Core Viewpoint - Lakala Payment Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1]. Company Overview - Lakala is a leading digital payment and digital business solutions provider in Asia, leveraging technologies such as big data, blockchain, and artificial intelligence to create a comprehensive digital operating service system for small and medium-sized merchants and industry clients [3][4]. - The company holds a prominent market position in China's digital payment sector, with a projected total payment volume exceeding RMB 4 trillion in 2024, capturing a market share of 9.4% among independent digital payment service providers [3][4]. Market Position - In 2024, Lakala is expected to rank first among independent digital payment service providers in Asia, with a market share of 1.1% in total payment volume [4]. - The company is also the largest independent digital payment service provider in China's comprehensive acquiring market, with a market share of 11.7%, and in the QR code acquiring market, with a market share of 9.3% [4]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.36 billion, RMB 5.93 billion, RMB 5.75 billion, and RMB 2.65 billion, respectively [6][7]. - The net profit/loss for the same periods was approximately -RMB 1.44 billion, RMB 457 million, RMB 351 million, and RMB 229 million, respectively [6][7].

Core Viewpoint - Lakala Payment Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1]. Company Overview - Lakala is a leading digital payment and digital business solutions provider in Asia, leveraging technologies such as big data, blockchain, and artificial intelligence to create a comprehensive digital operation service system for small and medium-sized merchants and industry clients globally [3][4]. Market Position - The company holds a prominent market position in China's digital payment sector, with a projected total payment volume of approximately RMB 331.7 trillion by 2024, of which independent digital payment service providers will account for RMB 45.7 trillion. Lakala's total payment volume is expected to exceed RMB 4.0 trillion, capturing a market share of 9.4% among independent digital payment service providers, ranking first in this segment [4][5]. Service Offerings - Lakala provides a one-stop payment solution covering online, offline, domestic, and international transactions, enabling clients to handle various payment methods and currencies efficiently. The company is also advancing the innovative application of digital currencies and supporting clients in achieving full-chain digital operations [4][5]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.36 billion, RMB 5.93 billion, RMB 5.75 billion, and RMB 2.65 billion, respectively. The net profit/loss for the same periods was approximately -RMB 1.44 billion, RMB 457 million, RMB 351 million, and RMB 229 million [6][7].

Core Viewpoint - Lakala Payment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Overview - Lakala is a leading digital payment and digital business solutions provider in Asia, leveraging technologies such as big data, blockchain, and artificial intelligence to create a comprehensive digital operation service system for small and medium-sized merchants and industry clients [3][4] - The company holds a prominent market position in China's digital payment sector, with a projected total payment volume of approximately RMB 331.7 trillion by 2024, of which independent digital payment service providers will account for RMB 45.7 trillion [3] Market Position - By 2024, Lakala is expected to achieve a total payment volume exceeding RMB 4 trillion, capturing a market share of 9.4% among independent digital payment service providers, ranking first in this segment [3][4] - The company is also the largest independent digital payment service provider in China's comprehensive acquiring market, with a market share of 11.7%, and in the QR code acquiring market, with a market share of 9.3% [4] Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.36 billion, RMB 5.93 billion, RMB 5.75 billion, and RMB 2.65 billion respectively, with net profits of approximately -RMB 1.44 billion, RMB 457 million, RMB 351 million, and RMB 229 million [6][7]

Group 1 - The three major Japanese banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, will jointly issue a stablecoin pegged to the Japanese yen, marking Japan's shift from regulatory caution to active participation in the digital currency market [1][2] - The banks aim to build infrastructure for corporate clients, allowing stablecoins to be transferred between clients according to a unified standard, with initial plans for a yen-pegged stablecoin and potential future expansion to a dollar-pegged stablecoin [1][2] - JPYC, a fintech startup, has received regulatory approval to issue Japan's first yen-pegged stablecoin, planning to launch in the fall with a target issuance scale of 1 trillion yen (approximately 68.1 billion USD) within three years [2] Group 2 - Monex Group is considering launching a yen-pegged stablecoin, which could enhance international remittances and corporate settlements denominated in yen [3] - The chairman of Monex Group emphasized the need for substantial infrastructure and capital to issue stablecoins, indicating that failure to engage in this market could lead to being left behind [3] - Japan is recognized as the first country to establish a regulatory framework for stablecoins, and the recent developments indicate a readiness to transition from regulatory caution to active involvement in digital finance [3]

Core Insights - Bitcoin has fallen below $101,000, experiencing a decline of 4.94% in the past 24 hours [1] Price Movement - The current price of Bitcoin is reported to be below $101,000 [1] - The percentage drop of 4.94% indicates a significant movement in the cryptocurrency market within a short time frame [1]

