近日获悉港股上市公司首都金融控股(08239.HK，以下简称"首都金控")在设立全资子公司作为公司研发 中心，同时引入优秀AI大模型团队，拟依托大数据、区块链及AI技术搭建智能服务平台，重点拓展智 能信贷审批、智能风控等场景。 在增量业务上，AI大模型创新应用打开长期增长空间。随着香港及内地数字金融市场的快速发展，数 字化确权与融资成为行业新蓝海。首都金控依托AI+区块链技术，可探索将传统资产转化为可拆分、可 流转的数字资产，拓展供应链金融、资产证券化等新场景。 这不仅能丰富公司收入来源，更能摆脱传统短期借贷业务的利率敏感性限制，实现业务结构的多元化升 级——券商跟踪数据显示，目前港股市场中布局RWA赛道的金融机构平均估值溢价达30%-50%，公司 有望凭借先发优势享受估值红利。资本市场价值：短期催化与长期估值重塑共振 短期来看，事件驱动信号明确。公司自8月底发布半年报以来，股价已出现阶段性上涨，市场对其金融 科技战略已有初步认可。 业内有观点认为，此次人才引进并非简单的技术补充，而是公司深化金融科技战略、突破传统业务瓶颈 的关键落子，有望从效率提升、业务扩容及估值重塑三个维度为股东创造长期价值，短期催化与长 ...

Core Insights - The article chronicles the journey of Zhao, a significant figure in the digital finance sector, highlighting his strategic decisions and the evolution of his trading platform from its inception to its global expansion [2][4][6]. Group 1: Business Evolution - Zhao's early career involved moving to Canada, where he immersed himself in programming and trading software, eventually founding his trading platform in Shanghai in 2017 after selling his property [2]. - The onset of the COVID-19 pandemic in 2020 led to a rapid expansion of his team to over a thousand members and daily trading volumes exceeding 10 billion RMB [2]. - A pivotal moment occurred in September 2021 when Zhao's operations in mainland China were halted, prompting a strategic shift to a global business model and remote work [4]. Group 2: Strategic Resilience - Following a brief imprisonment in 2024, Zhao relocated to the UAE, which was seen as a strategic move to maintain influence while managing operations remotely [4]. - The team's organizational resilience is attributed to its global employee distribution and diverse product offerings, including exchanges, token issuance, and DeFi tools [7]. Group 3: Market Dynamics - In 2025, the cryptocurrency market began to recover, particularly with the easing of stablecoin regulations in Hong Kong, which acted as a catalyst for market changes [6]. - Zhao's participation in key forums in August 2025, where he discussed the role of stablecoins in the internationalization of the RMB, indicated a proactive approach to market engagement [6]. Group 4: Regulatory Landscape - The article emphasizes the need for improved compliance mechanisms as the market evolves, highlighting the importance of transparency and risk management to sustain user trust [11]. - Regulatory shifts in Hong Kong suggest a move towards a more nuanced approach to cryptocurrency, balancing investment opportunities with necessary oversight [11]. Group 5: Personal and Market Reputation - Zhao's public appearances are framed as efforts to restore his personal reputation and validate his strategic direction within the market [15]. - The ongoing developments in the regulatory environment and potential political factors are seen as critical to the future trajectory of Zhao's ventures and the broader market [15][17].

Core Insights - The digital asset treasury (DAT) companies have experienced unprecedented financing, surpassing $20 billion in 2025, with nearly $10 billion raised in July alone, indicating a record-breaking year for the industry [1][3]. - However, the financing boom appears to have peaked, with many DAT companies' trading prices falling below their net asset values (NAV), leading to liquidity pressures and the potential for industry consolidation [1][5]. Financing Trends - DAT companies have raised over $20 billion in 2025, with July accounting for almost half of this total [3]. - A total of 154 publicly listed companies in the U.S. have raised approximately $9.84 billion for cryptocurrency purchases this year [3]. - The market is shifting towards a "player versus player" competition, where merely replicating the strategies of early entrants like MicroStrategy is no longer sufficient for success [3]. Market Dynamics - The competitive landscape is intensifying, leading to a significant compression of valuation premiums previously enjoyed by early entrants [3][5]. - Analysts predict that the market will transition from the initial formation phase of DAT to execution, expansion, and potential consolidation [3]. Challenges Faced - NAV discounts and liquidity issues are becoming critical challenges for DAT companies, with many trading below their NAV [5][6]. - Low trading volumes restrict companies' abilities to raise funds through market offerings without negatively impacting their stock prices [5][6]. Strategic Responses - Leading DAT companies are actively seeking differentiation strategies to survive, including enhancing liquidity [2][7]. - Some companies are investing in locked Solana tokens at a discount, which could yield higher returns over time [7]. - The development of options markets for DAT stocks is seen as essential for creating a positive liquidity cycle [7]. Shift in Investment Focus - As the DAT sector becomes saturated, venture capital is shifting towards decentralized finance (DeFi), real-world assets (RWA), and stablecoins [2][8]. - The anticipated interest rate cuts by the Federal Reserve are expected to make DeFi yields more attractive, driving demand for high-yield RWA products [8]. - Investors are also focusing on mature crypto businesses and selective investments in tokens with strong fundamentals [8].

