Jane Manchun Wong has built an entire career on discovering things she was never supposed to see. Her name has become shorthand inside Silicon Valley for “the leak before the leak,” thanks to her unmatched ability to pull unreleased features out of public source code before the companies themselves announce them. Over the past decade, Wong has revealed major rollouts from Facebook, Instagram, TikTok and X, including Meta’s NFT integrations in 2022, Instagram’s subscription tools in 2021 and X’s early “Bl ...

Core Viewpoint - Obook Holdings (OWLS.US) debuted on the US stock market with an opening drop of nearly 20%, hitting a circuit breaker, with an IPO price set at $68 [1] Company Overview - Obook Holdings focuses on the research and application of underlying blockchain technology [1] - The company has been actively building infrastructure for stablecoins in recent years [1] - Obook aims to create a "compliance-first" ecosystem for stablecoins [1] Strategic Positioning - The company plans to leverage multiple financial and blockchain-related licenses obtained in the US, EU, and Japan to strengthen its strategic position in the global stablecoin competitive landscape [1]

Core Insights - The proposed merger between Naver and Dunamu could result in a "mega company" with annual profits of $2.1 billion, generating KRW 3 trillion in consolidated operating profits [1][2] Company Overview - Naver is South Korea's largest internet company, and its subsidiary Naver Financial operates various banking and e-payment platforms [2] - The merger aims to combine Naver Financial with Dunamu, which owns the largest crypto trading platform in South Korea, potentially creating Asia's biggest fintech company [3] Market Position and Synergies - The acquisition of Dunamu is expected to allow Naver to fully enter the crypto industry, particularly benefiting from stablecoins that could synergize with Naver's existing advertising, commerce, and fintech businesses [2] - The new firm is anticipated to establish a stablecoin ecosystem centered on Dunamu's exchange business and its GIWA protocol, enhancing its competitive position in both crypto and general payment sectors [3] Future Outlook - A predicted boom in crypto trading activity is expected as the U.S. enters a rate-cut cycle, which may lead to increased trading volumes in Korea [4] - The merger is seen as a way for Naver to explore new growth opportunities, addressing its recent valuation decline due to a lack of new growth engines [4] - Despite regulatory uncertainties, there is a relatively positive atmosphere surrounding the merger [4]

Core Insights - AlloyX Group, a Hong Kong-based fintech company, has entered into a definitive merger agreement with Nasdaq-listed Solowin Holdings, aiming to create a new financial ecosystem centered on stablecoins and enhance the integration of traditional finance with digital assets [2][4]. Company Overview - AlloyX specializes in cross-border payments and institutional-grade asset tokenization through stablecoin infrastructure, positioning itself as a leader in the fintech space [2][5]. - The company has garnered recognition from prominent global investment institutions, with participation from top investors such as Fenbushi Capital and Longling Capital in its latest financing round, indicating strong confidence in its growth prospects [3]. Market Context - The global market size of the stablecoin ecosystem has reached hundreds of billions of dollars, highlighting the significant potential for growth in this sector [4]. - AlloyX aims to become the world's leading and Asia's largest stablecoin service provider, reflecting its ambitious growth strategy [5]. Strategic Vision - The merger is expected to leverage the strengths of both AlloyX and Solowin, focusing on compliance and technology-driven approaches to innovate in stablecoin payment infrastructure and real-world asset (RWA) tokenization [4]. - Both companies are committed to building a compliant stablecoin-powered financial super platform, with all shareholders agreeing to a 12-month lock-up period to demonstrate their confidence in the long-term vision [4].