Core Insights - The 10th China International Copyright Expo opened in Qingdao, attracting over 1,100 exhibitors, showcasing new products, technologies, and achievements in China's copyright industry [1] - The event highlights the importance of copyright protection in various sectors, including agriculture and cultural products, demonstrating how it can enhance product value and prevent infringement [2][4] Group 1: Copyright Protection in Agriculture - Weifang Guo brand watermelon has implemented a comprehensive copyright protection system, applying for over 100 copyright registrations, which has significantly reduced infringement issues [1] - The sales of Guo brand watermelon seeds reached 59 million, with a production value of nearly 340 million yuan, reflecting a year-on-year growth of 22.2% [1] Group 2: Digital Copyright Innovations - Shandong Publishing Group showcased core projects in digital copyright, including a dual-certificate service model combining copyright registration and blockchain technology for enhanced protection [2] - The Shandong digital integration copyright trading platform has over 280,000 registered users and offers more than 400,000 new publishing data resources [3] Group 3: Technological Advancements in Copyright Protection - The "Eagle Eye Monitoring System" and "TIN Chain" copyright protection system have registered over 800,000 copyright works, providing monitoring and infringement identification for over 300,000 photographers [3] - The ancient book digital resource platform has digitized over 24,000 ancient books, making them accessible online, which broadens their application prospects [3] Group 4: Cultural and Creative Industry Insights - The event emphasizes that copyright is not merely a cost but a vital component for cultural innovation and value transformation, serving as a "birth certificate" for creative products [5] - The Shandong exhibition area featured over 50 companies, focusing on a digital-enabled copyright ecosystem, showcasing new achievements in copyright protection and application [5]

Core Viewpoint - The strategic partnership between Derin Holdings and Antalpha aims to leverage their respective strengths in traditional finance and digital assets to develop innovative financial solutions and unlock significant market potential in the digital asset ecosystem [1][3]. Group 1: Strategic Cooperation Framework - The partnership will focus on several core areas, including a Bitcoin mining strategic alliance to support Derin Holdings' goal of becoming a leading publicly listed Bitcoin mining company in Asia [1]. - The collaboration will also enhance and expand the Tether Gold (XAU) global ecosystem, aiming to create a comprehensive infrastructure that connects traditional precious metal markets with innovative digital asset solutions [1]. Group 2: Antalpha's Role - Antalpha is a leading fintech company listed on NASDAQ, specializing in providing financing, technology, and risk management solutions for the digital asset industry [2]. - Through its Antalpha Prime technology platform, Antalpha offers Bitcoin supply chain and margin lending services, enabling clients to initiate and manage digital asset loans with near-instant data monitoring of collateral holdings [2]. Group 3: Investment in XAU - Derin Holdings plans to purchase approximately $5 million worth of XAU through its wholly-owned subsidiary DL HODL Limited, reflecting the company's strategic confidence in gold as a long-term store of value and its applicability for tokenization and financial innovation [2]. - Holding XAU aims to diversify the risks associated with digital assets on the balance sheet, increase participation in the growing tokenized gold ecosystem, and gain practical experience in integrating gold-backed tokens into structured finance and wealth management products [2]. Group 4: Industry Implications - The strategic cooperation marks a significant milestone in the integration of traditional finance and the digital asset ecosystem, aligning with global trends in asset tokenization and supporting Hong Kong's vision to become a leading regulated digital finance hub [3]. - The partnership is expected to enhance Derin Holdings' competitive advantage in the digital asset and real-world asset (RWA) sectors, driving sustainable growth and creating value for shareholders [3]. - By collaborating with Antalpha, Derin Holdings can more effectively allocate financial and operational resources to expand its Bitcoin mining capabilities, optimizing operations through Antalpha's expertise in financing, infrastructure, and technology support [3].