Group 1: Overview of Stablecoin Development in Hong Kong - The integration of traditional finance and digital assets is accelerating in Hong Kong, with stablecoins seen as a bridge between the two worlds [1][2] - The Hong Kong Monetary Authority (HKMA) plans to open applications for the first stablecoin issuer licenses between August 1 and September 30, 2025, with 77 entities expressing interest as of August 31 [1][8] - Regulatory bodies, including the HKMA and the Securities and Futures Commission, have issued warnings about the need for investor caution, indicating that only a few licenses will be granted initially [1][5] Group 2: Regulatory Environment and Market Reactions - The tightening of regulations is viewed as a double-edged sword, potentially increasing innovation costs for early adopters while ensuring market safety [5][6] - KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are emphasized, requiring stablecoin issuers to retain user identity information for over five years [5][6] - Some market participants believe that stricter regulations could ultimately benefit the industry by protecting participants' rights and attracting more users [7][8] Group 3: Market Opportunities and Use Cases - Stablecoins are expected to play a significant role in cross-border payments, leveraging Hong Kong's position as a trade hub [8][9] - The potential for stablecoins extends beyond payments, with possibilities for tokenizing Real World Assets (RWA), thereby enhancing liquidity and investment opportunities [15][16] - The market for stablecoins is projected to grow significantly, with estimates suggesting a market size of $500 billion to $750 billion in the coming years [10] Group 4: Digital Currency Experiments and Innovations - Hong Kong is exploring various digital currency initiatives, including the m-CBDC Bridge project for central bank digital currencies (CBDCs) and tokenized deposits [11][12] - The interplay between stablecoins and CBDCs is seen as complementary, with stablecoins addressing retail payment needs while CBDCs focus on wholesale transactions [12][14] - HSBC has launched a tokenized deposit service, marking a significant step in the integration of blockchain technology into traditional banking [12][13] Group 5: RWA Tokenization and Future Prospects - The tokenization of RWA in Hong Kong is being pursued through a model that combines mainland assets with blockchain technology, focusing on sectors like renewable energy [17][18] - The development of RWA could facilitate the internationalization of the Renminbi (RMB), with stablecoins potentially pegged to offshore RMB [21][22] - The success of RWA initiatives will depend on the standardization of underlying assets, particularly in the context of China's manufacturing and supply chain strengths [18][22]

消息面上，中国置业投资发布公告称，自2025年9月9日起，郑华江已获委任为公司属下子公司首席执行 官，就拟开展真实世界资产(RWA)及其相关业务(如有)、与集团现有业务之整合，以及业务发展方向之 可行性进行研究，以及对相关务业拓展及实行提供具体规划。公司探讨认为，近年巿场对区块链及 WEB3应用越趋成熟，真实世界资产更是巿场上一个其潜力之新板块。。因此，公司相信郑华江将可帮 助公司对此加深了解及协助集团于此板块的未来扩展（如有）。 智通财经APP获悉，中国置业投资(00736)涨近43%，截至发稿，涨42.86%，报0.8港元，成交额917.34万 港元。 ...

