Core Viewpoint - The update from Valve on October 23, 2025, led to a significant crash in the CS2 virtual item market, resulting in an estimated loss of nearly $2 billion in value within hours, highlighting the inherent risks of investing in virtual goods controlled by game developers [1][2][4]. Group 1: Market Dynamics - The CS2 virtual item market was previously valued at nearly $6 billion, evolving into a complex speculative arena beyond mere gaming items [2]. - Valve's design of scarcity, with a mere 0.26% chance of obtaining top-tier items, created a luxury-like value for rare items, leading to prices reaching tens of thousands of RMB in secondary markets [2][4]. - A robust third-party trading market emerged, with players analyzing item price trends akin to stock trading, further intensifying speculative behavior [2]. Group 2: Risk Factors - The artificial scarcity of virtual items, controlled entirely by the game developer, poses a fundamental risk, as opposed to natural scarcity found in physical assets like gold [3]. - The update on October 23 allowed players to create top-tier items through a "Trade-Up Contract," fundamentally altering the supply logic and leading to a collapse in perceived value [4]. - The sudden increase in supply led to panic selling among holders of top-tier items, resulting in a price crash and a dramatic rise in the value of the materials used for crafting [4]. Group 3: Investor Behavior - Many young investors, drawn by the narrative of high returns and low entry barriers, lacked awareness of the true risks associated with virtual asset investments [5]. - The CS2 market upheaval serves as a cautionary lesson about the dangers of treating virtual items as investment vehicles rather than entertainment products [6]. - Game companies hold the ultimate power to modify rules and supply, which can lead to abrupt changes in market dynamics, emphasizing the speculative nature of virtual goods [6].

以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜《英雄本色》剧照 一夜闪崩，《Counter-Strike 2》（下称《CS2》）饰品市场的天塌了。 10 月 23 日，全球热门射击游戏《CS2》开发商 Valve（下称 V 社）发布一则更新公告， 游戏内饰 品"汰换系统"重大改版，核心就两点： 5 件普通红枪皮可合成 1 把普通刀具或 1 副普通手套； 5 件 StatTrak™（玩家俗称 "暗金"，带击杀计数器）红枪皮可合成 1 把 StatTrak™刀具。 | Counter-Strike 2 | | | | --- | --- | --- | | 《反恐精英》更新 | | | | 【游戏】 | | | | · 在官方匹配服务器中新增"回防"模式,支持"炸弹拆除地图组1号"与"炸弹拆除地图组2号"。 | | | | 修复地图中存在多个烟雾弹时,燃烧瓶与烟雾弹的交互逻辑。 | | | | 【地图】 | | | | · 更新黄金之岛地图至Steam社区工坊最新版本。 | | | | (更新说明) | | | | · ...

Core Viewpoint - The company, Zhiyun International Holdings (08521), has established a Bitcoin account through its wholly-owned subsidiary, Zhiyun Kuangshi Limited, as part of its development in cloud computing and internet traffic services [1] Group 1: Bitcoin Acquisition - The subsidiary has purchased over one Bitcoin at an average price of approximately USD 118,000 (equivalent to HKD 918,000) [1] - The purchase does not constitute a transaction requiring disclosure under the GEM Listing Rules of the Hong Kong Stock Exchange, as all applicable percentage ratios are below 5% [1] Group 2: Investment Committee - An investment committee has been established by the board to enhance operational efficiency and strengthen investment decision-making and risk management processes, particularly regarding the company's strategic focus on cryptocurrencies and related technologies [1] - The investment committee's responsibilities include reviewing and proposing appropriate transactions involving virtual assets and strategies for managing these assets to minimize potential risks associated with holding such assets [1] - The committee will also evaluate, approve, and provide recommendations on various risks proposed by the company's management team [1]

