Core Viewpoint - The successful tokenization financing of Real World Assets (RWA) in Hong Kong depends on the auditability and transparency of the underlying assets, as well as the understanding of digital asset logic by enterprises and their partners, particularly in areas such as on-chain issuance mechanisms, off-chain redemption arrangements, asset anchoring paths, cross-border governance structures, regulatory requirements, and information disclosure mechanisms [1][7][17]. Group 1: RWA Overview and Market Trends - RWA refers to the tokenization financing transactions of real-world assets, where the rights to the income of physical assets are represented as digital tokens on a blockchain network [3]. - The enactment of Hong Kong's Stablecoin Regulation in August has created significant opportunities for the combination of stablecoins and RWA, potentially becoming a breakthrough in the Web 3.0 era [4]. - Various industries, including real estate, renewable energy, and cultural tourism, are actively exploring the feasibility of RWA financing in Hong Kong as a new funding channel [6][11]. Group 2: Challenges and Considerations - The enthusiasm for RWA financing among real estate companies is particularly high, as they aim to tokenize stable rental income from mature commercial properties to alleviate debt pressure [7][11]. - Many intermediary institutions are presenting overly optimistic views on the ease of RWA operations, leading enterprises to underestimate the challenges related to asset scale, revenue status, and asset rights verification [8][14]. - The operational costs for RWA financing are substantial, with various preparatory tasks costing hundreds of thousands of yuan, which can lead to significant income for intermediaries if they successfully convince enterprises to pursue RWA [16]. Group 3: Compliance and Risk Management - Enterprises must ensure compliance with cross-border asset structure regulations, information disclosure requirements, and the design of on-chain and off-chain coordination mechanisms to avoid potential pitfalls [17][21]. - The lack of a unified framework for verifying the authenticity of assets on-chain and the complexities of cross-border regulation pose significant challenges for enterprises [21]. - A growing number of enterprises are recognizing the exaggerated claims of some intermediaries and are seeking professional teams with experience in Hong Kong's regulatory environment to reassess the feasibility of RWA financing [21][22].

Core Insights - The combination of stablecoins and Real World Assets (RWA) is expected to create significant opportunities for asset tokenization financing in Hong Kong, especially after the enactment of the stablecoin regulation in August [2][3] - The RWA ecosystem is seen as a potential breakthrough in the Web 3.0 era, providing low-risk and stable yield financial products for investors [2] Industry Trends - Companies in various sectors, including real estate, renewable energy, and cultural tourism, are increasingly exploring RWA financing as a means to diversify funding channels and develop digital asset businesses [3][6] - Real estate firms are particularly eager to tokenize stable rental income from mature commercial properties to alleviate debt pressure [3][6] Operational Challenges - The feasibility of RWA financing for domestic assets depends on the auditability and transparency of the underlying assets, as well as the companies' understanding of digital asset mechanisms [4][10] - Many intermediary firms are promoting overly optimistic views of RWA operations, leading companies to underestimate the complexities involved [4][8] Compliance and Risk Management - Companies must ensure compliance with cross-border asset structure regulations and maintain a robust information disclosure mechanism to attract investors [10][11] - The operational costs for RWA financing are significant, including due diligence, project planning, and technology development, which can exceed several hundred thousand yuan [9] Market Dynamics - There is a growing awareness among companies regarding the exaggerated claims made by some intermediaries, prompting them to seek professional teams with experience in Hong Kong's regulatory environment [12] - The demand for RWA financing is rising, but many companies still hold unrealistic expectations about the speed and ease of the process [11][12]

Group 1 - The company, Shengye (6069.HK), experienced a nearly 6% increase in stock price, reaching 15.2 HKD, with a trading volume of 730 million HKD [1][3] - The company announced the establishment of an international headquarters in Singapore to enhance its international business development [1][3] - The company plans to explore the Web3 ecosystem and stablecoin innovation application scenarios to improve its technological capabilities and business expansion [1][3] Group 2 - The establishment of the Singapore international headquarters aims to leverage local financial and technological advantages to promote the company's globalization process [1] - This initiative is expected to accelerate the company's strategic layout in the digital field and support future innovative projects [1]

