Group 1 - The company, Feiyang Group (01901.HK), announced a subscription agreement with investors to issue a total of 166.4 million new shares at a subscription price of approximately HKD 0.201 per share [1] - The subscription price represents a discount of about 19.6% compared to the closing price of HKD 0.250 per share on the date of the agreement [1] - The total gross proceeds from the subscription are approximately HKD 33.4 million, with net proceeds expected to be around HKD 33 million [1] Group 2 - The net issue price is approximately HKD 0.198 per share [1] - The net proceeds from the subscription are intended to be used for the development and operation of emerging technology projects related to RWA (Real World Assets), digital asset trading, blockchain, and artificial intelligence, as well as for general working capital [1]

Core Viewpoint - The Shanghai Data Exchange's introduction of the RDA (Real Data Asset) paradigm represents a significant innovation in the valuation and circulation of data assets, leveraging blockchain technology for data rights confirmation and efficient flow, thus creating new financing channels for enterprises and promoting the marketization and capitalization of data elements [1][2]. Group 1: Company Positioning and Standards - Beijing Sanwei Tiandi Technology Co., Ltd. has been a key player in the data asset management sector since 2020, contributing to the development of national standards for data rights confirmation and authorization [1]. - The company received the first batch of DRCA certificates for compliance with data rights confirmation standards from the Ministry of Industry and Information Technology, enhancing its technical compliance and industry credibility [1]. Group 2: Platform Support and Ecosystem Development - The upcoming "Data Element Transaction Operation Management Platform" aims to facilitate data rights confirmation, secure development, and trustworthy circulation, addressing data barriers and ensuring traceable data transactions [2]. - This platform will serve various stakeholders, including data bureaus and transaction institutions, providing essential infrastructure for the assetization and elementization of public data [2]. Group 3: Technological Integration and Service Empowerment - Sanwei Tiandi's main product, the "Data Asset Management Platform DAM V13," integrates advanced technologies such as DeepSeek large models and blockchain patents, offering core infrastructure services for RDA asset packaging and generation [2]. - The company's comprehensive platform system and full-stack data asset toolchain position it as a foundational supporter in the construction of the RDA paradigm at the Shanghai Data Exchange, driving the transition from innovation to large-scale implementation [2].