Core Insights - Robinhood is in discussions with regulators regarding the issuance of tokenized stocks in Europe, which has faced criticism from companies including OpenAI [1] - The company announced that retail investors in the EU can trade tokenized representations of U.S. stocks on the blockchain, including tokens for private companies like OpenAI [1] - The CEO expressed confidence in the compliance of their new business model, emphasizing its importance and ability to withstand scrutiny [1] Regulatory Engagement - The Bank of Lithuania has raised questions about the structure of the tokens and requested explanations from Robinhood [1] - The company aims to expand the offering of tokenized stocks to markets in the U.S. and the U.K. after obtaining regulatory approval [2] - The CEO believes that the U.S. Securities and Exchange Commission can advance the process of tokenization without legislative measures [2] Market Appeal - Tokenized securities are gaining interest from international investors eager to participate in the growth of the U.S. stock market [2] - Advocates argue that tokenized securities offer advantages similar to stocks, such as dividends and stock splits, while providing greater transparency and smoother operations due to instant settlement [2] Stock Performance - Robinhood's stock rose nearly 1% in pre-market trading on Tuesday, with a cumulative increase of 150% year-to-date [3]

Core Insights - The article highlights significant developments in various companies and industries, particularly focusing on their international expansion and financial performance. Group 1: Company Developments - WeRide has reportedly submitted a secret application for a Hong Kong IPO, with operations in 30 cities across 10 countries and over 2000 days of autonomous driving experience [8]. - Xiaomi opened its first "Xiaomi Home" store in South Korea, marking a significant step in its "New Retail" strategy [8]. - Stone Technology has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for international expansion and R&D [8]. - Stand Robot has filed for an IPO in Hong Kong, with overseas revenue growing at a compound annual growth rate of 150% from 2022 to 2024 [9]. - Alibaba reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a 29% year-on-year growth in its international digital commerce segment [10]. Group 2: Market Expansion - Geely Auto has officially entered the Greek market, launching its electric SUV in Athens and establishing partnerships for vehicle sales [9]. - The logistics company GWC has introduced the Flow Port solution to facilitate Chinese manufacturers' access to the Saudi market, addressing supply chain risks [5]. - Cainiao has established a cross-border logistics network among six Gulf countries, enabling package delivery within three days [9]. - The Chinese government is enhancing economic cooperation with South Asian countries, aiming to expand investment opportunities [15]. Group 3: Financial Performance - Easy Control Technology reported a projected revenue of 986 million yuan for 2024, a 264% increase from 2023, with plans for international market expansion [20][21]. - The report indicates that the global goods trade is experiencing strong growth, although future trends may show a slowdown [16]. - The Chinese Ministry of Commerce reported a 2.3% year-on-year increase in non-financial direct investment abroad for the first five months of the year [15].

