Core Viewpoint - Cheer Holding, Inc. has announced a public offering expected to generate approximately $8.5 million in gross proceeds, aimed at enhancing its mobile internet infrastructure and platform services [1][3]. Group 1: Offering Details - The offering consists of 12,686,565 units, each unit priced at $0.67, which includes one Class A ordinary share or a pre-funded warrant, along with Series A and Series B warrants [2]. - The Series A and Series B warrants have an exercise price of $0.7035 per Class A Share and can be exercised within one year from the issuance date [2]. - The offering is expected to close on or about October 2, 2025, pending customary closing conditions [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for general working capital and corporate purposes, including sales and marketing expenses for user acquisition [3]. Group 3: Company Overview - Cheer Holding is a leading provider of next-generation mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates various technologies [6]. - The company is developing a 5G+VR+AR+AI shared universe space, leveraging advanced technologies such as blockchain and cloud computing [6]. - Cheer Holding's product portfolio includes a variety of services like CHEERS Telepathy, CHEERS Video, and AI-animated short drama series, which blend online and offline experiences [7].

Group 1 - Kaisa Capital's stock surged over 380% during trading, indicating strong market interest [1] - The company announced a strategic transformation, leveraging shareholder resources, industry strengths, and regional advantages [1] - Kaisa Capital aims to explore digital financial innovation in a compliant regulatory environment, starting from Hong Kong [1] Group 2 - The company has partnered with a licensed virtual asset trading platform approved by the Hong Kong Securities and Futures Commission [1] - This collaboration focuses on advancing the tokenization of real-world assets (RWA) under Hong Kong's compliance framework [1] - The strategic shift is supported by the company's technological accumulation in the web 3.0 sector [1]

Core Viewpoint - Kaisa Capital has initiated a strategic transformation, leveraging shareholder resources, industry and regional advantages, and technological accumulation in the web3.0 field to explore digital financial innovation in a compliant regulatory environment starting from Hong Kong [1] Group 1: Strategic Transformation - Kaisa Capital's stock surged over 380% during trading, reflecting market enthusiasm for its new direction [1] - The company aims to collaborate with a licensed virtual asset trading platform approved by the Hong Kong Securities and Futures Commission to promote the tokenization of real-world assets (RWA) [1] Group 2: Technological and Regulatory Focus - The strategic shift is supported by Kaisa Capital's partnerships and technological capabilities in the web3.0 sector [1] - The initiative emphasizes compliance with regulatory frameworks in Hong Kong, indicating a focus on sustainable and responsible innovation in digital finance [1]

Company Insights - Novo Nordisk has lowered its full-year earnings guidance, with operating profit growth expectations revised from 16%-24% to 10%-16% due to lower-than-expected penetration of its weight loss drug Wegovy in cash payment channels, impacted by "unsafe and illegal large-scale counterfeit drugs" [2] - The stock price of Novo Nordisk fell by 21.81% following the announcement, leading to a decline in several U.S. pharmaceutical stocks [2] - Lakala's major shareholder, Legend Holdings, has reduced its stake by 5.3596 million shares, bringing its ownership down to 25.86% [14] Industry Insights - The China Photovoltaic Industry Association has issued a clarification regarding rumors about the multi-crystalline silicon sector, stating that the circulated information is significantly inaccurate [4] - The rumors were related to the "big collecting small" storage initiative, which involves multiple companies including Xinyi, Nanfang, Baofeng, Runyang, and Hosheng Silicon Industry [4] - The express delivery industry is expected to undergo a value reassessment as the State Post Bureau addresses "involution-style" competition, with potential price increases in response to regulatory calls [10]

Group 1 - The "Stop Killing Games" movement has gathered over 1.3 million signatures, compelling the European Commission to discuss legislative changes regarding game shutdowns [3][33]. - The movement was sparked by the shutdown of Ubisoft's racing game "The Crew," which had been operational for 10 years, leading to player outrage over the loss of access to purchased games [6][9]. - The movement's key demands include ensuring that games remain playable after official support ends and that players do not need to maintain a connection with the game company to access their games [15][33]. Group 2 - The movement reflects a growing discontent among players regarding the perceived "tyranny" of game companies, which often dictate the terms of game access and ownership through user agreements [8][11]. - Critics of the movement, such as streamer Thor, argue that imposing regulations could stifle innovation and increase operational costs for game developers, potentially leading to fewer new games being created [24][26]. - The movement has highlighted the broader issue of user rights in the digital space, where players often do not own their games or accounts, raising questions about data ownership and the implications of centralized control by game companies [37][40]. Group 3 - The success of the movement has prompted the European Games Industry Association to view it as a significant threat, indicating a potential shift in the balance of power between players and game developers [33]. - Ubisoft has responded to the movement by adding offline modes to its upcoming titles, suggesting that player activism can influence corporate decisions [33]. - The movement signifies a critical moment in the gaming industry, where players are uniting to challenge long-standing practices and advocate for their rights [20][33].