Core Viewpoint - The article highlights the strategic move of 瑞和数智 (Rehui Shuzhi) to invest HKD 80 million in the Web 3.0 and cryptocurrency asset sectors, aligning with Hong Kong's ambition to become a global digital asset hub [1][4]. Group 1: Company Strategy and Positioning - 瑞和数智 aims to establish a presence in compliant digital assets, build blockchain financial infrastructure, and explore hybrid ecosystems that serve real-world entities [4][5]. - The company has a strong foundation in financial technology, having served over 80% of top domestic banks, with a 100% repurchase rate from core clients [5][6]. - The firm possesses a highly skilled team, with 89% of its workforce being technical talent, which is crucial for integrating AI and big data with Web 3.0 technologies [5][6]. Group 2: Market Trends and Opportunities - The global trend of institutional investors increasing their holdings in digital assets is evident, with Hong Kong's Securities and Futures Commission issuing 11 virtual asset trading platform licenses by July 2025 [4][12]. - The shift in digital asset perception from speculation to practical applications and infrastructure development indicates ongoing investment opportunities in the digital asset space [4][12]. - The article notes that the digital asset landscape in Hong Kong is evolving, supported by regulatory frameworks that enhance the market's growth potential [4][12]. Group 3: Valuation and Growth Potential - 瑞和数智's valuation is undergoing a paradigm shift, with its current valuation not reflecting key variables such as strategic elevation and the growing demand for asset management solutions [7][13]. - The company is positioned for significant growth through both organic and external expansion, as evidenced by its recent acquisition of shares in Tokyo Central Auction [8][10]. - The current price-to-sales (PS) ratio of 瑞和数智 is approximately 3.17, which is lower compared to peers in the digital asset sector, indicating potential undervaluation [13]. Group 4: Future Outlook - The company is expected to benefit from the long-term valuation uplift of the Hong Kong tech sector and the global digital asset landscape [12][15]. - As 瑞和数智 advances its strategy in the Web 3.0 and cryptocurrency sectors, it is anticipated to unlock significant value growth in the capital markets [13][15].

Core Viewpoint - The company has established a new international headquarters in Singapore, focusing on AI and supply chain technology, aiming to support small and medium-sized enterprises (SMEs) in China to expand globally and enhance supply chain resilience and sustainable growth [1][2] Group 1 - The new Singapore-based subsidiary, SY INTELLECTHUB PTE.LTD., will serve as the core hub for exploring Web3.0 and stablecoin applications [1] - Singapore is recognized as a key global financial, trade, and shipping hub, providing a robust financial system and extensive business network, making it an ideal location for Chinese companies to expand into Southeast Asia and beyond [1][2] - The company has received strategic investment from Singapore's sovereign wealth fund, Temasek, and has been actively exploring international business through partnerships in Singapore, the Philippines, and Indonesia since 2018 [1] Group 2 - The decision to establish the international headquarters in Singapore is based on its unique geographical advantages and mature technology ecosystem that supports global business expansion [2] - Singapore's status as a top financial center, with strong financial infrastructure and regulatory frameworks, has made it a thriving environment for Web3.0 development [2] - The company plans to leverage Singapore as a launchpad for international business, integrating stablecoins and tokenization of real-world assets with traditional supply chain assets to innovate and connect with global markets [2]

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 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 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」）自 願作出。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本集團正式將一家名為SY INTELLECTHUB PTE.LTD.的 新 加 坡 公 司（本 集 團 的 一 家 非 全 資 附 屬 公 司）確 立 為 新 加 坡 國 際 總 部（「國 際總部」）。本 集 團 作 為 一 家「AI+產 業 供 應 鏈」的 數 智 科 技 公 司，將 以 國 際 總 部 為 核 心樞紐，積極探 索Web3.0與 穩 定 幣 ...

Core Insights - The upcoming implementation of the "Stablecoin Regulation" in Hong Kong has led to increased activity in stablecoin-related stocks, with notable gains in companies like Huaxing Capital and OSL Group [1][2] Company Summaries - Huaxing Capital Holdings saw a significant stock increase of over 16%, with a peak rise of 18.62%, closing at 6.74 HKD per share. The company has invested in Circle and is focusing on Web3.0 and cryptocurrency assets, allocating a budget of 100 million USD for development in these areas [2] - OSL Group, the first licensed digital asset trading platform listed in Hong Kong, closed with a 4.67% increase at 17.94 HKD per share. The company recently completed a 300 million USD equity financing, aimed at strategic acquisitions, new business planning including stablecoin services, and strengthening operational capital [3] Industry Trends - The global stablecoin market is projected to grow rapidly, with a total market cap exceeding 250 billion USD, accounting for approximately 8% of the entire crypto asset market. The trading volume for stablecoins in 2024 is expected to reach around 37 trillion USD, surpassing Bitcoin's trading volume [4][5] - The stablecoin ecosystem includes four key segments: issuance, custody, payment, and trading, with a focus on the high-value segments of issuance, payment, and trading. Companies with strong industry scenarios are expected to benefit significantly from the growing demand for cross-border payments [5][6] Future Outlook - By 2030, the market size for Real World Assets (RWA) is anticipated to reach 16 trillion USD, with stablecoins expected to penetrate 30%-50% of this market. This indicates the potential of stablecoins in bridging virtual and real economies [6] - Major companies like Ant Group and JD.com are expected to be among the first to obtain stablecoin licenses from the Hong Kong Monetary Authority, leveraging their blockchain technology and application scenarios [5][6]

