Group 1 - The Hong Kong Monetary Authority (HKMA) has issued a notification stating that there are currently no offshore RMB stablecoins issued in Hong Kong [1] - The HKMA clarified that recent social media claims about the issuance of the world's first offshore RMB-linked stablecoin in Hong Kong are false news [1] - The Stablecoin Regulation will officially take effect on August 1, 2025, requiring anyone issuing fiat stablecoins in Hong Kong to obtain a license from the HKMA [1] Group 2 - Currently, there are no licensed stablecoin issuers, and the list will be updated accordingly [2] - The HKMA emphasized that any issuance or promotional activities related to stablecoins without a license are illegal, urging the public to remain vigilant against such promotions [2] - The HKMA will monitor the market for any activities related to stablecoin transactions and may take further action if violations of the Stablecoin Regulation are detected [2]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has issued a warning regarding false news circulating on social media about the issuance of the world's first offshore renminbi-linked stablecoin in Hong Kong, urging the public to be cautious and not to trust misleading information [1]. Group 1 - The HKMA emphasized that the Stablecoin Regulation will officially take effect on August 1, 2025, and any entity issuing fiat stablecoins or actively promoting stablecoin issuance to the public in Hong Kong must obtain a stablecoin issuer license from the HKMA [1]. - Currently, the HKMA has not issued any stablecoin issuer licenses, making any related issuance or promotional activities illegal [1]. - The HKMA will continue to monitor the market for stablecoin trading activities and will consider further actions if any violations of the Stablecoin Regulation are detected [1]. Group 2 - The HKMA encourages the public to closely monitor its official announcements and verify the licensing status of stablecoin issuers through the HKMA's official website to avoid losses due to false information [1].

Group 1 - The Hong Kong Monetary Authority (HKMA) issued a warning regarding false news circulating on social media about the issuance of the world's first offshore RMB-pegged stablecoin in Hong Kong [1] - The HKMA emphasized that the Stablecoin Regulation will officially take effect on August 1, 2025, and any entity issuing fiat stablecoins or promoting stablecoin activities to the public in Hong Kong must obtain a stablecoin issuer license from the HKMA [1] - Currently, the HKMA has not issued any stablecoin issuer licenses, making any related issuance or promotional activities illegal [1] Group 2 - The HKMA will continue to monitor the market for stablecoin trading activities and will consider further actions if any violations of the Stablecoin Regulation are detected [1] - The HKMA urged the public to closely follow its official announcements and verify the licensing status of stablecoin issuers through the HKMA's official website to avoid losses from misinformation [1]

Core Points - The Hong Kong stock market showed a positive trend on September 24, with the Hang Seng Index rising by 1.37% to 26,518.65 points, the Hang Seng Tech Index increasing by 2.53% to 6,323.15 points, and the National Enterprises Index up by 1.64% to 9,442.99 points [1] - The Hang Seng Index opened lower at 85.43 points but experienced a steady upward movement throughout the day, closing with a gain of 359.53 points and a total turnover exceeding 288.7 billion HKD [1] - The southbound trading (Hong Kong Stock Connect) saw a net inflow of over 13.7 billion HKD [1] Sector Performance - Most sectors exhibited mixed performance, with technology, chips, wind power, and stablecoin concepts showing gains, while real estate, banking, insurance, brokerage, innovative drugs, and port transportation had varied results [1] - Sectors such as biomedicine, gold, non-ferrous metals, and gas predominantly experienced declines [1] Individual Stock Movements - Notable stock movements included: - Lens Technology up by 6.38% - Giant Bio down by 11.96% - Dazhong Public Utilities down by 12.50% - TCL Electronics up by 6.87% - China Everbright Holdings up by 8.90% - China National Heavy Duty Truck Group up by 7.03% - Zhongchuang Zhiling up by 5.05% - Jitu Express up by 3.48% - Kuaishou up by 3.78% - NIO down by 0.72% - China Traditional Chinese Medicine up by 16.28% - Guotai Junan International down by 5.76% - SenseTime up by 2.25% [1] Top Traded Stocks - The top three traded stocks were: - Alibaba up by 9.16% with a turnover exceeding 44 billion HKD - Tencent Holdings up by 2.05% with a turnover exceeding 11.8 billion HKD - SMIC up by 5.72% with a turnover exceeding 11.4 billion HKD [1]