Group 1 - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of the national science and technology conference and to enhance the mechanism for efficiently handling key tasks [3] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1%, the S&P 500 up 0.52%, and the Nasdaq up 0.52%, marking historical highs for the S&P 500 and Nasdaq [3] - International gold prices fell, with spot gold down 1.63% to $3273.34 per ounce, and COMEX gold futures down 1.85% to $3286.10 per ounce [4] - International oil prices slightly decreased, with WTI crude oil down 0.26% to $65.07 per barrel [5] - European stock indices closed higher, with Germany's DAX up 1.62%, France's CAC40 up 1.78%, and the UK's FTSE 100 up 0.72% [6] Group 2 - The Chinese government emphasized the importance of high-quality party building in the financial system to promote high-quality financial development [7][8] - The Ministry of Commerce confirmed that China and the U.S. reached a consensus on a framework to enhance trade relations, including China's commitment to expedite rare earth exports to the U.S. [9] - Wang Yi, China's Foreign Minister, is set to visit the EU headquarters, Germany, and France for high-level strategic dialogues [9] - The People's Bank of China discussed monetary policy adjustments to enhance liquidity and align monetary supply with economic growth targets [10] Group 3 - From January to May, profits of state-owned enterprises in China totaled 165.145 billion yuan, a year-on-year decrease of 2.8% [10] - The Shanghai and Shenzhen stock exchanges proposed to adjust the price fluctuation limit for risk-warning stocks to 10% [11] - The State Council's plan for modern agricultural product circulation aims to enhance sales capabilities and improve logistics by 2027 [11] Group 4 - Xiaomi's new SUV, the YU7, received significant consumer interest with over 240,000 orders within 18 hours of launch, indicating strong market demand [17][18] - China Petroleum and Chemical Corporation appointed a new chairman, which may lead to strategic changes within the company [19] - The approval of a new GLP-1 weight loss drug by the National Medical Products Administration is expected to positively impact the obesity treatment market [20][21] - Li Auto revised its Q2 delivery forecast to approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles [22][23] - GF Securities (Hong Kong) became the first broker in Hong Kong to issue tokenized securities, marking a significant step in financial technology [24] Group 5 - The recent legal actions taken by Seres against individuals spreading false information about the company are aimed at protecting its brand reputation [25][26] - CITIC Trust won a bid for bankruptcy restructuring services for Jin Ke, with an expected scale exceeding 150 billion yuan, which is significant for the real estate sector [27][28] - NVIDIA's CEO has sold 225,000 shares, raising concerns about the company's future outlook [29][30] - Honda's recall of over 240,000 vehicles due to potential fuel pump issues highlights ongoing safety concerns in the automotive industry [31]

Core Viewpoint - HashKey Chain has announced that GF Securities (01776) has fully integrated with HashKey Chain to issue the first daily redeemable tokenized security, "GF Token" [1][2] Group 1: Product Details - "GF Token" is a tokenized security issued by GF Securities (Hong Kong) based on its credit support, available in USD, HKD, and offshore RMB, with daily interest accrual [1] - The USD tokenized security's yield is anchored to the US Overnight Secured Financing Rate (SOFR), providing a fair, transparent, and low-volatility cash management tool for users [1] Group 2: Market Position and Strategy - GF Securities (Hong Kong) was the first Chinese brokerage to successfully issue a tokenized security under Hong Kong law, marking a significant milestone in the exploration of on-chain financial products [2] - The launch of "GF Token" is seen as a continuation of the company's efforts to enhance its series of on-chain financial products, reinforcing its first-mover advantage in the emerging digital finance sector [2] - HashKey Group emphasizes the need for true integration between financial institutions and blockchain technology platforms for the on-chainization of real-world assets (RWA), with "GF Token" exemplifying this concept [2] - HashKey Chain aims to expand collaborations with traditional financial institutions, including brokerages and banks, to further develop compliant asset issuance and circulation mechanisms on-chain [2]

Core Viewpoint - HashKey Chain and GF Securities (Hong Kong) have launched the first daily redeemable tokenized security, "GF Token," marking a significant step in Hong Kong's financial technology ecosystem and the tokenization of real-world assets (RWA) [1][5]. Group 1: Product Features - "GF Token" supports daily interest payments and is available in three currencies: USD, HKD, and offshore RMB [3][4]. - The tokenized security allows for multi-point sales and custody, facilitating seamless switching between different tokenized securities on the blockchain [3][4]. - The USD-denominated token's yield is anchored to the Secured Overnight Financing Rate (SOFR), providing a transparent and low-volatility cash management tool [3]. Group 2: Market Impact - The launch of "GF Token" is seen as a milestone for GF Securities (Hong Kong) in building a digital product ecosystem and enhancing its competitive edge in the emerging digital finance sector [5][6]. - The collaboration between HashKey Group and GF Securities aims to create a comprehensive ecosystem for tokenized securities, paving the way for more financial institutions to issue tokenized assets on the blockchain [5][6]. Group 3: Future Developments - GF Securities (Hong Kong) plans to continue expanding its offerings in tokenized securities, having previously issued the first tokenized security compliant with Hong Kong law in January 2024 [5]. - The company is also set to collaborate with Cinda Asset Management to launch the first fund-backed tokenized security for distribution and trading by January 2025 [5].