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the blockchain industry, specifically focusing on Ant Group and its ecosystem, as well as the broader virtual asset landscape. Core Points and Arguments 1. **Ant Group's Blockchain Position**: Ant Group is highlighted as a leading player in the blockchain space, with significant market potential and development trends. The focus is on its capabilities in transaction management and material management within the blockchain ecosystem [1][2][4]. 2. **Ecosystem Strength**: The strength of Ant Group's ecosystem is emphasized, particularly its international collaborations and partnerships, which enhance its blockchain capabilities [2][5]. 3. **Traditional Internet Companies**: There is a mention of traditional internet giants in China that are quietly entering the virtual asset space, leveraging their cross-border payment capabilities and consumer-facing scenarios [6][7]. 4. **Regulatory Environment**: The evolving regulatory landscape in Hong Kong is noted, with potential for traditional cryptocurrency firms to re-enter the financial sector and possibly undergo IPOs [8][9][11]. 5. **Focus on Brokerages**: Companies like Futu and Tiger Brokers are identified as key players in the market, with their ability to obtain licenses globally being a significant advantage [12][15]. 6. **Web 3.0 Integration**: The discussion touches on the integration of blockchain technology within the Web 3.0 framework, highlighting the competitive edge of internet brokerages over traditional firms [13][14]. 7. **Market Dynamics**: The call suggests that the current market dynamics favor internet brokerages due to their established user base and trading capabilities, which are crucial in the evolving landscape of virtual assets [15][16]. Other Important but Possibly Overlooked Content 1. **Material Management Importance**: The significance of material management in Ant Group's overseas operations is underscored, indicating its critical role in the blockchain ecosystem [4][5]. 2. **Potential Collaborations**: There is an expectation of new collaborations emerging within the traditional internet sector and the cryptocurrency space, which could lead to innovative developments [6][11]. 3. **Licensing Developments**: The upcoming changes in licensing regulations are anticipated to create opportunities for various companies to enhance their operational capabilities in the blockchain sector [16][17].

Core Viewpoint - The article emphasizes the transformative impact of blockchain technology on various industries, particularly in enhancing cross-border payment systems and data sharing, while highlighting the leadership of QuChain Technology in this domain [1][20][21]. Group 1: Blockchain Technology and Its Applications - Emerging technologies like blockchain and distributed ledger are reshaping traditional payment systems, significantly shortening cross-border payment chains and posing challenges for financial regulation [1]. - QuChain Technology has developed a comprehensive ecosystem utilizing its Hyperchain platform, enabling secure data flow and low-cost applications across sectors such as finance, government, and healthcare [5][20]. - The Chongqing Housing Fund Information Sharing Alliance Chain exemplifies practical applications of blockchain, facilitating efficient cross-regional loan processing and enhancing user experience [5][7]. Group 2: Leadership and Achievements of QuChain Technology - QuChain Technology, under the leadership of CEO Qiu Weiwei, has become a key player in the blockchain sector, serving over 300 national institutions and major enterprises, with a business scale reaching trillions of yuan [2][20]. - The company has successfully led the development of national and international blockchain standards, with two projects recently approved by the International Organization for Standardization (ISO) [10][11]. - QuChain's strategic focus on "domestic, independent, and controllable" technology has positioned it as a leader in the blockchain industry, contributing to the global output of Chinese standards [13][21]. Group 3: Gender Diversity and Workforce Dynamics - QuChain Technology maintains a balanced gender ratio, with women comprising approximately 50% of the workforce, and notable representation in technical and management roles [18]. - The company does not implement specific training programs for female employees, emphasizing equal opportunities based on individual capabilities rather than gender [16][18]. Group 4: Future Prospects and Global Engagement - QuChain Technology is actively expanding its international presence, participating in global initiatives and conferences to promote sustainable development and blockchain innovation [13][21]. - The company aims to leverage its technological advancements to address societal needs, particularly in areas like digital finance and smart cities, thereby creating new value [20].

