Core Viewpoint - HashKey Group has submitted a confidential IPO application to the Hong Kong Stock Exchange, potentially becoming the first compliant cryptocurrency exchange listed in Hong Kong, following OSL [1][10]. Company Overview - HashKey Group operates as a licensed cryptocurrency exchange in Hong Kong, with a comprehensive business model that includes cryptocurrency trading, Web3, tokenization, venture capital, asset management, and blockchain technology [5][8]. - The flagship business, HashKey Exchange, has received regulatory approval and holds multiple licenses under Hong Kong's Securities and Futures Ordinance [5][18]. Token Information - HashKey's platform token, HSK, has a total supply of 1 billion, with 65% allocated for ecosystem growth, 30% for team incentives, and 5% for reserves [2][4]. - HSK can only be used within the HashKey platform for service fees, community rewards, and various value-added services, distinguishing it from stablecoins which have broader utility [4][5]. Market Context - The cryptocurrency market is still in an expansion phase, with profitability challenges evident across the industry, as seen with OSL Group's ongoing losses despite revenue growth [12][16]. - HashKey's IPO attempt is set against a backdrop of increasing competition from integrated players like JD.com and Ant Group, which have established advantages in transaction volume and market demand [16][23]. Regulatory Environment - HashKey Exchange is positioned as the largest licensed cryptocurrency exchange in Hong Kong, benefiting from its compliance with strict regulatory requirements, which may attract traditional financial institutions [17][18]. - The high compliance costs associated with maintaining a licensed status could impact HashKey's profitability, as the operational costs are significantly elevated due to regulatory demands [20][23]. Future Prospects - HashKey's ability to balance short-term revenue with long-term investments will be crucial for its financial sustainability, especially given the volatility in cryptocurrency prices [16][23]. - The company's involvement in the virtual asset ETF market may provide additional revenue streams, leveraging its compliant status to bridge traditional and digital finance [22][23].

Core Viewpoint - China Financial Leasing (02312.HK) announced the appointment of Lin Yanjun as an executive director and a member of the board's investment committee, effective October 28, 2025 [1] Group 1: Appointment Details - Lin Yanjun, aged 46, is the founding partner and shareholder of I.N. Capital, specializing in financial investment and services, including blockchain and artificial intelligence [1] - Lin has held senior positions at international investment banks such as Credit Suisse and Barclays [1] Group 2: Industry Experience - In the digital asset sector, Lin served as the CEO for the Asia region at AMINA Bank AG (formerly SEBA Bank AG) and later as the chairman of its Asia Client Advisory Committee [1] - He is also an investor and board member of Forestheaven Limited, the parent company of Pandu Financial Limited, which focuses on virtual asset management [1] Group 3: Additional Roles - Lin is a board member and compensation committee chairman at Canaan Inc., a U.S.-listed Bitcoin mining company [1] - He previously served as the chairman of Ginkgo Capital Limited, a licensed asset management company regulated under the Securities and Futures Ordinance in Hong Kong [1]

Core Insights - The virtual item trading market for "Counter-Strike 2" (CS2) experienced a dramatic crash, with the total market valuation evaporating by nearly $2 billion within 24 hours, and the price of a popular virtual item, the "butterfly knife," dropping significantly [1][13][20] Market Dynamics - The crash was triggered by a major update from the game developer Valve on October 23, which altered the item acquisition system, allowing players to exchange lower-value items for rare skins, thus reducing the scarcity and value of previously high-priced items [15][16][20] - Prior to the update, acquiring rare items required significant investment, often involving the purchase of hundreds or thousands of loot boxes, which created a high barrier to entry and inflated prices [16][18] Player Impact - Many players reported substantial losses, with one experienced player losing approximately ¥60,000 overnight due to the drastic price drops of their virtual items [5][7] - The market crash particularly affected "item merchants" who had invested heavily in high-value skins, with some reporting losses exceeding ¥1 million [9][20] Trading Platforms - The primary platforms for trading CS2 items in China are NetEase's BUFF and Youyou Youpin, where players can track their inventory and market prices in real-time [11] - The trading ecosystem had evolved into a financial-like market, attracting not only gamers but also investors looking to profit from the perceived value of virtual items [20][21] Market Sentiment - The update has led to a significant shift in market sentiment, with many players and investors realizing the inherent risks of virtual asset trading, as game developers can change rules at any time, leading to sudden and severe market fluctuations [20][21] - Despite the ongoing sell-off, some speculators are attempting to capitalize on the price drops by buying items at lower prices, hoping for a market rebound [21]