Group 1 - Tether Holdings SA, the largest stablecoin issuer globally, is negotiating with investors to raise up to $20 billion, potentially positioning the company among the most valuable private firms in the world [1] - The company is seeking to exchange approximately 3% of its shares for $15 billion to $20 billion in funding, with the valuation possibly around $500 billion [1] - Despite increasing competition and threats from declining U.S. interest rates, this achievement is significant for Tether, especially compared to its publicly listed competitor Circle, which has a market cap of about $30 billion [1] Group 2 - Tether's USDT token is pegged to the U.S. dollar, with a market capitalization of $172 billion, making it the largest stablecoin, while the second-largest, Circle's USDC, is valued at approximately $74 billion [2] - Tether generates substantial wealth by earning interest on its reserves, which include cash-like assets such as U.S. Treasury bonds, reporting a profit of $4.9 billion in the second quarter [2] - The company has been working to re-enter the U.S. market, recently announcing a regulatory stablecoin plan and appointing former White House cryptocurrency official Bo Hines to lead it [2] Group 3 - Tether has been notably absent from the U.S. market due to regulatory conflicts, including a $41 million settlement in 2021 over false statements regarding its reserves [3] - Potential investors have recently gained access to a data room to evaluate participation in the new funding round, which is expected to close by the end of the year [3]

Macro Economy - The People's Bank of China Governor Pan Gongsheng met with Ray Dalio, founder of Bridgewater Associates, to discuss international economic conditions and financial market dynamics [3] - The State Council Information Office announced that China has established the largest and highest-quality education system, with over 12 million children benefiting from the free preschool policy this year [3] - Domestic refined oil price adjustments have been suspended for the sixth time this year, with the latest monitoring indicating a price change of less than 50 yuan per ton [3] - The Ministry of Industry and Information Technology aims to accelerate the development of emerging pillar industries and establish a growth mechanism for future industry investments [3] - The State Administration for Market Regulation has taken measures against Toutiao and UC for displaying harmful information and extreme sensitive content [4] Investment News - A-shares experienced wide fluctuations, with major banks rising by 2% and semiconductor equipment stocks hitting historical highs, while stablecoins and tourism sectors saw significant declines [6] - The Hong Kong Hang Seng Index closed down 0.7%, with net selling of 4.069 billion HKD from southbound funds [6] - The A-share market marked the one-year anniversary of the "9.24" rally, with the Shanghai Composite Index up nearly 40% and the Shenzhen Component Index up over 60% [6] - A new wave of fee reductions has begun in money market funds, with Tianhong's Yu'ebao reducing its custody fee for the first time in over ten years [7] Company Movements - Tianpu Co., Ltd. has seen its stock price hit the limit up for 15 consecutive trading days, with a cumulative increase of 317.72%, leading to a suspension of trading [9] - Dongshan Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange, with details yet to be confirmed [10] - Zhiyuan Robotics has fully opened its GO-1 general embodiment model, marking a significant milestone in embodied intelligence technology [10] - Hongmeng Zhixing announced the launch of its new model, the Shangjie H5, with a starting price of 159,800 yuan and over 160,000 pre-orders [10] - Ruifeng New Materials indirectly invested 90 million yuan in Moer Thread through a fund, with a total investment amount of 29.735 million yuan [10] US Market Overview - On September 23, US stock indices closed lower, with the Dow down 0.19% and the S&P 500 down 0.55%, led by declines in major tech stocks [11] - Federal Reserve Chairman Jerome Powell indicated that the risks in the job market were a key reason for the recent interest rate cut [11] - The OECD projected a global economic growth rate of 3.2% for 2025, an increase of 0.3 percentage points from previous forecasts [11]

据报道全球最大稳定币发行商Tether正在与投资者洽谈，计划以约3%的股权换取150亿至200亿美元的投资。此次融资将通过发行新股进行，而非现有 股东出售股份。如交易达成，公司估值将达到约5000亿美元，跻身全球最有价值私人公司行列。 9月23日据媒体报道， 全球最大稳定币发行商Tether正在与投资者洽谈，计划以约3%的股权换取150亿至200亿美元的投资。此次融资将通过发行新股 进行，而非现有股东出售股份。 Cantor Fitzgerald据报担任这笔潜在交易的主要顾问。如交易达成，这家总部位于萨尔瓦多的加密货币公司估值将达到约5000亿美元，跻身全球最有价 值私人公司行列。 尽管融资计划引发市场关注，但交易能否最终达成仍存在不确定性。据报道，相关讨论仍处于早期阶段，拟议投资的条款可能发生变化。 按照200亿美元的融资上限计算，Tether的估值将达到约5000亿美元，这一数字将使其与全球顶级科技公司估值相提并论。 Tether的高估值主要源于其稳定币业务的盈利能力。 作为USDT的发行方，Tether通过将用户资金投资于美国国债等资产获得收益，同时保持稳定币与美元的1:1锚定。 USDT在全球加密货币 ...

