Group 1 - Ant Group's CEO, Han Xinyi, stated that the company will not issue virtual currencies or engage in any form of speculation, emphasizing that compliance is the lifeline of innovation [2] - The Shanghai High People's Court successfully disposed of over 90,000 FIL coins, marking a significant step in the legal handling of virtual currencies in criminal cases [4] - Zhao Changpeng and Binance have donated over $40 million to charity, benefiting approximately 3.8 million people since 2018, showcasing the use of blockchain for transparency in philanthropy [5] Group 2 - Hong Kong's Chief Executive, John Lee, announced the implementation of a stablecoin issuer system, with the Hong Kong Monetary Authority promoting tokenized deposits and asset transactions [7] - Yunfeng Financial announced the issuance of its first Real-World Asset (RWA) project, marking a breakthrough in the integration of traditional finance and blockchain technology [9] - Winner Fashion and Derlin Holdings have reached a strategic cooperation agreement regarding RWA tokenization plans, indicating a growing trend in the fashion industry towards blockchain integration [6]

Group 1 - Kaisa Capital's stock price surged over 300% on September 18, reaching HKD 0.61 per share, with an increase of 227.96% [1] - The company announced a strategic transformation on September 17, focusing on digital financial innovation in the Web3.0 space, leveraging shareholder resources and regional advantages [1] - Kaisa Capital has partnered with a licensed virtual asset trading platform to promote the tokenization of Real-World Assets (RWA) under Hong Kong's regulatory framework, aiming for integration between decentralized finance (DeFi) and traditional finance (TradFi) [1] Group 2 - Kaisa Capital primarily engages in the sale and rental of construction machinery and parts, as well as property development [2] - The company was acquired by Kaisa Group in 2021 and was previously known as Pengcheng Asia Limited, which was listed on the Hong Kong Stock Exchange in 2010 [2] - Kaisa Capital's direct parent company is Shengjun Group Limited, with Kaisa Group Holdings Limited as the ultimate parent [2]

Group 1 - In August, China's retail sales growth slowed to 3.4% year-on-year, with total retail sales reaching 39,668 billion yuan [2] - Excluding automobiles, retail sales increased by 3.7% year-on-year, indicating a gradual recovery in consumer spending, although the pace is slowing [2] - The service sector showed slight improvement, with the Ministry of Commerce planning to introduce policies to boost service consumption in September [2][3] Group 2 - The China Automotive Industry Association released guidelines for supplier payment practices, aiming to standardize payment terms and reduce financial pressure on suppliers [4] - Major automakers, including SAIC and BYD, have committed to shortening payment terms to 60 days, which may impact their cash flow management [4][5] - The domestic passenger car sales growth is slowing, and the cessation of price competition may challenge the competitiveness of many unprofitable new energy vehicle companies [5] Group 3 - In August, housing prices in major cities continued to decline, but the rate of decline is narrowing, indicating a potential stabilization in the real estate market [6][7] - Real estate investment remains weak, and the industry faces significant challenges, necessitating timely policy support to stabilize the market [7] Group 4 - The "2025 China Top 500 Enterprises" list was released, showing total revenue of 110.15 trillion yuan, with a net profit of 4.71 trillion yuan, reflecting growth in both metrics [8][9] - The list indicates a stable structure in large enterprises, with state-owned enterprises dominating the top positions, while private enterprises like JD.com are gaining ground in the digital economy [8][9] Group 5 - Recent trends show a rise in the issuance of large-denomination certificates of deposit (CDs) by banks, with interest rates approaching 2%, indicating a strategy to attract deposits amid low net interest margins [14][15] - The issuance of these CDs is not necessarily a signal of an interest rate hike but rather a response to the need for banks to bolster their deposit base [14][15] Group 6 - The stock market showed mixed performance, with the Shanghai Composite Index declining by 0.26% while the ChiNext Index rose by 1.52%, reflecting a volatile market environment [16][17] - Market sentiment is affected by uncertainties in U.S.-China trade negotiations, suggesting a need for new narratives to boost investor confidence [17]

