自2024年参与Ensemble项目沙盒以来，蚂蚁国际通过自主研发的下一代企业财资管理平台Whale"鲸"， 与渣打银行、汇丰银行合作推进"流动性管理"主题的两大用例。 智通财经APP获悉，蚂蚁国际宣布正式加入香港金管局Ensemble项目的架构工作小组，持续推动香港通 证化生态系统更广阔发展。作为工作小组中的金融科技企业成员，蚂蚁国际将与香港金管局及业界领先 伙伴深化合作，深入参与制定行业标准，并加速通证化市场发展。 香港金管局日前宣布推出EnsembleTX标志Ensemble项目迈入新阶段，将推动项目从沙盒实验阶段迈向 试点环境的真实市场应用。通过EnsembleTX平台，蚂蚁国际将持续拓展与银行及其他参与企业合作， 推动通证化技术在实时全球流动性管理领域的实际应用。日前，蚂蚁国际经已率先通过EnsembleTX互 通平台支持完成首笔港元跨行转帐，成为EnsembleTX平台上的首笔实时交易。 ...

Group 1: Company Overview - Citibank hosted its 2025 China Summit and reaffirmed a "Buy" rating for Fosun International, raising the target price to HKD 6.5, reflecting confidence in the company's strategic focus on core businesses and global expansion [1] - Multiple domestic and international brokerages maintain a "Buy" or "Overweight" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, indicating strong market sentiment towards the company's resilience and innovation potential [1] Group 2: Health Sector - Fosun's health segment is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - The insurance segment, exemplified by Fidelidade, is projected to achieve steady growth with a 12.7% year-on-year increase in insurance revenue and a net profit of EUR 253 million, maintaining a strong market position [2] Group 3: Tourism and Consumption - During the 2025 National Day and Mid-Autumn Festival, Fosun's tourism sector saw significant visitor numbers, with Club Med resorts reporting a 36% year-on-year increase in total revenue and a 213% surge in inbound tourists [3] - The consumption sector is undergoing strategic adjustments, with expectations for recovery in core businesses, particularly in jewelry, as market conditions improve and global expansion deepens [3] Group 4: Asset Management and Fintech - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, emerging as a leading player in Hong Kong's fintech market, focusing on AI-driven wealth technology [4] - The company is advancing into the virtual asset market with the FinRWA Platform, providing compliant Web3 access services and launching several innovative projects, including the first tokenized fund in Hong Kong [4]

Group 1: Core Business Strategy - Citibank hosted its 2025 China Summit and reiterated a "Buy" rating for Fosun International, raising the target price to HKD 6.5, highlighting the company's focus on core business and global expansion [1] - Fosun is committed to optimizing its financial structure, with a strong determination to reduce leverage and dispose of non-core assets, which is expected to enhance financial stability and focus on core operations [1][2] - Multiple domestic and international brokerages maintain a "Buy" or "Increase" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, reflecting confidence in the company's business resilience and innovation [1] Group 2: Health Sector Innovations - Fosun's health sector is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - Another innovative drug, HLX43, is undergoing clinical research in various countries and has the potential to become a highly effective and safe broad-spectrum anti-cancer drug [2] Group 3: Tourism and Consumer Sectors - During the 2025 National Day and Mid-Autumn Festival, the Taicang Alps International Resort received over 50,000 visitors, and Club Med resorts saw a nearly 10% increase in average daily room rates [3] - The consumer sector is adjusting strategies, with expectations for growth in the jewelry segment, as indicated by the resilience of Fosun's consumer business [3] Group 4: Asset Management and Fintech Innovations - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, becoming a leading fintech company in Hong Kong, focusing on AI-driven wealth technology [4] - Xinglu Technology has launched the FinRWA Platform, providing compliant and efficient Web3 access services, and has been recognized as a key enterprise by the Hong Kong government [4] - Brokerages express optimism about Fosun's core industries and its focus on technological innovation, which is expected to enhance its long-term growth potential [4]

