Core Viewpoint - Cheer Holding, Inc. has announced a definitive agreement for the purchase and sale of 187,500,000 Class A ordinary shares at a price of $0.08 per share, aiming to raise approximately $15 million in gross proceeds [1][2]. Group 1: Offering Details - The registered direct offering is expected to close on or about November 6, 2025, pending customary closing conditions [2]. - The offering is made under a shelf registration statement previously filed and declared effective by the U.S. Securities and Exchange Commission on September 12, 2024 [3]. Group 2: Company Overview - Cheer Holding, Inc. is a leading provider of next-generation mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates various technologies [5]. - The company is developing a 5G+VR+AR+AI shared universe space, leveraging advanced technologies such as blockchain and cloud computing [5]. - Cheer Holding's product portfolio includes a variety of services like CHEERS Telepathy, CHEERS Video, and AI-animated short dramas, which blend online and offline experiences [6]. Group 3: Strategic Focus - The company emphasizes "CHEERS+" as the core of its digital ecosystem, aiming for long-term sustainable and scalable growth through innovative applications and technologies [7].

Core Insights - TikTok Shop is gaining traction in the Italian market, with over 32 million monthly active users and a daily usage time exceeding 90 minutes, indicating a strong shift towards direct shopping on the platform [1] - The platform's aggressive support policies for local guilds are creating a low-cost competitive advantage, enhancing visibility and revenue for participants [3] - The user demographic in Italy is predominantly young and affluent, with a high willingness to spend, making it an ideal environment for e-commerce growth [4] Policy Benefits - TikTok has implemented a tailored support policy for Italian guilds, offering a 3-6 month traffic support period and a 200% increase in live stream exposure [3] - The revenue-sharing model has been improved, with a commission rate of 85% for streamers and a reduced settlement period of 7 days, significantly enhancing cash flow for participants [3] - Compliance support is provided to guilds to navigate EU regulations, reducing operational costs and allowing a focus on content innovation [3] User Demographics - The Italian TikTok user base is characterized by a youthful demographic, with over 60% under 35 years old and 59.29% being female, driving demand for fashion and beauty content [4] - Users exhibit a high willingness to pay, with average transaction values between €80-120, significantly higher than Southeast Asian markets [4] - Cultural affinity and brand loyalty are strong, with over 65% of users regularly shopping on the platform, indicating a ripe market for luxury and local brands [4] Content Innovation - Content innovation is crucial for guilds, with a focus on localized content and technological empowerment leading to significant sales growth [6] - The integration of local cultural symbols into live streams has proven effective, with some streams achieving over 2 million views [8] - AI technology is being utilized to enhance user engagement and reduce operational costs, allowing for 24/7 live streaming capabilities [10] E-commerce Ecosystem - The Italian e-commerce market is showing a trend towards verticalization, providing targeted monetization opportunities for guilds [6] - Despite the market's potential, competition remains in its early stages, with fewer than 100 guilds currently operating, presenting a golden opportunity for new entrants [6] Future Trends - The evolution of TikTok's ecosystem suggests a need for guilds to prepare for advancements in metaverse and Web 3.0 technologies [9] - The current policy support period represents a critical window for new entrants to establish themselves in the market [9] - A focus on localized operations, compliance, and data-driven strategies will be essential for success as the TikTok Shop ecosystem matures [9]

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a strategic breakthrough and business structure optimization [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152 respectively, with a customer retention rate up by 3 percentage points to 99% [2] - The total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the focus on key industries and innovative financial solutions [3] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 showing a 77% quarter-on-quarter increase to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [3] - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company undergoing a rebranding of its international business in early October, which is expected to provide long-term growth momentum [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, indicating potential breakthroughs in the Web 3.0 trade finance sector [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future development [4]

