Core Viewpoint - The suspension of cryptocurrency lending by the South Korean Financial Services Commission (FSC) highlights the regulatory challenges and innovations in the global cryptocurrency market, particularly reflecting the differing practices among South Korea, the U.S., and China in crypto regulation [1][6]. Group 1: Market Dynamics - Since the legalization of virtual asset trading in South Korea in 2021, major exchanges have introduced lending products with annual yields ranging from 12% to 20%, with Bithumb's "staking mining" service attracting 300,000 simultaneous users [3]. - The global cryptocurrency lending market has seen similar trends, with BlockFi managing over $10 billion in crypto assets in 2021, offering products with an 8% annual yield that attracted millions of users [3]. - The collapse of FTX in 2022 exposed significant risks due to regulatory gaps, leading to BlockFi filing for bankruptcy and freezing assets for thousands of investors [3]. Group 2: Regulatory Environment - The FSC's new guidelines require exchanges to separate customer assets from their own funds, limit lending leverage to 1:3, and disclose collateral risk exposure daily [6]. - Approximately 68% of lending platforms in South Korea lack a qualified investor identification mechanism, and 19% of projects face risks related to mixed funds [4]. - The U.S. Treasury reported that over 80% of crypto lending platforms did not comply with anti-money laundering regulations [4]. Group 3: Comparative Regulatory Approaches - South Korea's regulatory approach is characterized by gradual compliance modifications, balancing market stability with innovation opportunities [7]. - China's regulatory path emphasizes "technology first + comprehensive control," with the digital yuan trial covering 230 million users and blockchain technology leading in supply chain finance applications [6][7]. - The U.S. regulatory environment is marked by litigation that strengthens rule enforcement, although legal uncertainties still hinder institutional investment [7]. Group 4: Technological Innovations - XBIT's decentralized exchange platform utilizes blockchain technology for transparency, allowing users to monitor collateral rates and fund flows in real-time, enhancing anti-money laundering and transparency capabilities [3][9]. - The implementation of a blockchain monitoring system by the FSC can track cross-exchange fund flows with a 92% accuracy rate for detecting money laundering activities [7]. - XBIT's modular design allows for quick adaptation to different regulatory requirements, ensuring user assets are controlled by smart contracts and minimizing risks associated with centralized platforms [9].

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之內容概不負責，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 該等內容而引致之任何損失承擔任何責任。 TIMELESS RESOURCES HOLDINGS LIMITED 天時資源控股有限公司 （於香港註冊成立的有限公司） （股份代號：8028） 自願公告 有關與HASHKEY及艾德證券戰略合作之諒解備忘錄 本公告乃由天時資源控股有限公司（「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新之業務發展。 戰 略合作 諒 解備 忘錄 董 事 （「董 事 」）會 （「董事會 」）欣然宣佈， 鑒 於 與 （i ）HashKey Token Limited（ 一 間 於 新 加 坡 註 冊 成 立 之 有 限 公 司 ） （ 「 HashKey」 ） ;（ii）艾 德 證 券 期 貨 有 限 公 司 （ 一 間 於 香 港 註 冊 成 立 之 有 限 公 司 ） （ 「 艾德證 券 」 ） ;及 （iii）本 公 司 之 全 資 附 屬 公 司 白 銀 時 代 有 限 ...

Group 1 - The core viewpoint of the articles highlights the significant milestone of TRON's ecosystem, with the number of accounts surpassing 325 million, indicating strong growth and integration within the global blockchain ecosystem [1][3][6] - Founder Sun Yuchen is set to participate in the CoinfestAsia2025 conference in Bali, Indonesia, where he will discuss underlying architecture upgrades and market evolution paths, potentially offering new perspectives for the digital asset sector [1][6] - The TRON platform utilizes a Delegated Proof of Stake (DPoS) consensus mechanism, which enhances transaction processing efficiency, making it a preferred solution for high-frequency trading and micro-payment scenarios [3] Group 2 - The TRC20-USDT issuance has exceeded 78.7 billion, dominating the global USDT chain trading volume, reflecting the expanding scale of stablecoins within the TRON ecosystem [3] - The number of decentralized applications (DApps) on TRON has surpassed 3,000, with daily active users exceeding one million, covering diverse areas such as DeFi and NFTs, showcasing a thriving multi-faceted ecosystem [3] - TRON has achieved recognition under the EU's MiCA framework and is the first to implement the ISO20022 standard for stablecoin protocols, indicating progress in regulatory compliance [3] Group 3 - Sun Yuchen's recent activities include strategic moves to deepen industry influence, such as witnessing TRON.Inc's listing on NASDAQ and integrating TRX tokens into core asset allocations, reflecting the growing acceptance of blockchain-native assets in traditional finance [5] - His participation as a keynote speaker at various Asia-Pacific summits focuses on the construction of stablecoin ecosystems and regulatory pathways, emphasizing the potential of blockchain technology to enhance financial inclusivity [5] - The upcoming CoinfestAsia2025 is expected to attract over 10,000 attendees, with Sun Yuchen's insights anticipated to provide actionable industry insights, potentially reshaping the future landscape of digital finance [6]

