Core Viewpoint - Jieli Trading Treasure (08017) has announced a share placement plan to raise approximately HKD 93.1 million, which will be used to strengthen its subsidiary's capital base and support business expansion [1] Group 1: Share Placement Details - The company plans to place a total of 70 million shares, representing about 9.33% of the enlarged issued share capital after the placement [1] - The placement price is set at HKD 1.33 per share, which is approximately 14.19% lower than the closing price of HKD 1.55 on November 10 [1] - The estimated net proceeds from the placement will be around HKD 92.02 million [1] Group 2: Use of Proceeds - The net proceeds will be injected into the subsidiary TradeGo Markets Limited (TGM) to strengthen its capital base and support business development [1] - The funds will also enhance TGM's ability to provide initial public offering financing services to clients [1] - Additionally, the company plans to invest in the development of a virtual asset trading system, tentatively named "VirtuTrade Pro," to meet potential trading demands from existing clients [1]

Core Viewpoint - Jieli Trading (08017) announced a share placement plan to raise approximately HKD 93.1 million, with the proceeds aimed at strengthening its subsidiary TradeGo Markets Limited's capital base and supporting business expansion [1] Group 1: Share Placement Details - The company plans to place a total of 70 million shares, representing about 9.33% of the enlarged issued share capital post-placement [1] - The placement price is set at HKD 1.33 per share, which is approximately 14.19% lower than the closing price of HKD 1.55 on November 10 [1] - If all shares are fully placed and issued, the total proceeds from the placement will amount to HKD 93.1 million, with estimated net proceeds of approximately HKD 92.02 million [1] Group 2: Use of Proceeds - The net proceeds from the placement will be used to inject capital into TradeGo Markets Limited to solidify its capital foundation and support business development [1] - The funds will also enhance TradeGo's capacity to provide initial public offering financing services to clients [1] - Additionally, the company plans to invest in the development of a virtual asset trading system, tentatively named "VirtuTrade Pro," to meet potential trading demands from existing clients [1]

Core Viewpoint - The company plans to place 70 million new shares, representing approximately 9.33% of the total share capital post-placement, at a price of HKD 1.33 per share, which is a discount of about 14.19% compared to the closing price of HKD 1.55 on the day of the announcement [1] Fundraising Details - The total amount expected to be raised from the placement is HKD 93.1 million, with a net amount of approximately HKD 92.02 million [1] - The net proceeds will be used to inject capital into the subsidiary TradeGo Markets Limited (TGM) to strengthen its capital base and support business development [1] Business Development Plans - The company aims to increase TGM's funding reserves for providing initial public offering financing services to clients, enhancing service capabilities [1] - Investment will also be made to develop a virtual asset trading system to meet the potential trading needs of existing customers [1]

Core Viewpoint - The company, Jieli Trading (08017.HK), has entered into a placement agreement with Guotai Junan International to issue 70 million shares at a price of HKD 1.33 per share, representing approximately 10.29% of the current issued share capital [1][2] Group 1 - The total proceeds from the placement, if fully subscribed, will amount to HKD 93.1 million, with estimated net proceeds of approximately HKD 92.02 million [2] - The net proceeds are intended to be used for injecting capital into the subsidiary TradeGo Markets Limited (TGM) to strengthen its capital base and support business expansion [2] - Additional uses of the proceeds include increasing TGM's funding reserves for initial public offering financing services and investing in the development of a virtual asset trading system named "VirtuTrade Pro" to meet potential trading demands from existing clients [2]

Core Viewpoint - The company, Jieli Trading (08017), plans to issue a total of 70 million shares at a price of HKD 1.33 per share, representing a discount of approximately 14.19% from the closing price of HKD 1.55 on November 10, 2025 [1] Group 1: Share Placement Details - The share placement will account for about 9.33% of the company's enlarged issued share capital after the completion of the placement [1] - The total proceeds from the placement are expected to be HKD 93.1 million, with a net amount estimated at approximately HKD 92.02 million after expenses [1] Group 2: Use of Proceeds - The net proceeds from the placement will be used to inject capital into the company's subsidiary, TradeGo Markets Limited (TGM), to strengthen its capital base and support business expansion [1] - Additional funds will be allocated to enhance TGM's capacity to provide initial public offering financing services to clients, thereby improving customer service capabilities [1] - The company plans to invest in the development of a virtual asset trading system, tentatively named "VirtuTrade Pro," to prepare for potential trading demands from existing clients [1]

