在香港——这座全球金融版图上熠熠生辉的国际都会，资本的潮汐日夜不息，讲述着无数关于财富、创 新与梦想的故事。然而，在这片繁华的表象之下，一股结构性的暗流长期涌动，困扰着构成市场基石的 庞大群体——中小上市公司。它们占据了港股上市企业总数的八成以上，却长期挣扎于低估值、低流动 性、低关注度的"三低困境"之中，其内在价值与市场表现严重背离，宛如散落在维多利亚港旁的蒙尘珍 珠，亟待一双慧眼与一双巧手将其擦亮。 在这样一个充满挑战与机遇的时代背景下，席春迎博士的新著《香港中小上市公司市值管理》横空出 世，不啻为一声惊雷，振聋发聩。此书并非一本纯粹的金融理论教科书，更不是一本追逐短期热点的投 机指南。它是一部深度融合了宏大视野、系统性思维与精微实战经验的"战略罗盘"与"行动手册"，是一 部饱含着作者三十年"从书斋到市场，再从市场回归思考"深刻体悟的呕心沥血之作。席博士以一位兼具 学者、企业家与资本市场领航者三重身份的独特视角，对香港中小上市公司的生存现状进行了精准 的"望闻问切"，系统性地揭示了其在市值管理中的核心挑战与突破路径，并为所有渴望穿越周期、实现 价值跃迁的企业家、投资者乃至政策制定者，提供了一整套既有理论高 ...

Core Viewpoint - Starcoin Foundation intends to issue Starcoin tokens, with a distribution model based on existing shareholdings in the company, marking a significant step in integrating traditional finance with blockchain technology [1][2] Group 1: Company Overview - Starcoin Foundation is a non-profit organization established under the laws of the Republic of Panama, focusing on smart contract key management, DAO governance, and token custody for project development and operations [1] - The company has entered into a memorandum of understanding with Starcoin Foundation to initiate a token issuance project, which is the first of its kind directly initiated and recognized by a listed company in Asia [1] Group 2: Token Issuance Details - The token issuance will be based on a model where shareholders will receive one Starcoin token for every ten existing shares held, establishing a direct link between traditional equity and digital assets [1] - Each Starcoin token will be backed by USD assets, aiming to create an integrated on-chain investment banking system focused on the issuance, compliance, and global circulation of real-world assets (RWA) [1] Group 3: Technological Integration - The company plans to leverage blockchain technology to reshape traditional financial processes, aiming to become a key connector between global assets and digital investors [2] - The token issuance will be deployed on the Conflux eSpace public blockchain, enhancing the project's technological foundation [2]

Core Viewpoint - Starcoin Foundation intends to issue Starcoin tokens, allowing shareholders to receive one token for every ten shares held, marking a significant development in the integration of traditional finance and blockchain technology [1] Group 1: Company Overview - Starcoin Foundation is a non-profit organization established under the laws of the Republic of Panama, founded by Dr. Yang Rong, who serves as both the chairman of the foundation and the executive director of the company [1] - The foundation's primary business includes smart contract key management, DAO governance, vault access, and token custody for project development and operations [1] Group 2: Token Issuance Details - The token issuance is described as the first "coin-stock linkage" project initiated and recognized directly by a listed company in Asia [1] - Each Starcoin token will be backed by USD assets, aiming to create an integrated on-chain investment banking system focused on the issuance, compliance, and global circulation of real-world assets (RWA) [1] Group 3: Strategic Goals - The company plans to leverage blockchain technology to reshape traditional financial processes, with the goal of establishing a Web3 investment bank that serves as a major link between global assets and digital investors [1] - The token issuance will be deployed on the Conflux eSpace public blockchain, indicating a commitment to utilizing advanced blockchain infrastructure [1]

Core Viewpoint - Starcoin Foundation intends to issue Starcoin tokens, with a distribution model based on existing shareholdings in Star Tai Chain Group, marking a significant step in integrating traditional finance with blockchain technology [1][2] Group 1: Token Issuance - The memorandum of understanding between Star Tai Chain Group and Starcoin Foundation outlines that for every 10 shares held, shareholders will receive one Starcoin token [1] - This token issuance is positioned as the first "coin-stock linkage" project initiated and recognized by a listed company in Asia [1] - Each Starcoin token will be backed by USD assets, aiming to create an integrated on-chain investment banking system focused on the issuance, compliance, and global circulation of real-world assets (RWA) [1] Group 2: Blockchain Integration - The group plans to leverage blockchain technology to transform traditional financial processes [2] - The goal is to establish a Web3 investment bank that serves as a primary link between global assets and digital investors [2] - The token issuance will be deployed on the Conflux eSpace public blockchain [2]

