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之內容概不負責，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 賴該等內容而引致之任何損失承擔任何責任。 JF SmartInvest Holdings Ltd 九方智投控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9636） 自願性公告 認購EXIO Group Limited股份 本公告乃由九方智投控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 自願作出。本公告旨在知會本公司股東（「股東」）及潛在投資者有關本集團之股份 認購事項。 認購事項 本公司董事（「董事」）會（「董事會」）欣然宣布，於2025年9月23日，本公司全資 子公司JF SmartTrade (BVI) Limited（「JF SmartTrade」）與EXIO Group Limited （「EX.IO」或「目標公司」）訂立股份認購協議（「股份認購協議」），據此，JF SmartTrade同意認購EX.IO股份（「認購事項」）。 (2) 發揮業務協同效應，打造數字資產生態 雙方將共同把握香港數字資產市場的政策機 ...

Group 1 - The establishment of the ETHK building marks a significant milestone for the company, representing the physical realization of its ETHK blockchain financial ecosystem strategy and positioning Nanjing as a global hub for Real World Asset (RWA) technology [1][4][14] - The RWA sector is transitioning from concept validation to large-scale application, with a projected total value locked (TVL) of $12.5 billion by June 2025, reflecting a 124% increase from 2024 [4] - The ETHK building will serve as a core base for RWA digital technology research and ecosystem empowerment, housing over 5,000 technical experts and various research facilities [7][14] Group 2 - The company has signed strategic cooperation agreements with four enterprises, including a $1.5 billion RWA tokenization deal with Chuangsheng Group, integrating six core innovative drug pipeline assets into its U.S. entity [8][13] - The partnerships aim to create a comprehensive ecosystem from biopharmaceutical innovation to legal compliance, enhancing the efficiency of asset value discovery and circulation through digitalization [13][14] - The company's "so-in-so" model aims to build a top-tier global trading ecosystem for RWA across multiple industries, providing a one-stop solution for asset digital transformation [13][14] Group 3 - The launch of the ETHK building and the strategic partnerships signify the company's transition into a scalable phase of its ETHK blockchain financial ecosystem strategy [14][15] - The RWA tokenization path chosen by the company is seen as forward-looking, with predictions estimating the global RWA market to reach $16.1 trillion by 2030, accounting for 10% of global GDP [15] - The company's "altruistic" approach allows partners to optimize their asset structures and innovate financing models, facilitating the development of cutting-edge therapies and improving patient accessibility [15][16]

Group 1: Federal Reserve and Interest Rates - The Federal Reserve has lowered the federal funds rate ceiling by 25 basis points to 4.25%, aligning with market expectations, down from 4.50% [1] - Most officials anticipate at least three more rate cuts by the end of the year, with only one member advocating for a 50 basis point cut [1] Group 2: Virtual Currency and Legal Developments - Shanghai court successfully disposed of over 90,000 FIL coins in a criminal case, marking the first successful handling of virtual currency in a criminal asset execution case [1] - The disposal process involved a "domestic entrustment, overseas disposal, closed-loop return" model, ensuring compliance with foreign exchange management procedures [1] Group 3: Digital Assets and Regulatory Frameworks - Hong Kong's 2025 Policy Address includes initiatives to promote tokenized deposits and asset trading, as well as the establishment of a regulatory framework for stablecoin issuers [2] - The UK and US are enhancing cooperation on crypto asset regulation, focusing on stablecoins and digital securities sandboxes to facilitate market access for UK firms [4] - The UK's FCA plans to exempt certain traditional financial rules for crypto companies to better regulate the industry, adapting to the high volatility of crypto assets [5] Group 4: Blockchain and AI Initiatives - The UNDP is launching a "Government Blockchain Academy" in collaboration with Exponential Science Foundation to provide education on blockchain and AI for government departments [3] - Ethereum founder Vitalik Buterin announced a roadmap focusing on increasing Ethereum's mainnet gas limits and enhancing privacy features for various applications [6][7] Group 5: Industry Challenges and Market Dynamics - Standard Chartered warns of a market collapse in digital asset treasury (DAT) companies, with many facing valuation crises and smaller firms potentially entering a "death spiral" [9] - Larger, low-cost DAT companies are expected to gain an advantage, with potential acquisitions of struggling peers to maintain expansion [9] Group 6: Funding Events - Brera is rebranding to Solmate and has completed a $300 million PIPE financing with support from the Solana Foundation [10] - GRVT has raised $19 million in Series A funding led by ZKsync and Further Ventures [10] - Kredete has announced a $22 million Series A funding round [10]

