Core Viewpoint - The integration of traditional assets like high-end liquor into the concept of Real World Assets (RWA) is raising regulatory concerns, particularly regarding the potential for investor protection issues and the complexity of these financial products [1][2][3]. Regulatory Perspective - The Hong Kong Securities and Futures Commission (SFC) has issued warnings about certain "liquor RWA Token" products, categorizing them as suspicious investment products due to their lack of public sale approval and insufficient transparency [3][4]. - The SFC's warning highlights that these products do not fall under regulated securities or collective investment schemes, limiting investor protections and recourse options in case of disputes [6][4]. - The complexity of the product structures is a significant risk factor, as it obscures responsibility and makes it difficult for investors to understand their rights and the associated risks [6][10]. Structural Issues - The tokenization of liquor assets presents three main structural problems: 1. The unverifiable nature of the underlying liquor assets, which are not standardized and depend on subjective assessments for quality and value [9]. 2. The deliberate dispersion of legal and financial responsibilities across multiple entities, complicating accountability in case of disputes [10]. 3. The one-sided distribution of risks and returns, where investors bear most risks while issuers may secure funds upfront, leading to a misalignment of interests [11]. Compliance Boundaries - The SFC's warning does not reject the RWA concept but emphasizes that real-world assets can be digitized only within existing financial and legal frameworks [12][14]. - For liquor assets to be compliant in a blockchain context, they must have clear ownership structures and be subject to independent verification of their existence and condition [14]. - Legal structures must ensure transparency and accountability, anchoring investor rights in regulated legal frameworks to facilitate clear recourse in case of disputes [14][12]. Investor Perspective - The incident involving liquor RWA highlights a broader structural issue where real assets do not inherently equate to low-risk investments, and blockchain integration does not automatically enhance security [16][18]. - Investors should focus on whether products are regulated, if rights are clearly defined, and if information disclosure is sustainable and verifiable, rather than solely on the asset's tangible nature [18][16]. - The SFC's stance signals that RWA will not create a regulatory vacuum, reinforcing that public investment and profit-sharing will always be subject to regulatory scrutiny [18].

Core Insights - The article emphasizes the transformative potential of blockchain technology, particularly through the DRACONIS chain, which aims for "Mass Commercial Adoption" in the Web3 space [1][8]. Group 1: Overview of DRACONIS - DRACONIS is a modular public chain developed by overseas Chinese, focusing on commercial applications and addressing key pain points in Web3 commercialization [3][4]. - The chain aims to provide efficient, secure, and flexible blockchain support for global business scenarios, facilitating seamless integration of real-world assets with digital ecosystems [3][4]. Group 2: Technical Innovations - DRACONIS features a modular architecture and the TIMC protocol, which separates execution, settlement, consensus, and data availability into independent modules, significantly enhancing performance and scalability [4][5]. - The architecture allows for off-chain transaction execution, improving efficiency while ensuring privacy through off-chain computations and layered storage designs [5]. Group 3: Tokenomics and Ecosystem - The native token DAS serves as the core value and circulation hub within the DRACONIS ecosystem, facilitating various transactions and services [7]. - A robust incentive system is in place to ensure network stability and reward participants who contribute to the ecosystem, fostering a self-sustaining Web3 environment [7]. Group 4: Future Prospects - DRACONIS is positioned as a key bridge between Web3 and mainstream business, actively seeking global partnerships to support digital transformation and expand commercial applications [8][10]. - The initiative aims to lead the blockchain technology commercialization, creating a fair, efficient, and trustworthy digital future [8][10].

