Core Viewpoint - The company is actively considering diversifying its business by exploring opportunities in the Web3 and digital asset sectors, including forming its own team and seeking strategic partnerships [1] Group 1: Business Diversification - The company plans to establish a dedicated team to explore possibilities in the Web3 and digital asset fields [1] - The company is also looking to collaborate with strategic partners who have extensive experience in Web3 and real-world asset (RWA) sectors [1] - The company aims to conduct feasibility studies and recruit professionals to support the development of related businesses [1] Group 2: Market Context - Hong Kong is making significant progress in the Web3 and digital asset space, with the government emphasizing its commitment to becoming a trusted and innovative global digital asset hub [1] - The recently enacted Stablecoin Regulation, effective from August 1, 2025, introduces a licensing regime for regulated stablecoin activities in Hong Kong, aimed at enhancing market confidence and aligning with global standards [1] - The company holds an optimistic view on the potential of RWA tokenization-related businesses due to the favorable environment for Web3 and fintech industries in Hong Kong [1] Group 3: Strategic Partnership - The company has signed a non-binding letter of intent with NVTHK Limited, a strategic partner, to explore business development opportunities in the digital asset and Web3 sectors [1]

（来源：吴说） 吴说获悉，专注于 Telegram 生态的数字资产国库公司 AlphaTON Capital（纳斯达克：ATON）宣布完成 7100 万美元融资，并已收购首批约 3000 万美元 TON 代币。本次融资包括约 3620 万美元私募配售及 3500 万美元贷款协议，合作方涉及 BitGo、Animoca Brands、Kraken 等。公司计划在 2025 年第四季度 将 TON 国库规模扩大至 1 亿美元，并通过质押、网络验证及生态投资推动 Telegram mini app 生态发 展。 ...

Core Viewpoint - Derin Holdings (01709) experienced a significant stock price increase, rising over 15% towards the end of trading, with a current price of 3.43 HKD and a trading volume of 354 million HKD, following the announcement of several incentive measures for its executives and employees [1] Group 1: Incentive Measures - The company has introduced important initiatives aimed at incentivizing and rewarding its board members, senior management, and employees, which include the transfer of shares by controlling shareholder Chen Ningdi, a DSM share award plan, and a proposed restricted share award plan for 2025 [1] - These arrangements will utilize a total of 120 million shares, approximately 7% of the company's issued share capital [1] - Chen Ningdi and his spouse Jiang Xinrong have voluntarily committed to a 12-month lock-up period for any shares they hold [1] Group 2: Business Development - Derin Holdings reported steady progress in its digital asset business strategies, with approximately 650 million HKD raised through placements and subscriptions being systematically invested in core business development [1] - The company is focusing on the Bitcoin mining sector, including the acquisition of top-tier Bitcoin mining machines, and has entered into an agreement with Fortune Peak to acquire 2,200 Bitcoin mining machines [1]

Core Viewpoint - Derin Holdings (01709) experienced a significant stock price increase, rising over 15% at the close and currently trading at HKD 3.43, with a trading volume of HKD 354 million [1] Group 1: Corporate Actions - Derin Holdings has introduced several key initiatives aimed at incentivizing and rewarding its board, senior management, and employees, including a share transfer by controlling shareholder Chen Ningdi, a DSM share award plan, and a proposed restricted share award plan for 2025, collectively involving 120 million shares, approximately 7% of the company's issued share capital [1] - Chen Ningdi and his spouse Jiang Xinrong have voluntarily committed to a 12-month lock-up period for any shares they hold [1] Group 2: Business Development - The company is making steady progress in its digital asset business strategies, having raised approximately HKD 650 million through placements and subscriptions, which has been systematically invested in core business development, including the purchase of top-tier Bitcoin mining machines and a full-scale entry into the Bitcoin mining sector [1] - Derin Holdings has entered into a term sheet with Fortune Peak to acquire 2,200 Bitcoin mining machines [1]

