Core Viewpoint - The launch of the Pandu Ether ETF on December 3 marks a significant expansion of Pandu Limited's product offerings in the virtual asset sector, showcasing its expertise and innovation in digital assets [1][2] Group 1: Product Details - The Pandu Ether ETF (03085) will be listed on the Hong Kong Stock Exchange and is designed to provide direct exposure to Ether by investing directly in Ether and tracking the CME CF Ether-Dollar Index (Asia-Pacific closing price) [1] - The ETF employs a passive management strategy, investing no more than 100% of its net asset value in Ether without engaging in pledging or other financial derivatives [1] - Investors in Hong Kong can trade the ETF through existing securities accounts, with options for cash or physical redemption [1] Group 2: Company Positioning - The launch of the Ether ETF enhances Pandu's product matrix in the virtual asset space, reinforcing its market leadership and commitment to providing diversified and compliant investment solutions [2] - Pandu Limited holds licenses from the Hong Kong Securities and Futures Commission for categories 1, 4, and 9, and has public fund qualifications, indicating its robust regulatory compliance and experience in managing digital assets [1]

Core Viewpoint - The update from Valve on October 23, 2025, led to a significant crash in the CS2 virtual item market, resulting in an estimated loss of nearly $2 billion in value within hours, highlighting the inherent risks of investing in virtual goods controlled by game developers [1][2][4]. Group 1: Market Dynamics - The CS2 virtual item market was previously valued at nearly $6 billion, evolving into a complex speculative arena beyond mere gaming items [2]. - Valve's design of scarcity, with a mere 0.26% chance of obtaining top-tier items, created a luxury-like value for rare items, leading to prices reaching tens of thousands of RMB in secondary markets [2][4]. - A robust third-party trading market emerged, with players analyzing item price trends akin to stock trading, further intensifying speculative behavior [2]. Group 2: Risk Factors - The artificial scarcity of virtual items, controlled entirely by the game developer, poses a fundamental risk, as opposed to natural scarcity found in physical assets like gold [3]. - The update on October 23 allowed players to create top-tier items through a "Trade-Up Contract," fundamentally altering the supply logic and leading to a collapse in perceived value [4]. - The sudden increase in supply led to panic selling among holders of top-tier items, resulting in a price crash and a dramatic rise in the value of the materials used for crafting [4]. Group 3: Investor Behavior - Many young investors, drawn by the narrative of high returns and low entry barriers, lacked awareness of the true risks associated with virtual asset investments [5]. - The CS2 market upheaval serves as a cautionary lesson about the dangers of treating virtual items as investment vehicles rather than entertainment products [6]. - Game companies hold the ultimate power to modify rules and supply, which can lead to abrupt changes in market dynamics, emphasizing the speculative nature of virtual goods [6].

Core Viewpoint - The recent update by Valve for Counter-Strike 2 has drastically altered the in-game item market, leading to a significant drop in the value of virtual assets, with the market losing nearly $20 billion in a single day due to changes in the item synthesis system [5][8][23]. Group 1: Market Impact - The update introduced a new synthesis system allowing players to convert common skins into knives or gloves, significantly lowering the cost and accessibility of rare items [5][6]. - Following the update, the price of high-value items plummeted, with the Karambit Doppler dropping from over $2,700 to $1,100, and the Butterfly Knife from 30,000 yuan to 7,800 yuan [7][8]. - The CS2 item index fell by 28% in one day, from 2,858.94 to 1,258.79 points, reflecting a market valuation drop from approximately $59 billion to $42 billion [8][9]. Group 2: Player Reactions - Professional speculators, referred to as "倒狗," faced significant losses, with some reporting losses exceeding 1 million yuan, leading to a withdrawal from the item trading market [9][12]. - While speculators lamented the changes, regular players expressed excitement over the new synthesis opportunities, as the barrier to obtaining desirable items was significantly lowered [12][14]. Group 3: Economic Dynamics - The update has created a divide in the market, with the value of red skins increasing as they became essential for synthesis, with prices rising from 10 yuan to 160 yuan [14][18]. - The game has a large player base, with peak concurrent players reaching 1.86 million, and daily active users ranging from 600,000 to 1.5 million, contributing to the high demand for in-game items [17][18]. Group 4: Vulnerability of Virtual Assets - The volatility of the item market is highlighted by the fact that its value is entirely dependent on Valve's rules, which can be changed with a simple announcement [23][24]. - The value of CS2 items relies on player consensus and continuous influx of new users, lacking any backing from the real economy, making it susceptible to drastic price drops [23][24]. Group 5: Valve's Strategic Intent - There are speculations that Valve's changes aim to refocus player attention on gameplay rather than item trading, potentially reducing the financialization of in-game items [26][27]. - Another theory suggests that Valve seeks to reclaim control over item pricing, as the changes could increase box sales and transaction frequency, allowing the company to benefit from both sales and market fees [27][28].