Core Viewpoint - The company plans to issue a total of 70 million placement shares, representing approximately 9.33% of the enlarged issued share capital after the placement [1] Group 1: Placement Details - The placement price is set at HKD 1.33 per share, which is a discount of about 14.19% compared to the closing price of HKD 1.55 on November 10 [1] - If all placement shares are fully placed and issued, the total proceeds from the placement will amount to HKD 93.1 million, with the estimated net proceeds being approximately HKD 92.02 million [1] Group 2: Use of Proceeds - The net proceeds from the placement are intended to be used for: 1. Injecting capital into the company's subsidiary, TradeGo Markets Limited (TGM), to strengthen its capital base and support business expansion and development [1] 2. Increasing TGM's funding reserves for providing initial public offering financing services to clients, enhancing its customer service capabilities [1] 3. Investing in the development of a virtual asset trading system, tentatively named "VirtuTrade Pro," to prepare for potential trading demands from existing clients [1]

Summary of Multi-Point Intelligence Conference Call Company Overview - Multi-Point Intelligence focuses on AI retail core solutions and AI value-added services, with the former being a SaaS system covering the entire retail chain and the latter including smart loss prevention, cash register, and remote monitoring services. Since 2022, these two business segments have contributed equally to revenue [2][3][4]. Financial Performance - In the first half of 2025, the company reported revenue of 1.08 billion RMB, a year-on-year increase of 15%, with a net profit of 62 million RMB. After excluding employee costs, the net profit was 77 million RMB [2][4]. - The revenue from Wumart and other related parties accounted for 73% of the company's income in the first half of 2025 [3][11]. Competitive Advantages - Multi-Point Intelligence's core competitive advantage lies in its focus on the retail industry, providing comprehensive solutions that break down data silos and achieve data integration, outperforming large foreign systems like SAP and Oracle, as well as regional domestic suppliers [2][5]. Future Growth Projections - The company anticipates a revenue growth rate of 15% to 20% over the next two to three years. It has signed a contract with Singapore's POST OFFICE, expected to generate annual revenue in the tens of millions RMB range. Ongoing negotiations with key domestic clients are also in progress [2][6]. Virtual Asset Trading Initiatives - Multi-Point Intelligence is actively expanding into virtual asset trading, applying for a stablecoin issuance license to better serve overseas clients like Dell and Samsung, enhancing payment convenience [7][8]. - Plans include acquiring a Hong Kong company with brokerage and asset management licenses, and collaborating with Circle to test the Arc public chain, which is faster and more secure than Ethereum. This will allow for more transactions using USDC [8][9]. AI Technology Applications - AI technology is applied in various areas to enhance retail service effectiveness, including rapid scanning and extraction of product information, precise marketing based on consumer behavior analysis, and improved logistics efficiency through transportation management systems [10]. - The company has launched an independent AI module, the remote monitoring system, which has been implemented in over 500 convenience stores, generating revenue through a 6% commission on nighttime sales [10]. Business Model Sustainability - The recent increase in the cooperation agreement limit with Wumart is due to the ability to charge for new retail services, ensuring the sustainability of the business model. The company plans to charge third parties for these services in the future [11].

