格隆汇8月19日丨来伊份(603777.SH)在投资者互动平台表示，公司当前在上海、江苏、浙江等区域的部 分门店支持数字人民币支付。目前暂不涉及稳定币业务。 ...

Investment Rating - The report upgrades the investment rating of OSL Group to "Buy" [6] Core Views - The report highlights that while there may be short-term dilution effects, the long-term growth prospects are accelerating due to strategic acquisitions and compliance advantages [1][2][4] Summary by Sections Event Highlights - The total fundraising amount is HK$23.55 billion, completed through three agreements, including a placement of 101 million shares at HK$14.9 per share, representing a 15.34% discount to the previous closing price [1] - Post-placement, the total share capital increases by 13.9%, with the major shareholder maintaining a 29.95% stake, reinforcing control [1] - Fund allocation includes 50% for strategic acquisitions, 30% for global business initiatives, and 20% for working capital [1] Short-term and Long-term Impacts - Short-term market sentiment is affected by the placement discount, leading to a drop in stock price, but high participation from major shareholders and institutions indicates long-term confidence [2] - Long-term growth is driven by acquisitions targeting Southeast Asia and the establishment of a stablecoin business in line with upcoming regulations [2] Compliance and Global Expansion - OSL Group aims to establish itself as the Asia-Pacific equivalent of Coinbase, leveraging its strong compliance background to facilitate global expansion [3] - The management team, including experienced individuals from the cryptocurrency sector, is expected to enhance the company's ability to acquire quality compliant assets globally [3] Profit Forecast and Investment Recommendations - The report anticipates a 12% short-term EPS reduction due to share dilution, but improved cash flow and reduced debt ratios are expected to optimize financial structure [4] - Revenue projections for 2025-2027 are HK$750 million, HK$1.51 billion, and HK$2.36 billion, with year-on-year growth rates of 100%, 101%, and 56% respectively [4] - A price-to-sales (P/S) valuation method is applied, with a target price of HK$24.11 for 2025, indicating a 33% upside potential [4]

Group 1 - Lakala (300773) executed two block trades on July 22, 2025, totaling 200,000 shares with a transaction amount of 4.892 million yuan, at an average price of 24.46 yuan, representing a 12.01% discount to the closing price of 27.80 yuan on that day [1] - The stock price of Lakala showed limited volatility on the same day, opening at 27.72 yuan, reaching a high of 28.15 yuan, a low of 27.69 yuan, and closing at 27.80 yuan, with a trading volume of 1.12 billion yuan and a turnover rate of 5.47% [1] - According to the Q1 report, Lakala's revenue for the quarter was 1.299 billion yuan, a year-on-year decrease of 13.01%, and the net profit attributable to shareholders was 101 million yuan, down 51.71% year-on-year [1] Group 2 - Shareholder reduction actions have continued to attract market attention, with shareholder Sun Haoran reducing holdings by 10.923 million shares from June 19 to July 17, lowering his stake from 8.88% to 7.50%, in line with the reduction plan disclosed in May [1] - Lenovo Holdings plans to reduce its holdings by no more than 23.643 million shares within three months starting from July 23 [1] Group 3 - Lakala has been in the spotlight due to its plans for a Hong Kong stock listing and exploration of stablecoin business, with an announcement on June 16 indicating progress in H-share issuance to apply for a stablecoin license and communication with the Hong Kong Monetary Authority regarding related opportunities [2] - Following this news, Lakala's stock price surged from 23 yuan to 35.97 yuan in mid-June, marking an increase of over 50%, although it has recently retreated amid market adjustments [2]

