset Anti-Money Laundering (AML) Professional Committee by YuanCoin Technology Group's subsidiary, YuanCoin Innovation Technology, in collaboration with HashKey Group, Beosin, and SlowMist, with support from the Hong Kong Virtual Asset Industry Association [1] - The committee will focus on the compliant issuance of stablecoins and financial integrity, responding to the Hong Kong Monetary Authority's guidelines on anti-money laundering and counter-terrorism financing [1] - The committee aims to develop global AML/CFT standards and will publish two technical reports on stablecoin anti-money laundering [1]

Group 1 - The recent surge in the Hong Kong cryptocurrency ETF market, particularly for Ethereum ETFs, has drawn significant attention, with multiple ETFs recording substantial gains [1] - On August 13, four Ethereum ETFs saw notable increases, with the Jiashi Ethereum ETF (03179.HK) leading at an 8.32% rise, followed by Huaxia Ethereum ETF (03046.HK) at 7.8%, and others also performing well [1] - Ethereum's price surpassed $4600 for the first time since December 2021, driven by institutional support and favorable regulatory expectations [1][5] Group 2 - The development of stablecoins and Real World Asset (RWA) tokenization is providing support to the Ethereum ecosystem, with about half of the stablecoin supply and trading volume concentrated within it [5] - Major players like Coinbase and Robinhood are building layer-2 networks on Ethereum, enhancing its transaction processing capabilities [5] - Recent institutional buying, including large transactions of several hundred million dollars, has significantly increased demand in the spot market, contributing to the passive increase in ETF shares and net inflows [5] Group 3 - The marginal improvement in U.S. regulatory attitudes and the potential for future ETF staking yield have bolstered market bullish sentiment [6] - The current market dynamics show Ethereum leading the charge, with Bitcoin and other major cryptocurrencies following suit, indicating a reassessment of the long-term value of crypto assets [8] - The signing of an executive order by U.S. President Trump allowing alternative assets, including cryptocurrencies, into 401(k) retirement plans has structurally enhanced demand for virtual currencies [8] Group 4 - Ethereum is currently in a "strong trend + high volatility" upward phase, with expectations for cautious accumulation after potential pullbacks [8] - Short-term price movements for Ethereum may depend on the continuation of institutional buying and ETF inflows, alongside stable regulatory policies [9] - The future trajectory of cryptocurrencies will be influenced by macro policies, market sentiment, and the ongoing integration of virtual currencies into the traditional financial system [9]

Core Viewpoint - The article discusses the cautious yet optimistic perspective on the recent surge in interest surrounding stablecoins and the regulatory framework in Hong Kong, emphasizing the need for a balanced understanding of the market dynamics and regulatory environment [4][5]. Regulatory Environment - The Hong Kong Stablecoin Regulation, effective from August 1, 2025, is the first regulatory framework globally to focus on fiat-backed stablecoins through a licensing system [4]. - There is a prevailing sentiment that the excitement around stablecoins may be overstated, with regulatory bodies in Hong Kong indicating a cautious approach to issuing licenses [6][7]. - The Hong Kong Monetary Authority (HKMA) is expected to be stringent in its licensing process, focusing on the applicants' backgrounds, particularly in financial risk management and anti-money laundering capabilities [7][8]. Market Dynamics - The article highlights a contrast between the public enthusiasm for stablecoins and the regulatory caution observed in Hong Kong, where the focus is on preventing potential money laundering risks associated with stablecoin issuance [9][10]. - The discussion points out that while there is significant interest in stablecoins, the actual number of licenses granted may be very limited due to strict regulatory scrutiny [7][9]. Future Outlook - The conversation suggests that the acceptance of stablecoins in mainland China may pave the way for broader acceptance of cryptocurrencies and blockchain technology, driven by the need to compete in the global monetary landscape [17][19]. - The potential for Real World Assets (RWA) to gain traction in the Chinese market is also discussed, with the expectation that RWA could support the real economy and thus be more readily accepted by regulators [21][22]. Technological and Financial Innovation - The article emphasizes that stablecoins are not merely payment solutions but serve as a pricing foundation for volatile crypto assets, highlighting their role in stabilizing transactions within the crypto market [45][46]. - The discussion on RWA indicates a multi-stage approach to asset tokenization, starting from fiat currency to financial assets, and eventually to physical assets, with the latter facing significant technological challenges [24][26]. Hong Kong's Position - Hong Kong is positioned as a potential global center for digital finance, leveraging its unique legal framework and the influx of capital from mainland China [52][53]. - The article notes that the recent optimism surrounding Chinese assets, particularly in AI and crypto, has led to a significant reevaluation of their market potential, contributing to Hong Kong's resurgence as a financial hub [50][52].