Core Viewpoint - The global payment sector is poised for significant growth due to the recent signing of the US GENIUS Act and the implementation of Hong Kong's Stablecoin Regulation, which establish a regulatory framework for stablecoins, indicating a new era for the industry [1][5] Company Performance - In the first half of 2025, the company reported revenue of HKD 2.716 billion, with a gross profit of HKD 1.273 billion, resulting in a gross margin of 46.9% and a net profit of HKD 391 million [2] - The company declared an interim dividend of HKD 0.25 per share, reflecting a year-on-year increase of 4.2%, demonstrating its commitment to enhancing shareholder returns [1] Revenue Structure - The company's revenue breakdown shows that HKD 2.544 billion was generated from electronic payment terminal sales, while service revenue contributed HKD 172 million [3] - The EMEA region remains the largest contributor, generating HKD 1.084 billion in revenue, despite some sales slowdown in Europe [3] - In the USCA region, revenue increased by 39% year-on-year to HKD 499 million, driven by rising order volumes and demand for specific products [3] Market Dynamics - The company experienced steady growth in the APAC region, achieving HKD 449 million in revenue, with significant sales growth in Japan due to effective deployment of smart payment terminals [4] - Despite challenges in the LACIS region, particularly in Brazil, the company managed to achieve HKD 684 million in revenue, focusing on opportunities in Panama [4] Future Opportunities - The stablecoin payment sector is expected to see rapid growth, driven by regulatory developments and the need for efficiency in traditional financial systems [5][8] - The company aims to leverage its extensive sales network and SaaS ecosystem to replicate successful strategies in the stablecoin payment space, potentially creating new growth avenues [8] - The company is also focusing on optimizing its payment terminal product line and enhancing its SaaS ecosystem, with plans to integrate artificial intelligence to improve service capabilities [8]

Core Viewpoint - Figure Technology Solutions Inc. has successfully turned around its financial performance, achieving a net profit of $29.1 million and revenue of $190.6 million in the first half of the year, marking a significant improvement from a net loss of $15.6 million and revenue of $156 million in the same period last year [3][5]. Group 1: Financial Performance - The company reported a net profit of $29.1 million and revenue of $190.6 million for the six months ending June 30, reflecting a strong recovery from the previous year's losses [3][5]. - Figure's business model has matured, leading to increased market acceptance and improved financial results [3][4]. Group 2: Business Operations - Figure has facilitated over $16 billion in lending on the blockchain, showcasing substantial business scale [5]. - The average FICO credit score for HELOC loan customers is 753, while the average score for Figure-branded loan customers is 740, indicating a strong credit quality among its clientele [5]. Group 3: Technological Integration - The company is leveraging artificial intelligence to optimize its business processes, utilizing OpenAI technology for loan application assessments and deploying a chatbot powered by Alphabet's Gemini on its website [5]. Group 4: Leadership and Background - Figure was co-founded by Mike Cagney in 2018, who previously played a key role in the founding of SoFi Technologies Inc. [8]. - Michael Tannenbaum has been appointed as the new CEO, while Cagney is expected to maintain significant voting control post-IPO [8]. Group 5: Market Position and Future Outlook - The IPO application signifies the ongoing penetration of cryptocurrency-related companies into traditional capital markets and highlights the commercialization of blockchain technology in financial services [4][7]. - The involvement of notable investors such as Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital provides financial backing and industry credibility to the company [5].