Core Insights - Hong Kong's Securities and Futures Commission (SFC) is shifting its regulatory approach for virtual assets from a "safety closed-loop" model to a more open "safety connection" model, while maintaining a 99.5% safety threshold for traditional finance [1][2][3] - The SFC's new initiatives, such as the "global order book" and "accelerator program," aim to enhance liquidity and innovation efficiency in the virtual asset market [1][3][8] Regulatory Philosophy - The SFC emphasizes the importance of the "99.5% principle," which prioritizes the stability of traditional finance over the emerging virtual asset sector [2][4] - The regulatory approach is evolving from "rule-based" to "principle-based" to better manage the risks associated with increased openness in the market [4][5] Market Connectivity - The SFC acknowledges past limitations in creating a "closed-loop" environment that restricted liquidity and competitiveness, leading to the introduction of a "global order book" to connect with international markets [3][6] - The SFC's recent circular allows authorized virtual asset trading platforms (VATPs) in Hong Kong to share a global order book with their overseas affiliates, marking a significant step towards global connectivity [3][6] Licensing and Innovation - The SFC is committed to a thorough licensing process, prioritizing quality over speed, which has led to a slower approval rate for new applications [6][8] - The SFC is also focusing on "tokenization," recognizing the slow progress in this area and emphasizing the need for market-driven innovation rather than regulatory imposition [7][8] Future Strategies - The SFC has outlined three key accelerators: expediting license issuance, launching an accelerator program to bridge regulatory and market needs, and leveraging regulatory technology to mitigate risks [8] - The SFC aims to complete its "ASPIre" roadmap, which includes expanding regulations to cover virtual asset derivatives and lending, ensuring comprehensive oversight of the ecosystem [8]

Core Viewpoint - The strategic cooperation memorandum between Zhaojin Mining and Ant Group's SigmaLayer aims to explore innovative applications in the gold industry through digitalization, tokenization, AI, and ESG initiatives [1] Group 1: Strategic Cooperation - Zhaojin Mining's Hong Kong subsidiary has signed a strategic cooperation memorandum with Ant Group's SigmaLayer Company Limited during the Hong Kong FinTech Week [1] - The cooperation will leverage Ant Group's core technologies in blockchain and artificial intelligence [1] Group 2: Focus Areas of Collaboration - The initial phase of collaboration will focus on three main areas: 1. Digitalization and tokenization of overseas gold assets 2. AI-driven intelligent supply chain and risk control systems 3. Trustworthy value transmission in sustainability and ESG [1] Group 3: Goals and Future Plans - The partnership aims to enhance transparency, efficiency, and credibility in the gold industry, setting a new benchmark for digital transformation [1] - Both parties plan to continuously explore more innovative scenarios to promote the evolution of the gold industry towards intelligence and sustainability [1]

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，概不對因本公告全部 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。 （於百慕達註冊成立之有限公司） （股份代號：328） 網址︰ http://www.alco.com.hk 自願公告 合作諒解備忘錄 本公告乃由Alco Holdings Limited（「本公司」，連同其附屬公司統稱為「本集團」）按 自 願 性 基 準 作 出 ， 以 將 本 集 團 業 務 發 展 之 最 新 消 息 告 知 本 公 司 股 東 及 潛 在 投 資 者。 合作諒解備忘錄 本公司董事會（「董事會」）欣然宣佈，於2025 年9月17 日（ 收市後 ），本公司間接全 資附屬公司深圳愛高創科控股有限公司與深圳國英潛豐投資控股有限公司（「國英 潛豐」）簽署訂立一份合作諒解備忘錄（「諒解備忘錄」）。 根據諒解備忘錄，訂約方達成共同於現實世界資產（「RWA」）及區塊鏈技術上進行 戰略合作，以推動自營3C數碼產品租賃業務，開展租賃資產 ...

Core Viewpoint - The large-scale application of tokenization in funds may face challenges due to the need for a multidimensional infrastructure system that includes blockchain technology, secure custody, compliance management, trading liquidity, data privacy, and user experience [1][4]. Group 1: Infrastructure Challenges - The first challenge is the security and compliance infrastructure. The interaction between investors and managers will heavily rely on on-chain infrastructure, necessitating bank-level security for custody, transfer, and redemption processes to prevent asset loss due to improper private key management or system vulnerabilities [4]. - Different jurisdictions have varying legal definitions and compliance requirements for the digitalization and securitization of fund shares. If the underlying technological infrastructure does not accommodate regulatory compliance, it may face legal and operational risks [4]. - Collaboration with regulatory bodies, traditional finance, and the blockchain ecosystem is crucial to ensure technological scalability and market acceptance [4]. Group 2: Distribution and Liquidity Challenges - The second challenge involves the distribution and liquidity of tokenized funds. While tokenization allows for more efficient and flexible asset distribution, it introduces complexities such as KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements, as well as investor suitability assessments [4]. - Ensuring compliance while achieving efficient share transfer and liquidity is a critical issue that the industry must address [4]. - The security, transparency, and auditability of distribution platforms are key factors in building investor trust [4]. Group 3: Future Outlook - The industry is currently focused on centralized finance (CeFi), but in the next 3-5 years, tokenization will integrate both CeFi and decentralized finance (DeFi) [5]. - The core role of companies in this transition is to empower the entire lifecycle of tokenization from a self-custody and security infrastructure perspective, linking liquidity between CeFi and DeFi in a one-stop solution [5].