Investment Rating - The report maintains a positive outlook on the virtual asset sector and trading platforms, indicating a sustained focus on these areas [1][8]. Core Insights - The report highlights the ongoing trend of virtual assets, with increasing regulatory frameworks and institutional involvement, suggesting a favorable long-term outlook for the sector [1][8]. - The Hong Kong government has released a new digital asset development policy, reinforcing its commitment to becoming a global innovation center for digital assets [48]. - The report emphasizes the importance of quality assets in the Hong Kong stock market, particularly in light of the influx of mainland Chinese companies going public [8]. Industry Summary Education - The K12 education sector remains robust, with leading institutions like New Oriental showing positive enrollment feedback for summer programs [3][18]. - The education index rose by 7.41% during the week, outperforming major indices [9][11]. Luxury Goods - The luxury goods sector is experiencing slight pressure due to macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [3][22]. - Notable stock movements include a 6.10% increase for Samsonite and a slight decline for Prada [22][29]. Coffee and Tea - The coffee sector continues to thrive, with net increases in store numbers and positive same-store sales growth for leading brands [3][31]. - The tea beverage sector faces increased competition due to supply growth driven by delivery platform subsidies [3]. E-commerce - The e-commerce sector is under pressure, with a slowdown in overall growth and intense competition, particularly in instant retail [3][30]. - Key players like JD.com and Pinduoduo have shown positive stock performance during the week [30]. Streaming Platforms - Music streaming platforms are highlighted as quality internet assets driven by domestic demand, with continued profitability growth [3][37]. - The report notes a 4.5% decline in the media index, with Spotify and Netflix showing significant gains [37]. Virtual Assets & Trading Platforms - The report emphasizes the positive trend in virtual assets, supported by regulatory developments and institutional interest [1][8]. - The global cryptocurrency market capitalization reached $337.24 billion, with Bitcoin and Ethereum prices increasing [41][48]. Automotive Services - The automotive maintenance sector is monitored, with key players identified and ongoing changes in the aftermarket ecosystem [3][50]. - The report notes a 3.10% increase in the automotive services index, with mixed performances among key companies [50].

Group 1: Industry Insights - The Hong Kong government aims to establish the region as a global innovation center for digital assets, as stated in the "Hong Kong Digital Asset Development Policy Declaration 2.0" [1] - The concept of Real World Asset (RWA) tokenization is gaining traction, allowing tangible and intangible assets to be converted into digital tokens on the blockchain, facilitating investment in fixed-income products and asset diversification [1] - Major financial institutions like BlackRock, Citigroup, and JPMorgan are actively participating in RWA projects, promoting the on-chain representation of diverse assets [1] Group 2: Market Trends - Analysts suggest that computing power leasing, similar to charging piles, could become the next integration point in the RWA industry chain, given its characteristics of market growth, clear yield transparency, and defined financing needs [2] - The RWA assets need to possess three key traits: being in a growth phase, having stable and visible yields, and a vibrant market with numerous participants to facilitate trading [1] Group 3: Company Developments - Xichuang Data has established 25 supercomputing centers globally and has signed contracts with major companies like China Mobile International and Yubida, providing services in cloud gaming and cross-border e-commerce [3] - Yitian Intelligent is deeply engaged in the computing power service industry, creating a comprehensive ecosystem that includes "smart hardware + computing power foundation + intelligent services" [4]

Group 1 - The digital currency sector is experiencing positive developments, with the A-share market showing strong performance in military and stablecoin-related stocks [1] - China Mobile Communication Association is seeking partners to establish the "RWA Joint Laboratory" to promote the digitalization and capitalization of real-world assets (RWA) [2] - The integration of stablecoins and RWA is expected to enhance compliance and programmability, facilitating automation and globalization in areas like green finance and supply chain finance [2] Group 2 - Stablecoins have become a market focus, with major institutions like JD.com and Ant Group applying for stablecoin licenses, and Huatai Securities International announcing an upgrade to provide virtual asset trading services [3] - Huaxing Capital Holdings has approved a budget of $100 million for the development of web3.0 business and investment in cryptocurrency assets over the next two years [3] Group 3 - A total of 23 stablecoin concept stocks are listed in the A-share market, with Guotai Haitong having the largest market capitalization of 317.624 billion yuan [4] - Guotai Haitong International has received approval to upgrade its securities trading license to include virtual asset trading, allowing clients to trade cryptocurrencies and stablecoins directly [4] - Several stablecoin concept stocks have seen significant price increases this year, with Sifang Chuangxin and Hengbao shares doubling in price [4] Group 4 - This week, 15 stablecoin concept stocks received increased leverage funding, with Guotai Haitong, Sifang Chuangxin, and Hengsheng Electronics leading in net purchases exceeding 100 million yuan [4][5] - The table lists stablecoin concept stocks with their total market value, year-to-date price changes, and net leverage funding amounts, highlighting significant gains for several companies [5]