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step towards enhancing the internationalization of the digital renminbi, aiming to improve its global circulation and acceptance in international markets [3][12]. Group 1: Digital Renminbi International Operation Center - The Digital Renminbi International Operation Center has officially commenced operations, following the plan announced by the People's Bank of China (PBOC) during the Lujiazui Forum in June [3][4]. - The center features three main platforms: cross-border payment, blockchain infrastructure, and digital asset services, which are designed to enhance the operational capabilities of the digital renminbi in international markets [4][12]. Group 2: Cross-Border Payment Platform - The cross-border payment platform aims to address pain points in traditional cross-border payment models, focusing on technological integration, ecosystem reconstruction, and regulatory innovation [6]. - The goal is to create a secure, efficient, and inclusive global payment network, providing a "China solution" for a new ecosystem of cross-border payments that is "lossless, interoperable, and compliant" [6]. Group 3: Blockchain Service Platform - The blockchain service platform serves as a key hub for on-chain digital renminbi payment services and standardized blockchain transaction information transfer [8]. - It aims to enhance interoperability and transaction efficiency across various industry blockchain networks, reducing integration costs for participants [8]. Group 4: Digital Asset Platform - The digital asset platform focuses on the compliant operation of assets on the blockchain, supporting various asset types such as bonds, bills, electronic vouchers, and carbon credits [9]. - It aims to digitize the entire process of issuance, registration, custody, and trading while ensuring compliance and preventing financial risks like fictitious transactions and double pledges [9]. Group 5: Global Payment System Improvement - The PBOC is actively promoting improvements in the global cross-border payment system, adhering to the principles of "lossless, compliant, and interoperable" as foundational guidelines for the construction of cross-border infrastructure for legal digital currencies [11]. - The center is expected to play a crucial role in forming global central bank digital currency standards, addressing potential fragmentation in digital currency development [11]. Group 6: Internationalization Strategy - The core value of the Digital Renminbi International Operation Center lies in significantly expanding the network effect of the digital renminbi, enhancing its global liquidity and acceptance [13]. - The strategic focus has shifted from domestic retail testing to exploring applications in cross-border trade and international financial services, aiming to increase the global market share and competitiveness of the digital renminbi [13].

Core Viewpoint - Bitcoin has fallen below $107,000 per coin, with a daily decline of 1.16% [1] Group 1 - Bitcoin price is currently at $107,000 per coin [1] - The daily decline in Bitcoin price is recorded at 1.16% [1]

Core Points - The stock price of Winning Time Technology has decreased by 27.25% year-to-date, with a recent drop of 5.47% over the last five trading days [1] - The company reported a revenue of 578 million yuan for the first half of 2025, a year-on-year decrease of 7.84%, and a net profit attributable to shareholders of -79.18 million yuan, down 46.22% year-on-year [2] - The company has distributed a total of 687 million yuan in dividends since its A-share listing, with 105 million yuan distributed over the last three years [3] Company Overview - Winning Time Technology, established on September 3, 2001, and listed on January 27, 2014, is based in Shenzhen, Guangdong Province [1] - The company specializes in providing comprehensive IT solutions for asset management and custody services to financial institutions and high-end clients, with service fee income accounting for 55.06% and custom software development and sales for 44.94% of its revenue [1] - The company is classified under the software development industry, specifically in vertical application software, and is associated with concepts such as Web3, Internet finance, digital currency, financial technology, and Huawei Kunpeng [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Winning Time Technology is 130,100, a decrease of 6.52% from the previous period, with an average of 5,084 circulating shares per shareholder, an increase of 5.84% [2] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.66 million shares, an increase of 5.83 million shares from the previous period [3] - The seventh-largest circulating shareholder is Huabao CSI Financial Technology Theme ETF, holding 5.09 million shares, an increase of 284,100 shares from the previous period [3]

Core Viewpoint - The stock of Newcap fell by 2.06% on October 17, with a current price of 11.86 CNY per share, reflecting a significant decline in recent trading days [1] Group 1: Stock Performance - As of October 17, Newcap's stock price has increased by 23.41% year-to-date, but it has decreased by 7.85% in the last five trading days, 15.10% in the last 20 days, and 23.53% in the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on March 14, where it recorded a net buy of -117 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Newcap reported a revenue of 314 million CNY, a year-on-year decrease of 7.16%, and a net profit attributable to shareholders of -31.17 million CNY, down 61.31% year-on-year [2] - The company has distributed a total of 308 million CNY in dividends since its A-share listing, with 107 million CNY distributed over the last three years [2] Group 3: Business Overview - Newcap is located in Zhengzhou, Henan Province, and was established on April 25, 2000, with its stock listed on July 29, 2011 [1] - The company's main business includes smart card system solutions and related hardware and software products, with revenue composition as follows: 36.82% from smart campus solutions, 32.53% from smart government and enterprise solutions, 20.12% from operation and maintenance services, and 10.52% from smart campus cloud platform solutions [1] Group 4: Shareholder Information - As of October 10, Newcap had 41,200 shareholders, a decrease of 0.59% from the previous period, with an average of 9,935 circulating shares per shareholder, an increase of 0.59% [2] Group 5: Industry Classification - Newcap belongs to the Shenwan industry classification of Computer - Computer Equipment - Other Computer Equipment, and is associated with concepts such as vocational education, digital currency, NFC, electronic payment, and data elements [2]

Core Viewpoint - The company, Mengwang Technology (002123.SZ), confirmed on October 17 that it is not currently involved in digital currency business [1] Group 1 - Investors inquired about the company's involvement in digital currency [1] - The company responded that it does not engage in this business at the moment [1]