Core Viewpoint - The launch of "GF Token" marks a significant milestone in the development of tokenized securities in Hong Kong, enabling daily redemption and issuance in multiple currencies, including USD, HKD, and offshore RMB [2][3][4]. Group 1: Product Features - "GF Token" is a tokenized security that supports daily interest accrual and offers high liquidity, with a transparent and traceable asset flow recorded on HashKey Chain [4][5]. - The product aims to facilitate seamless switching between different tokenized securities on-chain, catering to high-net-worth individual and institutional investors [4][5]. - The issuance of "GF Token" is backed by the credit of GF Securities (Hong Kong) and is designed to provide a fair and low-volatility cash management tool, with USD-denominated securities linked to the SOFR [4][5]. Group 2: Market Position and Strategy - The collaboration between HashKey Chain and GF Securities (Hong Kong) represents a strategic move to enhance the tokenized securities ecosystem in Hong Kong, following the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [2][6]. - The product's multi-point distribution and custody features allow traditional investors to engage more deeply in tokenized securities, thus broadening participation in this emerging market [5][6]. - The launch is seen as a continuation of GF Securities (Hong Kong)'s efforts to build a digital product system and solidify its position in the digital finance sector [7][8]. Group 3: Future Outlook - The introduction of "GF Token" is expected to pave the way for more financial institutions to issue tokenized assets on-chain, creating a comprehensive ecosystem for asset issuance, circulation, and governance [7][8]. - HashKey Group emphasizes the importance of integrating financial institutions with blockchain technology to drive the on-chain transformation of real-world assets (RWA) [8].

Tokenized Securities Offering - Guangfa Securities Hong Kong subsidiary launched daily interest tokenized securities denominated in USD, HKD, and offshore RMB [1] - The USD token's benchmark interest rate is the Secured Overnight Financing Rate (SOFR) [1] - The tokenized securities are offered exclusively to institutional and professional investors [1] Functionality and Trading - The tokenized securities allow for earning interest on short-term idle funds [1] - The tokens can be used for conversion between other tokenized assets [1] - The tokens are issued on-chain and traded on Hong Kong licensed cryptocurrency exchange Hashkey [1]

Investment Rating - The report rates Futu Holdings as "Outperform" with a target price of HKD 125.00, projecting a P/E of 18 for 2025 and 14 for 2026 [1]. Core Insights - The report highlights the evolving regulatory landscape in Hong Kong's virtual asset sector, emphasizing the implementation of the Virtual Asset Service Provider (VASP) licensing system, which has led to increased institutional participation and product innovation [2][7]. - Hong Kong has become a leader in Asia for virtual asset ETFs, with a total of 6 spot ETFs and 3 futures ETFs currently available, reflecting a growing market for virtual asset investment products [3][38]. - The report discusses the strategic moves by traditional and internet brokers to enter the virtual asset market, including license upgrades and partnerships with licensed virtual asset trading platforms [4][30]. Summary by Sections 1. Current Status of Virtual Asset Development in Hong Kong - The VASP licensing system was implemented in June 2023, requiring all virtual asset trading platforms in Hong Kong to obtain licenses under the Anti-Money Laundering Ordinance [2][9]. - As of now, there are 10 licensed virtual asset trading platforms, 6 spot ETFs, and 3 futures ETFs in Hong Kong, with 38 brokers upgrading to provide virtual asset trading services [7][12]. 2. Current Status of Brokers Offering Virtual Asset Services - Internet brokers are rapidly establishing trading services, with three licensed platforms originating from internet broker backgrounds [3][31]. - Traditional brokers like Victory Securities are transitioning into the virtual asset space, achieving significant trading volumes [33][36]. 3. Insights from the Development of the Blockchain Industry in Hong Kong - Brokers are enhancing their market competitiveness through license upgrades, diversified product strategies, and collaborations with fintech companies [4][43]. - The report notes that brokers are actively pursuing innovative financial products and services to cater to the growing demand in the virtual asset market [43][44].