Core Viewpoint - ZTE Corporation (00763.HK) reported a net profit of 5.058 billion yuan for the first half of 2025, a year-on-year decrease of 11.77%, while revenue increased by 14.51% to 71.553 billion yuan, indicating a strategic shift towards "connection + computing power" amidst the rapid development of artificial intelligence [1] Financial Performance - ZTE Corporation achieved a revenue of 71.553 billion yuan, reflecting a year-on-year growth of 14.51% [1] - The net profit attributable to ordinary shareholders was 5.058 billion yuan, down 11.77% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 4.104 billion yuan, a decrease of 17.32% year-on-year [1] Major Events - Several companies reported significant financial results, including: - Ideal Automotive-W (02015.HK) with a net profit of 1.1 billion yuan for Q2, up 69.6% quarter-on-quarter [1] - SenseTime-W (00020.HK) with revenue of 2.358 billion yuan for the first half, a 72.7% year-on-year increase in generative AI revenue [1] - China Pacific Insurance (02601.HK) reported a net profit of 27.885 billion yuan, up 11.0% year-on-year [1] - New China Life Insurance (01336.HK) with a net profit of 14.799 billion yuan, a 33.5% increase year-on-year [1] - SF Express (09699.HK) reported a significant adjusted net profit growth of 139.0% [1]

Core Viewpoint - The company, 驴迹科技 (01745.HK), is in discussions to establish a framework cooperation agreement with a Hong Kong-based technology company that specializes in cloud solutions and has connections in the financial sector, particularly in virtual asset management [1] Group 1 - The cooperation aims to develop Real World Asset (RWA) tokenization products and other digital asset projects, leveraging the company's strengths in cultural and creative intellectual property [1] - The company will provide relevant assets and technical support for the development of these projects, particularly in the field of digital content related to geography and cultural education [1] - The partner will collaborate with qualified financial institutions to develop RWA products and offer professional services for fundraising through digital and fiat currencies, as well as asset appreciation through trading [1] Group 2 - Both parties plan to jointly invest and operate a data center in Hong Kong, which will serve as the infrastructure for the projects [1] - The successful establishment of the framework cooperation agreement will act as a memorandum of understanding for strategic collaboration between the company and the partner [1]

Core Viewpoint - The company is launching a global strategy to establish an AI-driven international supply chain technology platform aimed at supporting small and medium-sized enterprises (SMEs) in expanding their global market presence by providing comprehensive solutions including flexible supply chain services, financial support, currency management, and digital empowerment [1][6] Group 1: Globalization Strategy - The company will officially start its globalization layout on August 21, 2025, after establishing its international headquarters in Singapore [1] - The platform will leverage cutting-edge technologies such as AI models and AI Agents to optimize resource allocation and enhance the efficiency of global supply chain operations [1][3] Group 2: Existing Partnerships and Collaborations - The company has already formed partnerships with over 30 international financial institutions and various influential regional or industry partners, particularly in Southeast Asia [2] - Collaborations include providing cross-border supply chain services for major platforms like Carro and Shopee, and expanding into markets like Vietnam and Morocco with partners such as Sinbada [2] Group 3: Technology and Innovation - The technology platform will utilize AI Agent technology to connect with leading international companies, enabling real-time data analysis and enhancing operational efficiency [3] - The company plans to adopt blockchain technology and explore Web3.0 applications to improve cross-border payment efficiency and create standardized digital assets from quality international supply chain assets [4] Group 4: Strategic Partnerships and Talent Acquisition - The company aims to attract strategic partners with global resources to support its international headquarters and accelerate business expansion [5] - A global team with international vision and local industry insights will be established to integrate local resources and enhance operational capabilities [5] Group 5: Market Context and Future Outlook - The company is positioned to support the development of global supply chains and SMEs amidst deep adjustments in the industry and rapid digital transformation [6]

Core Viewpoint - The company is launching a global strategy to establish an AI-driven international supply chain technology platform aimed at supporting small and medium-sized enterprises (SMEs) in expanding their global market presence by providing comprehensive solutions including flexible supply chain services, financial support, currency management, and digital empowerment [1][6] Group 1: Globalization Strategy - The company will officially start its globalization layout on August 21, 2025, after establishing its international headquarters in Singapore [1] - The global strategy is built on an existing foundation of partnerships with over 30 international financial institutions and collaborations with influential regional partners in Southeast Asia [2] Group 2: AI-Driven Technology Platform - The technology platform will utilize AI Agent technology to connect with leading international enterprises, enabling real-time data capture and analysis to enhance operational efficiency and market competitiveness [3] - The platform aims to efficiently match verified supply chain funding needs with international funding sources, leveraging multi-dimensional data for better assessment models [3] Group 3: Web 3.0 Innovations - The company plans to integrate stablecoin applications for cross-border payments, significantly improving transaction speed and reducing costs compared to traditional wire transfer systems [4] - The exploration of Real World Asset (RWA) tokenization will convert quality international supply chain assets into standardized, traceable digital assets, enhancing their appeal to global institutional investors [4] Group 4: Strategic Partnerships and Talent Development - The company intends to introduce strategic partners with global resources to strengthen core ecosystem links and accelerate business expansion [5] - A global team with international vision, local industry insights, and technological research capabilities will be established to support the globalization strategy [5] Group 5: Industry Context - The company is positioned to provide robust support for the development of global supply chains and SMEs amidst deep adjustments in the supply chain and accelerated digital transformation [6]