Core Viewpoint - Jieli Trading Treasure (8017.HK) reported significant growth in its interim results for the six months ending September 30, 2025, achieving a revenue of HKD 81.06 million, a year-on-year increase of 110%, and a net profit of HKD 35.66 million, soaring 596% year-on-year, indicating strong growth momentum and financial quality [1][2]. Financial Performance - The company’s revenue sources include front-end trading system services, market data services, SaaS services, and licensed financial services. The SaaS business generated HKD 20.41 million, up 52% year-on-year, while licensed financial services contributed HKD 44.91 million, accounting for 55% of total revenue [2]. - Direct costs increased by 53.7% to HKD 10.26 million, significantly lower than the revenue growth rate of 110.4%. R&D expenses rose by 7% to HKD 6.68 million, focusing on AI trading systems and platform upgrades [7]. - The company’s total assets reached HKD 388.5 million, a 104% increase year-on-year, while net assets grew by 152% to HKD 341.7 million. Cash and cash equivalents amounted to HKD 222.8 million, up 111% [7]. Market Environment - The Hong Kong stock market has shown high activity, with an average daily turnover of HKD 256.4 billion, a 126% increase year-on-year. The IPO market raised over HKD 210 billion, leading globally, while refinancing exceeded HKD 290 billion [8]. - Jieli Trading Treasure is positioned to capitalize on this favorable market environment, with significant breakthroughs in business innovation and strategic transformation [8]. Strategic Developments - The company launched the "Deep Trade AI Agent" trading system in the first half of 2025, enhancing platform functionality and promoting synergy between fintech and licensed operations [8]. - Plans to upgrade to a Type 1 license for virtual asset trading services have been submitted to the Hong Kong Securities and Futures Commission [8]. - The company aims to submit an application to transition from GEM to the main board in the first half of 2026 to enhance liquidity, valuation, and brand image [8][9]. Shareholder Structure - The total number of shares increased from 600 million to 680 million, with institutional investor ownership rising from 35.3% to 37.1%. The number of shareholders grew from 838 to 2,172, indicating a more diversified and international shareholder base [9]. - The company’s stock price has surged over six times this year, and its current dynamic P/E ratio is below 11 times, making it attractive compared to peers [9][10].

Core Viewpoint - Multi-Point Intelligent (02586) shares rose over 4%, currently up 4.61% at HKD 9.99, with a trading volume of HKD 11.8024 million. The company announced a non-binding letter of intent for the potential acquisition of 100% equity in two licensed corporations under the Securities and Futures Ordinance in Hong Kong [1] Summary by Relevant Sections - **Acquisition Potential** - The company has submitted a non-binding letter of intent regarding the potential acquisition of two licensed corporations under the Securities and Futures Ordinance [1] - One target company is licensed for regulated activities under Class 4 (advising on securities), Class 5 (advising on futures contracts), and Class 9 (asset management), while the other holds a Class 1 (dealing in securities) license [1] - **Strategic Implications** - The potential acquisition is expected to enable the company to quickly enter the regulated financial services sector [1] - It lays the groundwork for upgrading licenses in Class 1 (dealing in securities), Class 4 (advising on securities), and Class 9 (asset management) to provide virtual asset trading services [1] - The acquisition aligns with the company's goal to build an innovative model that integrates "retail scenarios + real-world assets (RWA)" [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][10]. Core Insights - The company is the largest independent digital payment solution provider in China, offering digital payment and value-added services to global traders. It has obtained 65 licenses globally, covering key markets including mainland China, Hong Kong, Singapore, the US, the UK, Thailand, Luxembourg, and Indonesia [6][18]. - The digital payment market is rapidly growing due to globalization and the trend of cross-border e-commerce, with a compound annual growth rate (CAGR) of 13.7% for China's cross-border e-commerce imports and exports from 2020 to 2024 [6][42]. - The company's revenue primarily comes from global payment services, with cross-border payment contributing about 60% of its income. The fee rates for cross-border payments are expected to remain stable, while domestic payment rates are lower due to competition [6][9]. - The company has seen significant growth in its value-added services, which include digital marketing and operational support, with revenue from digital marketing rapidly increasing from 3.76 million in 2021 to 79.08 million in 2023 [6][50]. - The strategic sale of shares in a joint venture has positively impacted the company's performance, with a reported gain of approximately 2 billion RMB in the first half of 2025 [6][34]. Summary by Sections Company Overview - The company was established in 2009 and has focused on digital payment services, obtaining various licenses to expand its global footprint. It has a strong management team with extensive experience in finance and technology [18][24]. Market Performance - As of October 10, 2025, the company's closing price was HKD 8.67, with a market capitalization of approximately HKD 9.69 billion. The asset-liability ratio stands at 86.32% [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1.7 billion, 2.2 billion, and 2.7 billion RMB, with corresponding growth rates of 29.3%, 29.6%, and 22.7% [9][12]. - The net profit for 2025 is projected to be 1.456 billion RMB, with a significant increase from previous years [9][12]. Competitive Landscape - The cross-border payment industry is characterized by a few dominant players, with the company being the only Chinese firm holding payment licenses in all US states. The competitive landscape includes companies like Payoneer and Airwallex, each with unique strengths [53][57]. Strategic Developments - The company has received a VATP license in Hong Kong, which is expected to enhance its business capabilities in virtual asset trading and improve cross-border payment efficiency [9][10].