Group 1: Core Insights - The core viewpoint is that Tianji Holdings (01520) is leveraging the "stablecoin" concept and business expectations to find a reasonable valuation anchor, presenting investment opportunities for valuation correction [1] - The recent legalization of stablecoins in the U.S. and Hong Kong has driven investment enthusiasm in related sectors, creating a closed-loop ecosystem anchored by quality Chinese assets [2][3] - Tianji Holdings has made significant investments in AI and blockchain applications, particularly through its partnership with Xinqiao Capital, which enhances its Web3.0 transformation [1][5] Group 2: Business Developments - Tianji Holdings has established a joint venture with Xizuchain Technology to further expand its Web3.0 + sports IP economic layout, indicating a strategic move into new consumption operations [6] - The company has been actively seeking influential partners and has made substantial adjustments in its business and financing strategies since late last year, focusing on the development prospects of the Web3.0 sector [4][6] - In 2024, the company's IP application and product business is expected to grow significantly, with a projected revenue increase of 45.4 times, indicating a strong market position [7] Group 3: Market Response - Since mid-July, Tianji Holdings' market capitalization has doubled, driven by the legalization of stablecoins in Hong Kong and the company's strategic layout, reflecting positive investor sentiment [7] - The company has successfully conducted multiple placements to raise capital, demonstrating strong shareholder support and optimism regarding the Web3.0 + new consumption sector [6][7] - The recent surge in trading volume and market interest suggests that value investment funds are entering the market, further supporting the company's valuation recovery [7]

Core Viewpoint - The article emphasizes the importance of "investing in people" as a strategic choice for national development, focusing on transforming human resources into sustainable human capital through education, health, and skills training [2][6]. Group 1: "Investing in People" as a New Development Context - The transition from demographic dividend to talent dividend is necessary in the new development stage [5]. - Enhancing international competitiveness through "investing in people" is essential for the new development pattern [5]. - Exploring diverse paths for human capital investment aligns with the new development philosophy [5]. Group 2: Paradigm Shift from "Material-Based" to "Human-Based" Investment Logic - The historical evolution from "material-based" to "human-based" investment reflects a paradigm revolution [6]. - The rise of AI and other technologies shifts value creation from material resources to human capital, emphasizing knowledge and skills [6]. - The return on investment in education is increasingly surpassing that of material investments, indicating a shift in economic growth drivers [6]. Group 3: Chinese Wisdom in Overcoming the "Malthusian Trap" - China is innovatively addressing the challenges of population growth and resource constraints through "investing in people" [7]. - The focus is on qualitative improvements in human capital to optimize economic structure and enhance innovation capabilities [7]. - The strategic shift towards "investing in people" marks a fundamental breakthrough in China's development philosophy [7]. Group 4: Precision Investment Across the Lifespan - Technological advancements are leading to a shift towards precision investment in human capital throughout the entire lifecycle [8]. - Innovations such as brain-computer interfaces and digital twin technology are enhancing the efficiency and effectiveness of education and training [9]. - This approach aims to make investments in human capital more precise, inclusive, and efficient, covering all life stages [9]. Group 5: The Human-Centric Logic of Civilizational Evolution - The transition from "material-centric" to "human-centric" development is an inherent logic of civilization evolution [10]. - "Investing in people" is crucial for fostering innovation, professional skills, and adaptability, which are essential for sustainable economic development [10]. - This investment strategy is not only an economic imperative but also a philosophical choice for the future of civilization [10]. Group 6: Action Guide for Individuals and Organizations - The book serves as a guide for enterprises and governments, providing insights into how to navigate the "human efficiency revolution" [11]. - It analyzes successful international practices and offers pathways for individual growth in the new era [11].