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25% on September 17, marking its first rate cut of the year, but concerns over liquidity in the market remain high [2] - The trading volume of September federal funds futures contracts approached 500,000, setting a record since the product was listed in 1988, indicating deep market worries about the deteriorating short-term financing environment at quarter-end [2] - Factors such as the Fed's ongoing balance sheet reduction and a 32% increase in U.S. Treasury issuance since July have exacerbated funding gap risks, leading to a surge in demand for liquidity management across asset classes [2] Group 2 - Hong Kong's crypto market is emerging as a core area for the development of Real World Assets (RWA), characterized by a complete ecosystem involving liquidity providers, technology supporters, and service providers [3] - Collaborations such as HashKey Exchange with GF Token and OSL Exchange with Huaxia Fund are expanding the audience for RWA from institutions to retail investors, showcasing the market's growth potential [3] - The integration of digital asset wallets as a key entry point for users enhances asset flow efficiency and security, contributing to the compliance process in Hong Kong's crypto market [3] Group 3 - Hong Kong's innovative regulatory measures in the crypto space are providing a replicable model globally, with the introduction of the first comprehensive regulatory framework for fiat-backed stablecoins and differentiated capital requirements for various crypto assets [5] - The balance between innovation and risk control in Hong Kong's regulatory approach resonates with the Federal Reserve's policy logic of stabilizing growth while managing risks [5] Group 4 - The Fed's rate cut has lowered dollar financing costs, leading to a 15% quarter-on-quarter increase in RWA project financing in Hong Kong's crypto market [6] - XBIT Wallet has optimized its services during this period, integrating compliance project information and real-time valuation data in its RWA asset section, enhancing user opportunities [6] - The user asset custody scale of XBIT Wallet increased by 21% quarter-on-quarter, with RWA-related asset holdings rising to 35%, reflecting a significant uptick in investor demand for compliant crypto assets [6]

Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] Group 1: Digital Asset Regulation in Hong Kong - The Hong Kong digital asset industry has been under regulatory development since 2018, with 3 licensed virtual asset exchanges currently operating and 8 more awaiting licenses [3] - The three key focuses for the Hong Kong market by 2025 are expected to be stablecoins, Real World Asset (RWA) tokenization, and the implementation of OTC (over-the-counter) virtual asset trading and custody licenses [3] - Hong Kong's approach to digital assets is characterized as "Web 3.0," emphasizing "de-intermediation" rather than the commonly referenced "Web3," which focuses on decentralization [3] Group 2: Stablecoin Regulations - The recently introduced Stablecoin Regulation in Hong Kong was legislated within a year after consultation, highlighting the rapid regulatory pace [4] - Key requirements of the regulation include that issuers must hold 100% or more of high-quality, liquid assets as reserves, which must be pegged to the same fiat currency as the stablecoin [4] - Independent audits are mandated for issuers, and users must be able to redeem their stablecoins within one day, ensuring stability and reliability as a payment tool rather than as an investment tool [4] Group 3: Financial Sovereignty Implications - The development of stablecoins is expected to impact core aspects of financial sovereignty, including currency sovereignty, payment sovereignty, digital sovereignty, and regulatory sovereignty [5]

Group 1: Gold Price Trends - The international gold price has risen significantly, leading to an increase in domestic gold jewelry prices, with some brands reaching 1100 yuan per gram as of September 23 [1] - The current high gold prices coincide with the traditional consumption peak season, prompting changes in consumer behavior in the gold market [1] Group 2: Consumer Behavior in Xiamen - In Xiamen, there is a notable trend of consumers opting for larger wedding gold ornaments, with heavier pieces (35-50 grams) currently in high demand and often sold out [5][7] - Many consumers are bringing old gold to exchange for new pieces, taking advantage of promotions that waive additional costs except for labor fees [7] Group 3: Product Offerings and Market Dynamics - Various gold brands are launching co-branded products to capture market share, although these items often come with a premium price and are typically smaller in weight [9] - Products priced between 1000 to 3000 yuan are particularly popular, along with 1-gram gold notes and bars that appeal to younger consumers as gifts [11] Group 4: Factors Influencing Gold Prices - The recent rise in gold prices is attributed to the Federal Reserve's easing monetary policy, with market expectations for two more rate cuts this year [12] - The dollar has weakened significantly, with the dollar index dropping over 10% this year, which has positively impacted gold prices, which have increased by over 40% [12][14] Group 5: Future Market Outlook - Experts predict that the dollar may continue to weaken, as the economic advantages of the U.S. compared to emerging markets are diminishing [14] - There is a growing trend among global investors to diversify away from U.S. assets, which may further support gold prices as central banks increase their gold reserves [16]