格隆汇9月24日｜据两位知情人士，全球最大稳定币的发行商泰达(Tether Holdings)正在与投资者进行谈 判，计划筹集多达200亿美元，这笔交易可能使该加密货币公司跃升为全球最有价值的私人公司之一。 Tether希望通过私人配售募集150亿至200亿美元，约占公司3%的股份。谈判尚处于初期阶段。根据所提 供的股份比例，这笔交易可能使Tether估值达到约5000亿美元，使其与OpenAI和SpaceX并驾齐驱。其最 直接的竞争对手Circle周二下午的市值约为300亿美元。Tether处于稳定币的前沿，其USDT代币与美元 挂钩，市值为1720亿美元，是最大的稳定币，而Circle的第二大稳定币USDC市值约为740亿美元。 ...

作为全球稳定币市场的绝对领导者，Tether的USDT代币与美元挂钩，当前市值约1720亿美元，远超排 名第二的Circle发行的USDC(约740亿美元)。 Tether的盈利模式主要依赖于将USDT储备资金投资于类似现金的资产，如美国国债，并通过利息收入 获利。据公司7月发布的博客文章，Tether在第二季度录得49亿美元利润。首席执行官Paolo Ardoino近期 更声称公司利润率高达99%。不过，Tether公布的财务数据未遵循上市公司披露标准，透明度备受市场 质疑。 在美联储加息周期内，高利率为Tether带来了巨额收益。但随着美国利率下行，这一"利差盛宴"或将逐 渐减弱，从而对公司盈利模式构成挑战。 智通财经APP获悉，消息指出，全球最大稳定币USDT的发行方Tether正与投资者洽谈一笔高达200亿美 元的融资交易，若成功完成，该公司估值或将达到5000亿美元，跻身全球最具价值的私人公司之列，与 OpenAI和特斯拉(TSLA.US)CEO马斯克旗下SpaceX等科技巨头比肩。 据知情人士透露，总部位于萨尔瓦多的Tether正通过私募方式出售约3%股份，目标融资金额在150亿至 200亿美元之 ...

Core Viewpoint - Yunfeng Financial is rapidly advancing its Web3 strategy, integrating traditional financial services with blockchain technology, as evidenced by its recent actions in asset tokenization and strategic partnerships [4][5][6]. Group 1: Recent Developments - On September 17, Yunfeng Financial's subsidiary launched its first Real-World Asset (RWA) tokenization project, marking a significant step in its Web3 integration [5]. - The company has announced a strategic focus on Web3, RWA, digital currencies, ESG zero-carbon assets, and AI, aiming to connect these areas with its insurance applications [5][6]. - Since the strategic announcement on July 15, Yunfeng Financial's stock price has surged by 115.66% as of September 19 [6]. Group 2: Strategic Partnerships and Investments - In September, Yunfeng Financial announced a strategic partnership with Ant Group's Ant Financial and invested in the Pharos blockchain [10][11]. - The company has purchased 10,000 Ethereum (ETH) as reserve assets, with a total investment of $44 million [12]. - Yunfeng Financial's subsidiary, Yunfeng Securities, received approval to upgrade its trading license to include virtual asset trading services [14]. Group 3: Financial Performance - For the first half of 2025, Yunfeng Financial reported insurance revenue of HKD 1.532 billion, an 11% increase year-on-year, and a net profit attributable to equity shareholders of HKD 486 million, reflecting a 142% growth [28]. - The new business annualized premium reached HKD 2.222 billion, up 107% year-on-year, indicating strong growth in its insurance segment [28]. Group 4: Market Context and Future Outlook - The recent surge in Yunfeng Financial's stock price is part of a broader trend in the Hong Kong market, where stocks related to virtual assets have seen significant gains following regulatory changes [24][25]. - The company is positioned to leverage its full licensing advantages in Hong Kong to explore various blockchain-related financial services, enhancing its growth potential in the evolving digital asset landscape [25][26]. - The issuance of RWA signals Yunfeng Financial's capability to independently support the tokenization of real assets, which could enhance liquidity and open new revenue streams in its traditional insurance business [27][28].