Group 1: Core Insights - OSL Group is a licensed digital asset trading and payment platform, being the only publicly listed virtual asset exchange in Hong Kong focused on digital asset trading and payment [1] - The company has established a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services, with revenue primarily driven by brokerage and payment businesses [1][2] - The digital asset industry is experiencing favorable growth opportunities due to monetary policy shifts, clearer global regulatory frameworks, and the influx of institutional funds [2] Group 2: Business Transformation and Advantages - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, with four key advantages: the rise of payment services, competitive trading fee rates, a global compliance network, and a strong focus on compliance, security, and liquidity [2] - The payment business, particularly OSL Pay and BizPay, is expected to become a new revenue engine and synergize with trading operations [2] - The company has obtained licenses in multiple jurisdictions, including Hong Kong, Japan, Australia, the EU, and Bermuda, with plans to expand into the Middle East and Indonesia [2] Group 3: Financial Projections - The company forecasts non-IFRS revenues of HKD 4.67 billion, 7.64 billion, and 12.20 billion for 2025-2027, with year-on-year growth rates of 119%, 64%, and 60% respectively [3] - The projected compound annual growth rate for non-IFRS revenue from 2024 to 2026 is 89%, indicating significant growth potential as the payment business matures [3] - The company is compared to leading digital asset exchanges and financial platforms, suggesting a strong market position and growth trajectory [3]

Core Viewpoint - OSL Group is a leading licensed digital asset trading and payment platform in Hong Kong, with a diversified business ecosystem including brokerage, payment, and exchange services, and is expected to experience rapid revenue growth from 2025 to 2027 [1][5] Company Background - OSL Group is the only publicly listed virtual asset trading platform in Hong Kong focused on digital asset trading and payment, having obtained multiple important licenses through continuous acquisitions across over 10 jurisdictions including Hong Kong, Japan, Australia, and the EU [1] Business Performance - OSL has established a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services, with brokerage and payment businesses currently contributing the majority of revenue; OSL Pay, launched for only two months in H1 2025, accounted for 29% of the group's revenue [2] Market Opportunities - The digital asset industry is poised for growth due to shifts in monetary policy, clearer global regulatory frameworks, and the influx of institutional funds; the Federal Reserve's easing monetary policy may inject liquidity into the market, while new regulations in key regions enhance compliance and regulatory assurance [3] OSL's Transformation and Advantages - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, creating four key advantages: the rise of payment services, significant trading fee advantages, a developed global compliance network, and a combination of compliance, security, and liquidity [4] Profit Forecast and Rating - The company is projected to achieve non-IFRS revenues of HKD 4.67 billion, 7.64 billion, and 12.20 billion from 2025 to 2027, with year-on-year growth rates of 119%, 64%, and 60% respectively; the company is rated "Buy" based on its growth potential and the expected revenue elasticity from its payment services [5]

Core Viewpoint - OSL Group is a leading licensed digital asset trading and payment platform in Hong Kong, with a diversified business ecosystem including brokerage, payment, and exchange services. The payment business (OSL Pay) has emerged as a new growth engine, contributing 29% of revenue in just two months since its launch in the first half of 2025. The company is expected to experience rapid revenue growth from 2025 to 2027 due to its global compliance licenses and liquidity advantages [1][5]. Company Background - OSL Group is the only publicly listed virtual asset trading platform in Hong Kong focused on digital asset trading and payment. It has obtained multiple important licenses through continuous acquisitions and currently holds licenses in over 10 jurisdictions, including Hong Kong, Japan, Australia, the EU (Italy), and Bermuda [1][2]. Business Performance - OSL has established a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services. The brokerage business, primarily OTC and RFQ services, contributes about half of the revenue, while the payment business, which serves web3 wallet clients, contributed 29% of the group's revenue in just two months of operation in the first half of 2025 [2][3]. Market Opportunities - The digital asset industry is poised for growth due to shifts in monetary policy, clearer global regulatory frameworks, and the influx of institutional funds. The Federal Reserve is in a rate-cutting cycle, which may inject liquidity into the market. Key regulatory developments in the EU, the US, and Hong Kong are expected to enhance compliance and regulatory assurance in the digital asset sector [3][4]. OSL's Transformation and Advantages - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, creating four key advantages: 1) The rise of payment services, with OSLPay and BizPay expected to become new revenue engines; 2) Competitive trading fee rates; 3) A global compliance network established through licenses in multiple regions; 4) A combination of compliance, security, and liquidity, with direct bank connections and over 50 global liquidity providers [4][5]. Profit Forecast and Rating - The company is projected to achieve non-IFRS revenues of HKD 4.67 billion, 7.64 billion, and 12.20 billion from 2025 to 2027, with year-on-year growth rates of 119%, 64%, and 60%, respectively. The company is rated "Buy" based on its potential for significant revenue growth and transformation into a comprehensive digital asset financial infrastructure provider [5].