Core Viewpoint - The company has entered into a non-binding strategic cooperation agreement with Antalpha Platform Holding Company to leverage their respective strengths in traditional finance and digital assets, aiming to develop innovative financial solutions and unlock significant market potential in the digital asset ecosystem [1][3]. Summary by Sections Strategic Cooperation Framework - The strategic cooperation framework will focus on multiple core areas, including a Bitcoin mining strategic alliance and the development of the Tether Gold (XAU₮) ecosystem [2]. - The goal of the Bitcoin mining alliance is to support the company in becoming a leading publicly listed entity in Asia with significant Bitcoin mining power [2]. - The collaboration aims to enhance and expand the global ecosystem of Tether Gold, connecting traditional precious metals markets with innovative digital asset solutions [2]. Investment in Tether Gold - The company plans to purchase approximately $5 million worth of XAU₮ through its wholly-owned subsidiary, demonstrating confidence in gold as a long-term store of value and a basis for tokenization and financial innovation [3]. - Holding XAU₮ is intended to diversify risks associated with digital assets, increase participation in the growing tokenized gold ecosystem, and gain practical experience in integrating gold-backed tokens into structured finance and wealth management products [3]. Importance of the Cooperation - The strategic cooperation marks a significant milestone in the integration of traditional finance with the digital asset ecosystem, aligning with the company's vision of combining traditional financial expertise with cutting-edge digital asset innovations [3]. - This partnership is expected to drive sustainable development, enhance the company's competitive advantage in the digital asset and real-world asset (RWA) sectors, and create value for shareholders by expanding business opportunities [3]. - The collaboration supports the global trend of asset tokenization and aligns with the Hong Kong government's vision of establishing the region as a leading regulated digital financial center [3]. Operational Efficiency - Through the partnership with Antalpha, the company can more effectively allocate financial and operational resources to expand its Bitcoin mining capabilities [4]. - Antalpha's expertise in financing, infrastructure, and technical support will optimize the company's mining operations, including hardware selection, site hosting, energy management, and real-time software, thereby enhancing operational efficiency and competitiveness in Bitcoin mining [4]. - Continuous support from Antalpha will enable the company to maximize mining performance, reduce downtime, and promote long-term accumulation of digital assets as a core business [4].

Group 1 - The core viewpoint of the article highlights the strategic partnership between Derin Holdings and Antalpha Platform, aimed at integrating traditional finance expertise with digital asset innovation to unlock market potential in the digital asset ecosystem [1][2] - The collaboration is expected to enhance the group's competitive advantage in the digital asset and Real World Asset (RWA) sectors, aligning with global trends in asset tokenization and supporting Hong Kong's vision as a leading regulated digital finance center [2][3] - The partnership will enable the group to optimize its Bitcoin mining operations through Antalpha's support in financing, infrastructure, and technology, thereby improving operational efficiency and competitiveness in the mining business [2] Group 2 - The rapid growth of the gold products and RWA tokenization market reflects strong demand from institutional and retail investors for secure, transparent, and flexible investment options, with the total market value of tokenized gold exceeding approximately $3 billion in 2025 and a trading volume increase of about 900% year-to-date [3] - Tokenized gold, particularly the XAU asset with a market value exceeding $1.5 billion, is positioned to become a core RWA due to its scalability, stability, and practical use across decentralized and regulated platforms [3] - The ongoing collaboration between the group and Antalpha in developing gold RWA applications and distribution channels is expected to diversify investment products and provide reliable digital gold investment avenues, maintaining the group's leading position in RWA innovation [3]

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的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 (1)與ANTALPHA PLATFORM HOLDING COMPANY 之戰略合作協議；及 (2)投資5百萬美元之TETHER GOLD 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」） 自願刊發，旨在向本公司股東及潛在投資者通報本集團的最新業務發展情況。 戰略合作協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年10月16日，本公司與 Antalpha Platform Holding Company（「Antalpha」）訂立不具約束力的戰略合作 協議（「戰略合作協議」）。訂約雙方均認可結合Antalpha於數字資產領域的機構 級能力與本集團於傳統金融專業及監管基礎方面的深厚經驗，將 ...

