Core Viewpoint - International Commercial Settlement (00147.HK) has announced a conditional subscription agreement to issue 2.782 billion shares, representing approximately 13.69% of the existing issued share capital as of the announcement date, and approximately 12.04% of the enlarged issued share capital post-completion [1][2] Group 1 - The subscription price is set at HKD 0.18 per share, which is a discount of about 17.43% compared to the closing price of HKD 0.218 on the Hong Kong Stock Exchange on August 29, 2025 [1] - The estimated net proceeds from the subscription are approximately HKD 500.3 million, with plans to allocate about HKD 50.3 million (up to 10% of the total net proceeds) for general working capital [1] - The majority of the proceeds, up to HKD 450 million (up to 90% of the total net proceeds), will be used to seize potential investment opportunities in cryptocurrency investments and the Web 3.0 sector [1] Group 2 - The board believes that issuing subscription shares is a good opportunity for the group to raise additional funds to meet general working capital needs [2] - The capital raised will enable the group to have sufficient resources to further expand its cryptocurrency-related business and other fintech-related projects in the near future [2]

Market Performance - The Hang Seng Index closed at 25,077.62 points on August 29, marking a rise of 78.8 points or 0.32% for the day [3] - Throughout August, the Hang Seng Index recorded a monthly increase of 1.23%, while the Hang Seng China Enterprises Index rose by 0.73%, and the Hang Seng Tech Index surged by 4.06%, achieving four consecutive months of gains [1][3] Stock Movements - Notable gains were observed in technology stocks, with Bilibili rising by 4.81%, SenseTime by 2.39%, JD Group by 2.26%, and Meituan and Tencent Holdings increasing by 0.98% and 0.42% respectively [3] - Cryptocurrency-related stocks also performed well, with Guotai Junan International increasing by 15.69% and OSL Group by 5.35%. Guotai Junan International announced the launch of cryptocurrency trading services for Hong Kong investors, allowing trading of Bitcoin and Ethereum [3] IPO Market - According to the Hong Kong Securities and Futures Commission's quarterly report, the city maintained its global leadership in the IPO market, with 51 IPOs raising over HKD 128 billion, a year-on-year increase of over 610% [4] - As of the end of July, there were over 220 IPO applications pending approval [4]

Core Viewpoint - International Commercial Settlement (00147) plans to issue a total of 2.782 billion subscription shares at a subscription price of HKD 0.18 per share, representing a discount of approximately 17.43% from the closing price of HKD 0.218 on August 29, 2025 [1] Group 1 - The company has entered into a subscription agreement with subscribers to conditionally agree to issue and subscribe for a total of 2.782 billion subscription shares [1] - The subscription shares represent approximately 12.04% of the enlarged issued share capital post-issuance [1] - The board believes that issuing subscription shares is a good opportunity to raise additional funds to meet general working capital needs [1] Group 2 - The company aims to ensure sufficient capital for future expansion in cryptocurrency-related businesses and other fintech-related projects [1]

Group 1 - The company International Commercial Settlement Holdings announced a financing plan through the placement of new shares, issuing 2,782,330,000 shares to raise approximately HKD 500 million, net of expenses [1] - The placement price of HKD 0.18 represents a discount of about 17.4% compared to the closing price of HKD 0.218 on August 29, and an 18.6% discount to the average closing price over the previous five trading days [1] - The newly issued shares will account for approximately 13.7% of the existing issued share capital and about 12.0% of the enlarged share capital upon completion [1] Group 2 - The company is primarily engaged in property development, hotel development and management services, financing services, manufacturing and sales of contact lenses, as well as leasing and trading of computer equipment [1] - Of the raised funds, approximately HKD 50 million will be allocated for general working capital, while around HKD 450 million will be used to seize potential investment opportunities, particularly in cryptocurrency and Web 3.0 sectors [1] - The issuance is conducted under a general authorization granted by the shareholders' meeting and is expected to be completed within 10 business days after the last condition is met [1]