Core Viewpoint - The rise of stablecoins has attracted many ordinary investors, but the associated risks are often overlooked, as highlighted by a significant scam involving a platform that defrauded 200 million people out of 18 billion stablecoins [1] Regulatory Environment - The Hong Kong Monetary Authority (HKMA) emphasizes that stringent regulations may limit the short-term expansion of stablecoin businesses, but a cautious approach is more beneficial for sustainable market development [1] - The HKMA and the Securities and Futures Commission (SFC) have urged the public to remain cautious and make informed investment decisions, especially in volatile environments [2] Stablecoin Applications and Benefits - Stablecoins can enhance efficiency and reduce costs in financial transactions, particularly in B2B cross-border trade, by utilizing blockchain technology [3] - Compared to traditional systems like SWIFT, stablecoins can facilitate instant settlements with significantly lower transaction fees [3] - In countries facing high inflation, stablecoins provide a means for residents to access stable currencies, thus serving as a hedge against inflation [4] Challenges in Adoption - The complexity of using stablecoins for retail payments presents a barrier, as users must navigate various technical requirements and coordinate with counterparties [4] - The high liquidity of stablecoins makes it difficult to trace the flow of funds in cases of fraud, posing challenges for recovery compared to traditional financial systems [5] Regulatory Measures - The introduction of the Stablecoin Regulation in Hong Kong mandates that issuers must operate with a license and maintain high-quality reserve assets to enhance transparency and reduce fraud risks [5][6] - The regulation requires licensed institutions to comply with strict anti-money laundering and counter-terrorism financing measures, ensuring transparency in fund sources and transactions [6] Risks and Vulnerabilities - Concerns regarding the transparency of reserve assets backing stablecoins, such as USDT, have been raised, with investigations revealing that a significant portion of its assets may not be fully backed [8] - The risk of stablecoins deviating from their pegged value can occur during market panic or liquidity crises, as demonstrated by the USDC incident following the collapse of Silicon Valley Bank [9] Recommendations for Improvement - To enhance the security of stablecoins, it is suggested that issuers undergo independent audits of their reserve assets and implement dynamic reserve management practices [12] - Establishing a vulnerability response fund to encourage the reporting of security issues by experts can help mitigate risks associated with smart contract vulnerabilities [10] Future Outlook - The regulatory framework in Hong Kong positions it as a leader in stablecoin management, balancing innovation with necessary oversight [12][13] - The challenge remains to find a balance between strict regulation and fostering financial innovation in the stablecoin space [13]

Core Viewpoint - Figure Technology Solutions Inc. has officially submitted an IPO application to the SEC, joining the trend of cryptocurrency-related companies going public, reflecting the increasing acceptance of blockchain technology in traditional financial services [1][2]. Group 1: Financial Performance - For the six months ending June 30, Figure reported a net profit of $29.1 million and revenue of $190.6 million, a significant improvement from a net loss of $15.6 million and revenue of $156 million in the same period last year [1]. - The company's performance indicates a maturation of its business model and increased market acceptance [1]. Group 2: Business Scale and Client Quality - Figure has facilitated over $16 billion in lending on the blockchain, showcasing substantial business scale [2]. - The average FICO credit score for HELOC loan customers initiated or purchased by Figure in 2024 is 753, while the average score for Figure-branded loan customers is 740, indicating a strong credit profile among its clientele [2]. Group 3: Technological Applications - Figure is leveraging artificial intelligence to optimize its business processes, utilizing OpenAI technology for loan application assessments and deploying a chatbot powered by Alphabet's Gemini on its website [2]. Group 4: Investor Support and Company Structure - The company's investor base includes notable institutions such as Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital, providing financial backing and industry credibility [2]. - Following the IPO, the company will change its name from FT Intermediate Inc. to Figure Technology Solutions [2]. Group 5: Company Background - Figure was co-founded by Mike Cagney in 2018, who was previously part of the founding team of SoFi Technologies Inc. and served as CEO until 2018 [3]. - The company appointed Michael Tannenbaum as the new CEO in 2024, while Cagney is expected to maintain majority voting control post-IPO [3]. - Figure's core business focuses on developing blockchain technology to facilitate lending, initially concentrating on HELOC products and expanding into cryptocurrency-backed loans and digital asset exchanges [3].

Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 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 對 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。 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，於8月18日，天 圖 資 產 管 理 有 限 公 司（「天圖資產管理」）與Hashkey Capital Limited（「Hashkey Capital」）訂立戰略合作備 忘 錄（「戰略合作備忘錄」），用 於 拓 展 業 務 合 作 機 遇，即 可 能 聯 合 設 立 虛 擬 資 產 領 域 的 投 資 基 金，並 於 日 後 進 一 步 探 索 其 他 形 式 的 聯 合 協 作。任 何 有 關 協 作 將 遵守天圖資產管理或本集團任何其他成員公司可能受到規限的適用法律法規。 訂立戰略合作備忘錄的理 ...