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a potential upside of 12.2% [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152, with a customer retention rate up by 3 percentage points to 99% [2] - Total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the company's focus on key industries and innovative financial solutions [2] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 volume up by 77% quarter-on-quarter to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [2] International Strategy - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company rebranding its international business in early October, indicating potential long-term growth from its international strategy [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, suggesting that its "stablecoin+" strategy may lead to breakthroughs in trade finance within the Web 3.0 space [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future growth [4]

Company Dynamics - 联易融科技 reported 3Q25 operational data showing a 30% increase in the number of core enterprise/financial institution partners to 2,798 and a 40% increase in revenue-generating clients to 1,346, with a client retention rate of 99% [1] - Total asset processing scale for 1-3Q25 increased by 28% year-on-year to 336.2 billion, with 3Q25 transaction volume up 30% year-on-year and 28% quarter-on-quarter to 132.6 billion, marking a record high for the first three quarters [1] Business Performance - Direct financing business saw a 44% year-on-year increase in transaction volume for 1-3Q25 to 252.3 billion, with 3Q25 transaction volume up 54% year-on-year and 17% quarter-on-quarter, driven by efficient customer acquisition and innovative financial solutions [1] - Asset securitization business experienced a 3% year-on-year decline in transaction volume for 1-3Q25 to 77 billion, but 3Q25 showed a 77% quarter-on-quarter increase to 37.5 billion, indicating improvement in the ABS cloud under deepening penetration in the infrastructure sector [1] Strategic Developments - Cross-border cloud transaction volume decreased by 5% year-on-year to 6.8 billion for 1-3Q25, with a significant drop of 33% year-on-year and 22% quarter-on-quarter in 3Q25, but the company is optimistic about future growth from its international strategy [2] - The company successfully won a bid for a large central enterprise's Web3.0 supply chain finance platform project, indicating potential breakthroughs in the Web3.0 trade finance sector [2] - The company is actively repurchasing shares, reflecting its commitment to shareholder returns and management's confidence in future development [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the company currently trading at 0.9x and 0.8x P/B for 2025 and 2026 respectively [2] - The target price has been raised by 77% to 3.6 HKD, corresponding to 1.1x and 1.0x P/B for 2025 and 2026, with an upside potential of 12.2%, while maintaining an outperform rating [2]

陈浩濂表示，香港是全球第一个政府发行代币化政府绿色债券，并已宣布会将代币化债券发行恒常化， 港府会继续密切留意市场发展，按"相同业务、相同风险、相同规则"的原则，以风险为本，持续完善和 建立一套既切合本地情况，又依循国际标准和惯例的监管制度，促进香港数字资产市场健康、负责任和 可持续发展，进一步巩固香港国际金融中心的地位。 另外，数码港推出了"区块链与数字资产试点资助计划"以促进具高影响力的区块链及第三代互联网 (Web3.0)应用的开发与测试。陈浩濂指出，该计划为处于开发阶段的区块链及Web3.0公司提供资金支 援，协助其创造创新且具影响力的解决方案，至今已有9个项目获批。 智通财经APP获悉，香港积极推动代币化产品多元化，香港财库局副局长陈浩濂预告，香港金管局即将 推出Ensemble项目试点计划，以支持真实交易，并继续与业界持份者及其他央行合作，培育创新代币化 用例。 ...

Group 1: Financial Performance and Shareholder Returns - The company has implemented cash dividends 18 times since its listing in 2007, totaling 4.886 billion CNY, reinforcing its commitment to investor returns [3] - For the first three quarters, the company achieved a revenue of 7.906 billion CNY, representing a year-on-year growth of 11.08%, and a net profit attributable to shareholders of 602 million CNY [3] Group 2: AI and Robotics Development - The company is advancing its AI strategy, focusing on smart terminal development and applications in banking and computing sectors, with over 220,000 bank branches nationwide [3] - The market demand for robots as core upgrade devices in banking is high, supported by the company's extensive service network of over 600 service stations [3] Group 3: Partnerships and Ecosystem Expansion - The company has established partnerships with over 300 partners for product adaptation and is enhancing collaboration with major chip manufacturers like Huawei and Feiteng [4][5] - Future plans include increasing R&D investment and expanding cooperation with AI chip companies to support digital transformation across industries [5] Group 4: International Business Growth - In the first three quarters, overseas market revenue exceeded 1.1 billion CNY, with a steady upward trend [6] - The company is focusing on Southeast Asia, the Middle East, and Latin America to leverage its innovative products and experiences in the domestic market [6] Group 5: Regulatory and Market Flexibility - The company is leveraging its status as a state-owned enterprise to innovate its operational mechanisms and enhance market responsiveness [8] - It has established a research organization system to drive technology development and product commercialization effectively [9]