Group 1 - The company has entered into a framework agreement with Junyuan Digital Technology (Shenzhen) Co., Ltd. to jointly promote the innovative application of Real World Assets (RWA) [1] - The collaboration aims to leverage Hong Kong's commercial advantages and blockchain technology to establish a global capitalization path for RWA products, ensuring transaction security and transparency [1] - The agreement outlines that the company will provide resources to assist in establishing the capitalization path for RWA products, while Junyuan Digital will lead asset digitization efforts [1] Group 2 - The company recognizes the growth potential of RWA business, with RWA financing expected to become a major source of funding as global institutions increasingly accept digital assets [2] - According to a market report by Research and Markets, the RWA tokenization market is projected to reach USD 1.07 billion by 2029, with a compound annual growth rate of 12.5% [2] - Hong Kong is actively promoting the development of cryptocurrency applications, marking significant progress in the practical application of tokenization technology within the financial industry [2]

Group 1 - The company has entered into a framework agreement with Junyuan Digital Technology (Shenzhen) Co., Ltd. to jointly promote the innovative application of Real World Assets (RWA) models [1] - The collaboration aims to leverage Hong Kong's commercial advantages and blockchain technology to establish a global capitalization path for RWA products, ensuring transaction security and transparency [1] - The agreement outlines that the company will provide resources to assist in establishing the capitalization path for RWA products, while Junyuan Digital will lead the digitalization of assets [1] Group 2 - The company recognizes the growth potential of RWA business as global institutions increasingly accept digital assets, with RWA financing expected to become a major source of funding [2] - According to a market report by Research and Markets, the tokenization market for RWA is projected to reach USD 1.07 billion by 2029, with a compound annual growth rate of 12.5% [2] - The Hong Kong Monetary Authority is promoting the development of cryptocurrency applications, marking significant progress in the practical application of tokenization technology within the financial industry [2]

Financial Data and Key Metrics Changes - Total revenue for the third quarter reached $180.7 million, doubling year over year and increasing 57% sequentially [3][18] - Adjusted EBITDA was $22.1 million, significantly up from $5.8 million in the same period last year [19] - Net income increased to $11.6 million from a loss of $5 million in the same period last year [19] - Basic and diluted earnings per share were $0.07, compared to a loss of $0.03 per share in the same period of 2024 [19] Business Line Data and Key Metrics Changes - Cloud mining revenue increased to $122.9 million, a 78% year-over-year increase and a 30% increase compared to the second quarter [19] - Self-mining revenue was $20.1 million, down slightly year-over-year but up almost 36% from the second quarter [19] - Mining equipment sales revenue increased to $35.8 million, representing almost 20% of total revenue [19] Market Data and Key Metrics Changes - Customer demand for cloud hash rate grew strongly, with new customers contributing approximately 33% of cloud mining revenue and existing customers contributing approximately 67% [21] - The company produced a total of 1,207 Bitcoins, including 174 from self-mining and 1,033 generated through client cloud mining activities [21] Company Strategy and Development Direction - The company aims to deepen its core cloud mining franchise and advance cooperation in the real-world assets sector [25] - It plans to progress natural gas pilots in Canada and expand partnerships from hosting into future co-development [25] - The strategy includes transitioning from a purely asset-light model to an integrated approach balancing asset-light operations and strategic asset-heavy investments [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market potential of cloud mining, projecting that cloud mining services could account for approximately 60% of the cryptocurrency mining market by the next decade [5][6] - The company has demonstrated resilience in both bull and bear markets, maintaining profitability even during downturns [8] - Management emphasized the importance of safeguarding capital and platform reliability for institutional clients [4] Other Important Information - The company held $32.6 million in cash and cash equivalents and $222.1 million in digital assets as of September 30, 2025 [22] - A significant increase in digital assets was driven by treasury management strategy and a 22% increase in Bitcoin price [23] - The average daily trading volume of the stock increased by 138% compared to the first quarter of 2025 [24] Q&A Session Summary - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [2]