Group 1 - Fitell Corporation, a fitness equipment supplier, has announced the launch of a digital asset treasury strategy based on Solana [1] - The company has secured a financing limit of $100 million, with the initial $10 million allocated for purchasing SOL [1] - Fitell plans to generate returns through on-chain DeFi and structured product strategies, with assets being custodied by BitGo and undergoing institutional-grade staking [1] Group 2 - The company is also pursuing a dual listing on the Australian Securities Exchange and intends to rebrand as "Solana Australia Corporation" [1]

Group 1 - The company announced a share subscription agreement with EXIO Group Limited, aiming to enhance its digital asset business and overseas strategic development [1] - The investment in EX.IO is expected to leverage its exchange resources and Web3 technology advantages, accelerating the company's overseas digital asset business layout and market expansion [1][2] - The investment aligns with the company's overall strategic planning and funding purposes, aiming to build a solid foundation for global market positioning [1] Group 2 - The digital asset industry is experiencing accelerated globalization, with Hong Kong providing a high-standard regulatory framework for digital assets [2] - EXIO Limited holds a virtual asset trading platform license from the Hong Kong Securities and Futures Commission, which enhances the company's service capabilities in digital asset trading, asset management, and custody [2] - The collaboration aims to seize policy opportunities in Hong Kong's digital asset market and promote innovative cooperation in the digital asset field [2] Group 3 - EX.IO possesses technical and service capabilities in blockchain and Web3 infrastructure, while the company has experience in developing smart investment advisory products for individual investors [3] - The partnership will explore the deep integration of digital asset trading, asset management, and smart investment advisory services, enhancing the company's competitive advantage in the digital finance sector [3] - The collaboration aims to innovate the application of "AI + research" strategies in digital asset scenarios, further improving the company's service capabilities [3]

Group 1 - The company, JF SmartTrade, has entered into a share subscription agreement with EXIO Group Limited to acquire shares, aiming to enhance its digital asset business and overseas strategic development [1] - The investment in EX.IO is aligned with the company's overall strategic planning and funding purposes, focusing on building a core component of its overseas digital asset business [1] - The partnership with EX.IO is expected to leverage its exchange resources and Web3 technology advantages, accelerating the company's overseas digital asset market expansion and enhancing on-chain financial service capabilities [1] Group 2 - The global digital asset industry is accelerating its globalization process, with Hong Kong serving as an international financial center that offers a high-standard compliance regulatory framework for digital assets [2] - EXIO Limited, a subsidiary of EX.IO, holds a virtual asset trading platform operating license issued by the Hong Kong Securities and Futures Commission, providing a rare compliance guarantee [2] - The investment in a licensed digital asset exchange is anticipated to enhance the company's service capabilities in digital asset trading, asset management, and custody, facilitating compliant operations and a service closed loop [2] Group 3 - EX.IO possesses technical and service capabilities in blockchain and Web3 infrastructure, while the company has experience in developing smart investment advisory products for individual investors [3] - The collaboration aims to explore the deep integration of digital asset trading, asset management, and smart investment advisory services, promoting the innovative application of the "AI + research" strategy in digital asset scenarios [3] - The partnership is expected to assist in the development of digital asset advisory systems and algorithms, further enhancing the company's competitive advantage and service capabilities in the digital finance sector [3]