Core Insights - Zhou Liufu, a well-known jewelry brand in China, has announced a significant strategic investment in the digital asset sector by acquiring a 15% stake in Going Securities (HK) Limited through its wholly-owned subsidiary [2][5] - The investment is part of a broader strategy to integrate resources in cross-border payments, precious metals, and capital markets, aiming to explore new growth opportunities in Hong Kong's digital asset market [4][5] Company Overview - Zhou Liufu was founded in 2004 and has rapidly expanded, achieving revenues of 3.102 billion yuan, 5.150 billion yuan, and 5.718 billion yuan from 2022 to 2024, with a compound annual growth rate of 35.8%, significantly outpacing the industry average of 2.7% [11][12] - The company successfully listed on the Hong Kong Stock Exchange in June 2023, with its stock price rising from 24 HKD to 45.6 HKD, resulting in a market capitalization of approximately 20.092 billion HKD as of September 30, 2023 [12] Strategic Considerations - The investment in Going Securities marks Zhou Liufu's entry into the Real World Asset (RWA) sector, leveraging its substantial physical assets in gold and jewelry, which are stable and globally recognized [16][20] - The partnership with Weifutong, a provider of digital banking and mobile payment solutions, enhances Zhou Liufu's capabilities in the digital finance space [16][20] Market Context - The RWA sector is experiencing explosive growth, with projections suggesting that tokenized assets could reach a value of 16 trillion USD by 2030, driven by major financial institutions entering the market [18][20] - Zhou Liufu's move into digital assets is seen as a strategic attempt to embrace financial technology and expand its profit models, particularly in light of Hong Kong's efforts to become a leading digital asset hub [20] Investment Backing - Zhou Liufu's cornerstone financing round raised 572 million HKD, with notable investors including Jump Trading, a leading high-frequency trading firm and a significant player in the cryptocurrency space [22][24] - The involvement of Jump Trading is expected to influence Zhou Liufu's strategic decisions in the digital asset market [24]

Market Overview - The A-share market opened with slight declines across the three major indices, with the Shanghai Composite Index down by 0.08%, the Shenzhen Component Index down by 0.23%, and the ChiNext Index down by 0.2% [1] Sector Performance - The dye, Hainan Free Trade Zone, and real estate sectors showed the most significant gains in the market [1] - Conversely, the precious metals and Web 3.0 concept sectors opened lower [1]

Group 1 - The company, through its wholly-owned subsidiary Beijing Lianzhong, has entered into an investment agreement to acquire 51% of Beijing Sanzuwu Consulting Co., Ltd. for RMB 31.2 million [1] - The target group is primarily engaged in drone research and development, AI technology development and market application, human-computer interaction technology development, certification testing, and comprehensive talent training [1] - Following the completion of the transaction, the company plans to build an esports entertainment venue at the target group's base and further deepen its strategic layout in the AI field [1] Group 2 - The company aims to reshape its core businesses in leisure gaming, cultural entertainment, and sports competition, driven by AI technology, blockchain innovation, and the construction of a Web 3.0 ecosystem [2] - The company is actively expanding its "IP influence + new retail" incremental business, focusing on providing sustainable emotional value and immersive experiences for global users [2]