Core Insights - The Hong Kong listing ceremony for Ronghe Wine marked a significant milestone, showcasing the brand's commitment to both tradition and innovation in the context of digital transformation [4][5] - The event highlighted the theme of "Entering a New World of Brand RWA Digitalization," emphasizing the global journey and digital transition of Asian brands [2] Group 1: Event Highlights - The 20th Asian Brand Ceremony was held in Hong Kong, co-hosted by various organizations including Asiabrand and the Asian Digital Development Bank, gathering global leaders and experts [2] - The ceremony featured a bell-ringing event led by prominent figures, including former Thai Deputy Prime Minister Wang Pengdi and other industry leaders, symbolizing Ronghe Wine's entry into the capital market [5] Group 2: Ronghe Wine's Strategy - Wang Jun, Chairman of China Great Wall Computer Import and Export Company and Ronghe Development Group, presented the "Coin-Stock Linkage" strategy, aiming to set a benchmark for traditional brands in their digital transformation [4] - The listing of Ronghe Wine is seen as a declaration of traditional liquor embracing the digital economy, with expectations for the brand to explore the integration of tradition and digitalization [5] Group 3: Asiabrand Overview - Asiabrand, established in 2005 in Hong Kong, is a professional brand value service provider with a focus on new brands, technology, and finance [6] - The organization has developed a brand financial ecosystem, supporting over 18,000 member enterprises and offering services in brand evaluation and value management [6]

Group 1 - The establishment of the Hong Kong Virtual Asset Listed Companies Association (HKVALA) marks a new phase of institutional collaboration in the digital asset industry in Hong Kong [1] - The formation of HKVALA is driven by three main factors: policy support, market demand, and addressing industry challenges [1] - The Hong Kong government has released several key policy documents this year, including the "Hong Kong Digital Asset Development Policy Declaration 2.0" and the implementation of the "Stablecoin Regulation" [1][2] Group 2 - Despite policy support and market demand, the digital asset industry in Hong Kong faces challenges such as regulatory implementation pace and market concerns [2] - There is a dilemma in the industry where compliance does not yield profits, and profits are often made in non-compliant ways, necessitating faster regulatory processes [2][3] - Investor education is crucial, as many citizens lack understanding of digital asset products, which can lead to exploitation by fraudsters [2][3] Group 3 - The new association aims to enhance investor education, ensuring that citizens understand the nature and risks of digital asset products [3][4] - The association will also promote Hong Kong's regulatory advantages and facilitate communication between the industry and regulatory bodies [4][5] - The HKVALA is positioned to bridge traditional finance and digital asset liquidity, with a goal to solidify Hong Kong's status as an international financial center [5] Group 4 - The total market capitalization of listed companies within the association is approximately $20 billion, while the asset management scale of traditional financial institutions represented at the event exceeds $200 billion [5] - The association includes a diverse range of members from various sectors, including digital asset exchanges, traditional financial companies, and blockchain technology firms [5]

Core Insights - The establishment of the Hong Kong Digital Asset Listed Companies Association is a significant milestone for the development of the digital asset sector in Hong Kong [1][3] - The Hong Kong SAR government maintains an open attitude towards the development of the digital asset field, with public discussions on the potential linkage between cryptocurrencies and stocks [1] Group 1 - Zhang Huachen estimates that the market value of digital assets held by Hong Kong-listed companies is over $200 billion, while the value of digital assets related to compliance license applications and operational funds is roughly estimated to be under $2 billion [3] - The scale of digital assets within the Hong Kong Digital Asset Listed Companies Association is expected to grow in the future [3] - Traditional financial companies are seen as key intermediaries in facilitating the linkage between cryptocurrencies and stocks, playing a crucial role in the exploration of digital sector development [3]