Group 1: Market Overview - The Hong Kong stock market showed an upward trend, with the Hang Seng Index closing at 24,139 points, up 111 points or 0.46% [2] - The Hang Seng Tech Index outperformed the main index, rising by 0.61% [2] - The total turnover on the main board reached HKD 324 billion, a 31.3% increase from the previous day, marking the first time since May 12 that it exceeded HKD 300 billion [2] Group 2: Trade Policy and Economic Sentiment - The U.S. government has delayed new reciprocal tariff measures until August 1, with adjustments to tariff rates for various countries, leading to increased market volatility [4] - The probability of Federal Reserve Chairman Jerome Powell resigning has risen from 14% to 19%, reflecting market sensitivity to political news [4] - Investors are advised to monitor upcoming CPI, PPI data, and bank earnings, which will guide market expectations regarding interest rate policies [4] Group 3: Company Analysis - Lianlian Digital (2598.HK) - Lianlian Digital is a digital payment service provider primarily serving small and medium-sized merchants, especially in the cross-border e-commerce sector, with a total of 5.9 million merchants served as of December 2024 [6] - The company holds 65 payment licenses and operates in over 100 countries, supporting transactions in more than 130 currencies [6] - The total payment volume (TPV) for the company is projected to reach HKD 3.3 trillion in 2024, a 65% year-on-year increase, with digital payment services accounting for 88% of total revenue [7] - The company has achieved profitability, with total revenue of HKD 1.31 billion in 2024, a 28% increase, and an adjusted net profit of HKD 79 million [7] - Lianlian Digital has obtained a Virtual Asset Trading Platform (VATP) license, allowing it to engage in regulated activities related to securities trading and automated trading services [8] - The company plans to issue a stablecoin, targeting cross-border trade payments, which could significantly enhance its service offerings [8]

Group 1: Regulatory Developments - Hong Kong Legislative Council passed the Stablecoin Regulation Draft on May 21, becoming the first region globally to issue licenses for fiat-backed stablecoins [1] - The US Senate is also advancing stablecoin legislation, indicating a growing regulatory focus on this area [1] Group 2: Company Developments - Lakala, a company holding 237 payment licenses, is the only private player in China connected to the CIPS system and the digital RMB cross-border channel [3] - Lakala has upgraded its 5 million POS machines to accept stablecoin payments [4] - There are rumors that JD.com plans to issue stablecoins in Hong Kong, with Lakala as a potential technical partner [5] Group 3: Market Reactions - Following Lakala's announcement of plans to list in Hong Kong on June 16, its stock price hit the daily limit up [6] - The company is being referred to as the "cross-border payment dragon" due to its ability to instantly convert 36 currencies and service over 100 countries [6] Group 4: Financial Performance - Lakala's 2024 revenue is projected at 5.759 billion, a decrease of 2.96% from the previous year, with net profit down 23.26% to 351 million [9] - The Q1 2025 net profit dropped to 101 million, indicating a significant decline [10] - Total transaction volume for 2024 is expected to be 42.2 trillion, down nearly 300 billion from 2023, with a notable decline in card transactions [10] Group 5: Business Transformation Challenges - Lakala's SaaS services added 10,000 stores with a 65% increase in transaction volume, but overall revenue from technology services is declining [11] - Credit card promotion revenue plummeted by 78%, negatively impacting the technology segment [11] Group 6: Future Prospects - If the Hong Kong license is obtained, stablecoin business could yield a gross margin of 68%, potentially contributing 400 million in revenue by 2025 [13] - Based on an 8x PS for cross-border business, the market value could increase by 3.2 billion [14] - The Central Bank's first public discussion on stablecoins occurred on June 18, with Lakala executives present, indicating significant interest in the sector [14]

