Core Insights - The rise of digital assets presents new opportunities and challenges for organizations and investors, with Hai Le Xing International Association demonstrating a prudent approach to investment and risk management [1][11] - The organization has successfully navigated high-risk projects like Forsage and SQUID, showcasing its commitment to member interests and responsible decision-making [3][5][11] Group 1: Investment Strategy - Hai Le Xing emphasizes a strategy of "prudent assessment, timely action, and orderly exit," which has led to successful participation and withdrawal from various projects [1][6] - The organization established a risk assessment team to analyze the architecture, operational logic, and potential risks of projects before investing, as seen in the Forsage project [3][8] - After careful observation, the organization withdrew from Forsage in August 2021, avoiding potential risks and demonstrating a responsible attitude towards its members [3][11] Group 2: Risk Management - The risk management department of Hai Le Xing is characterized by its deep market research capabilities and practical experience, allowing for comprehensive evaluations of projects [8][9] - The organization recognized the speculative nature and high risk of the SQUID project, implementing a clear exit strategy that resulted in 76% of members achieving significant returns within 20 days [5][9] - Hai Le Xing's proactive approach to risk management has been validated through multiple successful projects, reinforcing its reputation in the industry [6][11] Group 3: Organizational Influence - Hai Le Xing has developed a unique operational model that emphasizes strong cohesion and collective decision-making, which is crucial during critical investment moments [7][9] - The organization’s ability to unify its members during investment decisions has fostered trust and a sense of community, enhancing its overall influence [7][10] - Hai Le Xing's actions, such as providing subsidies to members who incurred losses in the SQUID project, reflect its commitment to social responsibility and member welfare [5][10] Group 4: Future Outlook - The organization is well-positioned to continue leveraging its unique advantages in the investment field, with a focus on professional risk management and organizational cohesion [10][11] - As the complexity of the investment market increases, Hai Le Xing's experience and strategic vision will be essential in navigating future challenges [10][11] - The organization embodies a blend of rationality and responsibility, which will guide its future endeavors in the evolving landscape of digital assets and traditional finance [11]

Group 1 - The Hong Kong government is conducting public consultations for the 2025 Policy Address, with PwC advocating for the utilization of Hong Kong's unique position as a super connector between mainland China and global markets to boost economic growth and market vitality [1] - PwC suggests that the government should take decisive actions to enhance global competitiveness and financial resilience through strategic partnerships, technological innovation, and stable financial market development [1] - Recommendations include extending stock trading hours and various measures to enhance the growth potential, openness, and international competitiveness of Hong Kong's capital markets [1][2] Group 2 - PwC proposes expanding the OTC market to provide early-stage financing platforms for innovative and startup companies, facilitating their future listings under specific Hong Kong listing rules [2] - Suggestions also include implementing "New Stock Connect" to allow cross-border investment between mainland and Hong Kong IPOs, and broadening the types of RMB financial products available in Hong Kong [2] - Long-term goals include gradually eliminating stock transaction stamp duty to align trading costs with other major stock markets [2] Group 3 - The asset and wealth management industry in Hong Kong is substantial, with assets under management reaching $4.5 trillion by the end of 2024, prompting PwC to recommend strategic measures to reinforce Hong Kong's position as a regional and global hub [3] - Specific measures include expanding the Wealth Management Connect program and considering the relaxation of eligibility criteria for southbound ETFs [3] - PwC emphasizes the need for a clear roadmap to allow retail investors to diversify into alternative assets while ensuring investor protection and effective liquidity management [3] Group 4 - Hong Kong is positioned as an ideal location for a robust secondary debt trading market due to its advanced financial infrastructure and stable regulatory framework [4] - PwC recommends government investment in improving clearing and settlement systems to simplify trading processes and enhance market liquidity [4] - The creation of a supportive legal, tax, and regulatory environment for private equity funds and the securitization of assets and receivables is also suggested [4]