Core Insights - Blockchain technology is gradually penetrating the livestock industry, providing a solid technological foundation for the modernization of this traditional sector through decentralization, data immutability, high transparency, and strong traceability [1] Group 1: Applications of Blockchain in Livestock Industry - Blockchain technology enables precise recording and management of vast amounts of data generated during livestock farming, including feed formulas, animal growth records, health status, and vaccination measures, ensuring data integrity and immutability [3] - The technology promotes data sharing and transparency among stakeholders such as livestock enterprises, consumers, and regulatory bodies, enhancing consumer trust and increasing brand value and market competitiveness for livestock companies [3] Group 2: Traceability and Anti-Counterfeiting - Blockchain provides significant advantages in traceability and anti-counterfeiting for livestock products by assigning a unique digital identity to each product, allowing consumers to access detailed information about production dates, origins, growth environments, and health records through QR codes [4] - This traceability method increases consumer understanding of the production process, thereby enhancing product trust and satisfaction while preventing counterfeit products from entering the market [4] Group 3: Supply Chain Optimization - The livestock supply chain involves multiple participants, including farms, feed suppliers, processing plants, and logistics companies, which traditionally suffer from information silos and poor communication, leading to inefficiencies [6] - Blockchain technology connects these participants into a cohesive supply chain network, enabling real-time information sharing and collaboration, which improves efficiency, transparency, and reduces costs and risks [6] Group 4: Smart Contracts in Livestock Transactions - Smart contracts, a key component of blockchain technology, automate and define transaction rules in the livestock industry, applicable in scenarios such as feed procurement, animal sales, and insurance claims [7] - For instance, in feed procurement, smart contracts facilitate automatic payment to suppliers upon delivery, minimizing human interference and disputes, thus enhancing transaction efficiency and transparency [7][8] Group 5: Practical Outcomes of Blockchain Implementation - The Hainan Cold Spring Rooster Agricultural Cooperative exemplifies successful blockchain application in the livestock sector, utilizing blockchain and IoT technologies to create a smart agricultural data cloud platform for comprehensive management of farming processes [10] - This platform allows real-time data collection and management, enabling consumers to verify product information through QR codes, thereby increasing product trust and satisfaction while establishing a robust anti-counterfeiting traceability system [10] - The innovative application of blockchain technology in the livestock industry brings profound changes and new development opportunities, facilitating more efficient, safe, and sustainable growth [10]

Group 1 - The sixth "Belt and Road" Publishing Cooperation Experience Exchange Conference was successfully held in Guangzhou, focusing on the theme of "Intelligent Integration of the Silk Road: Innovation-Driven Collaborative Development of 'Belt and Road' Publishing" [1][3] - Since 2013, the Chinese publishing industry has translated over 3,000 classic Chinese works, established topic databases with publishers from more than 50 countries, and launched over 1,200 cooperative books, resulting in 18,000 copyright trades [3][5] - The China Publishing Group is promoting the translation of works like "Xi Jinping's Stories of Poverty Alleviation" to inject Chinese wisdom into global governance and is enhancing its competitive edge through innovative projects like large language models [5][12] Group 2 - The Guangdong Publishing Group is leveraging its geographical advantage as the starting point of the "Maritime Silk Road" to upgrade publishing cooperation through digital innovation and regional collaboration [7][8] - The group is implementing initiatives such as the "South Guangdong Mutual Translation Plan" and the "Guangdong Books Entering Overseas Libraries Plan" to promote local publications internationally [8][10] - The global number of AI research papers has increased significantly from 36,000 in 2004 to 486,000 in 2024, with China leading in AI research contributions [12][14] Group 3 - The conference highlighted the importance of cultural exchange and mutual understanding in publishing, emphasizing the need for innovative thinking to overcome cross-cultural communication barriers [14][15] - Suggestions were made to establish a joint digital publishing platform between China and Arab countries, create a translation and digital support fund, and establish a "Belt and Road Publishing and Culture Academy" to enhance international communication [10][15] - The need for a collaborative network for copyright protection and a cross-border rights protection mechanism was emphasized to address piracy challenges and ensure the vitality of innovation [15]