Market Overview - On July 10, A-shares saw all three major indices rise collectively, with a total market turnover of 1.515 trillion yuan, a decrease of 12.4 billion yuan from the previous day, and over 2,900 stocks experienced gains [1] - Market hotspots focused on sectors such as silicon energy, real estate, rare earth permanent magnets, diversified finance, and weight loss drugs [1] Stock Performance - A total of 59 stocks hit the daily limit up, with 18 stocks achieving consecutive limit-ups, and 20 stocks failed to hit the limit, resulting in a limit-up rate of 75% (excluding ST and delisted stocks) [3] - Notable stocks included: - Shangwei New Materials: +20.02% [2] - Jinlian Software: +20.00% [2] - New City: +19.99% [2] - Huaxia Happiness: +10.22% [2] - Guanheng Pharmaceutical: +10.18% [2] Trading Dynamics - The top three net buying stocks on the Dragon and Tiger list were Zhongke Jincai, Jingao Technology, and Xiexin Integration, with net purchases of 312 million yuan, 182 million yuan, and 144 million yuan, respectively [5] - The top three net selling stocks were Jinyi Culture, Liren Lizhuang, and Xianda Shares, with net sales of 179 million yuan, 115 million yuan, and 109 million yuan, respectively [6] Sector Insights - Silicon Energy: Multiple silicon wafer companies raised their prices, with increases ranging from 8% to 11.7% [16] - Jingao Technology, a solar component manufacturer, reported a trading volume of 2.457 billion yuan and a turnover rate of 6.48%, with institutional net buying of 132 million yuan [12][17] - Xiexin Integration, which focuses on solar components and blockchain, also saw significant trading activity, with a turnover of 1.422 billion yuan and a turnover rate of 8.69% [18][21] Institutional Activity - Institutional buying was prominent in stocks like Zhongke Jincai and Jingao Technology, indicating strong interest in these companies [7][9] - Conversely, stocks like Kuaijingtong and New City saw significant institutional selling, reflecting a shift in investor sentiment [8][23] Conclusion - The market exhibited a robust performance with significant gains in various sectors, particularly in silicon energy and solar technology, driven by price adjustments and institutional interest. The trading dynamics suggest a healthy market environment with active participation from both retail and institutional investors.

Group 1 - Company has initiated an H-share placement to raise approximately HKD 40 billion for capital supplementation, fintech innovation, and general corporate purposes, marking its first equity financing since listing [1] - The placement involves 215 million H-shares, accounting for approximately 14.63% of the total share capital before placement and 12.76% after placement, with a placement price of HKD 18.25 per share, representing an 8.5% discount to the closing price on June 25 [1] - The expected net proceeds from the fundraising are approximately HKD 38.96 billion [1] Group 2 - The company's insurance premium growth is strong, with a 12.3% year-on-year increase in the first five months of 2025, outperforming the industry, driven by rapid growth in health and auto insurance [2] - The combined ratio (COR) for Q1 is reported at 94.1%, a decrease of 5.3 percentage points year-on-year, with a net profit of HKD 570 million, compared to a loss of HKD 90 million in the same period last year [2] - The company is actively involved in the stablecoin business in Hong Kong, holding approximately 20% of Yuan Coin Technology, which is one of the first institutions to enter the Hong Kong Monetary Authority's stablecoin issuance sandbox [2] Group 3 - The company is expected to see significant profit growth in H1 2025 due to a low base effect, with a net profit of only HKD 55 million in H1 2024, representing a 75% year-on-year decline [2] - As of the end of Q1 2025, the company's core and comprehensive solvency ratios are 214% and 220%, respectively, indicating stability [2] - The recent equity financing is anticipated to strengthen the company's capital position, supporting rapid growth in the insurance sector and ongoing investments in technology [2] Group 4 - The company is expected to maintain a competitive advantage in the internet insurance market, with significant growth potential from technology output and digital banking operations [3] - The profit forecasts for 2025-2027 project the company's net assets to be HKD 22.9 billion, HKD 24.3 billion, and HKD 26.1 billion, respectively, with current market capitalization corresponding to price-to-book (PB) ratios of 1.09, 1.03, and 0.96 for the same years [3] - The company maintains a "buy" rating based on its growth prospects [3]