Core Viewpoint - International Commercial Settlement (00147) has entered into a subscription agreement to issue a total of 2.782 billion subscription shares at a price of HKD 0.18 per share, representing a discount of approximately 17.43% compared to the closing price of HKD 0.218 on August 29, 2025 [1] Group 1 - The subscription shares represent about 12.04% of the enlarged issued share capital [1] - The board believes that issuing the subscription shares is a good opportunity for the company to raise additional funds to meet general working capital needs [1] - The company aims to ensure sufficient capital for future expansion in cryptocurrency-related businesses and other fintech projects [1]

Market Overview - The Hong Kong stock market indices collectively rose on August 29, with the Hang Seng Index increasing by 0.32% to close at 25,077.62 points [1] - The Hang Seng Tech Index rose by 0.54% to 5,674.31 points, while the Hang Seng China Enterprises Index increased by 0.35% to 8,947.79 points [1] - The total market turnover for the day was HKD 335.6 billion, with net inflows from southbound funds amounting to HKD 12.046 billion [1] Sector Performance - Pharmaceutical stocks showed strong rebounds, with Rongchang Biologics rising by 11.53%, WuXi AppTec increasing by 6.52%, and WuXi Biologics up by 6.96% [2] - The semiconductor industry experienced a pullback, with Hua Hong Semiconductor declining by 5.94% [2] Innovation Drug Index - The Hong Kong Innovation Drug Index surged by 4.08% on August 29, with constituent stocks such as Rongchang Biologics and WuXi Biologics seeing significant gains [4] - Year-to-date, the Hang Seng Innovation Drug Index has increased by over 100%, outperforming the broader market and the healthcare sector [3][7] - The National Healthcare Security Administration announced a preliminary review of new drug listings for the 2025 medical insurance and commercial insurance innovation drug catalog, featuring CAR-T products and several unique global products [5] Future Market Outlook - Analysts from Guotai Junan International noted a significant rise of 15.69% in the company's stock price following the announcement of cryptocurrency trading services for Hong Kong investors [9] - Expectations for the Hong Kong stock market include continued inflows from international funds, driven by the anticipated interest rate cuts by the Federal Reserve and the ongoing reforms in the listing system [11] - The market is expected to experience a trend of oscillation upwards in the third quarter, with potential for valuation and earnings recovery in the fourth quarter due to improved liquidity conditions globally [11]

Core Insights - Bitget has emerged as a leading cryptocurrency exchange, ranking among the top four globally in terms of trading volume, institutional adoption, and liquidity from November 2023 to June 2025, with a total derivatives trading volume of $11.5 trillion [2] - The exchange's average monthly trading volume reached $750 billion in 2025, with nearly 90% derived from derivatives trading, showcasing its resilience even during market downturns [2] - Institutional investors are increasingly driving Bitget's trading volume, accounting for 80% of spot trading and 50% of derivatives trading in the first half of 2025, leading to a doubling of managed assets [3] Trading Performance - Bitget's spot market depth for ETH and SOL ranks first globally, while it holds the second position for BTC, reinforcing its status as a top-tier exchange [2] - The average BTC slippage on Bitget is only 0.0074% for a $100,000 trade, placing it among the top three exchanges for trade execution precision [3] Product Development - The recent upgrades to Bitget's product offerings, including liquidity incentive programs and institutional lending tools, have contributed to its growth and appeal among institutional investors [3] - The launch of the Onchain feature in April 2025 resulted in a 32% month-over-month increase in spot trading volume [4] Market Positioning - Bitget is expanding its presence in the institutional market and enhancing the depth of altcoins, while also introducing hybrid liquidity solutions [4] - The native token BGB has become the third-largest spot trading asset, achieving a historical market share of 5.2% in May 2025 [3] Company Overview - Founded in 2018, Bitget serves over 120 million users across more than 150 countries, offering innovative trading solutions and a leading non-custodial wallet that supports over 130 blockchains [5] - The company has established strategic partnerships to promote cryptocurrency, including collaborations with La Liga and UNICEF for blockchain education initiatives [5]