Core Insights - The summit focused on the theme of "Supply Chain Reconstruction Driven by AI and RWA," addressing challenges and innovative solutions in the global supply chain landscape [1][4][28] Group 1: Government and Institutional Support - The Deputy Secretary for Transport and Logistics emphasized the importance of the summit for promoting Hong Kong as an international logistics hub and highlighted the government's commitment to supporting innovation and cross-sector collaboration in the supply chain field [2] - The Hong Kong Chinese University (CUHK) plays a crucial role in logistics research, assisting the government in drafting strategies and actions for modern logistics development [2][4] - A new port community system developed by the government will launch next year, providing real-time cargo tracking and value-added services to enhance Hong Kong's competitiveness [2] Group 2: Challenges and Opportunities in Global Supply Chains - The global supply chain is facing multiple challenges, including trade route disruptions, demand fluctuations, and geopolitical uncertainties, necessitating the construction of smarter, more resilient, and transparent supply chains [4][6] - The summit highlighted the need for Chinese enterprises to leverage their advantages in digital infrastructure and platform economy to build globally competitive businesses amid geopolitical restructuring and the rise of the digital economy [6] Group 3: Technological Innovations - The summit featured discussions on the transition from passive to active supply chain management, emphasizing the role of AI and RWA in creating resilient supply chain solutions [7][9] - The GlobalChain.AI framework was introduced, enabling real-time risk response and alternative routing strategies through the integration of multidimensional data [9] - The integration of IoT, AI, and blockchain technologies is proposed as a solution to the $2.5 trillion financing gap faced by SMEs, focusing on creating verifiable process credentials to enhance trust and financing capabilities [15] Group 4: Regional Economic Integration - Hong Kong is positioned to capitalize on regional economic integration opportunities, particularly with the Greater Bay Area, by leveraging its unique advantages in higher education and financial services [12] - The summit underscored the importance of building localized production systems and compliance management for sustainable development in Southeast Asia, which is becoming a key area for Chinese enterprises [22] Group 5: Investment Strategies and Market Trends - The reversal of globalization trends and the impact of geopolitical tensions are reshaping investment strategies, with non-sovereign assets like cryptocurrencies and gold becoming preferred choices for investors [14] - The summit discussed the shift from "manufacturing overseas" to "branding and ecosystem overseas" for Chinese enterprises, marking a new phase in globalization [19] Group 6: Collaborative Efforts for Future Development - The roundtable forum emphasized the need for cross-sector collaboration and academic-industry partnerships to drive the development of intelligent and resilient supply chains [26] - The successful hosting of the summit is expected to inject new momentum into the supply chain and logistics sectors, fostering a collaborative and win-win environment [28]

Core Viewpoint - The company, Ocean Group, has signed a non-binding memorandum of understanding with Coinvex Limited for a potential strategic investment in a platform focused on real-world assets (RWA) [1] Group 1: Investment Details - The memorandum outlines a potential investment in CoinVEX, which operates a digital asset platform with core businesses including regulated digital asset trading and AI-driven quantitative investment services [1] - The company aims to explore innovative measures to enhance competitiveness and shareholder value by transitioning into AI and RWA sectors [1] Group 2: Strategic Direction - The board believes that the digital currency and RWA sectors are rapidly developing, aligning with global financial market innovation trends [1] - This potential investment is a key step in the company's Web4.0 digital finance strategy, aimed at diversifying its business and seizing digital opportunities [1] Group 3: Expected Outcomes - The investment is expected to allow the company to enter a high-growth digital finance sector [1] - It aims to create new profit growth points through AI quantitative technology and trading platforms [1] - The initiative is anticipated to enhance the company's overall competitiveness in the digital asset ecosystem, creating long-term value for shareholders [1]