Core Viewpoint - The stock price of ZhongAn Online P&C Insurance Co., Ltd. has surged due to the favorable regulatory environment for stablecoins in Hong Kong, but significant shareholder sell-offs are occurring simultaneously, indicating a complex capital market situation [1][2]. Group 1: Stock Performance - Following the passage of the Stablecoin Bill in Hong Kong on May 21, ZhongAn Insurance's stock price increased by over 65% from May to the latest closing date, reaching a year-high of 22.75 HKD on June 19 [1][3]. - The stock price doubled from its low in April, reflecting strong market sentiment and investor interest in the company's potential in the stablecoin sector [3]. Group 2: Shareholder Actions - Ant Group reduced its stake in ZhongAn Insurance by selling approximately 33.75 million H-shares for about 654 million HKD, decreasing its ownership from 10.37% to 7.63% [4]. - This was the second round of share reduction by Ant Group, which previously sold 46.54 million shares in January 2022, cashing out 1.188 billion HKD [4]. - Another shareholder, Youfu Holdings, also sold shares during the price surge, reducing its stake to approximately 4.585% [5]. Group 3: Capital Raising Initiatives - In response to the high stock price, ZhongAn Insurance announced a placement of H-shares on June 26, marking its first equity financing since going public [6]. - The company plans to issue approximately 215 million shares at a price of 18.25 HKD per share, aiming to raise around 39.24 billion HKD [6]. - The net proceeds from the placement will primarily be used to support funding needs, financial technology investments, and general corporate purposes [6]. Group 4: Business Fundamentals - In 2024, ZhongAn Insurance reported total premium income of 33.417 billion CNY, a year-on-year increase of 13.3%, ranking eighth in the domestic property insurance industry and first in the internet insurance market [7]. - The company is actively involved in the stablecoin business, with its bank, ZA Bank, being the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers [7][8]. - Analysts expect the ongoing stablecoin business trend to positively impact ZhongAn Insurance's long-term performance and short-term valuation [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has initiated an H-share placement to enhance its capital and support innovation in the fintech sector, marking its first equity financing since listing [7] - The placement involves 215 million H-shares, expected to raise nearly HKD 4 billion, with a placement price of HKD 18.25 per share, representing an 8.5% discount to the closing price on June 25 [7] - The company's core business in property and casualty insurance shows positive trends, with a 12.3% year-on-year growth in premiums for the first five months of 2025, outperforming the industry [7] - The company is actively involved in the stablecoin business in Hong Kong, holding approximately 20% equity in a stablecoin technology firm, which is beneficial for long-term performance growth [7] - The low base effect from 2024 is expected to lead to significant profit growth in the first half of 2025, supported by the recent equity financing [7] - The report forecasts substantial growth in net profit for 2025-2027, with projected net assets of RMB 229 billion, RMB 243 billion, and RMB 261 billion respectively, and a corresponding price-to-book (P/B) ratio of 1.09, 1.03, and 0.96 [7] Financial Summary - Total revenue is projected to grow from RMB 27,535 million in 2023 to RMB 48,506 million by 2027, with a compound annual growth rate (CAGR) of approximately 14.82% [1] - The net profit attributable to shareholders is expected to recover from a loss in 2024 to RMB 1,574 million by 2027, reflecting a significant turnaround [1] - The company's book value per share is anticipated to increase from RMB 13.66 in 2023 to RMB 17.78 in 2027 [1] - The current market capitalization is approximately HKD 25,848 million, with a price-to-book ratio of 1.28 [5]

Investment Rating - The report does not provide a specific investment rating for the company [7] Core Insights - The company is a digital payment service provider that is expected to benefit from the implementation of stablecoin regulations in Hong Kong, which will take effect on August 1, 2023 [1] - The company has achieved profitability, with total revenue of 1.31 billion RMB in 2024, a year-on-year increase of 28%, and a net profit of 79 million RMB [3][11] - The company plans to apply for stablecoin issuance in Q4 2024, targeting cross-border trade payments [4] Summary by Sections Company Overview - The company primarily offers digital payment solutions, including payment collection, remittance, virtual cards, and aggregated payments, mainly serving small and medium-sized enterprises, particularly in the cross-border e-commerce sector [2] - As of December 2024, the company has served 5.9 million merchants and holds 65 payment licenses across various jurisdictions [2] Financial Performance - In 2024, the company's total transaction volume (TPV) is projected to reach 3.3 trillion RMB, representing a year-on-year growth of 65% [2] - The digital payment service revenue is expected to account for 88% of total revenue, with global payments contributing 70% of digital payment revenue [2][11] - The gross profit margin for 2024 is estimated at 52%, with a gross profit of 683 million RMB [3][11] Business Developments - The company has obtained a Virtual Asset Trading Platform (VATP) license, allowing it to conduct regulated activities under Hong Kong's Securities and Futures Ordinance [3][12] - The company is also involved in clearing services through a joint venture established with American Express, holding one of the three available clearing licenses in China [4] Market Position and Valuation - The company's current price-to-sales (P/S) ratio is 6.2x for 2025E and 5.1x for 2026E, compared to the average P/S ratios of 7.5x for overseas digital payment companies [5][13] - The company has a market capitalization of approximately 10.74 billion HKD [7]