Core Viewpoint - The collaboration between government and enterprises is creating a stablecoin ecosystem anchored by high-quality Chinese assets, with RWA assets on-chain expected to usher in the era of Web 3.0 [1][5] Group 1: Stablecoin and RWA - Stablecoins focus on "fiat currency tokenization," while RWA emphasizes "asset tokenization," enhancing asset liquidity and providing low-risk, stable-return financial products in the Web 3.0 space [2] - Hong Kong is leading the world in stablecoin legislation, closely following the U.S. legislative progress [2] Group 2: Blockchain Layers - The progression from consortium chains to Layer 2 public chains and then to Layer 1 public chains highlights the advantages of each layer, including compliance with KYC/AML regulations and high transaction performance [3] - Layer 1 public chains serve as the foundational layer for consensus, data storage, and smart contract execution, while Layer 2 enhances performance and liquidity [3] Group 3: RWA Development Phases - The first phase of RWA focuses on foundational construction, with assets being tokenized and offering fixed returns similar to traditional investments [4] - The second phase activates liquidity through a layered architecture, enabling a closed-loop of "financing-splitting-circulation" for RWA [4] - The third phase aims to create a mature global RWA ecosystem with cross-chain transactions becoming the norm [4] Group 4: Investment Recommendations - The report suggests monitoring companies involved in RWA asset tokenization, such as Aorede, Longxin Group, and Xiexin Energy, during the foundational phase [5] - For the liquidity activation phase, attention should be given to trading platforms and internet brokerages like Yao Cai Securities and Dongfang Wealth [5] - In the global asset network integration phase, major internet giants like JD.com and Alibaba are recommended for observation [5]

宜搜科技配股募资超3亿港元，布局现实世界资产业务（RWA）等；多点数智募资近4亿港元，投向稳 定币及区块链研发……香港《稳定币条例》生效在即，多家港股公司融资布局相关业务，备受市场关 注。 业内人士认为，近期多家港股公司"抢滩"稳定币的举措，在二级市场引起投资者关注，公司股价呈现上 涨态势。当中部分企业在稳定币等领域积累较深，具备较强的竞争优势，市场发展空间较大，但需警惕 蹭热度的公司，避免市场炒作风险。 募资布局稳定币等新兴领域 据不完全统计，超过40家港股公司在7月披露再融资公告。其中，多家港股公司募集资金的主要用途为 布局稳定币相关业务。 7月24日，宜搜科技发布公告称，该公司、控股股东Growth Value LTD.及配售代理订立配售及认购协 议，Growth Value LTD.将出售6578.7万股，按最后交易日（7月23日）收盘价折让14.7%，确定每股配售 价5.26港元。同时，宜搜科技按照每股5.26港元，向该股东发行同等数量的股份。 截至7月25日，宜搜科技自6月29日宣布推进现实世界资产代币化以来，股价累计上涨58.62%；多点数 智自7月3日宣布申请稳定币以来，公司股价涨幅超26.5 ...

智通财经APP讯，加幂科技(08198)公布，于2025年7月25日，投资者(公司的间接全资附属公司数字链创 新企业有限公司)与South Pacific就潜在投资订立谅解备忘录，据此，投资者拟认购South Pacific的新股 份，惟须受投资者与South Pacific将订立的股份认购协议及股东协议所载条件规限。 据悉，South Pacific集团有意发展稳定币业务。据South Pacific所述，其目前持有加密货币稳定币的发行 许可，将由瓦努阿图政府监督及规管，且其中一名主要股东为瓦努阿图政府财政部持有。于谅解备忘录 日期，South Pacific集团已发行加密货币稳定币，并将于今年年底前在全球推出。预计South Pacific集团 发行的受主权监管的加密货币稳定币将确保用户及市场信心，并吸引机构及个人用户在Web3.0生态系 统中进行全球流通及应用，包括商品交易、线上及线下支付，从而创造多种收入机会，例如收取认购及 赎回稳定币的发行及赎回费用、使用稳定币的交易费用，以及通过投资其法币储备资产获得投资回报。 同日，公司间接全资附属元思维创新有限公司拟向Golden Cactus Pty Ltd ...

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。 Crypto Flow Technology Limited 加幂科技有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8198） 自願性公告 (1)有關潛在投資SOUTH PACIFIC之諒解備忘錄； 及 (2)收購目標公司20%股權及授出認購期權 以進一步收購35%股 權 本公告由本公司自願作出，旨在向股東及潛在投資者提供本集團的最新業務資料。 (1) 有關潛在投資SOUTH PACIFIC之諒解備忘錄 董 事 會 欣 然 宣 佈，於 二 零 二 五 年 七 月 二 十 五 日，投 資 者 與South Pacific就潛在 投 資 訂 立 諒 解 備 忘 錄，據 此，投 資 者 擬 認 購South Pacific的 新 股 份，惟 須 受 投 資者與South Pacific將訂立的股份認購協議及股東協議所載條件規限。 根 據 ...

