Core Insights - Chen Haojian is recognized as a top entrepreneur and seasoned financial investor, leading the integration of finance and blockchain in the RWA (Real World Asset) tokenization sector [2] - He was born in 1992 in Lianyungang, Jiangsu, and has over ten years of practical industry experience, establishing himself as a benchmark in cross-sector capital operations [2] - Currently, he serves as the Chief Operating Officer of CONV Group, overseeing the group's strategic planning and global business layout, contributing to its leadership position in the industry [2] - As a core member of the Hong Kong Blockchain Association (HKBA), he actively participates in the formulation of international RWA industry standards and ecosystem development, acting as a crucial bridge between traditional finance and blockchain innovation [2]

Core Insights - The article highlights the achievements and influence of Chen Haojian, a prominent entrepreneur and financial investor in the global RWA (Real World Asset tokenization) sector [2] - Chen is recognized for his innovative approach that merges finance with blockchain technology, positioning him as a leader in this transformative field [2] Company Overview - Chen Haojian serves as the Chief Operating Officer of CONV Group, where he oversees strategic operations and global business development [2] - Under his leadership, the company aims to establish itself among the top players in the industry [2] Industry Impact - Chen is a key member of the Hong Kong Blockchain Association (HKBA), actively participating in the formulation of international RWA industry standards and ecosystem development [2] - His role serves as a crucial link between traditional financial institutions and the cutting-edge blockchain sector [2]

Core Viewpoint - Du Fu Liquor Group (00986) has appointed Dr. Liao Wenjian as CEO of its subsidiary starting September 12, 2025, to explore the integration of Real World Assets (RWA) and digital asset-related businesses, as well as to develop strategic plans for business expansion [1] Group 1: Appointment and Background - Dr. Liao Wenjian has over 20 years of experience in vertical investment, industry integration, and capital investment [1] - He currently serves as the Chairman of Blue Source Capital and the Executive Dean of Beijing Blue Source National Industry Research Institute [1] Group 2: Strategic Focus - The company aims to leverage Dr. Liao's expertise in RWA tokenization trends, policy directions, and market opportunities to enhance its understanding and future expansion in this sector [1] - The goal is to establish the company as a professional service provider in the global RWA tokenization field [1]

