Group 1: Hong Kong Stock Market Highlights - Mixue Group (02097) rose over 7%, reaching a new high, with Daiwa raising its target price to HKD 608, optimistic about same-store sales growth and store opening speed [1] - Lianlian Digital (02598) increased nearly 10% following the official enactment of the "Stablecoin Regulation" in Hong Kong [1] - Automotive stocks collectively declined, with Li Auto-W, Great Wall Motors, and GAC Group all dropping over 2%, as the Ministry of Industry and Information Technology and the China Association of Automobile Manufacturers opposed "involution-style" price wars [1] - CSPC Pharmaceutical Group (02005) fell over 7% after reporting a 36.9% year-on-year decline in revenue and a 59.5% drop in net profit attributable to shareholders for Q1, with expectations of a 45%-60% decline in profit for the first half of the year due to demand drop and intensified competition [1] - Solar energy stocks dropped across the board, with New Special Energy, Xinyi Energy, Fuyao Glass, and Xinyi Solar all declining over 4%, as the anticipated "531" rush in May did not materialize following the April rush [1] - Chinese property stocks fell collectively in early trading, with R&F Properties, Sunac China, New City Development, and Agile Group all dropping over 4%, as data showed a 10.8% year-on-year decline in sales for the top 100 real estate companies from January to May, with a 17.3% drop in May alone [1] Group 2: Other Notable Stocks - Chongqing Rural Commercial Bank (03618) rose nearly 5% after being included in the CSI 300 Index, becoming the first local financial institution from Chongqing to be included, with a 6.25% year-on-year increase in net profit attributable to shareholders for Q1 [2] - Baker Hughes (02149) increased over 8%, reaching a new high after completing a placement of 3 million new H-shares, raising approximately HKD 117 million [2] - Giant Bio (02367) fell over 4% amid ongoing controversies regarding its product components, with the company stating it received an apology from the relevant testing agency and will pursue accountability for the rumors [2] - Chip stocks declined across the board, with Hua Hong Semiconductor, Jingmen Semiconductor, SMIC, and Shanghai Fudan all dropping over 2%, influenced by fluctuating U.S. policies and a decline in the Philadelphia Semiconductor Index [2] - Beike-W (02423) dropped nearly 6% as Huaxi Securities reported a significant slowdown in second-hand housing transaction growth, with a mere 8% year-on-year increase in 15 cities for the first 29 days of May, the lowest since October of the previous year [2] Group 3: U.S. Stock Market Highlights - AstraZeneca (AZN.US) rose over 2% after its cancer drug Imfinzi received EU approval for specific muscle-invasive bladder cancer treatments [3] - Trump Media & Technology Group (DJT.US) increased over 2.4% after announcing the completion of approximately USD 2.44 billion in financing, planning to use about USD 2.32 billion for Bitcoin reserves, potentially becoming one of the largest Bitcoin holders among U.S. public companies [3] - Nvidia (NVDA.US) fell over 2.92% after the CEO announced plans to sell up to 6 million shares by the end of 2025 [3] - Palantir (PLTR.US) rose over 7.73% as reports indicated the Trump administration relies on its technology for inter-agency data sharing, with over USD 113 million in government contracts since Trump took office [3] - Costco (COST.US) increased over 3.12% after reporting Q3 earnings that exceeded expectations, with revenue of USD 63.2 billion, an 8% year-on-year increase, and EPS of USD 4.28, demonstrating its scale advantage and member loyalty [3]

Core Viewpoint - Meta Platforms' shareholders overwhelmingly rejected the proposal to include Bitcoin in the company's reserves during the recent annual meeting, reflecting concerns over volatility [1] Group 1: Shareholder Vote - Over 4.9 billion shares voted against the proposal, while only 3.92 million shares supported it [1] - The proposal was submitted by investor Ethan Peck, representing the American National Public Policy Research Center [1] Group 2: Industry Context - Meta Platforms is the latest major tech company to consider incorporating Bitcoin into its assets, following Microsoft's push for Bitcoin to become mainstream [1] - Shareholders' rejection of the proposal was primarily due to concerns regarding the volatility associated with Bitcoin [1]

Group 1 - Trump Media Group has completed a private placement with approximately 50 institutional investors, raising a total of about $2.44 billion [1] - The financing includes the sale of 55,857,181 shares of common stock at a price of $25.72 per share, generating gross proceeds of approximately $1.44 billion [1] - Additionally, the company issued $1 billion in convertible senior secured notes due in 2028, with a conversion price of $34.72 per share [1] Group 2 - The net proceeds of approximately $2.32 billion will be used to establish a Bitcoin reserve and for general corporate purposes and working capital [1] - This financing positions Trump Media Group as one of the largest holders of Bitcoin among publicly traded companies in the U.S. [1] - Bitcoin will be included on the company's balance sheet alongside $759 million in cash, cash equivalents, and short-term investments as of the end of Q1 2025 [1]

Core Insights - As of March 31, 2025, HUT 8's Bitcoin reserves have expanded to 10,264 coins, valued at $847.2 million [1] Company Summary - HUT 8 has significantly increased its Bitcoin holdings, indicating a strong position in the cryptocurrency market [1] - The current valuation of HUT 8's Bitcoin reserves reflects a robust investment strategy and potential for future growth [1] Industry Summary - The expansion of Bitcoin reserves by companies like HUT 8 highlights the growing trend of institutional investment in cryptocurrencies [1] - The valuation of Bitcoin reserves at $847.2 million underscores the increasing market value and interest in digital assets [1]

Core Points - Arizona has passed legislation allowing up to 10% of public funds to be invested in Bitcoin and digital assets, potentially making it the first state in the U.S. to establish a Bitcoin reserve [1][2] - The Arizona House approved two key bills aimed at creating Bitcoin and digital asset reserves, with SB1025 passing with 31 votes in favor and 25 against, and SB1373 passing with 37 votes in favor and 19 against [1] - These bills authorize the state treasurer to allocate up to 10% of public funds to cryptocurrencies, aligning Arizona with approximately 15 other states considering similar measures [1][2] Legislative Context - SB1373 allows for the use of seized crypto assets and future appropriations to establish reserves, incorporating on-chain auditability and standard risk controls [2] - Arizona's initiative coincides with national discussions on establishing cryptocurrency reserves, including a recent executive order from President Trump proposing a "strategic Bitcoin reserve" [2] - Other states like Texas, Florida, and New Hampshire are also advancing similar legislation, indicating a growing interest in integrating cryptocurrencies into public financial strategies [2] Market Reaction - Following the vote in Arizona, Bitcoin's price surged, trading close to $95,000, marking a 25% increase from its low in early April [3]

Core Viewpoint - Arizona's legislative body has advanced two bills allowing the state to adopt Bitcoin or other cryptocurrencies as reserves, reflecting a growing trend among states to explore digital asset investments [1] Group 1: Legislative Developments - The Arizona House of Representatives voted to pass two bills, with SB1025 allowing strategic Bitcoin reserves approved by a vote of 31 to 25 [1] - A similar bill, SB1373, aimed at establishing a state-level digital asset reserve, passed with a vote of 37 to 19 [1] Group 2: Investment Strategy - Representative Jeff Weninger mentioned that SB1025 essentially follows a method that 15 other states may be considering, permitting state officials to invest up to 10% of funds, primarily in Bitcoin but also in other assets [1]