Core Insights - The Schwab report categorizes the crypto market into three sectors, highlighting that most value is concentrated in foundational blockchains like Bitcoin and Ethereum [1][2] Group 1: Market Structure - The crypto market is divided into three layers: foundational networks (Bitcoin and Ethereum), infrastructure (software connecting blockchains), and products (exchanges and lending platforms) [2][3][4] - Foundational networks account for nearly 80% of the total crypto market cap, which is $3.2 trillion as of the end of 2025 [2] - Infrastructure software faces challenges due to low user interaction and ease of switching to competitors, impacting their business models [3] Group 2: Product Dynamics - Products in the crypto space, such as exchanges and lending platforms, have more loyal users and higher switching costs, making them more likely to become industry standards [4] - Examples of successful products include Aave for crypto lending and Lido for staking, although specific investment recommendations are not provided [4] Group 3: Comparative Analysis - The report draws parallels between the crypto market and the traditional software industry, likening foundational networks to cloud computing platforms like AWS and Microsoft Azure [5] - Products are compared to user-interactive software like Salesforce or Netflix, while infrastructure software is seen as less capable of commanding loyalty and pricing power [6] Group 4: Investment Framework - Schwab introduces a framework for evaluating cryptocurrencies based on four criteria: network effects, market share, scalability, and tokenomics [7] - Ethereum is highlighted as a case study, leading the smart contract sector with over 10 times the market share of its closest competitor, but facing concerns over transaction speeds and ownership concentration [8]

Group 1 - Roundtable CEO James Heckman announced that merger partner RYVYL Inc. received formal notice from NASDAQ confirming compliance with Listing Rule 5550(a)(2) [1] - Following a recent reverse split, RYVYL's share price exceeded the necessary threshold to resolve compliance issues, aided by Roundtable's investment meeting shareholder equity requirements [1] - The companies filed a Form S-4 registration statement with the SEC, initiating the review process that requires shareholder approval, expected to conclude in late Q1 [2] Group 2 - The regulatory milestones achieved facilitate the completion of the merger and NASDAQ listing, aimed at transitioning major media brands to Roundtable's Web3-native media operating system [3] - Roundtable operates as a Web3 digital media SaaS platform, offering decentralized publishing, commerce, data syndication, network distribution, ad sales, and community platforms for major media and professional journalist brands [4] - RYVYL stated that the NASDAQ compliance determination did not alter its capital structure or shareholder equity, with all material conditions for the merger met except for SEC approval of the Form S-4 [5]

Market Trends and TAM - The global video game market is projected to reach $284 billion by 2025, with a CAGR of 12%[7] - The U S influencer marketing platform market is projected to reach $5 5 billion by 2025, with a CAGR of 13%[7] - U S digital advertising spending is projected to reach $342 billion by 2025, with a CAGR of 28%[7] - The global gaming market has a TAM of over $230 billion[7] - Influencers drive 60-65% of revenue activity in the gaming market[7] - Marketing spend in the gaming market accounts for 10-15% of revenue, targeting $23-35 billion[7] GameSquare Ecosystem and Acquisition - Click, a global creator network acquisition, is estimated to generate $14 5 million in revenue and $1 2 million in EBITDA on an annualized 2H 2025 basis[16] - Click enhances GameSquare's talent, media, and content ecosystem, unlocking new revenue and growth opportunities[17] Financial Performance and Guidance - GameSquare's 2H 2025 pro forma revenue guidance is $36 8 million and adjusted EBITDA is $2 9 million[41] - Gross margin is expected to double due to the shutdown of Frankly, the acquisition of Click, and ETH yield[42] - Click is expected to contribute $7 million to 2H revenue[42] - Deals in the crypto sector are expected to contribute $3 million to 2H revenue[42] Treasury Strategy - GameSquare is targeting an ETH yield of 8-14%, fully ramped[45] - As of September 30, 2025, GameSquare held 15,618 ETH[45] - $6 25 million of Web3 deals closed as of Sept 30, 2025[45]

Core Viewpoint - The company has entered into subscription agreements for the issuance of shares and warrants, aiming to raise funds for investment and operational purposes while setting specific terms for share pricing and lock-up periods [1][3][4]. Group 1: Share Subscription Agreements - The company has agreed to issue a total of 11.5 million GM subscription shares at a price of HKD 1.14 per share, representing approximately 1.14% of the total issued shares as of the announcement date [1]. - The subscription price of HKD 1.14 per GM share reflects a discount of about 19.72% compared to the last closing price of HKD 1.42 and a discount of approximately 14.80% compared to the average closing price over the preceding five trading days [1]. - The company has also agreed to issue 130 million RL subscription shares at the same price of HKD 1.14 per share, which corresponds to about 12.90% of the total issued shares as of the announcement date [2]. Group 2: Use of Proceeds - The total gross proceeds from the issuance of RL subscription shares are expected to be HKD 148.2 million, with a net amount of approximately HKD 147.2 million intended for asset-oriented investments, project cultivation plans, Web3-related applications, and general operational funding [3]. - The company anticipates that the net proceeds from the issuance of warrants will be approximately HKD 16 million, which will also be allocated for similar investment and operational purposes [4]. Group 3: Lock-Up Period and Trading Resumption - Both GM and RL subscription shares will be subject to a lock-up period until December 21, 2026, following their completion [1][3]. - The company has applied to the stock exchange for the resumption of trading of its shares starting from January 21, 2026 [5].

