Core Viewpoint - Huaxing Capital's recent earnings announcement has significantly boosted investor confidence, with a year-to-date stock increase of nearly 130% and a peak increase of 186%, indicating a clear trend of value recovery and positive future development [1][4]. Group 1: Performance Drivers - Huaxing Capital's performance is supported by four key pillars, demonstrating resilience amid external challenges and internal transformations [5]. - The core management team, led by Xu Yanquing, Wang Lihang, and Du Yongbo, has effectively navigated the company through turbulent times, showcasing strong leadership and strategic direction [5][6]. - Xu Yanquing has leveraged her extensive experience in the financial industry to enhance wealth management services and expand core client resources, successfully attracting family office resources and strategic investors [6][7]. - CEO Wang Lihang has played a crucial role in executing significant transactions, including mergers and acquisitions, with a total transaction scale exceeding 20 billion yuan, while also investing in emerging technologies like AI [7]. - Du Yongbo has delivered strong results in fund management, achieving multiple successful exits for investors in recent years [7]. Group 2: Value Realization - Huaxing Capital has made substantial investments in technology, renewable energy, and healthcare, with successful IPOs of portfolio companies contributing to cash inflows and showcasing the firm's investment acumen [8]. - The company reported a total unrealized equity of 2.1 billion yuan, reflecting its strong investment foundation [8]. Group 3: Operational Efficiency - Huaxing Capital has improved operational efficiency through organizational restructuring and process optimization, reducing redundant investments and significantly lowering operating costs [10]. Group 4: Strategic Positioning in Web 3.0 - The company is strategically positioning itself in the Web 3.0 space, aiming to become a leading comprehensive financial institution amid the evolving financial landscape [11][12]. - Huaxing Capital has made early investments in key players in the cryptocurrency and blockchain sectors, establishing a robust ecosystem in digital asset management [11][12]. - The return of founder Bao Fan is expected to further strengthen the company's strategic vision and market positioning, given his historical influence and experience in the industry [12]. Conclusion - Huaxing Capital's performance surge is attributed to a combination of historical foundations, operational improvements, and forward-looking strategies, positioning the company for significant growth in the Web 3.0 era [13].

Core Insights - The report highlights the global social media landscape, projecting 5.24 billion active users by 2025, with a penetration rate of 63.9% and 94.2% of internet users engaging with social media monthly. Nearly one-third of users discover brands through social media [1][12][10] - The Chinese social media market is nearing saturation with a penetration rate of 92.7%, prompting companies to seek globalization as a necessary strategy. The evolution of Chinese social media has transitioned from initial tool testing to content exploration and now to a global ecological framework represented by platforms like TikTok, Yalla, and TapTap [1][13][29] - AI technology plays a crucial role in transforming social media platforms towards commercialization, with applications in content generation and intelligent recommendations. The emergence of Web 3.0 offers new possibilities for decentralized social media development [1][3][19] Global Social Media Landscape - By 2025, the global social media user base is expected to reach 5.24 billion, with a growth rate of 4.1% over the past year, adding approximately 20.6 million new users [12][10] - The social media penetration rate varies significantly across regions, with Europe being the most mature market and Africa showing the highest growth potential [8][9] - The report identifies distinct characteristics of different regional markets, such as high user engagement in Latin America and a young population in the Middle East influenced by cultural factors [1][4][5] Chinese Social Media Globalization - The globalization journey of Chinese social media has evolved through phases, including initial tool testing, content-driven growth, and the establishment of a global ecological framework [29][1] - Companies must balance localization and compliance with local regulations while leveraging technological innovations to navigate opportunities and challenges in foreign markets [1][18][20] - The report emphasizes the importance of adapting to local cultural sensitivities and regulatory requirements, particularly in regions like the Middle East [17][18][20] Technological Empowerment - AI is identified as a decisive factor in the evolution of social media, influencing content distribution and user engagement strategies [3][19] - The report discusses the potential of Web 3.0 to facilitate decentralized social media platforms, providing new avenues for growth and user interaction [3][19] - The Chinese government supports technological advancements in social media, encouraging the integration of AI and blockchain technologies for compliance and operational efficiency [19][21][24] Market Opportunities and Challenges - The report outlines specific opportunities and challenges in various regions, including Europe, North America, Latin America, the Middle East, Southeast Asia, and Africa, highlighting the need for tailored strategies in each market [4][5][6] - The Chinese social media industry faces increasing regulatory scrutiny both domestically and internationally, necessitating a focus on compliance and data security [17][20][26] - Companies are encouraged to explore innovative business models, such as the integration of social media and e-commerce, to enhance user engagement and revenue generation [27][28]

