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]

尽管经历了这些调整，华兴资本仍在享受其过往投资新经济的红利。例如，近期专注于 Web3 及数字资 产服务的私募投资公司 C1 Fund(CFND)在纽约证券交易所成功上市，华兴资本作为亚洲独家承销商参 与其中。本次 IPO 发行了 600 万股，每股发行价 10 美元，总募资约 6000 万美元。 此外，华兴资本在今年6月底宣布，进军Web3.0和加密货币资产领域，并批准总额为1亿美元的预算， 在未来两年期间用于集团发展Web3.0业务和投资加密货币资产。集团将加大对稳定币、RWA(现实世界 资产)以及围绕加密货币全链条生态系统的投入及发展力度，并积极拓展相关业务牌照的申请和升级。 今日市场传言华兴资本控股(01911)创始人包凡已"出来"，据不知名人士透露，智通财经了解到包凡已 结束了长达两年半的配合调查。 包凡在2023年2月被有关部门带走，此事在当时引起了创投圈的震动。此后，官方一直未披露案件进 展。在此期间，华兴资本的业务和运营一切正常，由执行委员会全面负责集团的战略推进。 ...

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 ...

Investment Rating - The report maintains a "Recommendation" rating for the industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - Victory Securities reported a significant turnaround in its financial performance, achieving a net profit of 41.25 million HKD in H1 2025, compared to a loss of 5.76 million HKD in the same period last year, driven by a recovery in the Hong Kong stock market and strong growth in virtual asset business [3][4]. - The company's revenue reached 123.72 million HKD in H1 2025, marking a year-on-year increase of 318.5%, with traditional brokerage services recovering and virtual asset services becoming the largest revenue source, contributing 52% to total revenue [4][10]. - A strategic partnership was established between Victory Securities and Cao Cao Travel, focusing on the application of Real World Assets (RWA) in the transportation sector, which includes tokenizing physical assets and optimizing payment experiences using stablecoins [11][12]. Summary by Sections Financial Performance - In H1 2025, Victory Securities achieved a net profit of 41.25 million HKD, a significant recovery from a loss of 5.76 million HKD in H1 2024 [4][6]. - The company's revenue for H1 2025 was 123.72 million HKD, reflecting a year-on-year growth of 318.5% [8]. Business Segments - Traditional brokerage services accounted for 46% of total revenue in H1 2025, while virtual asset services contributed 52%, indicating a shift in revenue sources [12]. - The brokerage business saw a revenue increase of 205% year-on-year, while virtual asset services experienced a staggering growth of 1989% [4]. Strategic Developments - The partnership with Cao Cao Travel aims to explore innovative applications of RWA, including tokenization of physical assets and enhancing payment solutions for international users [11][12]. - This collaboration positions Victory Securities as a leader in the RWA sector in Hong Kong, expanding its Web3.0 investment banking capabilities [12].

Group 1 - The article discusses the evolving landscape of the global cryptocurrency market, influenced by the U.S. government's policy shifts under the Trump administration and the implementation of the EU's MiCA regulation, highlighting the need for a reassessment of the balance between value and security in cryptocurrency regulation [2][3]. - The concept of cryptocurrency has evolved since the release of the Bitcoin white paper in 2008, with a focus on its payment functionality and the emergence of different paths for development, including account-based and token-based systems [4]. - The article defines cryptocurrency in a narrow sense, including four categories: 1) cryptocurrencies like Bitcoin for asset storage, 2) stablecoins like USDT and USDC for payments, 3) cryptocurrencies like Ethereum and Solana for DeFi innovations, and 4) security token offerings (STOs) and real-world asset tokenization [5]. Group 2 - The article outlines the motivations behind the evolution of U.S. cryptocurrency policy, including the economic interests of the Trump family, which have grown significantly with their involvement in various NFT projects and the launch of a stablecoin [8][9]. - The support from the cryptocurrency community for Trump's election campaign is highlighted, with over $245 million raised for pro-cryptocurrency political action committees in the 2024 election cycle, indicating a strategic move to attract younger voters [9]. - The article contrasts the regulatory philosophies of the Republican and Democratic parties, noting that the Republican approach aligns more closely with the decentralized nature of cryptocurrencies, advocating for reduced regulation [9][10]. Group 3 - The dominance of fiat-backed stablecoins, particularly those pegged to the U.S. dollar, is emphasized, with a total supply of stablecoins reaching $234.9 billion as of May 2025, and the processing volume of stablecoin transactions projected to reach $14 trillion in 2024 [10]. - The cryptocurrency industry has become a significant revenue source for the U.S. government, with SEC enforcement fines reaching $4.7 billion in 2024, a dramatic increase from $150.3 million in the previous fiscal year [10]. - The article discusses Trump's vision of making the U.S. a "global cryptocurrency hub," aiming to attract capital and enhance economic vitality while addressing government debt and reinforcing the dollar's status [10].

