Core Viewpoint - Huaxing Capital's recent earnings announcement has significantly boosted investor confidence, with a year-to-date stock increase of nearly 130% and a peak increase of 186%, indicating a clear trend of value recovery and positive future development [1][4]. Group 1: Performance Drivers - Huaxing Capital's performance is supported by four key pillars, demonstrating resilience amid external challenges and internal transformations [5]. - The core management team, led by Xu Yanquing, Wang Lihang, and Du Yongbo, has effectively navigated the company through turbulent times, showcasing strong leadership and strategic direction [5][6]. - Xu Yanquing has leveraged her extensive experience in the financial industry to enhance wealth management services and expand core client resources, successfully attracting family office resources and strategic investors [6][7]. - CEO Wang Lihang has played a crucial role in executing significant transactions, including mergers and acquisitions, with a total transaction scale exceeding 20 billion yuan, while also investing in emerging technologies like AI [7]. - Du Yongbo has delivered strong results in fund management, achieving multiple successful exits for investors in recent years [7]. Group 2: Value Realization - Huaxing Capital has made substantial investments in technology, renewable energy, and healthcare, with successful IPOs of portfolio companies contributing to cash inflows and showcasing the firm's investment acumen [8]. - The company reported a total unrealized equity of 2.1 billion yuan, reflecting its strong investment foundation [8]. Group 3: Operational Efficiency - Huaxing Capital has improved operational efficiency through organizational restructuring and process optimization, reducing redundant investments and significantly lowering operating costs [10]. Group 4: Strategic Positioning in Web 3.0 - The company is strategically positioning itself in the Web 3.0 space, aiming to become a leading comprehensive financial institution amid the evolving financial landscape [11][12]. - Huaxing Capital has made early investments in key players in the cryptocurrency and blockchain sectors, establishing a robust ecosystem in digital asset management [11][12]. - The return of founder Bao Fan is expected to further strengthen the company's strategic vision and market positioning, given his historical influence and experience in the industry [12]. Conclusion - Huaxing Capital's performance surge is attributed to a combination of historical foundations, operational improvements, and forward-looking strategies, positioning the company for significant growth in the Web 3.0 era [13].

Core Viewpoint - The founder of Huaxing Capital Holdings, Bao Fan, has reportedly completed a two-and-a-half-year investigation, which had previously caused significant disruption in the venture capital community [1] Group 1: Company Operations - Despite the investigation, Huaxing Capital's business and operations have continued normally, with the executive committee fully responsible for the group's strategic advancement [1] - Huaxing Capital has benefited from past investments in new economy sectors, exemplified by the successful IPO of C1Fund on the New York Stock Exchange, where Huaxing acted as the exclusive underwriter, raising approximately $60 million by issuing 6 million shares at $10 each [1] Group 2: Strategic Initiatives - In June 2023, Huaxing Capital announced its entry into the Web 3.0 and cryptocurrency asset sectors, approving a budget of $100 million for the development of Web 3.0 business and cryptocurrency investments over the next two years [1] - The company plans to increase investments in stablecoins, Real World Assets (RWA), and the entire ecosystem surrounding cryptocurrencies, while actively pursuing the application and upgrade of relevant business licenses [1]

Core Viewpoint - Huaxing Capital Holdings (01911) has seen its stock price increase by 110% year-to-date, reflecting strong market interest and confidence in its strategic direction towards Web 3.0 and cryptocurrency assets [1] Group 1: Company Strategy - The board of Huaxing Capital has approved a budget of $100 million to develop Web 3.0 business and invest in cryptocurrency assets over the next two years [1] - The company aims to strengthen its existing business while expanding into the Web 3.0 and cryptocurrency sectors, focusing on stablecoins, RWA (real-world assets), and the entire cryptocurrency ecosystem [1] Group 2: Market Context - The implementation of the Stablecoin Regulation Draft in Hong Kong on August 1 marks a significant step in establishing a licensing system for fiat-backed stablecoin issuers, enhancing the regulatory framework for virtual asset activities [1] - Analysts have noted that the move towards compliance in the stablecoin market presents investment opportunities, particularly in stablecoins and RWA [1]

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]