Core Viewpoint - The company is launching a global supply chain technology platform driven by AI, aimed at supporting small and medium enterprises (SMEs) in expanding their global market presence and enhancing supply chain efficiency [1][7]. Globalization Strategy Layout - The company will implement a platform-based strategy to create an "International Supply Chain Technology Platform" that utilizes advanced technologies like AI models and AIAgent to optimize resource allocation and facilitate efficient trade [2]. Established Global Partnerships - The company has already formed partnerships with influential international entities, particularly in Southeast Asia, to enhance its business resources and support cross-border supply chain services [3]. AI Agent-Driven Technology Platform - The technology platform will connect with leading international companies and utilize AIAgent technology to gather and analyze multidimensional data from real trade scenarios, improving operational efficiency and market competitiveness [4]. Web3.0 Innovation Applications - The company aims to leverage blockchain technology and explore the application of stablecoins for cross-border payments, enhancing transaction efficiency and creating transparent digital assets from quality international supply chain assets [5]. Strategic Partner and Global Talent Layout - To support its globalization strategy, the company plans to introduce strategic partners with global resources and build a team with international vision and local industry insights, while also making strategic investments to enhance its operational capabilities [6]. Comprehensive Solutions for SMEs - The company will provide a one-stop solution for SMEs, including flexible supply chain services, financial support, currency management, and digital empowerment, to help them efficiently expand in the global market [7].

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） 自願性公告 啟動全球化戰略佈局－打造AI+國際供應鏈科技平台 本 公 告 乃 由 盛 業 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」或「盛 業」）自 願 作 出。 茲提述本公司於2025年7月29日 及2025年8月8日 就設立新加坡國際總部及探索 Web3.0生 態 和 穩 定 幣 創 新 應 用 場 景 刊 發 的 自 願 性 公 告。本 公 司 董 事 會（「董事會」） 進 一 步 欣 然 宣 佈，隨 著 全 球 產 業 供 應 鏈 深 度 調 整 及 數 字 化 浪 潮 席 捲 全 球 貿 易，本 集 團 在 設 立 新 加 坡 國 際 總 部 後，於2025 ...

Core Viewpoint - The article discusses the emerging trend of Real World Asset (RWA) tokenization in Hong Kong, highlighting its potential benefits and challenges for companies seeking financing through this new method [1][2][3]. Group 1: RWA Overview - RWA refers to the tokenization of real-world asset revenue rights, enabling tradable tokens for equity financing, often likened to a mini-IPO [1]. - Hong Kong's upgraded digital asset policy framework emphasizes RWA and stablecoins as key areas for enhancing market efficiency and liquidity [1]. - Several companies, particularly in the renewable energy sector, have successfully completed RWA financing ranging from tens of millions to billions of Hong Kong dollars [1][3]. Group 2: Market Dynamics - Despite the growing interest, the number of successful RWA cases remains low, with only a few companies actually proceeding with RWA financing despite high consultation inquiries [3]. - The RWA market is characterized by a mix of experienced and inexperienced intermediaries, leading to concerns about information asymmetry and trust [2][12]. - The financing costs associated with RWA are comparable to traditional bank loans, which raises questions about its attractiveness solely as a financing option [9]. Group 3: Company Motivations - Companies are motivated to pursue RWA not only for financing but also to alleviate debt pressure, enhance brand image, and manage market capitalization [1][4]. - RWA serves multiple functions beyond financing, including brand promotion and facilitating international expansion [9]. - The financing cycle for RWA is generally shorter than traditional methods, typically taking three to four months from due diligence to issuance [9]. Group 4: Challenges and Considerations - Companies face challenges such as information asymmetry and complex processes when engaging in RWA, which differ from the more established IPO process [10]. - The success of RWA issuance relies heavily on investor confidence, with a focus on data transparency and risk management [5][6]. - Intermediaries must navigate a competitive landscape while ensuring compliance and building trust within the market [12].