Core Viewpoint - The company, Guofu Quantum, announced a significant financing plan to raise approximately HKD 13.26 billion by issuing around 915 million new shares at a subscription price of HKD 1.45 per share, which represents about 10.05% of its existing issued share capital [1] Fundraising Purpose - The net proceeds of approximately HKD 13.21 billion will be allocated to four key areas: - 20% for expanding digital asset financial license business and infrastructure - 10% for expanding RWA investment banking business - 45% for developing pre-RWA and RWA secondary market funds - 25% for investing in financial technology and developing RWA technology platforms and exploring application scenarios, including a joint venture with Jingbeifang [2] Ecosystem Development - The fundraising aims to enhance the layout in the RWA (Real World Asset tokenization) sector, creating a full lifecycle ecosystem that includes "exchange - RWA investment bank - pre-RWA fund - RWA secondary market fund - financial technology," establishing a multi-dimensional competitive advantage to capture trillion-level market opportunities [3] Core Business Segments - The ecosystem encompasses five core segments: 1. **Compliance Digital Asset Exchange**: Focus on applying for and upgrading VATP licenses and other digital financial licenses to ensure compliant operations [4] 2. **RWA Investment Bank**: Provides a one-stop tokenization solution with a professional team covering issuance, underwriting, structured design, and institutional-level distribution [4] 3. **Pre-RWA Fund**: Targets quality assets with tokenization potential, leveraging its licenses and platform advantages for efficient asset issuance and circulation [4] 4. **RWA Secondary Market Fund**: Establishes secondary market investment funds to optimize asset liquidity, focusing on financing, liquidity support, and exit management for on-chain assets [4] 5. **Financial Technology**: Collaborates with leading fintech company Jingbeifang to integrate technology resources and focuses on RWA core technology platform development [5] Strategic Upgrade - In the context of rapid evolution in Web 3.0, AI, and global digital financial regulatory systems, the company aims to enhance liquidity and management flexibility through this financing, positioning itself to seize opportunities in the digital financial economy [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **stablecoin industry**, focusing on the roles of **Circle** and **Coinbase** in the ecosystem [1][2][3]. Core Insights and Arguments - **Stablecoins** optimize cross-border trade payment efficiency, reducing transaction costs to less than one dollar and transaction times to minutes, posing a potential alternative to traditional SWIFT systems [1][4]. - In high-inflation regions, stablecoins provide residents with a means to hold relatively stable value, similar to holding US dollars, especially when local currency is restricted [1][5]. - **Circle's Business Model**: Circle generates revenue through reserve interest and API fees, relying on the circulation of USDC and its minting/redemption mechanism. However, it faces high distribution and transaction costs, with over half of these costs going to Coinbase [1][12][13]. - **Coinbase's Role**: Coinbase plays a crucial role in Circle's business model by providing custody services for USDC, with its share of revenue increasing from about 33% to over 50% following the Silicon Valley Bank collapse [1][13]. - The **stablecoin industry chain** includes issuers, exchanges, public chain infrastructure, and application layers, with issuers and exchanges being the primary commercial potential areas [1][14]. Important but Overlooked Content - The global stablecoin market size reached **$251.1 billion** as of 2023, with Tether (USDT) and Circle's USDC accounting for **$153.3 billion** and **$61.4 billion**, respectively [2]. - The **tokenization of real-world assets (RWA)** requires stablecoins as a key connector, significantly reducing intermediary costs and enhancing market efficiency [3][18]. - The **importance of global payment licenses** for stablecoin transactions is emphasized, as they enable the conversion of virtual assets into real goods, enhancing practical application value [21][22]. - Regulatory measures in regions like the EU, US, and Hong Kong are being implemented to promote the stablecoin industry, indicating a move towards formalization and compliance [16][25]. - The potential for **A-share companies** like Newland and New Guodu to participate in overseas business layouts for RMB or HKD stablecoins is noted, given their existing overseas payment acquisition operations [24]. Future Outlook - The future of RWA development is promising, with the potential for significant reductions in intermediary costs if stablecoins achieve widespread usage [19]. - The stablecoin industry is currently facing regulatory challenges, with policies still in development, making regulatory progress a critical factor for industry growth [25][26].

Price Trends - Ethereum (ETH) is currently priced at approximately $2,521, reflecting a 5.11% increase from the previous day, with a monthly gain of 40.48%, although it remains down 24.63% year-to-date compared to its all-time high in November 2021 [3] - Bitcoin (BTC) is trading around $105,614, up 0.75% from the previous day, with a daily trading range of $103,100 to $106,200. It is currently testing the significant psychological resistance level of $106,600, which coincides with a supply cluster of approximately 31,000 BTC [4] Market Catalysts and On-Chain Data - The SEC's regulatory stance is shifting towards supporting innovation in the crypto space, as indicated by SEC Chairman Paul Atkins' recent comments. This is expected to positively impact the overall cryptocurrency market [4] - Institutional buying remains strong, with Strategy increasing its Bitcoin holdings by 7,390 BTC at an average price of $103,498, totaling approximately $764.9 million, indicating robust interest from large institutional investors [4] - The correlation between Bitcoin and gold has decreased to -0.54 over the past 30 days, suggesting Bitcoin is developing an independent price trajectory [4] Operational Strategies - For Bitcoin, a light long position can be considered if the price effectively breaks through the $106,600 resistance and stabilizes above it for at least 4 hours, with a target price of $110,000 and a stop-loss set below $105,000 [4] - For Ethereum, a buy zone is identified below $2,400, with a mid-term target of $3,000 and a long-term target of $4,000. A stop-loss is recommended below $2,300, which is a significant technical support level [8] - The macroeconomic environment is supportive, with indications from the New York Fed suggesting potential interest rate cuts, which could benefit risk assets including cryptocurrencies [8] Key Events and Indicators - The market is closely monitoring Bitcoin's ability to break the $106,600 resistance and upcoming statements from Federal Reserve officials regarding interest rate policies, which could influence market sentiment [10] - The recent performance of the S&P 500 index, which rose by 1.2%, reflects improved risk appetite, providing a positive external environment for the cryptocurrency market [8] - Significant trading volume for ETH/USDT has surged to $12.3 billion in the past 24 hours, indicating heightened market interest and buying intent [8]