Core Viewpoint - HASHKEY HLDGS has officially launched its global offering in Hong Kong, aiming to raise approximately HKD 14.264 billion through the issuance of around 241 million shares, with a price range of HKD 5.95 to HKD 6.95 per share [2] Group 1: Offering Details - The global offering consists of approximately 241 million shares, with around 217 million shares allocated for international offering and 24.06 million shares for public offering in Hong Kong [2] - The offering period for the public sale is from December 9 to December 12, with the final offer price and allocation results expected to be announced on December 16 [2] - Trading of the shares on the Hong Kong Stock Exchange is set to commence on December 17, with a stock code of 3887 and an entry fee of approximately HKD 2,808.04 [2] Group 2: Investor Support - The offering has secured support from nine cornerstone investors, including UBS AM Singapore, Fidelity, CDH, and others, who have committed to subscribe for shares totaling USD 75 million (approximately HKD 584 million) at the offer price [3] Group 3: Company Overview - HASHKEY HLDGS is a licensed digital asset company providing trading facilitation, on-chain services, and asset management, holding 13 licenses across various jurisdictions including Hong Kong, Singapore, and Japan [3] - The company is a leading player in the virtual asset exchange sector in Hong Kong, with a trading volume of HKD 638.4 billion in 2024, capturing over 75% market share [3] Group 4: Financial Performance - The company has experienced rapid revenue growth, with a cumulative increase of nearly 460% from 2022 to 2024, projecting revenue of HKD 721 million in 2024 [4] - Despite significant investments in technology and compliance, the company has not yet achieved profitability, forecasting a net loss of HKD 1.19 billion in 2024 and over HKD 500 million in the first half of 2025 [4] - User growth has been explosive, increasing from 18 registered users at the end of 2022 to 1.4469 million by June 2025, with a customer retention rate of 99.9% during the historical record period [4]

Group 1 - Macron calls for a shift in the European Central Bank's (ECB) monetary policy to focus on economic growth and employment alongside inflation control, breaking the norm of leaders avoiding comments on central bank policies [1][3] - The ECB's current core mission is to maintain medium-term inflation close to 2%, differing from the dual mandate of the Federal Reserve which includes maximizing employment [1] - Macron has previously suggested broadening the ECB's policy objectives to include economic growth and decarbonization goals [1] Group 2 - Macron highlights financial stability risks due to the U.S. relaxing regulations on crypto assets and stablecoins, urging Europe to maintain its status as a stable and credible investment zone [2] - He supports the issuance of European common debt to create more high-liquidity, safe assets, thereby enhancing the euro's status as an international reserve currency [2] - Macron criticizes the ECB's ongoing policy of selling government bonds, suggesting it could lead to higher long-term interest rates, suppress economic activity, and strengthen the euro [3]

国内市场综述 量价齐升 震荡上扬 周五（12 月 5 日）大盘量价齐升，震荡上扬。截至收 盘，上证综指收于 3902.81 点，上涨 0.7%；深成指收 于 13147.68 点，上涨 1.08%；科创 50 下跌 0%；创业 板指上涨 1.36%，万得全 A 成交额共 17390 亿元，较 前一日有所上升。 行业方面，30 个中信一级行业有 28 个上涨，其中非 银金融、有色金属及国防军工涨幅居前，仅有银行及 煤炭小幅下跌。概念方面，炒股软件、保险精选及两 岸融合等指数表现活跃。 海外市场综述 美股三大指数小幅收涨，赛富时涨超 5% 周五（12 月 5 日），美国三大股指小幅收涨，道指涨 0.22%，标普 500 指数涨 0.19%，纳指涨 0.31%。万得 美国科技七巨头指数涨 0.2%，脸书涨近 2%，谷歌涨超 1%。中概股多数上涨，百度集团涨近 6%。 新闻精要 5. 美国财长贝森特：美国经济将以 3%的增速结束 2025 年 6. 全球重要经济数据发布 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S1490523030001 ...

2、上周五美股三大指数小幅收涨，SanDisk涨超7%，中概指数涨1.3%； 3、纽约期银创历史新高，逼近60美元整数位心理关口； 登录新浪财经APP 搜索【信披】查看更多考评等级 格隆汇12月8日｜国际要闻： 1、本周大事提醒(12月8日-14日)：美联储议息会议召开、国内将迎政策超级周； 4、美联储12月降息25个基点的概率为86.2%； 5、美银警告：美联储鸽派降息恐终结股市涨势； 6、花旗预计未来6至12个月铜价将涨至每吨1.3万美元； 7、重大转向！美国新版国家安全战略：将调整与中国的经济关系 以互惠平等为原则 重振美国经济自主 地位； 8、特朗普下令调查食品行业潜在价格操纵行为； 4、国家卫健委：美容院、养生馆等非医疗机构不得开展干细胞治疗活动； 5、证监会：强化信息披露监管 规范并购重组行为 加强投资者保护； 9、马斯克旗下社交平台X因违反欧盟内容法规被处以1.2亿欧元罚款； 10、OpenAI宣布"红色警报"，将于下周发布GPT-5.2应对谷歌Gemini 3竞争； 11、SpaceX估值超越OpenAI 成为美国最大非上市公司； 12、瑞银再次挥舞裁员大刀 拟在2027年前再削减万名职位； ...