Group 1 - The core point of the announcement is the signing of a memorandum of understanding between Tianji Holdings and Xizu Chain Technology to establish a joint venture focused on Web3.0 sports IP economic new consumption operations [1] - Xizu Chain Technology is a technology company that leverages blockchain technology, focusing on Web3.0 sports IP services, and aims to create new interactive experiences for global fans [2] - The proposed joint venture is seen as a significant milestone for the company in the Web3.0 field, aiming to enhance collaboration with Xizu Chain Technology and expand business areas, potentially leading to new growth opportunities [2] Group 2 - The LALIGACLUB platform, launched in collaboration with La Liga, is the first open commercial platform for sports IP based on Web3.0, integrating online and offline experiences [2] - The board believes that the joint venture will strengthen the company's competitive position and positively impact future development, aligning with the overall interests of the company and its shareholders [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，概不因本公告全部 或部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Virtual Mind Holding Company Limited （於開曼群島註冊成立之有限公司） （股份代號：1520） 有關建議成立合資公司之 諒解備忘錄 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年七月二十 五日，本公司與西足鏈科技發展（北京）有限公司（「西足鏈科技」）就建議 成立合資公司訂立諒解備忘錄（「諒解備忘錄」），據此，訂約方同意共同成 立一間合資公司，專業承接 Web3.0 模式的體育 IP 經濟新消費運營業務（「建 議成立合資公司」）。關於建議成合資公司的相關運營計劃及更多細節，須待 簽訂正式協議後另行公告。 於本公告日期，西足鏈科技為信橋資本集團有限公司（「信橋」）的間接非全 資附屬公司。本公司主席兼執行董事 梅唯一先生（「梅先生」）持有信橋約 36.83% 股權，因此，信橋被視為梅先生的聯繫人，亦為本公司的關連人士（定 義見香港聯合交易所有限公司證券上市規則（「上 ...

作者丨律新社研究员 方佳柠 出品丨律新社研究中心 未来已来，唯变不变，Web3.0技术狂奔，法律如何兜底？ Web3.0时代以用户赋权导向和去中心化架构为核心特征，以区块链、加密货币、智能合约、去中心化自治组织（DAO）为关键要素，正推动着法律服务需 求与边界的重构。 2025年7月18日早盘交易时段，比特币价格经历震荡上行，最终突破12万美元大关，年内累计涨幅约20%；以太坊价格涨幅亦超过7%，成功突破3600美元， 创下当年1月以来的最高纪录。[1]作为Web3.0生态的"燃料""血液"，加密货币的迅猛发展为Web3.0生态提供了强有力的经济基础和动力支持。Web3.0时代变 革则为法律服务市场带来了极其复杂的技术挑战与前所未有的业务机遇。 2025年5月，律新社研究中心正式启动《精品法律服务品牌指南（2025）：商业犯罪领域》调研，与多名商业犯罪领域律师展开深入交流，重点探讨了 Web3.0时代背景下商业犯罪法律服务面临的新兴挑战、发展机遇及其应对策略。 ◎ 危：溯源不能、管辖不定、规制不及 ◎ 机：辩护空间、合规业务、技术赋能 ◎ 策：固本强技、破壁协作、共治网络 01/Web3.0治理之危挑战与困局 ...

Group 1 - The company, 瑞和数智, has announced a budget of HKD 80 million to develop its Web 3.0 business and invest in cryptocurrency assets over the next two years [1] - This investment plan marks the company's first step into the Web 3.0 and cryptocurrency asset sectors, responding to supportive policies from the Hong Kong government [1] - The company recognizes the transformative impact of digital currencies and blockchain technology on the global financial landscape, highlighting the strong growth potential of the global digital asset market [1] Group 2 - The investment plan will focus on digital assets that comply with applicable laws and regulatory standards, including cryptocurrencies and real-world asset projects [2] - The company aims to accelerate the on-chain transformation of its traditional financial services and establish a favorable position in the digital financial ecosystem [2] - The board believes that the strategic investment in cryptocurrency assets aligns with the global trend towards digital asset institutionalization and the evolving regulatory framework [2]