Group 1: Overview of Stablecoins - Stablecoins are blockchain-based digital currencies that maintain a stable value, typically pegged to the US dollar at a 1:1 ratio, aimed at facilitating daily transactions [2][4] - The largest stablecoin by market share is USDT (Tether), while USDC is another prominent stablecoin issued by Circle and Coinbase [2] - The appeal of stablecoins lies in their price stability compared to volatile cryptocurrencies like Bitcoin, providing users with predictability in value [4] Group 2: Market Developments - Circle's stock surged 750% following its NYSE listing in June, and the US government has recognized stablecoins as legitimate financial instruments through the signing of the "Genius Act" [1][14] - Hong Kong has taken the lead in regulating stablecoins with the introduction of the "Stablecoin Ordinance," prompting major companies like Ant Group and JD.com to explore the stablecoin market [1][9] - The global trend shows increasing adoption of stablecoins in countries facing currency devaluation, such as Argentina and Venezuela, where stablecoins are used for domestic transactions [8] Group 3: Regulatory Landscape - The "Genius Act" in the US establishes a legal framework for stablecoin issuance, requiring that only licensed financial institutions can issue stablecoins and mandating a 100% reserve requirement [15] - In contrast, Hong Kong's regulatory approach emphasizes functional regulation, allowing stablecoins to be pegged to multiple currencies, potentially facilitating the internationalization of the Renminbi [17] - The regulatory environment for stablecoins is evolving, with significant scrutiny on their use in illicit activities, leading to a complex landscape of compliance and innovation [11][17] Group 4: Technological and Economic Implications - Stablecoins enable efficient and low-cost transactions, operating 24/7 and significantly reducing friction in cross-border payments compared to traditional banking systems [6] - The integration of stablecoins with real-world assets (RWA) is becoming more prevalent, as seen in recent cross-border financing projects involving renewable energy assets [10] - The potential for stablecoins to create a Web 3.0 version of the Bretton Woods system is being explored, highlighting their role in reshaping global financial dynamics [8]

Core Insights - Asseto Finance and China Merchants Securities Asset Management (Hong Kong) participated in the BNB Chain's fifth anniversary celebration, highlighting their commitment to the ecosystem [1] - Binance founder CZ welcomed Asseto and China Merchants into the BNB Chain ecosystem, indicating a positive reception for their involvement [1] - Asseto aims to bridge compliant finance and decentralized innovation, focusing on the compliant, composable, and scalable development of real-world assets (RWA) on-chain [1] Company Highlights - Asseto's CEO Bridget Li showcased the core product CASH+, which sparked enthusiastic discussions among attendees [1] - CASH+ is noted as the first Asian asset management dollar money market fund derivative token issued on the BNB Chain, marking a significant milestone for the company [1]

Core Viewpoint - Jingtai Holdings (02228) has experienced a significant stock price increase, with a rise of over 8% and a current price of 11.06 HKD, driven by strong mid-term financial performance and strategic partnerships [1] Financial Performance - The company reported a revenue of 517 million RMB, representing a year-on-year increase of 403.83% [1] - Shareholder profit reached 82.795 million RMB, a turnaround from a loss of 1.237 billion RMB in the same period last year, marking the company's first half-year profit [1] Strategic Partnerships - The financial improvement is primarily attributed to a collaboration with DoveTree, where Jingtai provides drug discovery solutions and services based on its end-to-end AI drug discovery platform and integrated "AI + Robotics" technology [1] Capital Raising Activities - On August 29, Jingtai announced plans to place up to approximately 286 million shares through a placement agent, with proceeds aimed at operational and product development, acquisitions, and exploring innovative financial tools such as Real World Assets (RWA) and Real Data Assets (RDA) [1] - The company successfully completed a new share placement of 2.65 billion HKD, with the placement price set at 9.28 HKD per share, reflecting a premium of approximately 75.8% over the IPO price and a premium of about 23.4% over the average closing price of the last 30 trading days, indicating strong market recognition of its value [1]