Financial Data and Key Metrics Changes - BNY Mellon reported record revenue of $5.1 billion, up 9% year-over-year, with a pre-tax margin improvement to 36% and a return on tangible common equity of 26% [3][14] - Earnings per share reached $1.88, reflecting a 25% increase year-over-year [3][16] - Total assets under custody and administration (AUCA) increased to $57.8 trillion, up 11% year-over-year [14] Business Line Data and Key Metrics Changes - Security Services segment revenue was $2.5 billion, up 11% year-over-year, driven by a 12% increase in investment services fees [18] - Market and Wealth Services segment revenue rose to $1.8 billion, up 14% year-over-year, with net new assets of $3 billion [21] - Investment and Wealth Management segment revenue decreased to $824 million, down 3% year-over-year, with assets under management remaining flat at $2.1 trillion [22][23] Market Data and Key Metrics Changes - The U.S. economy showed resilience despite a cooling labor market and persistent inflation, with equity markets climbing and credit spreads remaining tight [4] - Client balances grew solidly across platforms, with robust trading, clearing, and settlement activity [4] Company Strategy and Development Direction - The company is focused on reimagining BNY Mellon through two core transformation programs: a new commercial model and a platforms operating model [5][10] - The new commercial model aims to deliver integrated solutions and enhance client relationships, with significant wins in asset servicing [6][7] - BNY Mellon is embracing AI, launching the BNY AI Lab in collaboration with Carnegie Mellon University to advance AI research and deployment [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertainties, including geopolitical conditions and trade policies, while continuing to execute on strategic initiatives [4][13] - The company anticipates net interest income for the fourth quarter to be flat sequentially, projecting a full-year increase of 12% year-over-year [25][26] Other Important Information - The company returned approximately $1.2 billion of capital to shareholders, resulting in a 92% total payout ratio year-to-date [17] - The transition to the platforms operating model is over 70% complete, with expectations to realize full benefits by early 2028 [9] Q&A Session Summary Question: How much of this growth year over year would you attribute to actions that you've taken versus just a generally good market backdrop? - Management indicated that the growth is a mix of organic growth, higher market levels, and foreign exchange impacts, with a balanced contribution from each factor [27][29] Question: Can you expand a little bit more about de-risking the balance sheet and how you've changed your approach towards interest rate risk management? - Management highlighted the sophistication in risk management tools and a clean, liquid balance sheet, which has contributed to the strength in net interest income [36][38] Question: What early trends have you seen on the back of M&A, merger arb, IPO activity, and the like? - Management noted that there hasn't been a noticeable change in securities lending related to M&A activity, but they remain focused on the business as the world's largest agency lenders [44][47] Question: Do you think the rise of stablecoins could put pressure on fee rates? - Management views the evolution of money market funds and stablecoins as an opportunity rather than turbulence, emphasizing their broad participation in the money market ecosystem [56][58] Question: Can you help us frame how the multi-line of business solutions compare to previous years? - Management indicated that the trend of cross-selling multi-line solutions is meaningfully higher compared to previous years, reflecting the success of the commercial model [60][63]