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告內容不承擔 任 何 責 任，不 對 本 公 告 的 準 確 性 或 完 整 性 作 任 何 陳 述，並 明 確 否 認 對 任 何 損 失 承 擔 任 何 責 任。無 論 如 何 產 生 或 依 賴 於 本 公 告 的 全 部 或 部 分 內 容。 WEBX INTERNATIONAL HOLDINGS COMPANY LIMITED 智雲國際控股有限公司 （於開曼群島註冊成立之有限公司） 於 上 述 購 買 之 前，董 事 會 已 成 立 投 資 委 員 會（「投資委員會」），旨 在 提 升 營 運 效 率，加 強 投 資 決 策 和 風 險 管 理 流 程，尤 其 考 慮 到 集 團 對 加 密 貨 幣 及 相 關 技 術 的 戰 略 重 點。投 資 委 員 會 的 任 務 是 審 查 並 向 董 事 會 提 出 涉 及 虛 擬 資 產 的 適 當 交 易 以 及 管 理 這 些 資 產 的 策 略，以 最 大 程 度 地 降 低 持 有 相 關 虛 擬 資 產 的 潛 在 風 險。此 外，投 資 委 員 會 還 將 評 估、批 准 並 就 集 團 ...

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 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：1328） 自願公告 虛擬資產持有量 本公告乃由金涌投資有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出， 以通知本公司股東及潛在投資者有關本公司最近期之業務發展。茲提述本公司日期為 2025年7月28日內容有關虛擬資產投資計劃的公告。 虛擬資產持有量 本公司（「董事」）會（「董事會」）謹此告知本公司股東及潛在投資者，截至本公告日期， 本集團持有527.2048個以太幣，總成本約1,958,518.70美元，每個以太幣的平均成本約為 3,714.91美元。 –1– GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） 主席 趙令歡先生 香港，2025年8月8日 於本公告日期，董事會由兩位執行董事，分別為趙令歡先生（主席）及高子奇先生（首席執 行官）；一位非執行董事，為譚仕英先生；以及四位獨立非執行董事，分別為靳慶軍先 生、李 ...

Core Viewpoint - The article discusses the rise of decentralized finance (DeFi) investment platforms in China, highlighting the risks associated with these platforms that often promise high returns but lack legal financial qualifications [5][6][22]. Group 1: DeFi Investment Platforms - A training session on DeFi module structure was held online by an organization named "ARK," with approximately 400 participants [1][2]. - The organization is promoting a blockchain investment project that will launch in mid-August, encouraging investors to use the "TokenPocket" app to access decentralized applications (DApps) [3][4]. - Various platforms are using terms like blockchain, smart contracts, and DeFi to attract investors, with some claiming annual returns as high as 540% [4][5]. Group 2: Investment Models and Returns - The investment models often involve accessing DApps through the TokenPocket app, where investors can register wallets and purchase Bitcoin for trading [4]. - For example, an investment of 6,100 USDT could yield returns of 2,624 USDT in one month, while an investment of 22,250 USDT could yield 10,530 USDT in the same period [8]. - Platforms like AID and VAX offer various investment options with claimed annual returns ranging from 180% to 540% [11][15]. Group 3: Legal and Regulatory Concerns - Legal experts indicate that many of these platforms operate without the necessary financial licenses, making them potentially illegal under current regulations [5][6][22]. - The promotion of high-return, low-risk investment schemes through social media and offline meetings often aligns with illegal fundraising activities [6][24]. - Recent warnings from local financial regulatory bodies highlight the risks associated with stablecoins and virtual asset investments, emphasizing the potential for fraud and illegal fundraising [7][25].