Core Viewpoint - The rise of stablecoins has attracted significant market attention, but illegal activities disguised as "stablecoin investments" have emerged, leading to warnings from various regions against potential scams [1][2]. Group 1: Risks and Characteristics of Scams - Illegal institutions are using stablecoins and other virtual currencies to set up scams, which are difficult to identify [2]. - These scams exhibit clear characteristics of illegal fundraising, including lack of qualifications, concept packaging, false promises, and reliance on a funding pool model [2][3]. - The lack of regulatory approval for these institutions means they cannot legally solicit deposits or sell financial products [2]. - Common deceptive practices include exaggerated claims of guaranteed returns and high fixed income, exploiting the public's desire for high yields [2][3]. Group 2: Prevention Measures - Individuals are advised to recognize the characteristics of illegal fundraising and financial fraud, such as the absence of qualifications and reliance on misleading concepts [3]. - A correct investment mindset should be established, emphasizing the principle that high returns come with high risks, and verifying the legitimacy of institutions through official channels [3]. - Reporting any suspicious activities related to stablecoin investments to relevant authorities is encouraged to combat illegal financial activities [3].

Investment Rating - Industry Rating: Recommended [4] Core Insights - The "Web3.0 Future Summit" held in Hong Kong on August 7, 2025, emphasized the importance of standardization in promoting digital asset and stablecoin innovation, marking a significant step towards establishing a regulatory framework for stablecoins in Hong Kong [1][13][19] - The total market value of Real World Assets (RWA) is projected to exceed $12.7 billion in 2024, with strong growth in segments like stablecoins, which have surged from $4 billion in 2020 to $156 billion, reflecting a 3800% increase [2][34] - Ant Group's AntChain has made significant advancements in the RWA space, with its Layer2 chain Jovay achieving a throughput of 100,000 transactions per second and a response time of 100 milliseconds, facilitating efficient asset data management [2][15][37] Summary by Sections Section 1: Stablecoin Regulation in Hong Kong - Hong Kong implemented a comprehensive stablecoin regulatory framework on August 1, 2025, requiring issuers to obtain licenses and meet strict capital and asset reserve requirements [13][19][23] - The regulatory framework aims to ensure that stablecoins are fully backed by high-quality liquid assets and includes measures for anti-money laundering and risk management [19][25][30] Section 2: RWA Tokenization - The RWA industry is gaining global attention, with a focus on meeting three core standards: value stability, legal clarity, and verifiable off-chain data [2][14][34] - Ant Group's initiatives in RWA have been recognized as leading examples, with successful projects in renewable energy and AI server asset tokenization [15][42][47] Section 3: Investment Recommendations - Beneficial stocks include: - Licensing: Zhongyou Capital, Bank of China Hong Kong, Bank of China Securities, Guotai Junan International, and Lianlian Digital [3][16] - Stablecoins: Yuxin Technology, Zhongke Jincai, Tianyang Technology, Xinyada, Chutianlong, and Jingbeifang [3][16] - RWA: Longxin Group, Xiexin Energy, Hopu Co., Jinko Technology, Hainan Huatie, and Aori De [3][16]

Group 1 - The "Anchor" Web3.0 Future Summit was held in Hong Kong, promoting the compliant development of the Web3.0 ecosystem [1] - The RWA (Real World Assets) one-stop issuance standardized platform, Ferion, was officially launched by AlloyX, aiming to provide end-to-end digital asset solutions for the global RWA industry [3] - Ferion platform utilizes AI and big data technology to offer a comprehensive service for tokenization, compliance issuance, and management of real-world assets, enhancing liquidity and promoting industry innovation [3] Group 2 - AlloyX Limited focuses on integrating traditional banking services with blockchain technology, aiming to become the largest stablecoin service provider in Asia [4] - The company provides secure fiat-to-stablecoin exchange solutions, embedded wallet services, and infrastructure covering various blockchain scenarios, facilitating efficient management and innovative applications of digital assets [4]

Core Viewpoint - Hong Kong is seizing the opportunity for the development of Real World Assets (RWA) by launching the world's first RWA registration platform and establishing three Web3.0 standards to facilitate the tokenization and lifecycle services of RWA assets [1][6][10]. Group 1: RWA Registration Platform and Standards - The RWA registration platform in Hong Kong will provide comprehensive lifecycle services for RWA asset tokenization, including compliance registration, information disclosure, and circulation support [1][6]. - The three Web3.0 standards aim to address key challenges in asset confirmation, valuation, and cross-border payments, promoting standardized processes and technical implementations for RWA tokenization [1][6][10]. Group 2: Challenges in RWA Development - RWA development faces structural obstacles, including a lack of unified regulatory standards for asset definition, confirmation, registration, and token issuance, particularly in cross-border transactions [3][4]. - Technical bottlenecks arise from the disconnection between on-chain and off-chain data, making it difficult to verify the authenticity and ownership of off-chain assets [3][4]. - High upfront costs and the absence of a trust system hinder participation from small and medium-sized enterprises, limiting the scope of RWA standardization [4][5]. Group 3: Infrastructure and Global Impact - The RWA registration platform is expected to establish a standardized technical system for coding, classification, identification, and evaluation of RWA assets, enhancing regulatory compliance and global adaptability [6][10]. - The platform will initially focus on financial assets, real estate, bulk commodities, and green assets, creating a new model for the integration of ESG and Web3.0 [7][8]. - Hong Kong's initiative is anticipated to accelerate the global digitalization of assets, providing a clear institutional model and technical template for other jurisdictions to follow [11][12].