Financial Data and Key Metrics Changes - The company reported record revenue of $5.1 billion, up 9% year-over-year, with earnings per share of $1.88, up 25% year-over-year [3][14] - Pre-tax margin improved to 36%, and return on tangible common equity was 26% [3][16] - Total assets under custody and administration (AUCA) reached $57.8 trillion, up 11% year-over-year [14] - Net interest income was $1.2 billion, up 18% year-over-year, driven by reinvestment of maturing investment securities at higher yields [15][17] Business Line Data and Key Metrics Changes - Security Services segment reported total revenue of $2.5 billion, up 11% year-over-year, with investment services fees also up 11% [18] - Market and Wealth Services segment revenue was $1.8 billion, up 14% year-over-year, with net new assets of $3 billion driven by inflows from existing and new clients [21] - Investment and Wealth Management segment revenue was $824 million, down 3% year-over-year, with assets under management flat at $2.1 trillion [22][23] Market Data and Key Metrics Changes - The U.S. economy remained resilient despite a cooling labor market and persistent inflation [3][4] - Equity markets continued to climb, and credit spreads remained tight, contributing to solid growth in client balances and robust trading activity [4] Company Strategy and Development Direction - The company is focused on two core transformation programs: a new commercial model and a platforms operating model, both showing positive results [5][9] - The company is embracing AI, launching the BNY AI Lab in collaboration with Carnegie Mellon University to advance AI research and deployment [10][11] - The company aims to enhance its digital asset capabilities and has made significant investments in this area, including partnerships for tokenization and blockchain initiatives [7][8][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertainties such as geopolitical conditions and trade policies while executing its strategy [4][13] - The company expects net interest income for the fourth quarter to be approximately flat sequentially, projecting a full-year increase of 12% year-over-year [25] - Management highlighted the importance of a diversified platform-oriented strategy to capitalize on various market conditions [32][33] Other Important Information - The company returned approximately $1.2 billion of capital to shareholders, resulting in a 92% total payout ratio year-to-date [17] - The transition to the platforms operating model is expected to be completed within the next year, with full benefits anticipated by early 2028 [9] Q&A Session Summary Question: How much of this growth year over year would you attribute to actions that you've taken versus just a generally good market backdrop? - Management indicated that the growth is a mix of organic growth, higher market levels, and foreign exchange impacts, with a balanced contribution from each factor [27][29] Question: Can you expand a little bit more about de-risking the balance sheet and how you've changed your approach towards interest rate risk management? - Management emphasized the strength and liquidity of the balance sheet, noting proactive measures taken to position for potential lower interest rates [36][39] Question: What early trends have you seen on the back of M&A activity regarding securities lending? - Management noted no significant changes in securities lending but highlighted the importance of the business within the broader collateral management franchise [46][48] Question: Do you think the rise of stablecoins could put pressure on fee rates? - Management viewed the evolution of money market funds and stablecoins as an opportunity rather than turbulence, emphasizing the company's readiness to adapt to technological changes [56][58] Question: How does the company view the total addressable market (TAM) for digital assets? - Management sees digital assets as a long-term opportunity, with investments made to position the company for various aspects of the evolving market [75][77]

Financial Data and Key Metrics Changes - BNY Mellon reported record revenue of $5.1 billion, up 9% year-over-year, with a pre-tax margin improvement to 36% and a return on tangible common equity of 26% [3][16] - Earnings per share reached $1.88, reflecting a 25% increase year-over-year [3][16] - Total assets under custody and administration (AUCA) increased to $57.8 trillion, up 11% year-over-year [14] Business Line Data and Key Metrics Changes - Security Services segment revenue was $2.5 billion, up 11% year-over-year, with investment services fees also increasing by 11% [18] - Market and Wealth Services segment reported total revenue of $1.8 billion, up 14% year-over-year, with investment services fees rising by 9% [20] - Investment and Wealth Management segment revenue decreased to $824 million, down 3% year-over-year, with investment management fees down 1% [22] Market Data and Key Metrics Changes - The U.S. economy remained resilient despite a cooling labor market and persistent inflation above the Federal Reserve's target [3] - Equity markets continued to rise, and credit spreads remained tight, contributing to solid growth in client balances and robust trading activity [4] Company Strategy and Development Direction - BNY Mellon is focused on reimagining its operations through two core transformation programs: a new commercial model and a platforms operating model [4][10] - The company is embracing AI, launching the BNY AI Lab in collaboration with Carnegie Mellon University to advance AI research and deployment [10] - The firm is also investing in digital assets and blockchain technology to support institutional adoption and enhance product offerings [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertainties, including geopolitical conditions and trade policies, while executing its transformation strategy [4][12] - The company anticipates continued organic growth driven by its integrated solutions and the successful implementation of its commercial model [5][10] Other Important Information - BNY Mellon returned approximately $1.2 billion of capital to shareholders, resulting in a 92% total payout ratio year-to-date [17] - The firm expects net interest income for the fourth quarter to be approximately flat sequentially, projecting a full-year increase of 12% year-over-year [25] Q&A Session Summary Question: How much of this growth year over year would you attribute to actions that you've taken versus just a generally good market backdrop? - Management indicated that the growth is a mix of organic growth, higher market levels, and foreign exchange impacts, with the commercial model and platform operating model positioning the company to take advantage of market opportunities [27][29] Question: Can you expand a little bit more about de-risking the balance sheet and how you've changed your approach towards interest rate risk management? - Management highlighted the sophistication of their risk management tools and the strength of their balance sheet, which has allowed them to navigate seasonal declines in deposits while capitalizing on capital markets activity [36][38] Question: What early trends have you seen on the back of M&A activity regarding securities lending? - Management noted that while they haven't seen a noticeable change in securities lending, they remain focused on the business and its adjacency to broader collateral management services [42][44] Question: Is the move towards on-chain tokenization disruptive from revenue margins for BNY Mellon? - Management views the evolution towards on-chain capabilities as a tangible revenue opportunity rather than a risk, emphasizing their readiness to adapt to technological changes in the market [78][79]