Group 1 - The company, 瑞和数智, has announced a budget of 80 million HKD to develop its Web3.0 business and invest in cryptocurrency assets over the next two years [1] - The cryptocurrency asset investment plan marks the company's first step into the Web3.0 and cryptocurrency asset sectors, responding to the Hong Kong government's supportive policies for these industries [1][2] - The company aims to leverage its advantages in technology and resources to explore innovative business models and accelerate growth in the financial technology sector [3] 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 intends to cultivate on-chain financial resources to facilitate the transformation and innovation of traditional financial services [2] - The board believes that the strategic investment in cryptocurrency assets aligns with the global trend of asset digitization and has significant potential and value [3]

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，概不對因本公告全部 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。 本公告僅供參考，不構成對本公司任何證券的收購、購買或認購的邀請或要約。 Ruihe Data Technology Holdings Limited 瑞和數智科技控股有限公司 本 集 團 的 加 密 貨 幣 資 產 投 資 計 劃 主 要 是 投 資 於 符 合 相 關 適 用 法 律 及 監 管 標 準（包 括 香 港 證 券 及 期 貨 事 務 監 察 委 員 會 的 標 準）的 數 字 資 產，包 括 數 字 貨 幣、加 密 貨 幣、RWA現 實 世 界 資 產 項 目 和╱或 其 他 相 關 資 產 管 理 產 品 等。本 集 團 擬 通 過 培 育 發 展 鏈 上 金 融 資 源，加 速 公 司 傳 統 金 融 服 務 的 鏈 上 化 轉 型 與 創 新，佔 據 數 字 金 融 生 態 發 展 的 有 利 地 位。本 集 團 擬 聚 焦 在 大 中 華 區 來 佈 局 數 字 資 產 服 務， ...

Group 1 - The core viewpoint of the article is that Guoxiong Capital is making a significant investment in the Web3.0 and cryptocurrency asset sectors, indicating a strong belief in the long-term strategic value of Bitcoin and crypto assets [1] - Guoxiong Capital has been approved for a special budget totaling 200 million yuan, which will be allocated over the next three years for the development of related businesses and investments in crypto assets [1] - The chairman of Guoxiong Capital, Yao Shangkun, expressed confidence that the cryptocurrency sector aligns with global financial development trends and holds substantial growth potential [1]

Market Overview - The Hang Seng Index closed down 0.17% at 24,284.15 points, while the Hang Seng Tech Index fell 0.07% to 5,341.43 points, and the Hang Seng China Enterprises Index decreased by 0.47% to 8,762.47 points [2] - The automotive, pharmaceutical, and banking sectors showed weakness, while the metals sector experienced gains [4] Metals Sector Performance - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing over 6%, and Zijin Mining among the top performers [4] - Notable stock performances included Luoyang Molybdenum at 6.26% with a market cap of 191.02 billion, Tianqi Lithium at 6.78% with a market cap of 56.97 billion, and Ganfeng Lithium at 2.74% with a market cap of 69.64 billion [5] Commodity Price Outlook - Goldman Sachs forecasts that copper prices will peak at approximately $10,050 per ton by August 2025 due to tightening supply in markets outside the U.S. [5] - Ping An Securities reports that the weakening of the U.S. dollar credit system will continue to drive precious metal prices higher, while industrial metals like copper and aluminum are expected to benefit from a loose monetary environment [5] Automotive Sector Dynamics - Xiaomi Group's stock rose by 3.6%, while major automotive stocks like Xpeng Motors, NIO, and BYD saw declines of 3.17%, 1.84%, and 1.19% respectively [6][7] - Market analysts suggest that the automotive sector may be impacted by Xiaomi's competitive pricing strategy for its new YU7 series, with expectations of monthly sales reaching 60,000 to 80,000 units [7] Banking Sector Trends - Chinese bank stocks experienced slight declines, with Luzhou Bank, Chongqing Bank, and China Merchants Bank dropping by 3.49%, 2.91%, and 2.39% respectively [8] - Recent reports indicate that insurance funds have been favoring high-dividend bank stocks, but this trend may be slowing down as investment teams shift focus towards technology innovation board companies [8] Financial Sector Developments - Huaxing Capital Holdings saw a significant intraday rise of nearly 38% before closing up 4.67% at HKD 4.48 per share, following its announcement of a $100 million investment in the Web 3.0 and cryptocurrency asset space [11] - The Hong Kong Securities and Futures Commission announced an increase in position limits for futures and options contracts on major indices, effective July 2, 2025, aimed at enhancing market flexibility [12]