Core Viewpoint - The article highlights the risks associated with virtual asset investment projects that promise high returns with low risk, often using deceptive marketing tactics and technology to mask their illegitimacy [1][7][19]. Group 1: Nature of Investment Projects - Many fraudulent projects disguise themselves under terms like "DeFi decentralized finance," "DApp finance," and "stablecoin mining," which essentially involve fundraising and rebate activities while obscuring risks with technological jargon [3][19]. - Investment platforms often promote high annualized returns, with some claiming rates as high as 540%, and utilize social media and offline meetings to attract investors [6][14]. Group 2: Legal and Regulatory Concerns - From a legal perspective, investors must be cautious and responsible for their civil legal actions, as many of these virtual asset investment projects lack legitimate financial qualifications and regulatory approval [4][7]. - Recent warnings from local financial management authorities in cities like Beijing and Zhejiang have highlighted the risks associated with stablecoins and virtual asset investments, indicating a growing concern over illegal financial activities [7][26][27]. Group 3: Investment Models and Returns - The article describes various investment models, such as those requiring the use of specific apps like "TokenPocket" to access decentralized applications (DApps), with some platforms offering returns based on complex referral and team-building structures [10][11][18]. - For instance, one platform offers a return of 2624 USDT for a 6100 USDT investment over one month, showcasing the exaggerated profit claims that are often used to lure investors [9]. Group 4: Criminal Risks - Participation in these investment schemes can lead to criminal risks, including potential charges of illegal fundraising or pyramid schemes, regardless of the investor's intent [24][27]. - The article emphasizes that even if individuals do not have criminal intent, involvement in such projects can result in legal repercussions due to the nature of the fundraising activities [26][27].

Core Viewpoint - The articles highlight the emergence of decentralized finance (DeFi) investment platforms that utilize blockchain technology, but they also raise concerns about the legality and risks associated with these platforms, particularly regarding high promised returns and the potential for fraud [1][2][3]. Group 1: Investment Platforms and Models - A training session on DeFi investment was conducted by an organization named "ARK," promoting a blockchain investment project set to launch in mid-August [1]. - Investors are encouraged to use the "TokenPocket" app to access decentralized applications (DApps) for trading cryptocurrencies, with some platforms claiming annual returns as high as 540% [2]. - The investment models often involve high promised returns, with examples showing potential returns of 2624U to 468379U based on different investment periods and amounts [4]. Group 2: Legal and Regulatory Concerns - Legal experts indicate that many of these virtual asset investment projects lack proper financial qualifications and may violate existing regulations, especially if they promise high returns without appropriate licenses [2][3]. - The promotion of these projects through social media and offline meetings often aligns with illegal fundraising activities, potentially leading to criminal charges such as fraud or pyramid schemes [3][20]. - Recent warnings from local financial regulatory bodies in various regions highlight the risks associated with stablecoins and other virtual assets, emphasizing the potential for illegal financial activities [22]. Group 3: Participant Experiences and Risks - Participants in these investment platforms often report high returns, but there are significant risks involved, including the potential for loss of funds and legal repercussions for engaging in illegal fundraising [19][21]. - The structure of these platforms often encourages recruitment of new investors, which can resemble pyramid schemes, further complicating the legal landscape [15][18]. - Investors are advised to conduct thorough research and be cautious of projects that promise unrealistic returns, as many of these may be fraudulent [23].