Core Viewpoint - The article highlights the increasing interest and investment in stablecoin-related stocks in Hong Kong, particularly with the upcoming implementation of the "Stablecoin Regulation" [1][2]. Group 1: Market Activity - Stablecoin concept stocks have seen significant activity, with notable increases in share prices for companies like Huaxing Capital Holdings (up over 16%), Guotai Junan International (up over 9%), and OSL Group (up nearly 5%) [1]. - Huaxing Capital Holdings reported a peak increase of 18.62% during trading, closing at 6.74 HKD per share [3]. Group 2: Investment Trends - The stablecoin market is projected to grow rapidly, with over 250 types of stablecoins expected to be in circulation by June 2025, reflecting a trend that has been gaining traction since the launch of Tether (USDT) in 2014 [1]. - A primary market investment institution is closely monitoring stablecoin developments, indicating a belief in its potential as a significant future trend [1]. Group 3: Company Strategies - Huaxing Capital has committed a budget of 100 million USD over the next two years to develop its Web 3.0 business and invest in cryptocurrency assets, aligning with Hong Kong's supportive policies for the sector [3]. - OSL Group successfully completed a 300 million USD equity financing, the largest public equity financing in Asia's digital asset sector, aimed at strategic acquisitions, new business planning, and strengthening operational capital [4]. Group 4: Market Size and Growth - As of mid-June, the total market capitalization of stablecoins surpassed 250 billion USD, accounting for approximately 8% of the total cryptocurrency market, indicating their growing importance in the global financial system [5]. - The trading volume of stablecoins for the entire year of 2024 is expected to reach around 37 trillion USD, significantly higher than Bitcoin's projected 19 trillion USD trading volume, showcasing stablecoins' evolution into a crucial global payment infrastructure [6]. Group 5: Industry Outlook - Investment professionals view stablecoins as a solution to the volatility of traditional cryptocurrencies, with Circle's IPO enhancing interest and returns for early investors [8]. - The stablecoin industry encompasses four key segments: issuance, custody, payment, and trading, with a focus on the high-value segments of issuance, payment, and trading as core investment areas [9]. - Major companies like Ant Group and JD.com are expected to be among the first to obtain stablecoin licenses in Hong Kong, leveraging their blockchain technology and application scenarios [11].

Group 1 - The core viewpoint is that digital trade is reshaping the global economy, and businesses must undergo digital transformation to seize opportunities [1] - The Hong Kong government is proposing to amend laws to promote the electronic transfer of trade documents, referencing the United Nations Commission on International Trade Law's model law [1][4] - The Hong Kong Trade Development Council (HKTDC) is actively developing a digital trade ecosystem, focusing on innovation, efficiency, and international cooperation to strengthen Hong Kong's competitive advantage [3] Group 2 - The HKTDC's annual "Asian Logistics and Maritime Conference" discusses trends in global trade, supply chains, and digitalization, supporting businesses in digital transformation [3] - The International Chamber of Commerce's Digital Standards Initiative emphasizes the importance of aligning with global standards to maintain competitiveness in the changing global landscape [3] - The proposed electronic transferable records law aims to provide legal certainty for electronic documents like bills of lading, streamlining processes and enhancing traceability [4] Group 3 - The Hong Kong government is advancing the "Trade Single Window" initiative, which will facilitate the submission of trade documents and integrate with the Commercial Data Interchange for trade financing [5] - Experts from various sectors shared practical experiences regarding digital transformation in trade financing, electronic bills of lading, and logistics [5] - The Hong Kong Monetary Authority plans to develop a roadmap for digitizing logistics data by the end of the year, promoting data sharing to enhance digital trade financing [5]

Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]