Market Overview - The Hong Kong stock market experienced a high opening but closed lower, with the Hang Seng Index down 0.17% to 24,284.15 points and a total trading volume of HKD 275.115 billion [1] - The Hang Seng Index rose 3.2% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 2.76% and 4.06%, respectively [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) reached a new high, closing up 3.6% at HKD 58.95, contributing 58.62 points to the Hang Seng Index, following the launch of its first SUV, the Xiaomi YU7, which saw significant pre-order success [2][7] - Other notable blue-chip movements included Alibaba Health (00241) up 6.35%, Zijin Mining (02899) up 4.17%, while China Life (02628) and China Resources Land (01109) saw declines of 2.97% and 2.55%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Xiaomi's YU7 orders boosting its stock, while Alibaba saw a slight decline [3] - The non-ferrous metals sector continued to rise, with Jiangxi Copper (00358) up 7.71% and Tianqi Lithium (09696) up 6.78%, driven by rising copper prices amid a squeeze in the London Metal Exchange [3] - The internet healthcare sector performed well, with Ping An Good Doctor rising over 8% and Alibaba Health up over 6% [3] AMC Sector Activity - The AMC sector saw significant gains, with China Cinda (01359) up 7.03% and CITIC Financial Assets (02799) up 2.38%, following announcements of asset management plans [4] - Analysts noted that long-term funds are increasingly seeking high-dividend assets, which may stimulate further activity in the banking sector [4] Notable Stock Movements - Saturday's Fortune (06168) surged 33.83% to HKD 40.15, driven by strong demand in the gold market and positive sentiment in the Hong Kong stock market [8] - Juzi Bio (02367) rebounded 5.75% to HKD 54.25, following announcements of share buybacks by its controlling shareholder [9] - Huaxing Capital Holdings (01911) rose 4.67% to HKD 4.48, after announcing plans to enter the Web3.0 and cryptocurrency sectors with a budget of USD 100 million [10] Weak Performers - Hong Kong Travel (00308) fell 25.63% to HKD 1.48, as the company undergoes strategic reviews without any confirmed decisions [11] - Rongchang Bio (09995) dropped 6.17% to HKD 55.55, attributed to market disappointment over its recent business development transaction [12]

Core Viewpoint - The surge in digital assets has become a central theme in the Hong Kong stock market, with significant price increases in companies like ZhongAn Online and Huatai International, indicating a transformative moment driven by supportive policies and capital enthusiasm [1] Group 1: Strategic Decisions - Huaxing Capital's strategic move into the Web3.0 and cryptocurrency sectors is a response to the global fintech wave and a continuation of its focus on the new economy [3] - The Hong Kong government has established a clear regulatory framework for digital assets, providing a conducive environment for innovation and reducing policy risks for financial institutions like Huaxing Capital [4] Group 2: Huaxing Capital's Position - Huaxing Capital is well-positioned in the digital asset market with significant cash reserves of 1.3 billion RMB, 3 billion RMB in trading financial assets, and zero long-term debt, allowing it to navigate the digital asset wave without historical burdens [2] - The current market valuation of less than 3 billion HKD does not reflect the quality of Huaxing's assets, which are undervalued due to the industry's recent downturn, suggesting potential for recovery and growth [2] Group 3: Competitive Advantages - Huaxing Capital has a competitive edge in compliance, having previously provided regulatory solutions for digital asset firms, which aligns with the Hong Kong government's licensing processes [6] - The company has a history of strategic investments in the digital asset space, including early investments in stablecoin issuer Circle, which has yielded significant returns and validated its foresight in the sector [7] Group 4: Ecosystem Development - Huaxing has built a comprehensive ecosystem in Web3.0, having facilitated the NASDAQ listing of mining leader Canaan and invested in various digital asset platforms, creating a dual-driven model of investment banking services and strategic investments [8] - The appointment of Frank Fu Kan as an independent director enhances Huaxing's capabilities in the digital asset space, bringing extensive experience in compliance and operational management [9] Group 5: Future Outlook - The current market valuation of Huaxing Capital, at 0.4 times its book value, reflects a lag in recognizing the potential of its new digital asset business, which could lead to significant valuation adjustments as it begins to generate revenue [10] - The anticipated growth in Web3.0 business could trigger a substantial re-evaluation of Huaxing's overall value, especially as traditional financial operations recover alongside new business contributions [10]