Core Viewpoint - Despite global economic slowdown and rising geopolitical risks, Hong Kong's capital market shows remarkable vitality and resilience, with 兴证国际 (Xingzheng International) actively seizing opportunities for growth and strategic transformation [1] Group 1: Financial Performance - For the six months ending June 30, 2025, the company reported a revenue of HKD 398.25 million, a decrease of 4.92% year-on-year, while net profit after tax rose by 16.08% to HKD 102.93 million, indicating effective cost control and resource allocation [2] - The company's corporate financing service revenue surged by 84.89% to HKD 90.08 million, driven by a 120.37% increase in debt securities placement, underwriting, and syndication commissions, totaling HKD 85.24 million [2] - The company completed 105 bond underwriting projects with a total underwriting scale of USD 1.112 billion, a year-on-year increase of 13% [2][4] Group 2: Business Expansion and Strategy - The company has integrated its business expansion with the national "dual carbon" strategy, leading the industry in green finance practices by underwriting 34 green bonds with a financing scale exceeding HKD 60.7 billion [3] - In the wealth management sector, the company saw a significant increase in client activity, with trading volume in Hong Kong stocks rising by 71% year-on-year to approximately HKD 34.7 billion [5] - The company is focusing on enhancing its asset management capabilities, with its flagship product, "China Core Asset Fund," achieving a net value growth of 16.7% in the first half of the year [7] Group 3: Future Outlook - Looking ahead to the second half of 2025, the company aims to capitalize on structural opportunities in digital assets, cross-border finance, and green finance, which are expected to provide long-term stable returns for shareholders [8] - The company plans to leverage the evolving regulatory framework for digital assets to gain a competitive edge and extend its value chain [9] - Wealth management will enter a phase of refined operations and structural upgrades, focusing on institutional clients and enhancing cross-border advisory capabilities [10] - The company aims to strengthen its market position in green finance, driven by the "dual carbon" goals, and expand its market share through branding and awards recognition [11]

Core Insights - The Hong Kong stock market has shown significant growth in 2023, with the Hang Seng Index and Hang Seng Tech Index both rising over 20%, leading to record highs in IPO and post-listing financing [1][2] - The active capital market has positively impacted brokerage firms, enhancing their performance across multiple business lines, particularly benefiting companies like Xingsheng International [1][2] - Xingsheng International has experienced a substantial increase in stock price, nearly doubling since July, reflecting strong market recognition of its value [1] Financial Performance - In the first half of 2025, Xingsheng International reported a revenue of HKD 398 million, maintaining a steady growth trend, with a net profit of approximately HKD 103 million, up 16.08% year-on-year [2] - The company's total assets reached HKD 20.901 billion, a significant increase of 32.85% compared to the end of 2024, indicating robust market competitiveness [2] Business Segments - The corporate financing segment emerged as a key growth driver, with revenue soaring 84.89% to HKD 90.08 million [2] - The bond underwriting business saw remarkable performance, with revenue increasing 120.37% to HKD 85.24 million, completing 105 bond underwriting projects with a total scale of USD 1.112 billion [3] - Wealth management services generated approximately HKD 77.89 million, with a notable 71% increase in client trading volume in Hong Kong stocks [3][4] Strategic Initiatives - Xingsheng International is actively pursuing green finance initiatives, successfully underwriting 34 green bonds with a financing scale exceeding HKD 60.7 billion [3] - The company is expanding its cross-border wealth management services, achieving nearly HKD 900 million in product sales, up about 11% year-on-year [4] - The firm is also enhancing its self-managed investment business, with asset management revenue of approximately HKD 5.71 million and total managed assets of HKD 5.7 billion [4][5] Digital Asset Development - Hong Kong's government is advancing digital asset policies, positioning the region as a leading asset center, which presents new opportunities for brokerage firms [6][7] - Xingsheng International plans to leverage these developments by enhancing its digital asset services and integrating cross-border financial products to meet diverse client needs [7][8] Future Outlook - The company aims to strengthen its cross-border financial services, focusing on sustainable development and risk management to create long-term value for investors [8] - Xingsheng International is expected to optimize its diversified business model, enhancing revenue stability and improving profitability, which could positively influence market perceptions of its growth prospects [8]

Group 1 - The core viewpoint of the articles highlights the active performance of stablecoin-related stocks, with several companies experiencing significant price increases, indicating a growing interest in the stablecoin market [1] - Goldman Sachs reports a new expansion cycle in the stablecoin market, with potential market size reaching trillions of dollars, emphasizing that the payment sector will be a key driver for the total addressable market (TAM) of stablecoins [1] - Federal Reserve Governor Waller supports the advancement of technology and innovation in digital assets and AI to modernize the U.S. payment system and stimulate economic growth, coinciding with the Fed's mention of stablecoins in its July monetary policy meeting minutes [1] Group 2 - The Federal Reserve's July meeting minutes discuss the recent and future developments of payment stablecoins and their potential impact on the financial system, noting that the passage of the GENIUS Act may increase the use of payment stablecoins [2] - Participants in the Fed meeting expressed that payment stablecoins could enhance the efficiency of the payment system and potentially increase demand for the underlying assets, including U.S. Treasury securities [2] - Concerns were raised regarding the broader implications of stablecoins on banks, the financial system, and monetary policy implementation, highlighting the need for close monitoring of the assets backing stablecoins [2]