Financial Data and Key Metrics Changes - The company reported record revenue of $5.1 billion, up 9% year over year [5][21] - Earnings per share increased to $1.88, reflecting a 25% year-over-year growth [6][24] - The pretax margin improved to 36%, with a return on tangible common equity of 26% [6][24] Business Line Data and Key Metrics Changes - Security Services revenue was $2.5 billion, up 11% year over year, driven by strong client activity and market values [28] - Markets and Wealth Services segment reported total revenue of $1.8 billion, up 14% year over year [30] - Investment and Wealth Management segment revenue decreased to $824 million, down 3% year over year, with assets under management flat at $2.1 trillion [33][34] Market Data and Key Metrics Changes - Firm-wide assets under custody and administration (AUCA) increased to $57.8 trillion, up 11% year over year [22] - The ETF AUCA grew by 35% year over year, outperforming market growth [28] - Foreign exchange revenue was down 5% year over year, reflecting corporate treasury activity [22] Company Strategy and Development Direction - The company is focused on two core transformation programs: a new commercial model and a platform operating model [8][9] - The new commercial model aims to deliver integrated solutions and enhance client relationships [9][10] - The company is investing in AI and has launched the BNY AI Lab in collaboration with Carnegie Mellon University [16] Management's Comments on Operating Environment and Future Outlook - Management noted a resilient U.S. economy despite challenges such as inflation and geopolitical risks [6][8] - The company expects net interest income for the fourth quarter to be flat sequentially, projecting a 12% year-over-year increase for the full year [36] - Management expressed confidence in the strategy's effectiveness, citing positive indicators for future success [19] Other Important Information - The company returned approximately $1.2 billion of capital to shareholders, resulting in a 92% total payout ratio year to date [25] - The transition to the platform operating model is over 70% complete, with expectations to finish by next year [14] Q&A Session Summary Question: How much of the growth year over year is attributed to company actions versus market conditions? - Management indicated that the growth is a balanced mix of organic growth, higher market levels, and foreign exchange impacts, with the new commercial model enabling better cross-selling opportunities [40][41] Question: Can you expand on the approach towards interest rate risk management? - Management highlighted the sophistication in risk management tools and a clean, liquid balance sheet, which has contributed to strong net interest income [49][51] Question: What early trends have been seen in securities lending due to capital markets activity? - Management noted no significant changes in securities lending but emphasized the importance of the business within the broader collateral management franchise [58][60] Question: How does the company view the evolution of money market funds and stablecoins? - Management sees the evolution as an opportunity rather than turbulence, emphasizing the company's readiness to adapt to technological changes in the market [68][70] Question: Can you provide insights on multiline business solutions and their growth? - Management indicated that nearly half of the asset servicing wins were multiline solutions, reflecting a meaningful increase compared to previous periods [75][78]

Core Viewpoint - The performance of cryptocurrency mining companies has surged, driven by supportive policy proposals from UK Reform Party leader Nigel Farage during a recent conference in London [1] Group 1: Company Performance - Bitdeer Technologies (BTDR.US) saw an increase of over 25% [1] - Applied Digital (APLD.US) rose by more than 12% [1] - Hut8 (HUT.US) experienced a nearly 10% increase [1] - Bitfarms (BITF.US) gained over 5% [1] Group 2: Policy Proposals - Farage proposed a unified capital gains tax of 10% on cryptocurrencies [1] - He suggested establishing a national Bitcoin reserve worth approximately £5 billion using confiscated cryptocurrencies [1] - The proposal includes halting the Bank of England's digital pound project [1] - Farage advocated for allowing tax payments in cryptocurrency on a voluntary basis [1]