Group 1 - The company has entered into a subscription agreement with GM for the issuance of 11.5 million GM subscription shares at a price of HKD 1.14 per share, representing approximately 1.14% of the total issued shares as of the announcement date [1] - The subscription price of HKD 1.14 per GM share reflects a discount of about 19.72% compared to the last closing price of HKD 1.42 and a discount of approximately 14.80% compared to the average closing price over the five trading days prior to the last trading day [1] - The GM subscription shares will be subject to a lock-up period until December 21, 2026 [1] Group 2 - The company has also entered into a subscription agreement with RL for the issuance of 130 million RL subscription shares at the same price of HKD 1.14 per share, which represents about 12.90% of the total issued shares as of the announcement date [2][3] - The total gross proceeds from the issuance of RL subscription shares will be HKD 148.2 million, with a net amount of approximately HKD 147.2 million intended for asset-oriented investments, project cultivation plans, Web3-related applications, and general working capital [3] - The RL subscription shares will also be subject to a lock-up period until December 21, 2026 [2][3] Group 3 - The company has entered into a warrant subscription agreement with RL, agreeing to issue warrants with a total value of HKD 306.7 million, which can be exercised within one year from the date of issuance at an initial exercise price of HKD 1.704 per share [3][4] - The gross proceeds from the issuance of warrants are expected to be HKD 18 million, with a net amount of approximately HKD 16 million, which will also be used for asset-oriented investments, project cultivation plans, Web3-related applications, and general working capital [4] - The warrants, when fully exercised, will result in the issuance of 180 million shares, representing about 17.86% of the total issued shares as of the announcement date [4] Group 4 - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from 9:00 AM on January 21, 2026 [5]

Group 1 - The company, Mediwalcan (02159), announced that on January 20, 2026, its subsidiary signed a non-binding memorandum of understanding with a potential seller regarding the possible acquisition of 100% equity in Hong Kong Huanyu Yicheng Intelligent Technology Development Limited and its subsidiaries, collectively referred to as the "Target Group" [1] - The Target Group primarily provides artificial intelligence technology to global pharmaceutical and medical device companies, innovating pharmaceutical research and physician training through its specialized AI medical models [1] - The Target Group also utilizes its core Web3 blockchain technology to ensure the authenticity, security, and traceability of data [1]

Core Viewpoint - The company, Mediwake (02159), announced a non-binding memorandum of understanding regarding the potential acquisition of 100% equity in Hong Kong Huanyu Medical Technology Development Co., Ltd. and its subsidiaries, referred to as the "Target Group" [1] Group 1: Acquisition Details - The memorandum was signed on January 20, 2026, between the company's subsidiary and a potential seller [1] - The Target Group primarily provides artificial intelligence technology to global pharmaceutical and medical device companies [1] Group 2: Technology and Solutions - The Target Group aims to innovate pharmaceutical research and physician training through its specialized AI medical models [1] - It utilizes Web3 core blockchain technology to ensure data authenticity, security, and traceability [1]

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。 Mediwelcome Healthcare Management & Technology Inc. 麥迪衛康健康醫療管理科技股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2159） 內幕消息 關於潛在收購事項之諒解備忘錄 本 公 告 乃 由 麥 迪 衛 康 健 康 醫 療 管 理 科 技 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第 13.09條及香港法例第571章證券及期貨條例第XIVA部 項 下 內 幕 消 息 條 文（定 義 見 上 市 規 則）作 出。 諒解備忘錄僅反映各訂約方對潛在收購事項之初步共識，除上文所載有關排他期、 盡 職 審 查 和 終 止 的 條 款，以 及 有 關（其 中 包 括 ...

Core Viewpoint - GCL-Poly Energy (00451) has seen a significant stock price increase, with a nearly 100% rise in the month and a current price of 1.6 HKD, reflecting a 7.38% increase at the time of reporting [1] Group 1: Stock Performance - GCL-Poly Energy's stock rose nearly 7% at the close, with a cumulative increase of close to 100% for the month [1] - The trading volume reached 17.42 million HKD [1] Group 2: Fundraising Announcement - On January 8, GCL-Poly Energy announced plans to issue 186.5 million shares to subscribers, aiming to raise approximately 192 million HKD [1] - The subscriber, Pharos, focuses on building institutional-level tokenized asset applications and is a next-generation Layer 1 blockchain [1] Group 3: Strategic Implications - The investment is expected to leverage Pharos's advanced technology and the company's resources to accelerate the integration of Web3 and the renewable energy sector, creating synergistic value [1] - The board views the subscription as a good opportunity for the company to expand its capital and shareholder base [1]

Core Viewpoint - GCL-Poly Energy (00451) saw a nearly 7% increase in share price, with a cumulative rise of nearly 100% in the month, reaching HKD 1.6 per share, with a trading volume of HKD 17.42 million [1] Group 1: Financial Actions - On January 8, GCL-Poly announced plans to issue 186.5 million shares to the subscriber Pharos, aiming to raise approximately HKD 192 million [1] - The investment from Pharos, a next-generation Layer 1 blockchain focused on institutional-grade tokenized asset applications, is expected to leverage advanced technology and the company's resource advantages [1] Group 2: Strategic Implications - The collaboration is intended to accelerate the integration of Web3 and the renewable energy industry, creating synergistic value for all parties involved [1] - The investment allows the company to explore the potential of blockchain technology for innovation in the renewable energy sector and aims to generate sustainable value for shareholders [1] - The board views the subscription as a good opportunity for the company to expand its capital and shareholder base [1]