今年6月底，华兴资本控股宣布，董事会决议在稳固华兴现有业务的同时，进军Web3.0和加密货币资产 领域，并批准总额为1亿美元的预算，在未来两年期间用于集团发展Web3.0业务和投资加密货币资产。 公告指出，在集团基金成功投资了Circle Internet Group，以及为众多加密货币龙头企业完成了上市及多 轮融资相关服务的基础上，集团将加大对稳定币、RWA(现实世界资产)以及围绕加密货币全链条生态系 统的投入及发展力度，并积极拓展相关业务牌照的申请和升级。 智通财经APP获悉，华兴资本控股(01911)再涨超20%，年内股价飙升逾1.4倍。截至发稿，涨20.24%， 报7.07港元，成交额8617.7万港元。 消息面上，8月1日，中国香港《稳定币条例草案》正式生效，这是在中国香港设立法币稳定币发行人的 发牌制度，完善对虚拟资产活动在中国香港的监管框架，以保持金融稳定，同时推动金融创新。8月7 日，全球首个RWA注册登记平台正式上线。此外，加密货币市场再迎利好，美国总统特朗普签署了一 项行政命令，允许美国人的401(k)计划投资私募股权基金、比特币等加密货币以及其他所谓的另类资 产。开源证券此前研报指出，稳 ...

Group 1 - The core argument presented is that on-chain data is a crucial driver for the development of Web3 and Real World Assets (RWA) [1][3] - Data has evolved from being a mere information carrier to an essential production factor in the decentralized era of Web3.0, emphasizing the importance of data security, authenticity, and traceability [3][5] - The development of Web3.0 is categorized into four stages: conceptual emergence (2008-2014), foundational building, validation, and the current stage of scenario expansion, with a clear goal of reducing technical barriers for widespread application [5][7] Group 2 - On-chain data addresses trust issues in the traditional asset tokenization process, ensuring asset authenticity and reducing cross-chain collaboration costs, thus facilitating efficient circulation of RWAs within a compliance framework [7] - The quality of data directly impacts the accuracy of AI models, and on-chain data analysis can effectively verify the authenticity of AI decisions [7] - The company has developed a one-stop data on-chain system, professional analytical tools, and a conference promotion platform to assist enterprises in transitioning from Web2.0 to Web3.0, supporting the development of RWA projects [7]

Core Viewpoint - Fubo Group (03738) has seen a significant stock price increase of over 50% this week, with a current price of 5.19 HKD and a trading volume of 831 million HKD, driven by the launch of the world's first RWA registration platform and advancements in Web3.0 standards [1] Group 1 - Fubo Group's stock surged over 17% in early trading, reflecting strong market interest [1] - The launch of the RWA registration platform on August 7 marks a significant milestone for the company, coinciding with the establishment of three Web3.0 standards [1] - The Vobile MAX digital content asset trading platform has successfully completed market testing, enabling the concurrent confirmation and trading of a large number of physical assets (RWA) [1] Group 2 - Ant Group became a major shareholder of Fubo Group in 2020 through a private placement, aiming to develop a decentralized copyright protection and trading platform [1] - Analysts suggest that if Ant's stablecoin is implemented, Fubo Group, as a core partner in copyright trading, will benefit from expanded payment scenarios, potentially elevating its valuation from a "digital copyright service provider" to a "digital asset infrastructure provider" [1]