Core Viewpoint - The photovoltaic industry is beginning to explore financial innovations, particularly through the tokenization of real-world assets (RWA), which can enhance financing options and allow ordinary investors to participate in the sector [2][3][4]. Group 1: RWA's Impact on the Photovoltaic Industry - RWA represents an innovative financing method that digitizes hard-to-split and illiquid assets like solar power plants, enabling them to be traded in the Web 3.0 ecosystem [5][6]. - The successful issuance of RWA by GCL-Poly Energy, which raised over 200 million RMB in cross-border financing, marks a significant milestone for the photovoltaic sector [3][4]. - The introduction of RWA is expected to transform the heavy asset nature of the photovoltaic industry, providing new avenues for financing and investment [4][14]. Group 2: Changes in Financing and Market Dynamics - The photovoltaic sector is experiencing a shift in its underlying logic, with many state-owned enterprises looking to divest solar projects due to changing market conditions [12][13]. - The competition landscape is evolving, with local state-owned enterprises and investment platforms taking the lead in acquiring solar assets previously held by central state-owned enterprises [12][13]. - GCL-Poly Energy's RWA issuance is seen as a new exit strategy for investors, allowing global participation in the photovoltaic market [14][15]. Group 3: RWA Issuance Process - The RWA issuance process involves a combination of asset and data chains, requiring clear asset ownership and stable revenue predictions [16]. - The issuance of RWA necessitates the involvement of various intermediaries, including asset appraisers, auditors, and legal advisors, to ensure compliance with regulations [21][22]. - The digitalization of assets leads to the creation of tradable tokens representing the rights to the revenue generated by solar power plants, with the first issuance targeting licensed investment institutions in Hong Kong [18][27]. Group 4: Future Prospects and Ecosystem Development - The potential for RWA issuance extends beyond the photovoltaic sector to other high-information industries such as energy, finance, and healthcare [21]. - The development of a robust ecosystem for RWA is still in its early stages, requiring more asset providers and funding participants to engage [25]. - Major photovoltaic asset holders are showing interest in RWA, indicating a growing trend towards this financing model as regulatory frameworks evolve [26][27].

Core Viewpoint - The article discusses the rising prominence of stablecoins and their relationship with Real World Assets (RWA), highlighting the potential for significant growth in the RWA market driven by stablecoin adoption and regulatory developments [1][3]. Summary by Sections Stablecoin Market Overview - The global stablecoin market reached a total market capitalization of $232 billion by March 2025, with USDT holding a dominant 70% market share, followed by USDC at 20% and DAI at 3% [3][4]. - Major companies like Ant Group, Xiaomi, and JD.com are accelerating their stablecoin initiatives, with JD.com planning to launch its stablecoin by Q4 2024 [3][5]. RWA and Its Growth Potential - RWA refers to the tokenization of real-world assets using blockchain technology, with a projected on-chain RWA value of approximately $15.4 billion by the end of 2024, reflecting an 80% year-over-year growth [1][3]. - Citigroup predicts that RWA could drive the blockchain industry into a multi-trillion dollar market, with the saying "everything can be RWA" in the Web3 space [1][3]. Stablecoin's Role in RWA - Stablecoins are expected to enhance the stability and liquidity of RWA transactions, allowing for easier buying and selling of RWA tokens [10][11]. - The integration of stablecoins into the RWA market is seen as a bridge connecting the Web3 economy with the real-world economy, with projections indicating that the global RWA market could exceed $16 trillion by 2030 [11][12]. Industry Developments and Collaborations - Companies like Goldman Sachs and BlackRock are actively exploring RWA applications, with various projects underway, including tokenized bonds and real estate assets [12]. - In China, Ant Group and other firms are collaborating on RWA projects, such as the first domestic RWA based on renewable energy assets, raising 100 million RMB [12][13]. Investment Opportunities - The article highlights several companies involved in the stablecoin and RWA sectors, noting significant stock price increases and institutional holdings in related firms [7][8][15]. - The potential for stablecoin legislation to accelerate RWA adoption is emphasized, with predictions of substantial market growth in the coming years [13].

Core Technology Components - The technology architecture of RWA tokenization includes five main components: blockchain ledger, smart contracts, oracles, cross-chain technology, and off-chain asset custody and verification [3][4][5][6][10][11]. Blockchain Ledger - Provides decentralized records for asset ownership, transaction history, and token data, utilizing public chains like Ethereum, Solana, Polymesh, and Avalanche, as well as consortium chains like AntChain's "two chains and one bridge" architecture [4]. Smart Contracts - Automates the processes of tokenization, trading, revenue distribution, and compliance management, with standards such as ERC-3643 for compliant tokens and ERC-721/1155 for non-fungible assets [5]. Oracles - Ensures secure transmission of off-chain asset data to on-chain, maintaining consistency between tokens and assets, with projects like Chainlink and Pyth Network providing real-time data services [6]. Cross-Chain Technology - Facilitates interoperability of assets and data across multiple chains, utilizing cross-chain bridges and protocols [8][9]. Off-Chain Asset Custody and Verification - Custody is managed by regulated entities to ensure 1:1 anchoring, with periodic audits recorded on-chain, while verification involves IoT monitoring and AI for valuation accuracy [10][11]. RWA Tokenization Process - The process includes asset assessment and digitization, tokenization through smart contracts, compliance embedding, on-chain recording and trading, and automated revenue distribution [12][13][14][15][16]. Technical Challenges - Key challenges include smart contract security requiring formal verification and auditing, real-time synchronization of off-chain asset changes, scalability issues related to high gas fees on Ethereum, and balancing privacy with compliance [17][20]. Future Trends - The integration of AI and IoT is expected to enhance pricing accuracy, while dedicated blockchains and Layer 2 solutions will improve efficiency and reduce costs [20].