Company Overview and Core Business - Figure Technologies, established in 2018, claims to be the largest non-bank home equity line of credit provider in the U.S. [1] - The company has developed a complete ecosystem for lending, trading, and asset tokenization based on its proprietary Provenance blockchain platform [1]. - The merger of Figure Technology Solutions and Figure Markets in July 2025 aims to transform global capital markets through blockchain technology, solidifying its leadership in the RWA tokenization space [1]. IPO Performance and Market Reaction - Figure Technologies successfully went public on NASDAQ on September 12, 2025, as the "first RWA stock," raising $788 million at an IPO price of $25 per share, which was above the revised range of $20-$22 [2][4]. - The stock opened with a 36% increase on its first day, reflecting strong investor interest in blockchain financial services and the RWA tokenization concept [2][5]. Competitive Advantages - The Provenance blockchain offers real-time settlement, immutable asset records, and a composable smart contract infrastructure [3]. - Figure has established a significant first-mover advantage in the emerging RWA tokenization sector [3]. - The use of blockchain technology has greatly enhanced the operational efficiency of traditional financial services [3]. Market Size and Development Prospects - Figure has a comprehensive revenue opportunity of $130 billion in the asset-backed lending and cross-asset tokenization sectors, representing just a fraction of the RWA tokenization market potential [7]. - The global market for tokenizable real-world assets could reach several tens of trillions of dollars, encompassing various asset classes such as real estate, bonds, equities, and commodities [8]. Industry Drivers - The regulatory environment is improving, with major financial regulators shifting from a wait-and-see approach to actively guiding digital assets, providing a compliance framework for RWA tokenization [6]. - There is a surge in demand from institutional investors for digital asset allocation, as RWA tokenization allows them to maintain familiarity with assets while benefiting from blockchain efficiencies [6]. - Advancements in blockchain technology, particularly in scalability, security, and interoperability, are laying a solid foundation for large-scale RWA applications [6]. - The tightening global liquidity environment is increasing the demand for asset digitization to enhance the liquidity of traditionally illiquid assets [6]. RWA Tokenization Significance - RWA tokenization is fundamentally changing the operation of traditional finance by reducing intermediaries, enabling 24/7 trading, allowing micro-investments, and facilitating global asset allocation [8][9]. - The democratization of investment through tokenization lowers barriers, allowing a broader range of investors to participate in high-value asset investments [9]. Unique Investment Value of Figure - As the first publicly listed RWA concept stock, Figure enjoys a scarcity premium and a leading conceptual advantage [11]. - The company is positioned for long-term growth in a rapidly expanding sector [11]. - Figure's proprietary blockchain platform and technological expertise create competitive barriers [11]. - With a 75% market share, Figure's first-mover advantage provides a solid foundation for future growth [11]. Conclusion - The successful IPO of Figure Technologies marks a significant milestone not only for the company but also for the RWA tokenization industry, demonstrating the commercial viability and growth potential of real-world asset tokenization [12]. - The RWA tokenization sector is poised for explosive growth over the next decade, with Figure leading the way and providing valuable insights and templates for future enterprises [13].

有關 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之任何損失承擔任何責任。 GoFintech Quantum Innovation Limited 國富量子創新有限公司 （前稱 GoFintech Innovation Limited 國富創新有限公司） （於開曼群島註冊成立之有限公司） 網址：https://290.com.hk （股份代號：290） 自願性公告 與金涌投資有限公司之戰略合作 之補充公告 茲提述國富量子創新有限公司（「本公司」）日期為二零二五年八月二十六日有關（其 中包括）戰略合作之自願性公告（「該公告」）。除另有界定外，本公告所用詞彙與 該公告所界定者具有相同涵義。 本公司謹此向本公司股東及潛在投資者提供有關戰略合作之補充資料。 戰略合作 — RWA代幣化產品及RWA項目 鑒於本公司與金涌投資簽署之戰略合作備忘錄僅構成合作之指示性框架，擬開展 之RWA 代幣化產品及RWA 項目目前仍在考量及評估中。於本公告日期，該等產品 及項目可能包括符合以下條件的 ...

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

Core Viewpoint - Winner Fashion (3709.HK) experienced a significant intraday increase of 37.25%, reaching a price of HKD 10.98, marking a 16-month high since May 22 of the previous year. This surge is attributed to a strategic cooperation and investment agreement with Derlin Holdings, set to be completed by September 12, 2025 [1]. Group 1 - Winner Fashion and Derlin Holdings announced a strategic cooperation and investment agreement [1]. - Derlin Holdings conditionally agreed to subscribe for shares at the subscription price upon completion of the agreement [1]. - The two companies have reached a consensus on the overall framework and direction for the RWA tokenization plan as part of their strategic cooperation [1].