Core Viewpoint - The company, Zhiyun International Holdings (08521), has established a Bitcoin account through its wholly-owned subsidiary, Zhiyun Kuangshi Limited, as part of its development in cloud computing and internet traffic services [1] Group 1: Bitcoin Acquisition - The subsidiary has purchased over one Bitcoin at an average price of approximately USD 118,000 (equivalent to HKD 918,000) [1] - The purchase does not constitute a transaction requiring disclosure under the GEM Listing Rules of the Hong Kong Stock Exchange, as all applicable percentage ratios are below 5% [1] Group 2: Investment Committee - An investment committee has been established by the board to enhance operational efficiency and strengthen investment decision-making and risk management processes, particularly regarding the company's strategic focus on cryptocurrencies and related technologies [1] - The investment committee's responsibilities include reviewing and proposing appropriate transactions involving virtual assets and strategies for managing these assets to minimize potential risks associated with holding such assets [1] - The committee will also evaluate, approve, and provide recommendations on various risks proposed by the company's management team [1]

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告內容不承擔 任 何 責 任，不 對 本 公 告 的 準 確 性 或 完 整 性 作 任 何 陳 述，並 明 確 否 認 對 任 何 損 失 承 擔 任 何 責 任。無 論 如 何 產 生 或 依 賴 於 本 公 告 的 全 部 或 部 分 內 容。 WEBX INTERNATIONAL HOLDINGS COMPANY LIMITED 智雲國際控股有限公司 （於開曼群島註冊成立之有限公司） 於 上 述 購 買 之 前，董 事 會 已 成 立 投 資 委 員 會（「投資委員會」），旨 在 提 升 營 運 效 率，加 強 投 資 決 策 和 風 險 管 理 流 程，尤 其 考 慮 到 集 團 對 加 密 貨 幣 及 相 關 技 術 的 戰 略 重 點。投 資 委 員 會 的 任 務 是 審 查 並 向 董 事 會 提 出 涉 及 虛 擬 資 產 的 適 當 交 易 以 及 管 理 這 些 資 產 的 策 略，以 最 大 程 度 地 降 低 持 有 相 關 虛 擬 資 產 的 潛 在 風 險。此 外，投 資 委 員 會 還 將 評 估、批 准 並 就 集 團 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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的任何損失承擔任何責任。 （股份代號：1328） 自願公告 虛擬資產持有量 本公告乃由金涌投資有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出， 以通知本公司股東及潛在投資者有關本公司最近期之業務發展。茲提述本公司日期為 2025年7月28日內容有關虛擬資產投資計劃的公告。 虛擬資產持有量 本公司（「董事」）會（「董事會」）謹此告知本公司股東及潛在投資者，截至本公告日期， 本集團持有527.2048個以太幣，總成本約1,958,518.70美元，每個以太幣的平均成本約為 3,714.91美元。 –1– GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） 主席 趙令歡先生 香港，2025年8月8日 於本公告日期，董事會由兩位執行董事，分別為趙令歡先生（主席）及高子奇先生（首席執 行官）；一位非執行董事，為譚仕英先生；以及四位獨立非執行董事，分別為靳慶軍先 生、李 ...

Core Viewpoint - The article discusses the rise of decentralized finance (DeFi) investment platforms in China, highlighting the risks associated with these platforms that often promise high returns but lack legal financial qualifications [5][6][22]. Group 1: DeFi Investment Platforms - A training session on DeFi module structure was held online by an organization named "ARK," with approximately 400 participants [1][2]. - The organization is promoting a blockchain investment project that will launch in mid-August, encouraging investors to use the "TokenPocket" app to access decentralized applications (DApps) [3][4]. - Various platforms are using terms like blockchain, smart contracts, and DeFi to attract investors, with some claiming annual returns as high as 540% [4][5]. Group 2: Investment Models and Returns - The investment models often involve accessing DApps through the TokenPocket app, where investors can register wallets and purchase Bitcoin for trading [4]. - For example, an investment of 6,100 USDT could yield returns of 2,624 USDT in one month, while an investment of 22,250 USDT could yield 10,530 USDT in the same period [8]. - Platforms like AID and VAX offer various investment options with claimed annual returns ranging from 180% to 540% [11][15]. Group 3: Legal and Regulatory Concerns - Legal experts indicate that many of these platforms operate without the necessary financial licenses, making them potentially illegal under current regulations [5][6][22]. - The promotion of high-return, low-risk investment schemes through social media and offline meetings often aligns with illegal fundraising activities [6][24]. - Recent warnings from local financial regulatory bodies highlight the risks associated with stablecoins and virtual asset investments, emphasizing the potential for fraud and illegal fundraising [7][25].