Core Viewpoint - The article discusses the necessary steps for Chinese innovative pharmaceutical companies to evolve into multinational corporations (MNCs) in the global market, emphasizing the importance of R&D speed, differentiation advantages, and the overall quality of scientists involved in the process [3][5]. Summary by Sections Current Landscape of Innovative Drugs in China - In the first half of 2025, China saw over 50 transactions related to innovative drugs, with upfront payments for license-out deals totaling $3.3 billion and total transaction amounts reaching $48.484 billion [4]. - The National Medical Products Administration approved 43 innovative drugs in the first half of 2025, marking a 59% year-on-year increase, nearing the total of 48 for the entire year of 2024 [4]. - China's innovative drug R&D pipeline accounts for approximately 25% of the global total, with around 3,000 clinical trials conducted annually, placing it among the world leaders [4]. Key Elements for Competing Globally - R&D speed is identified as a core element for the development of Chinese innovative drug companies, especially in the AI era, where scientific advancements occur rapidly [5]. - Ensuring the authenticity of R&D data is crucial, as issues with data integrity have led to disputes in some international ventures [5]. - Investment logic is clearer in areas such as immunology, metabolism, cardiovascular diseases, and Alzheimer's disease, where the potential for drug development is promising [5]. Investment Perspectives - From an acquisition standpoint, the development prospects of innovative drug projects can be assessed based on their market segment and lifecycle stage, with a preference for projects in the growth phase [6]. - Differentiation advantages and R&D efficiency are critical; drugs that can demonstrate unique clinical value and maintain a leading development pace are more likely to succeed [6]. Pathways to Becoming MNCs - Chinese innovative drug companies can leverage their experiences in the domestic healthcare system to expand into Southeast Asia and Africa, where population growth is expected [9]. - The concept of Real World Asset (RWA) tokenization is emerging as a new avenue for companies to participate in capital markets, exemplified by recent projects like the one by Hanyu Pharmaceutical [9]. - The valuation of innovative drug companies in overseas licensing deals is currently based on net assets, indicating potential for significant premium in areas like scientific teams and market size [9]. Strategies for Global Market Entry - Companies should adopt a product-centric approach to penetrate each country's market, which includes building local talent teams and manufacturing facilities [10]. - Establishing a robust sales network and understanding local regulations are essential for successful market entry [10]. - The example of BeiGene illustrates the lengthy process of global market integration, highlighting the need for careful assessment of time and financial investments required for such expansions [10].

Core Insights - The key factors for Chinese innovative pharmaceutical companies to stand out in the global competition include research and development speed, differentiation advantages, and the overall quality of scientists [1][3]. Group 1: Market Trends - In the first half of 2025, the number of transactions related to innovative drugs in China exceeded 50, with disclosed upfront payments for license-out transactions totaling $3.3 billion and total transaction amounts reaching $48.484 billion [2]. - The National Medical Products Administration reported that 43 innovative drugs were approved in the first half of 2025, a 59% year-on-year increase, nearing the total of 48 for the entire year of 2024 [2]. - China's innovative drug research pipeline accounts for approximately 25% of the global total, with around 3,000 clinical trials conducted annually, placing it among the world's leaders [2]. Group 2: Key Elements for Success - The speed of research and development is crucial in the AI era, and ensuring the authenticity of research data is also vital, as some companies have faced disputes due to data issues during international expansion [3]. - Investment logic is clearer in areas such as immunology, metabolism, cardiovascular diseases, and Alzheimer's disease, where the potential for drug development is promising [3]. - Companies must enhance their unique core competencies while understanding clinical needs and being willing to abandon less promising projects during the R&D phase [3]. Group 3: Investment Considerations - From an acquisition perspective, the lifecycle and maturity of the drug's market segment are critical; investors prefer projects in the growth phase with established breakthroughs [4]. - Differentiation in clinical value is essential for drugs that aim to enter international markets, and the efficiency of R&D can significantly impact a drug's competitive position [4]. Group 4: Global Expansion Strategies - By 2024, the number of innovative drugs under development in China reached 3,575, making it a global leader [5]. - The cumulative increase of the Hang Seng Biotechnology Index has reached 90.66% this year, significantly outperforming the Nasdaq Biotechnology Index [5]. Group 5: Practical Pathways for Companies - Chinese innovative pharmaceutical companies can leverage their experiences in universal healthcare systems to expand into Southeast Asia and Africa, where population growth is expected [6]. - The concept of "real-world asset" (RWA) tokenization is emerging as a new option for companies to participate in capital markets by packaging their drug-related rights [6]. Group 6: Transitioning to Multinational Corporations (MNCs) - The current overseas business development pricing for domestic innovative drugs is based on net asset valuation, indicating potential for significant premium in areas like scientific teams and market size [7]. - To become true MNCs, companies should establish local teams and manufacturing facilities while adapting to local regulations and building sales networks [7]. - The example of BeiGene illustrates the lengthy process of global market entry, emphasizing the need for careful assessment of time and financial investments required for international expansion [7].