Group 1 - The Federal Reserve should continue to support technology and innovation, particularly in emerging fields like digital assets and artificial intelligence, to modernize the U.S. payment system and drive economic growth [1][2] - The recent shift in the Federal Reserve's regulatory stance towards cryptocurrencies and related businesses is seen as a significant victory against "crypto de-banking," as it has gradually withdrawn special oversight of banks involved in crypto activities [1][2] - The Federal Reserve's July FOMC meeting minutes indicated that some participants believe stablecoins could enhance payment system efficiency and increase demand for underlying assets, such as U.S. Treasuries [2] Group 2 - Waller emphasized the importance of collaboration between the Federal Reserve and the private sector to embrace a "technology-driven revolution" propelled by innovations like tokenization, smart contracts, and distributed ledgers [2][3] - The Federal Reserve is actively researching new financial technology innovations, including tokenization and artificial intelligence, to enhance the payment system [3] - The introduction of the FedNow instant payment network aims to enable real-time fund transfers for eligible banks, helping the U.S. catch up with rapidly developing global real-time payment systems [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 對 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。 – 1 – TradeGo FinTech Limited 捷利交易寶金融科技有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8017） 自願公告 擬 與 博 雷 頓、GCH就RWA全球發行建成戰略合作 本公告乃捷利交易寶金融科技有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）自 願 作 出，以 向 其 股 東（「股 東」）及 潛 在 投 資 者 更 新 本 集 團 的 近 期 發 展。 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，本 集 團 擬 與 博 雷 頓 科 技 股 份 公 司 （「博雷頓」）、Golden Continent Holdings Limited（「GCH」）就現實世界資產（「RWA」）全 球 發 行 建 成 戰 略 合 作，三 方 擬 於 近 日 共 ...

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分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。 TIMELESS RESOURCES HOLDINGS LIMITED 天時資源控股有限公司 （於香港註冊成立的有限公司） （股份代號：8028） 自願公告 有關與HASHKEY及艾德證券戰略合作之諒解備忘錄 本公告乃由天時資源控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出以通知本公司股東及潛在投資者有關本公司最新之業務發展。 戰 略合作 諒 解備 忘錄 董 事 （「董 事 」）會 （「董事會 」）欣然宣佈， 鑒 於 與 （i ）HashKey Token Limited（ 一 間 於 新 加 坡 註 冊 成 立 之 有 限 公 司 ） （ 「 HashKey」 ） ;（ii）艾 德 證 券 期 貨 有 限 公 司 （ 一 間 於 香 港 註 冊 成 立 之 有 限 公 司 ） （ 「 艾德證 券 」 ） ;及 （iii）本 公 司 之 全 資 附 屬 公 司 白 銀 時 代 有 限 ...

Group 1 - The core viewpoint is that Jingbeifang has made significant progress in AI technology, particularly in the banking sector, with multiple innovative cases being implemented by the first half of 2025 [1] - The company plans to deepen its AI layout, focusing on technology research and development, product innovation, and the implementation of business scenarios, leveraging its AI platform to empower financial institutions comprehensively [1] - Jingbeifang has explored a performance-based payment model with clients, who have shown a high acceptance of this service billing model centered on results [1] Group 2 - The demand for AI technology from clients is continuously increasing, leading to a sustained growth in AI-related business orders for Jingbeifang [1] - The company is advancing its collaboration with Guofu Quantum, having completed an assessment of existing system capabilities and planned future construction schemes, aiming to establish a cross-industry and cross-regional digital asset ecosystem [1]

Core Viewpoint - The Vice Chair of the Federal Reserve, Bowman, emphasizes the necessity for banks and regulators to embrace new technologies like AI and cryptocurrencies to avoid losing relevance in the economy [1] Group 1: Embracing New Technologies - Bowman states that the banking system must adapt to the benefits brought by AI and cryptocurrencies, warning that failure to do so could lead to a disconnection from consumers, businesses, and the overall economy [1] - She advocates for regulatory frameworks that allow for the rapid growth of new applications that benefit the banking system [1] Group 2: Regulatory Collaboration - Bowman calls for the industry to assist regulators in understanding blockchain and digital assets, highlighting their potential to address issues like fraud [1] - She indicates a desire to reduce regulatory scrutiny related to reputational risk, suggesting that new rules may be developed to facilitate this change [1] - The Federal Reserve and other banking institutions have previously committed to not considering reputational risk as part of their reviews, responding to calls from banking groups and Republican lawmakers [1] Group 3: Cultural Shift in Technology Adoption - Bowman expresses a commitment to changing the culture and attitude towards the adoption and integration of technology, new products, and services within the banking sector [1]