Core Viewpoint - The company, Ocean Group, has signed a non-binding memorandum of understanding with Coinvex Limited for a potential strategic investment in a platform focused on real-world assets (RWA) [1] Group 1: Investment Details - The memorandum pertains to a potential investment in CoinVEX, which operates a digital asset platform with core businesses including regulated digital asset trading and AI-driven quantitative investment services [1] - The company is actively transitioning towards AI digital human and RWA sectors, exploring innovative measures to enhance competitiveness and shareholder value [1] Group 2: Strategic Direction - The board believes that the digital currency and RWA sectors are rapidly developing, aligning with global financial market innovation trends [1] - The potential investment aligns with the company's strategy to explore digital business opportunities and diversify its operations, marking a key step in implementing its Web4.0 digital finance strategy [1] Group 3: Expected Outcomes - The potential investment is expected to allow the company to enter a high-growth digital finance sector [1] - It aims to create new profit growth points through AI quantitative technology and trading platforms [1] - The investment is anticipated to enhance the company's overall competitiveness in the digital asset ecosystem, creating long-term value for shareholders [1]

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概 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 會 就 因 本 公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何 責 任。 TA YANG GROUP HOLDINGS LIMITED 大洋集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1991） 自願性公告 投資合作諒解備忘錄 關 於 向 真 實 世 界 資 產（「RWA」）服 務 平 台 進 行 潛 在 戰 略 投 資 CoinVEX運 營 一 個 數 字 資 產 平 台，其 核 心 業 務 主 要 包 括： – 1 – 本 公 告 乃 由 大 洋 集 團 控 股 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」） 自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 本 集 團 之 最 新 業 務 發 展。 投資諒解備忘錄 本 公 司 董 事 會（「董 事 會」）欣 然 告 知 本 公 司 股 東 及 潛 在 投 資 者，於2025年11月 ...

Core Insights - Dmall Inc. has entered a strategic partnership with Circle, becoming one of the first retail payment network partners for Circle's Arc public testnet, marking a significant step in its Web3 strategy [1] - The collaboration aims to leverage Circle's expertise in blockchain, stablecoins, and real-world assets (RWA) to create a unique ecosystem that integrates retail, fintech, and Web3, establishing a competitive edge for long-term growth [1] Group 1: Web3 Strategy Development - Dmall's Web3 strategy, initiated in early 2025, has seen rapid implementation, including partnerships with HashKey Group for digital asset trading accounts and preparations for a stablecoin license in Hong Kong [2] - The company plans to invest approximately HKD 388 million in stablecoin and blockchain technology research and development, demonstrating its commitment to building a comprehensive framework for virtual asset trading and compliance [2] - Dmall has also signed a letter of intent for the potential acquisition of companies regulated under Hong Kong's Securities and Futures Ordinance, aiming to streamline compliance pathways for virtual asset trading and RWA [2] Group 2: Retail Ecosystem and RWA Innovation - Dmall's core advantage lies in its extensive retail ecosystem, serving over 500 medium to large retail enterprises across 10 countries, providing a natural testing ground for stablecoin payments and asset tokenization [3] - The partnership with Circle enhances technological capabilities, with the Arc testnet supporting USDC as a native token for transaction fees, offering sub-second transaction confirmation for future retail payment network deployment [3] Group 3: Industry Outlook and Regulatory Environment - The Hong Kong Stablecoin Regulation, effective August 2025, includes offshore RMB as a stablecoin anchor asset, facilitating the compliance of stablecoins and blockchain technology in real-world applications [4] - Dmall's proactive approach to compliance through license acquisitions and strategic partnerships positions it to lead in the blockchain application within retail scenarios, overcoming traditional approval bottlenecks [5] - The integration of AI retail solutions with blockchain technology aims to create a fully digitalized ecosystem, enhancing retail efficiency and customer experience [5] Group 4: Company Overview - Dmall Inc. is a leading player in China's retail digitalization sector, providing comprehensive solutions for omnichannel digital transformation, including online and offline transactions, member management, supply chain optimization, and efficient payment processing [6] - Circle Internet Group Inc. is a global leader in blockchain fintech, known for its USDC stablecoin, which is widely used for cross-border payments and asset digitization, and aims to connect the crypto economy with the real economy [7]