12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表致辞。吴清表示， 证券公司要牢牢抓住提升治理有效性这个关键，把公司治理和股权管理的刚性要求真正落到实处，健全关联交易 管理等利益冲突防范机制，坚决防范股东违规干预经营，坚决出清不适格的股东。 吴清表示，要把握"十五五"时期证券行业的使命责任，投资银行、证券公司应发挥重要作用：一是在服务实体经 济和新质生产力发展方面强化使命担当；二是更好服务投资者，在服务居民资产优化配置方面强化使命担当；三 是在加快建设金融强国方面强化使命担当；四是在促进高水平制度性开放方面强化使命担当。 文/北京青年报记者 朱开云 吴清表示，要进一步加强交易管理，增强穿透管理的能力和针对性，提升不同类型投资者交易服务的公平性，维 护好中小投资者合法权益，严防非法套利和扰乱交易秩序。要强化重点领域的风险防范，对融资融券、场外衍生 品、私募资管等需要重点关注的业务，异地总部子公司等需要重点关注的机构，信用、流动性以及合规性等重点 风险，必须"瞪大眼睛"、做到防患未然；对于加密资产等新业态要深入研判、审慎对待，看不清管不住的坚决不 展业，违法违规的坚决不做。 吴 ...

吴清指出，中国证券业协会的新一届会长将由行业代表担任，这对协会制度提出新的要求，无论是专职 还是兼职，都要和舟共济，不断增强全体会员的认同感、向心力和参与度，切实提升共建、共治、共享 质效。 对于加密资产等新业态要审慎对待 看不清管不住的坚决不展业 吴清指出，证券公司要牢牢抓住提升治理有效性这个关键，把公司治理和股权管理的刚性要求真正落到 实处，健全关联交易管理等利益冲突防范机制，坚决防范股东违规干预经营，坚决出清不适格的股东。 吴清表示，要进一步加强交易管理，增强穿透管理的能力和针对性，提升不同类型投资者交易服务的公 平性，维护好中小投资者合法权益，严防非法套利和扰乱交易秩序。要强化重点领域的风险防范，对融 资融券、场外衍生品、私募资管等需要重点关注的业务，异地总部子公司等需要重点关注的机构，信 用、流动性以及合规性等重点风险，必须"瞪大眼睛"、做到防患未然；对于加密资产等新业态要深入研 判、审慎对待，看不清管不住的坚决不展业，违法违规的坚决不做。 对少数问题券商要依法从严监管 （原标题：事关A股，证监会主席吴清最新发声） 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发 ...

人民财讯12月6日电，12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高 质量发展发表致辞。吴清指出，证券公司要牢牢抓住提升治理有效性这个关键，把公司治理和股权管理 的刚性要求真正落到实处，健全关联交易管理等利益冲突防范机制，坚决防范股东违规干预经营，坚决 出清不适格的股东。 吴清表示，要进一步加强交易管理，增强穿透管理的能力和针对性，提升不同类型投资者交易服务的公 平性，维护好中小投资者合法权益，严防非法套利和扰乱交易秩序。要强化重点领域的风险防范，对融 资融券、场外衍生品、私募资管等需要重点关注的业务，异地总部子公司等需要重点关注的机构，信 用、流动性以及合规性等重点风险，必须"瞪大眼睛"、做到防患未然；对于加密资产等新业态要深入研 判、审慎对待，看不清管不住的坚决不展业，违法违规的坚决不做。 吴清表示，要进一步加强交易管理，增强穿透管理的能力和针对性，提升不同类型投资者交易服务的公 平性，维护好中小投资者合法权益，严防非法套利和扰乱交易秩序。要强化重点领域的风险防范，对融 资融券、场外衍生品、私募资管等需要重点关注的业务，异地总部子公司等需要重点关注的机构，信 用、流动性以及合规 ...