Core Insights - The concept of "coin-stock linkage" involves integrating traditional business with digital currencies and blockchain technology to create new growth opportunities, enhance company valuation, and attract a new generation of investors [2] Group 1: Trends Driving "Coin-Stock Linkage" - Digital economy wave: The global digital transformation is accelerating, and the virtual asset market is expanding [2] - Optimized regulatory environment: Hong Kong's financial regulators are actively promoting the development of the virtual asset ecosystem [2] - Growing investor demand: Both traditional and emerging investors are increasingly interested in digital assets [2] Group 2: Company Profiles - Coinbase Global (NASDAQ: COIN): The largest compliant cryptocurrency exchange in the U.S., closely tied to the overall trends in the cryptocurrency market, with significant holdings in Bitcoin and Ethereum [5][6] - OSL Group (HKEX: 0863): A licensed digital asset platform in Hong Kong, reflecting the demand for compliant crypto services in Asia [6][7] - Circle Internet Financial: Issuer of the USDC stablecoin, which raised $1.05 billion through an IPO, with a market valuation of $6.8 billion [9][10] - MicroStrategy (NASDAQ: MSTR): A business intelligence company that has become the largest corporate holder of Bitcoin, with its stock price increasing by 4315.85% since its first Bitcoin purchase [11][12][13] - JD Coinchain Technology (HKEX: 9618): A subsidiary of JD.com focusing on blockchain applications, currently developing a stablecoin [14][15] Group 3: Market Management Strategies - Information disclosure strategy: Regularly publish reports on digital asset business progress and engage with investors through social media [19] - Shareholder return plans: Consider issuing digital tokens as shareholder benefits and explore blockchain-based equity management systems [19] - Strategic partnerships: Collaborate with leading blockchain projects and digital asset exchanges to enhance influence in the digital economy [19] - Talent incentives: Establish a digital asset incentive pool and implement blockchain-based employee equity incentive plans [19]

Core Insights - The roundtable discussion on stablecoins highlighted their commercial opportunities and regulatory challenges in the global financial landscape [1] - Recent U.S. legislation, including the "Genius Act" on stablecoins, the Clarity Act, and a ban on CBDCs, is expected to significantly shape the future of Web3 and cryptocurrency [4][6] Regulatory Developments - The U.S. House of Representatives passed three key bills that will impact the future of Web3, including a stablecoin bill, which is anticipated to be signed by Trump [4] - The Clarity Act clarifies that tokens on mature blockchains are classified as commodities, regulated by the CFTC rather than the SEC, and provides certain regulatory exemptions for decentralized finance (DeFi) [4][6] - The third bill prohibits the issuance of Central Bank Digital Currencies (CBDCs) in the U.S., establishing a regulatory framework for cryptocurrencies [4][6] Stablecoin Characteristics - Stablecoins are not considered traditional currency; they function as a peer-to-peer payment system without a balance concept, serving as a bridge between Web2 and Web3 [2][7] - The issuance of stablecoins is relatively accessible, allowing various assets to be pegged, including fiat currencies, gold, and receivables [2][7] - The potential for stablecoins to revolutionize financial transactions lies in their ability to facilitate low-cost, high-speed transactions, with costs as low as one-thousandth of a cent [10] Market Potential and Challenges - The market for Real World Assets (RWA) is projected to reach trillions of dollars by 2030, indicating significant investment opportunities [3][12] - Hong Kong's efforts to issue stablecoins and create a robust on-chain financial ecosystem are underway, despite challenges in attracting users to local stablecoins compared to USD-pegged options [3][8] - The concept of tokenization is seen as a transformative force, enabling instant settlement and reducing friction costs in traditional finance [11][12] Future Outlook - The development of cross-chain technology and data integration is crucial for the evolution of the blockchain ecosystem, with significant market opportunities anticipated [13][14] - The ongoing interest in "coin-stock linkage" and "chain-stock linkage" reflects a growing trend in capital markets, driven by the potential of blockchain technology [14]

Market Trend & Strategy - Publicly listed companies are becoming the "touch" for crypto assets to enter traditional finance, but this is just the beginning [1] - Simply "holding" crypto is not enough to attract investors; deep participation is required to bind to the crypto market's sentiment and valuation [1] - The industry anticipates a shift from companies merely "buying crypto" to "launching chains," requiring them to build their own moats [1] Technology & Infrastructure - Caldera ($ERA) provides a "one-click chain launch" toolkit, enabling companies to quickly deploy their own exclusive Rollup chains at a very low cost [1] - Caldera's modular design allows for flexible customization and supports BSC and ETH, ensuring interoperability between new chains [1] - Caldera is paving the underlying highway towards the ultimate goal of linking crypto and stock markets [1] Investment & Opportunity - $ERA's strong performance justifies its high-quality financing background [1] - BNB holders are benefiting from both BNB's price increase and the ability to earn additional tokens through staking [1] Risk Warning - The industry acknowledges that any cutting-edge technology comes with uncertainties, including intense competition in the Layer 2 track and the unknown factors in ecosystem development [1]