Core Viewpoint - Derin Holdings (01709) has experienced a significant decline in stock price, dropping nearly 4% after a previous drop of over 15%, indicating market volatility and investor concerns regarding the company's recent actions [1] Group 1: Stock Performance - The stock price of Derin Holdings fell by 3.78%, trading at HKD 2.8, with a trading volume of HKD 116 million [1] - The company has seen a total decline of over 15% in the previous trading session [1] Group 2: Share Placement - Derin Holdings announced a plan to place a total of 255 million shares, representing approximately 15.15% of the existing issued share capital and about 13.16% of the enlarged issued share capital [1] - The placement price is set at HKD 3.05 per share, which is approximately 11.34% lower than the closing price of HKD 3.44 on October 20 [1] - The company has entered into an agreement with Evergreen Wealth Investment Limited to issue up to 63.83 million new shares at the same placement price, accounting for about 3.18% of the enlarged issued share capital [1] Group 3: Use of Proceeds - The net proceeds from the share placement are expected to reach HKD 956 million [1] - The funds will be utilized to expand Bitcoin mining and digital reserve businesses, develop and tokenize RWA products, and for strategic and diversified investments [1] - The aim is to support growth in digital finance, virtual assets, and RWA tokenization, as well as to enhance the company's asset construction and allocation capabilities, and strengthen recurring revenue sources [1]

Core Viewpoint - Derlin Holdings (01709) has experienced a significant decline in stock price, dropping nearly 4% after a previous drop of over 15%, indicating market concerns regarding its recent capital raising activities [1] Group 1: Stock Performance - As of the latest update, Derlin Holdings' stock is trading at 2.8 HKD, with a trading volume of 116 million HKD [1] - The stock price has decreased by approximately 11.34% compared to the closing price of 3.44 HKD on October 20 [1] Group 2: Capital Raising Plan - The company plans to conduct a placement of a total of 255 million shares, representing about 15.15% of the existing issued share capital and approximately 13.16% of the enlarged issued share capital [1] - The placement price is set at 3.05 HKD per share, which is lower than the recent market price [1] - An agreement has been made with Evergreen Wealth Investment Limited to issue up to 63.8 million new shares at the same placement price, accounting for about 3.18% of the enlarged issued share capital [1] Group 3: Use of Proceeds - The net proceeds from the placement are expected to reach 956 million HKD [1] - The funds will be utilized to expand Bitcoin mining and digital reserve businesses, develop and tokenize RWA products, and support strategic and diversified investments [1] - The focus will be on enhancing capabilities in digital finance, virtual assets, RWA tokenization, and related infrastructure development for Bitcoin mining, aiming to strengthen asset construction and recurring income sources [1]

FT：在收到中国央行、网信办等监管机构的指导后，蚂蚁与京东等中国科技巨头暂停了发行稳定币虚拟资产的计划。一位了解的人士表示，发行民间稳定币也被视为对中国央行数字人民币的挑战。蚂蚁集团曾在今年6月表示将参与香港稳定币试点项目，京东也曾表示会加入试点计划。 https://t.co/FtpaRdMxph ...

根據特別授權配售新股份 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1341） 進一步變更所得款項用途 茲提述昊天國際建設投資集團有限公司（「本公司」，連同其附屬公司統稱「本 集 團」）日 期 為 二 零 二 四 年 十 月 三 日、二 零 二 五 年 五 月 十 二 日 及 二 零 二 五 年九月三日有關根據特別授權配售本公司新股份（「配售事項」）之公告（「該 等公告」）。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 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之內容概不 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 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HAO TIAN INTERNATIONAL CONSTRUCTION INVESTMENT GROUP LIMITED 昊天國際建設投資集團有限公 司 – 2 – 如 該 等 公 告 所 披 露，董 事 會 已 決 議 將 餘 ...