来源：王永利 中国加快数字人民币发展，坚决遏制包括稳定币在内的虚拟货币的政策取向已经完全明确。这是出于中国移动支付和数字人民币全球领先优势、人民币主 权安全和货币金融体系稳定等多方面因素的综合考虑。 2025年5月以来，美国、香港竞相推进稳定币立法，带动全球稳定币及加密资产（亦被叫做"加密货币"或"虚拟货币"）立法掀起高潮，大量机构和资本对 发行稳定币及投资加密资产趋之若鹜，也引发中国是否应该全力推动稳定币立法与人民币稳定币（包括离岸）发展的热议，并且在美国立法禁止美联储发 行数字美元后，对中国还要不要继续推进数字人民币也成为争论热点。 对中国而言，这涉及到国家货币发展方向与路径选择，在美元稳定币全球蔓延，国际关系更加尖锐复杂、国际货币竞争更加激烈情况下，对人民币如何创 新发展并维护国家安全，实现强大货币和金融强国战略目标影响巨大而深远，必须冷静分析准确把握早作决策，既不能无动于衷或犹豫不决，也不能盲目 跟风犯下方向性颠覆性错误。 随后，中国人民银行宣布，将优化数字人民币在货币层次之中的定位（调整前期确定的M0定位。这一点笔者从一开始就反复呼吁，参见王永利公众号 2021年1月6日"数字人民币不应定位于M0" ...

Core Viewpoint - The article discusses the rapid establishment of a $10 billion cryptocurrency business by the Trump family within a year after Donald Trump's presidential election victory, highlighting potential risks of political corruption associated with this accumulation of wealth [4]. Group 1: Cryptocurrency Business Overview - The Trump family's cryptocurrency business is represented by "World Liberty Financial (WLF)," which was established in September 2024 and applied to the SEC for "selling digital assets" in October 2024, with Donald J. Trump as its representative [6]. - WLF issued up to 100 billion digital tokens (WLFI), with 27 billion tokens in circulation valued at approximately $3.39 billion as of September 2025 [6]. - The Trump family holds a total of 22.5 billion WLFI tokens, translating to a market value of $2.8 billion within a year [6]. Group 2: Investment and Market Manipulation - Notable investors in WLFI include DWF Labs, which purchased $25 million worth of tokens, and Aqua1 from the UAE, which invested $100 million, although the actual investors remain unclear [7]. - Justin Sun, founder of TRON, purchased $75 million in WLFI tokens, coinciding with the Trump administration dropping a lawsuit against him [7][8]. - WLF generated $550 million in revenue from token sales, with 75% directed to Trump family enterprises, resulting in Trump personally earning $57.35 million in 2024 [11]. Group 3: Political Influence and Market Impact - The Trump family's shift to cryptocurrency was partly driven by being denied loans by banks post-presidency, leading them to explore alternative financial avenues [13]. - Trump's public statements on cryptocurrencies, particularly Bitcoin and Ethereum, have been shown to influence market prices significantly, with a 10% increase observed shortly after his comments [14]. - WLF is using funds from token sales to invest in Bitcoin and Ethereum, potentially increasing the family's business profits through market influence [15]. Group 4: Regulatory Environment and Risks - Following Trump's presidency, there was a significant reduction in regulatory oversight of cryptocurrencies, facilitating the rapid expansion of the Trump family's crypto business [18]. - The article raises concerns about potential foreign influence in the WLF token purchases, with allegations of involvement from entities linked to North Korea, Iran, and Russia [21]. - The intertwining of government and industry interests could lead to a loss of support for Trump, especially if the Democratic Party increases its influence in future elections [21].

2025年11月20日，美国国会众议员沃伦·戴维森（Warren Davidson）正式提交了备受瞩目的《Bitcoin for America Act（美国比特币法案）》。这一历史性立 法的提出，不仅标志着加密资产正式寻求进入美国联邦财政体系的核心地带，更被视为美国在国家层面重新定义数字资产战略的关键一步。 该法案的核心愿景在于通过立法手段，将比特币这一去中心化的数字资产转化为增强美国国家资产负债表实力的战略工具，从而在全球金融格局剧烈变革 的当下，确保美国在数字经济领域的绝对领导地位。 《美国比特币法案》最引人注目的创新之处，在于其从根本上改变了联邦政府获取比特币的途径。根据法案条款，美国公民将获得使用比特币缴纳联邦税 款的合法权利。 这一举措打破了传统法币缴税的单一路径，更关键的是，法案明确规定纳税人在进行此类转移时，将根据比特币转移时的市场价值计算税额，且无需为此 缴纳资本利得税。 这一免除资本利得税的条款极具战略眼光。在现行税制下，使用加密货币支付往往会被视为资产出售，从而触发税务事件，这极大地抑制了比特币的流通 与支付属性。 戴维森的提案消除了这一摩擦成本，实际上是激励纳税人将手中的数字资产转移给 ...