Core Viewpoint - The article discusses the rise of decentralized finance (DeFi) investment platforms in China, highlighting the risks associated with these platforms that often promise high returns but lack legal financial qualifications [2][3][4]. Group 1: Investment Platforms and Models - A training session for a DeFi investment project named "ARK" attracted around 400 participants, promoting the use of the "TokenPocket" app for accessing decentralized applications (DApps) [2]. - Investment models include accessing DApps via the TokenPocket app, with some platforms claiming annual returns as high as 540% [3]. - The "ARK" project offers various investment terms, with potential returns for an initial investment of 6,100 USDT reaching up to 468,379 USDT over one year [5]. Group 2: Marketing and Promotion Tactics - Platforms utilize social media and offline meetings to promote high-yield investment opportunities, often using phrases like "stable operation" and "quick return" to attract investors [3][4]. - The promotion of these projects often involves encouraging participants to invite others, creating a multi-level marketing structure that can resemble illegal fundraising activities [4][18]. Group 3: Legal and Regulatory Concerns - Legal experts indicate that many of these virtual asset investment projects lack the necessary financial licenses and may constitute illegal fundraising or fraud [4][24]. - Recent warnings from local financial regulatory bodies in cities like Beijing and Zhejiang highlight the risks associated with stablecoins and other virtual asset investments [25][24]. Group 4: Specific Platforms and Their Operations - The AID platform claims a daily return of approximately 0.45%, with a monthly yield of 13% to 15% [6]. - The VAX platform offers diverse investment options with annual returns ranging from 180% to 540% across different segments [9]. - The "Global Investment Group" platform operates similarly to previous schemes, using a chat application to disseminate trading signals to investors [20][21]. Group 5: Historical Context and Comparisons - The article references the "Xinkangjia" platform, which abruptly ceased operations, highlighting the risks of similar investment schemes that promise unrealistic returns [22]. - The ongoing trend of using DeFi and blockchain terminology to mask fraudulent activities is noted, with many projects failing to adhere to legitimate decentralized finance principles [19][23].

Summary of the Conference Call for Xinghuo Technology Industry and Company Overview - The conference call pertains to Xinghuo Technology, a company listed in Hong Kong, focusing on compliant digital asset services, including asset management, custody, quantitative trading, and intelligent solutions [3][4][5]. Core Business and Services - Xinghuo Technology operates four main business lines: 1. **Asset Management**: Managed under a 149 license, with approximately $100 million AUM across 12 funds, partnering with institutions like Dongfang Securities and Founder Securities [5]. 2. **Quantitative Trading**: Managed by an in-house team, focusing on strategy development and providing collaborative services [5]. 3. **Custody Services**: Offers digital asset custody under the TCSE license, with a custody scale in the tens of millions of dollars, serving over 170 institutional clients [5]. 4. **Intelligent Solutions**: Provides core intelligent solutions to the industry [5]. Regulatory Environment and Strategic Plans - The company is analyzing the upcoming Hong Kong stablecoin legislation, planning to offer comprehensive services and technical solutions related to stablecoins [6]. - Although not yet applying for a Hong Kong crypto exchange license, Xinghuo Technology is exploring partnerships and opportunities in the digital asset exchange sector [8]. - The company has a strategic focus on compliance and risk governance, aiming to provide flexible support to clients post-legislation [6]. Market Trends and Future Outlook - The company views the trend towards compliance and institutionalization in the crypto asset sector positively, intending to lead industry development in the Asia-Pacific region [17]. - The regulatory landscape for crypto exchanges in Hong Kong began in February 2023, with a licensing system established for virtual asset service providers [7]. - Xinghuo Technology plans to utilize funds from a recent capital increase to explore potential developments in stablecoin and exchange licenses [10]. Competitive Advantages - Xinghuo Technology holds a unique position as the first company in Hong Kong to offer full discretionary account management for virtual assets under the "Big Nine" license, allowing 100% investment in virtual assets [13]. - The company has a strong understanding of the blockchain industry, with key shareholders being industry veterans, which enhances its ability to seize opportunities [20][21]. Financial and Investment Strategy - The asset management business currently sources all funds from overseas, with investments made through designated exchanges like HashKey and Coinbase [11]. - The company’s asset management services are exclusively available to professional investors due to regulatory restrictions [12]. Challenges and Considerations - The company acknowledges the need to balance compliance with the demand for gray market trading, emphasizing the importance of anti-money laundering (AML) and know your customer (KYC) practices [18]. - Future profitability is expected to favor companies with clear business models and compliance capabilities, particularly as the market evolves [19]. Conclusion - Xinghuo Technology is positioned to capitalize on the growing demand for compliant digital asset services, with a robust strategy to navigate regulatory changes and market dynamics while leveraging its competitive advantages in the industry [17][21].