Core Viewpoint - The emergence of token economy is seen as a new economic form that coordinates interests and shares dividends, aiming to apply tokenization from the virtual world to the real economy, thus returning to the value essence of serving the real economy [1] Group 1: Tokenization and Its Importance - Tokenization is identified as the key engine for achieving the goals of the token economy, utilizing digital technology to open new channels for asset liquidity and optimize allocation efficiency, while also facing compliance, technical, and market risks [1] - The foundation of tokenization is rooted in scientific technology, particularly blockchain, which aims to solve various issues and is considered a significant advancement in financial development [2] Group 2: Challenges and Principles in Token Economy - The development of tokenization faces challenges, particularly in terms of regulatory clarity and the need to define boundaries for financial innovation [4] - The principles for digital financial innovation include occupying global technological heights, implementing grounded Chinese solutions, eliminating risks at the nascent stage, and minimizing risk probabilities and costs [4][5] Group 3: Future Directions and Value Creation - The future of the token economy must be deeply rooted in the real economy to truly release value, with tokenization seen as a long-term endeavor rather than a shortcut [6] - The true mission of tokenization is to serve the financing needs of the real economy, shifting from investment-driven to financing-driven demands, utilizing "asset digital twin" and "capability digital twin" to enhance trust, efficiency, and capital flow [6]

Group 1 - The 2025 Inclusion·Bund Conference hosted its first "Global Theme Day," bringing together major fintech events from Singapore and Hong Kong to discuss the development paths of fintech in Asia and globally [1] - Key discussions emphasized the deep integration of technology and industry, robust innovation under regulatory compliance, and collaborative win-win strategies as core consensus for high-quality fintech development [1][2] - The focus in the AI sector has shifted from technical potential to application benefits, with numerous practical cases shared on enhancing financial service efficiency, strengthening risk control, and optimizing business decisions [1] Group 2 - The conference highlighted the importance of balancing innovation incentives with risk prevention, with discussions on the development trends and regulatory frameworks for tokenized products in Hong Kong [2] - The Hong Kong government aims to create a conducive environment for digital asset development by optimizing legal and regulatory frameworks, as outlined in the "Hong Kong Digital Asset Development Policy Declaration 2.0" [2] - A McKinsey report indicated that Asia is a vibrant corridor for global trade growth, with 18 out of the 20 fastest-growing trade corridors located in Asia, prompting discussions on deepening cooperation in finance, technology, and innovation across the region [2] Group 3 - The CEO of Global Finance & Technology Network (GFTN) identified four characteristics of the emerging Asian market: a large and fast-paced market culture open to new technologies, youth-driven innovation, traditional industry leaders seeking digital transformation, and a strong regulatory focus on inclusivity and consumer protection [3] - The conference maintained a high level of international participation, featuring 62 international guests from 15 countries and regions, reinforcing Shanghai's role as a global financial and tech innovation center [5]

Core Insights - Guotai Junan International successfully launched its first batch of structured product tokens, including fixed income redeemable tokens and principal-protected tokens linked to US ETFs, marking a significant breakthrough in financial technology innovation [1][2] - The Hong Kong government is actively promoting financial technology development, creating a favorable regulatory environment for innovation [1] - The structured product tokens utilize Ant Group's blockchain technology and RWA solutions, enabling secure cross-chain transactions and transparent, immutable trading data [2] Company Developments - Guotai Junan International leverages its deep traditional financial experience to achieve transparent management of structured product tokens through blockchain smart contracts [1] - The fixed income redeemable token products feature a T+0 settlement mechanism with daily interest accumulation, while the US ETF principal-protected tokens are linked to the performance of US ETFs, offering both asset participation and principal protection [1] - The company aims to expand the variety of token products in response to the Hong Kong government's call for digital asset development, integrating cutting-edge digital financial technologies [2] Industry Trends - The tokenization architecture significantly reduces costs associated with traditional issuance and greatly enhances clearing and settlement efficiency [2] - The highly scalable architecture of the structured product tokens allows for flexible adaptation to future technological iterations and product innovations [2] - The collaboration between Guotai Junan International and Ant Group is expected to drive compliant innovation in token products and promote long-term market development in Hong Kong [2]