Core Viewpoint - Hong Kong is seizing the opportunity to develop the Real World Asset (RWA) industry by launching the world's first RWA registration platform and establishing three Web3.0 standards to facilitate the tokenization of RWA assets [1][4][7] Group 1: RWA Registration Platform and Standards - The RWA registration platform in Hong Kong will provide comprehensive lifecycle services for RWA asset tokenization, including compliance registration, information disclosure, and circulation support [1][4] - The three Web3.0 standards aim to address key challenges in asset confirmation, valuation, and cross-border payments, promoting standardized processes and technical implementations for RWA tokenization [1][4][7] - The platform is expected to enhance the transparency and global adaptability of RWA financial services, establishing a standardized technical system for coding, classification, identification, and evaluation of RWA assets [4][5] Group 2: Challenges in RWA Development - The RWA industry faces structural barriers, including a lack of unified regulatory standards for asset definition, confirmation, registration, and token issuance, particularly in cross-border transactions [2][3] - Technical bottlenecks such as data disconnection between on-chain and off-chain assets hinder the development of RWA, making it difficult to quantify risks and establish trust [2][3] - High upfront costs associated with due diligence, auditing, and technical development pose significant challenges for small and medium-sized enterprises, limiting their participation in RWA [3][5] Group 3: Global Implications and Future Prospects - The launch of the RWA registration platform is expected to accelerate the global digitalization of assets, providing a clear institutional model and technical template for other jurisdictions [7][8] - Hong Kong's initiative may establish a "Hong Kong standard" for RWA compliance, integrating financial regulation with blockchain technology, thereby enhancing its strategic position as a global financial hub [7][8] - The platform aims to create new pathways for global capital allocation and financing efficiency, facilitating the transition of Web3.0 from virtual narratives to real-world value [8]

Core Viewpoint - The founder of Huaxing Capital Holdings, Bao Fan, has reportedly completed a two-and-a-half-year investigation, which had previously caused significant disruption in the venture capital community [1] Group 1: Company Operations - Despite the investigation, Huaxing Capital's business and operations have continued normally, with the executive committee fully responsible for the group's strategic advancement [1] - Huaxing Capital has benefited from past investments in new economy sectors, exemplified by the successful IPO of C1Fund on the New York Stock Exchange, where Huaxing acted as the exclusive underwriter, raising approximately $60 million by issuing 6 million shares at $10 each [1] Group 2: Strategic Initiatives - In June 2023, Huaxing Capital announced its entry into the Web 3.0 and cryptocurrency asset sectors, approving a budget of $100 million for the development of Web 3.0 business and cryptocurrency investments over the next two years [1] - The company plans to increase investments in stablecoins, Real World Assets (RWA), and the entire ecosystem surrounding cryptocurrencies, while actively pursuing the application and upgrade of relevant business licenses [1]

Core Viewpoint - The founder of Huaxing Capital Holdings, Bao Fan, has reportedly completed a two-and-a-half-year investigation, which had previously caused significant disruption in the venture capital community [1] Group 1: Company Operations - Despite the investigation, Huaxing Capital's business and operations have continued normally, with the executive committee fully responsible for the group's strategic advancement [1] - Huaxing Capital has benefited from past investments in new economy sectors, exemplified by the recent successful IPO of C1 Fund on the New York Stock Exchange, where Huaxing acted as the exclusive underwriter, raising approximately $60 million by issuing 6 million shares at $10 each [1] Group 2: Strategic Initiatives - In June 2023, Huaxing Capital announced its entry into the Web 3.0 and cryptocurrency asset sectors, approving a budget of $100 million for the development of Web 3.0 business and cryptocurrency investments over the next two years [1] - The company plans to increase investments in stablecoins, Real World Assets (RWA), and the entire ecosystem surrounding cryptocurrencies, while actively pursuing the application and upgrade of relevant business licenses [1]

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依賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 有關自願性公告之補充公告 背景及戰略考量 設 立 新 加 坡 國 際 總 部 的 主 要 目 標，是 以 戰 略 性 支持本 集 團 國 際 業 務 拓 展，並 有 效 滿足中小微企業開拓 國 際 市 場 的 與 日 俱 增 需 求。此 國 際 總 部 將 作 為 提 供 綜 合 一 站 式國際供應鏈解決方案的核心樞紐，涵蓋 國 際 訂單匹配與資金周轉撮合服務。 為 配 合 上 述 戰 略 目 標，本 公 司 認 識 到，穩 定 幣 作 為 基 於 區 塊 鏈 技 術 並 與 法 幣 掛 鈎 的 數 字 資產，憑藉其成本效益優勢、即時結算能力及降低外匯風險等特性，已在全 球 供 應 鏈 貿 易 中 迅 速 確 立 ...