Group 1 - The core viewpoint of the news is the strategic cooperation and investment agreement between Winner Fashion and Derlin Holdings regarding the RWA tokenization plan, which has led to significant stock price increases for both companies [1][2] - Winner Fashion's stock rose by 20.88% to HKD 9.67, while Derlin Holdings' stock increased by 5.14% to HKD 3.68 following the announcement [1] - The agreement includes a conditional commitment from Derlin Holdings to subscribe for shares at a specified price, which will represent approximately 0.65% of Winner Fashion's existing issued share capital [1] Group 2 - The total amount raised from the subscription will be HKD 29.9 million, with a net amount of approximately HKD 29.6 million after deducting applicable costs and expenses [1] - Winner Fashion plans to use the net proceeds from the subscription for general working capital [1] - The framework for tokenization will be based on 10% of the audited revenue of Winner Fashion's main brand, NEXY.CO, for the fiscal year ending December 31, 2025 [2]

Core Viewpoint - The article discusses the emerging concept of "RWA tokenization" in the real estate sector, which is being promoted as a new investment opportunity with high returns, despite warnings from industry experts about potential risks and regulatory concerns [1][4][15]. Group 1: RWA Tokenization Overview - "RWA tokenization" refers to the process of converting real-world assets, such as real estate, into digital tokens on a blockchain, allowing for fractional ownership and investment [15]. - The market for RWA is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030 and $30 trillion by 2034 [15]. - The concept is gaining traction in various regions, with examples of successful implementations in places like Dubai and Japan, where regulatory frameworks are being established to support such initiatives [20][21]. Group 2: Investment Opportunities and Promotions - Promoters of RWA tokenization are advertising high returns, claiming that investments as low as 3,000 yuan can yield significant profits, such as 10,000 yuan in annual dividends [6][7]. - Various partnership tiers are being offered, with escalating investment amounts leading to greater rewards and potential ownership of property management rights [7][8]. - The promotion of RWA tokenization is being conducted through social media platforms, targeting individuals looking for new investment avenues [5][6]. Group 3: Regulatory Concerns and Risks - Experts caution that any investment promising guaranteed returns should be approached with skepticism, as many such schemes may be fraudulent or illegal [4][14][17]. - In mainland China, the regulatory environment remains cautious, with past announcements prohibiting unauthorized token issuance and financing activities [16]. - The legal status of RWA tokenization in China is unclear, as current laws require real estate ownership changes to be registered through official channels, complicating the legitimacy of tokenized assets [16][23]. Group 4: Market Trends and Developments - Some Chinese companies are exploring RWA tokenization in Hong Kong, where regulations are more favorable, indicating a potential shift in investment strategies [22][23]. - The article highlights the importance of due diligence for investors, emphasizing the need for legal documentation and regulatory compliance before engaging in RWA projects [23].

Core Viewpoint - The emergence of "RWA tokenization" as a new concept in real estate financial products is gaining traction on social media, with claims of significant wealth opportunities, but experts warn of potential risks and regulatory concerns [1][10][12]. Group 1: RWA Tokenization Concept - "RWA tokenization" refers to the process of converting real-world assets into digital tokens on the blockchain, aiming to enhance liquidity for traditionally illiquid assets like real estate [10][11]. - The market for RWA is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030 and $30 trillion by 2034 [11]. Group 2: Investment Opportunities and Claims - Promoters of RWA tokenization claim that investing in real estate tokens can yield high returns, such as a promise of over 100,000 yuan in annual dividends for a 30,000 yuan investment [1][2]. - Various investment tiers are presented, with claims that investing 100,000 yuan could lead to becoming a billionaire in digital assets within three years [2]. Group 3: Regulatory Environment - In mainland China, the regulatory stance on RWA tokenization remains cautious, with previous announcements banning unauthorized token issuance and financing activities [11][12]. - Experts caution that RWA products marketed as "real estate income rights" may be considered illegal fundraising or financial fraud under current laws [12]. Group 4: Global Trends and Local Developments - Internationally, there is a growing trend towards supporting RWA tokenization, with examples from Dubai and Japan showcasing successful implementations [13][14][15]. - In Hong Kong, the government is actively promoting RWA tokenization, with recent legislative changes aimed at facilitating this market [15][16].