Core Viewpoint - The article highlights the risks associated with virtual asset investment projects that promise high returns with low risk, often using deceptive marketing tactics and technology to mask their illegitimacy [1][7][19]. Group 1: Nature of Investment Projects - Many fraudulent projects disguise themselves under terms like "DeFi decentralized finance," "DApp finance," and "stablecoin mining," which essentially involve fundraising and rebate activities while obscuring risks with technological jargon [3][19]. - Investment platforms often promote high annualized returns, with some claiming rates as high as 540%, and utilize social media and offline meetings to attract investors [6][14]. Group 2: Legal and Regulatory Concerns - From a legal perspective, investors must be cautious and responsible for their civil legal actions, as many of these virtual asset investment projects lack legitimate financial qualifications and regulatory approval [4][7]. - Recent warnings from local financial management authorities in cities like Beijing and Zhejiang have highlighted the risks associated with stablecoins and virtual asset investments, indicating a growing concern over illegal financial activities [7][26][27]. Group 3: Investment Models and Returns - The article describes various investment models, such as those requiring the use of specific apps like "TokenPocket" to access decentralized applications (DApps), with some platforms offering returns based on complex referral and team-building structures [10][11][18]. - For instance, one platform offers a return of 2624 USDT for a 6100 USDT investment over one month, showcasing the exaggerated profit claims that are often used to lure investors [9]. Group 4: Criminal Risks - Participation in these investment schemes can lead to criminal risks, including potential charges of illegal fundraising or pyramid schemes, regardless of the investor's intent [24][27]. - The article emphasizes that even if individuals do not have criminal intent, involvement in such projects can result in legal repercussions due to the nature of the fundraising activities [26][27].

Core Viewpoint - The articles highlight the emergence of decentralized finance (DeFi) investment platforms that utilize blockchain technology, but they also raise concerns about the legality and risks associated with these platforms, particularly regarding high promised returns and the potential for fraud [1][2][3]. Group 1: Investment Platforms and Models - A training session on DeFi investment was conducted by an organization named "ARK," promoting a blockchain investment project set to launch in mid-August [1]. - Investors are encouraged to use the "TokenPocket" app to access decentralized applications (DApps) for trading cryptocurrencies, with some platforms claiming annual returns as high as 540% [2]. - The investment models often involve high promised returns, with examples showing potential returns of 2624U to 468379U based on different investment periods and amounts [4]. Group 2: Legal and Regulatory Concerns - Legal experts indicate that many of these virtual asset investment projects lack proper financial qualifications and may violate existing regulations, especially if they promise high returns without appropriate licenses [2][3]. - The promotion of these projects through social media and offline meetings often aligns with illegal fundraising activities, potentially leading to criminal charges such as fraud or pyramid schemes [3][20]. - Recent warnings from local financial regulatory bodies in various regions highlight the risks associated with stablecoins and other virtual assets, emphasizing the potential for illegal financial activities [22]. Group 3: Participant Experiences and Risks - Participants in these investment platforms often report high returns, but there are significant risks involved, including the potential for loss of funds and legal repercussions for engaging in illegal fundraising [19][21]. - The structure of these platforms often encourages recruitment of new investors, which can resemble pyramid schemes, further complicating the legal landscape [15][18]. - Investors are advised to conduct thorough research and be cautious of projects that promise unrealistic returns, as many of these may be fraudulent [23].

Core Viewpoint - The article discusses the rise of decentralized finance (DeFi) investment platforms in China, highlighting the risks associated with these platforms that often promise high returns but lack legal financial qualifications [2][3][4]. Group 1: Investment Platforms and Models - A training session for a DeFi investment project named "ARK" attracted around 400 participants, promoting the use of the "TokenPocket" app for accessing decentralized applications (DApps) [2]. - Investment models include accessing DApps via the TokenPocket app, with some platforms claiming annual returns as high as 540% [3]. - The "ARK" project offers various investment terms, with potential returns for an initial investment of 6,100 USDT reaching up to 468,379 USDT over one year [5]. Group 2: Marketing and Promotion Tactics - Platforms utilize social media and offline meetings to promote high-yield investment opportunities, often using phrases like "stable operation" and "quick return" to attract investors [3][4]. - The promotion of these projects often involves encouraging participants to invite others, creating a multi-level marketing structure that can resemble illegal fundraising activities [4][18]. Group 3: Legal and Regulatory Concerns - Legal experts indicate that many of these virtual asset investment projects lack the necessary financial licenses and may constitute illegal fundraising or fraud [4][24]. - Recent warnings from local financial regulatory bodies in cities like Beijing and Zhejiang highlight the risks associated with stablecoins and other virtual asset investments [25][24]. Group 4: Specific Platforms and Their Operations - The AID platform claims a daily return of approximately 0.45%, with a monthly yield of 13% to 15% [6]. - The VAX platform offers diverse investment options with annual returns ranging from 180% to 540% across different segments [9]. - The "Global Investment Group" platform operates similarly to previous schemes, using a chat application to disseminate trading signals to investors [20][21]. Group 5: Historical Context and Comparisons - The article references the "Xinkangjia" platform, which abruptly ceased operations, highlighting the risks of similar investment schemes that promise unrealistic returns [22]. - The ongoing trend of using DeFi and blockchain terminology to mask fraudulent activities is noted, with many projects failing to adhere to legitimate decentralized finance principles [19][23].