Core Insights - Dubai's Vice President and Finance Minister Sheikh Maktoum has approved the "Dubai Financial Sector Strategy," which aims to implement 15 transformative initiatives over the next three years to enhance key areas such as capital markets, wealth management, SME financing, virtual assets, and fintech [1] - The strategy aims to double the financial sector's contribution to GDP, encouraging more family businesses and startups to go public and attracting new asset management firms [1] - The Dubai Virtual Assets Regulatory Authority (VARA) has positioned Dubai as the largest single-license virtual asset market globally, with regulated trading volume nearing 2.5 trillion dirhams this year [1] - Virtual assets currently contribute approximately 2.2 billion dirhams to GDP, accounting for 0.5%, with expectations to rise to 3% (around 13 billion dirhams) in the future [1] - Dubai has over 40 licensed virtual asset service providers and more than 600 registered entities [1] - The Dubai Financial Market (DFM) has shown strong performance, with the composite index rising 14.7% in 2025, reaching a total market capitalization exceeding 1 trillion dirhams [1] - Recent IPOs include ALEC Holding at 1.4 billion dirhams and DU's secondary offering at 3.15 billion dirhams [1] - Dubai has improved its ranking in the Global Financial Centres Index (GFCI) to 11th place, with the highest growth potential globally [1] - Sheikh Maktoum stated that these initiatives will provide confidence and opportunities for investors, reinforcing Dubai's position as a leading global financial center, aligning with the "Dubai Economic Agenda D33" [1]

Core Points - The Hong Kong Police Force has established a "Virtual Asset Intelligence Taskforce" (VAIT) to address the challenges posed by virtual assets and enhance law enforcement capabilities [3][4] - The taskforce aims to facilitate collaboration between law enforcement, financial regulators, and licensed virtual asset service providers to improve intelligence sharing and action coordination [3] - In the first eight months of this year, there were 1,463 cases related to virtual assets, including 15 hacking incidents targeting Web3 industry institutions, resulting in losses of approximately HKD 990 million [3] Group 1 - The VAIT was officially launched during a summit attended by over 200 representatives from government policy bureaus, financial regulatory bodies, law enforcement, academia, and more than 60 financial institutions and virtual asset service providers [3] - The Police Commissioner emphasized the need for proactive measures to ensure that innovative technologies are not exploited by criminals [3][4] - The taskforce is designed as a public-private collaboration platform to enhance detection and prevention capabilities against virtual asset-related crimes and cybersecurity threats [3] Group 2 - The Hong Kong Police Force will work closely with regulatory agencies and industry partners to safeguard market integrity and the security of citizens' assets while promoting innovation in the digital asset ecosystem [4]

Core Viewpoint - HashKey, Hong Kong's largest cryptocurrency exchange, is seeking to raise up to $500 million through an IPO in Hong Kong [1] Company Overview - HashKey was established in 2018 and is headquartered in Hong Kong, offering services in virtual asset trading, asset management, node verification (HashKey Cloud), and tokenization [1] - The company operates a blockchain ecosystem that includes an Ethereum-based Layer 2 blockchain and ecosystem tokens [1] - HashKey Exchange is currently the largest licensed virtual asset exchange in Hong Kong, ranking 6th globally on CoinGecko as of December 11, 2024, making it the highest-ranked licensed virtual asset exchange in Hong Kong [1] Financial Performance - According to HashKey Group's Q2 2025 report, the Omnibus comprehensive account service has covered 90% of licensed brokers in Hong Kong, with a cumulative trading volume exceeding HKD 30 billion [1] Strategic Partnerships - HashKey Group has invested in Yuan Coin Technology, one of the issuers in Hong Kong's stablecoin sandbox, and has established a partnership with JD.com for stablecoin business [1]