Group 1 - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of a regulatory framework focused on fiat-backed stablecoins [1] - There is a growing interest in stablecoins and Real World Assets (RWA) in the Chinese-speaking world, with industry leaders expressing cautious perspectives on the hype surrounding these developments [3][5] - Hong Kong's regulatory authorities are expected to be very strict in issuing licenses for stablecoins, with a focus on anti-money laundering measures and the financial risk management capabilities of applicants [6][7] Group 2 - The regulatory environment in Hong Kong is characterized by a cautious approach, contrasting with the enthusiasm seen in the market, as authorities are concerned about potential money laundering risks associated with stablecoins [6][19] - The discussion around stablecoins in Hong Kong is influenced by international financial trends, with a recognition that the region must maintain its reputation as a global financial center [5][6] - The potential for Hong Kong to become a global center for digital finance is linked to its unique position within the context of China and its common law system, which allows for more flexibility compared to mainland regulations [51][52] Group 3 - The conversation around RWA indicates a multi-stage approach to asset tokenization, starting with fiat currencies, moving to financial assets, and eventually to physical assets, which presents significant challenges [21][24] - The successful implementation of RWA requires addressing technical issues such as ensuring the integrity of off-chain assets and their digital representations on the blockchain [22][24] - The future acceptance of RWA in mainland China is anticipated, as it aligns with the need to support the real economy and respond to global trends in digital asset regulation [17][18] Group 4 - The emergence of stablecoins is seen as a response to the volatility of cryptocurrencies, providing a stable medium for pricing and trading crypto assets [43][44] - The underlying technology of stablecoins and RWAs is based on distributed ledger technology, which offers a new method of accounting and financial infrastructure [39][40] - The potential for stablecoins to facilitate cross-border transactions and their role in the evolving global financial landscape is emphasized, highlighting their significance beyond mere payment systems [41][43]

Core Viewpoint - Huajian Medical (1931.HK) has experienced a significant stock price increase, reaching a historical high, driven by its strategic move into the global enhanced Ethereum treasury market [1] Group 1: Stock Performance - The stock price of Huajian Medical surged nearly 27% to 9.95 HKD, marking a new historical high [1] - The stock has seen a cumulative increase of 120% in July, with prices doubling again in August [1] Group 2: Strategic Initiatives - Huajian Medical has officially launched a strategy for a "global enhanced Ethereum treasury" with a focus on Ethereum as a core reserve asset [1] - The company aims to become a leading listed company in terms of Ethereum reserve scale in the Hong Kong market and globally [1] - Funding for this strategy will come from various sources, including self-owned funds, stable annual distributable profits, replacement of inefficient inventory assets, and continuous financing through ATM (At-The-Market) [1] Group 3: Partnerships and Collaborations - The company has signed a global strategic cooperation framework agreement with HashKey Group, a leading digital asset financial services group [1] - This partnership aims to accelerate the implementation of the "global enhanced Ethereum treasury" strategy and provide efficient, secure, and compliant digital asset services to global clients [1] Group 4: Cryptocurrency Market Context - The cryptocurrency market has shown strength, with Bitcoin surpassing 12.1 thousand USD per coin and Ethereum breaking through 4300 USD per coin, reaching a new high since the end of 2021 [1]

Core Viewpoint - 华检医疗 has signed a global strategic cooperation framework agreement with HashKey Group to enhance its digital asset services and accelerate the implementation of its "Global Enhanced Ethereum (ETH) Treasury" strategy [1] Group 1: Company Developments - 华检医疗's stock price surged over 20%, reaching a new high of 9.48 HKD during trading, and is currently up 15.05% at 9.02 HKD with a trading volume of 7.94 million HKD [1] - The cooperation aims to provide more efficient, secure, and compliant digital asset services to both parties' global clients [1] Group 2: Strategic Partnership - The framework agreement will leverage HashKey Group's fully licensed compliance ecosystem to offer one-stop digital asset management services [1] - Services include large-scale trading execution and cost optimization for Ethereum (ETH), global market liquidity support, and exploring the integration of crypto asset reserves with real-world assets, particularly in medical innovation intellectual property [1] - This partnership will enable 华检医疗 to manage its Ethereum (ETH) reserves more efficiently, optimize trading costs, and access broader market resources and technical support globally [1]