Core Viewpoint - The Hong Kong innovation drug index has doubled in value this year, reflecting a significant rebound in the pharmaceutical sector, particularly in innovative drugs [4][5]. Market Performance - On August 29, the Hang Seng Index rose by 0.32% to 25,077.62 points, while the Hang Seng Technology Index increased by 0.54% to 5,674.31 points. The Hang Seng Biotech Index surged by 3.71% to 16,719.20 points, indicating strong performance in the biotech sector [2][3]. - The total market turnover was HKD 335.6 billion, with net inflows from southbound funds amounting to HKD 12.046 billion [2][3]. Pharmaceutical Sector Highlights - The Hong Kong innovation drug index saw a year-to-date increase of over 100%, outperforming the broader market and healthcare sector [5][7]. - Notable stocks in the innovation drug index include Rongchang Biologics, WuXi Biologics, and Innovent Biologics, all of which experienced significant price increases [5][7]. Regulatory Developments - On August 28, the National Healthcare Security Administration announced a preliminary review of the drug list for the 2025 medical insurance and commercial insurance innovation drug directory, focusing on new drugs, including CAR-T products and several unique global offerings [7]. Future Market Outlook - Analysts predict that the Hong Kong stock market will continue to attract international capital, driven by the anticipated interest rate cuts by the Federal Reserve and the ongoing reforms in the listing system [11][12]. - The market is expected to experience a trend of upward fluctuations in the third quarter, with potential for valuation and earnings recovery in the fourth quarter due to supportive policies and advancements in the AI sector [12].

Group 1 - Eric Trump predicts Bitcoin will reach $1 million, expressing strong confidence in the cryptocurrency community [1] - Bitcoin price has increased by 18% this year, reaching a historical high of $124,480.82 in mid-August, currently around $110,000 [1] - The Trump family expresses love and belief in the Bitcoin community, highlighting its support for Donald Trump's potential re-election [1] Group 2 - The cryptocurrency project "World Liberty Financial Inc." associated with the Trump family is set to launch its token WLFI on multiple exchanges [2] - Exchanges Kraken, HTX, and KuCoin have announced plans to support WLFI, with HTX and KuCoin confirming a launch date of September 1 [2] - The WLFI token trading process was initiated in July, with the official trading set to begin on September 1 [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of 120.46 billion HKD on August 29, 2023, indicating strong investor interest in certain stocks, particularly Tencent and Alibaba [1]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of 120.46 billion HKD, with 13.42 billion HKD from the Shanghai Stock Connect and 107.04 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks included Tencent (00700), Alibaba-W (09988), and Innovent Biologics (01801) [1]. - The most sold stocks were Xiaomi Group-W (01810), New China Life Insurance (01336), and SMIC (00981) [1]. Group 2: Individual Stock Performance - Tencent (00700) had a net buy of 15.83 billion HKD, supported by strong performance from its mobile game "Valorant," with projected first-year revenue of 5 to 6 billion RMB [4]. - Alibaba-W (09988) saw a net buy of 11.49 billion HKD, reporting Q1 FY2026 revenue of 247.65 billion RMB, a 2% year-on-year increase, and a record high capital expenditure of 38.68 billion RMB, up 220% [5]. - Innovent Biologics (01801) received a net buy of 7.18 billion HKD, with a 50.6% increase in revenue to approximately 6 billion RMB in the first half of the year, exceeding market expectations [5]. Group 3: Notable Net Sales - Xiaomi Group-W (01810) faced a net sell of 8.61 billion HKD, with a 40% year-on-year increase in automotive revenue, but smartphone business margins were under pressure due to rising storage costs [7]. - New China Life Insurance (01336) experienced a net sell of 3.34 billion HKD, despite reporting a 25.5% increase in revenue to 69.43 billion RMB and a 33.5% increase in net profit [7]. - SMIC (00981) had a net sell of 614.7 million HKD, reflecting ongoing challenges in the semiconductor sector [7].