以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 作者：邱鑫浩 来源：邱处机 2009 年初夏，马云和虞锋在西湖上泛舟。两位早已相识于长江商学院首期 CEO 班的商业精英， 在那次惬意的游船中达成了合作共识。 ---------------------------------- 一年后的 2010 年 4 月，云锋基金正式诞生。 这个名字取自马云和虞锋的私募基金，从诞生伊始就带着耀眼的光环。其发起人阵容，还囊括了巨 人网络史玉柱、新希望刘永好、银泰投资沈国军、分众传媒江南春、迈瑞医疗徐航等中国商界顶尖 领袖。 十五年后， 这位马云背后的"神队友"虞锋，再次引领云锋系卷土重来 。 2025 年 9 月，云锋金融一举拿下香港虚拟资产交易牌照，斥资 4400 万美元购买 1 万枚以太 坊，更招揽了梁信军、卢敏放等重量级人物加入。 沉寂三年，虞锋又想要大干一场。 01 豪华开局 云锋基金的起步堪称私募行业的奇迹。新奥能源创始人王玉锁曾在基金成立发布会上高呼：" 马云 + 虞锋 > 索罗斯！ " 此言并非全无根据。云锋基金一期和二期分别募集资金 100 亿元和 60 亿元人民币，如今管理资 本规模已超过 ...

Group 1: Market Volatility and Company Performance - The stock price of药捷安康 experienced extreme volatility, soaring by 63% to 679.5 HKD before plummeting to 192 HKD, resulting in a single-day drop of 53.7% [1] - The company's market capitalization evaporated by over 190 billion HKD in one day, raising concerns about the sustainability of such rapid price movements [1] - Following its listing in June, the stock price had previously surged over 50 times, indicating a highly speculative environment [1] Group 2: ETF Market Dynamics - The inclusion of药捷安康 in the Hong Kong Stock Connect Innovation Drug Index led to passive buying effects from ETFs, which are now being criticized for their decision-making regarding emerging companies [1] - Investors faced significant losses, with a potential loss exceeding 240,000 HKD for those who bought at the peak [1] Group 3: Digital Asset Regulation in the U.S. - The SEC's approval of rule changes for national securities exchanges lowers the application threshold for digital currency ETFs, enhancing opportunities for products like Solana and XRP [2] - The new regulations establish a unified listing standard and reduce the approval time from 240 days to a maximum of 75 days, injecting vitality into the digital asset market [2] - The approval of the Rex-Osprey Dogecoin ETF marks a significant regulatory relaxation in the U.S. market [2] Group 4: Robotics Industry Investment - The Ministry of Science and Technology is promoting the application of humanoid robots across various industries, potentially creating a trillion-dollar market opportunity [3] - The Robot ETF (易方达, 159530) has seen a net subscription of over 360 million shares, reflecting strong market interest in the robotics sector [3] - The product has recorded net inflows for eight consecutive days, totaling over 3.7 billion HKD, reaching a historical high of 11.3 billion HKD [3]

Group 1 - The company announced a strategic partnership with New Fire Technology Holdings Limited to explore Web3 ecosystem business opportunities within a compliance framework [1][2] - New Fire Technology will provide the company with digital asset compliance management plans and Web3-related technical solutions [1] - New Fire Technology is listed on the Hong Kong Stock Exchange and specializes in technology solutions and services within the virtual asset ecosystem, including asset management and cryptocurrency trading [1] Group 2 - The board believes that this strategic cooperation will significantly support the implementation of the company's Web3 strategic transformation [2] - New Fire Technology's technical strength and industry resources are expected to enhance the company's business development and positioning in the Web3 sector [2] - The company aims to leverage its extensive experience in the internet gaming industry and the new Web3 policies in Hong Kong to establish itself as a leading Web3 gaming ecosystem company [2]

Core Viewpoint - Eric Trump believes that the digital asset boom can revitalize the dominance of the US dollar amidst its current decline and challenges to its status as the global reserve currency [1][2]. Group 1: Digital Assets Supporting the Dollar - Eric Trump argues that a friendly environment for digital assets in the US will attract global capital, providing a safe haven for investors looking to move funds from unstable currencies, thereby indirectly supporting demand for dollar-denominated assets [2]. - He emphasizes that Bitcoin mining in the US could lead to financial independence and initiate a "financial revolution" originating from the country, which he claims could "save the dollar" [2]. Group 2: Challenges to Traditional Financial Systems - The Trump family has significant interests in the digital asset space, including a Bitcoin ETF linked to Truth Social and two meme coins, as well as Bitcoin investment activities associated with Trump Media & Technology Group [3]. - Eric Trump co-founded World Liberty Financial Inc (WLFI), a digital asset company supported by his family, which operates a stablecoin pegged to the dollar, USD1. He holds 15.75 billion WLFI tokens, valued at over $3 billion based on recent trading prices [3]. Group 3: Implications for the Banking Sector - Concerns have been raised among US banking executives that stablecoins, typically pegged to the dollar, could siphon funds away from traditional banking systems if they offer better yields [4]. - The Trump Group has previously sued Capital One, alleging political motivations behind the closure of Trump's account, which the bank denies [4].

Group 1: Federal Reserve and Economic Policy - The Federal Reserve announced a 25 basis point rate cut, lowering the target range from 4.25%-4.5% to 4.00%-4.25%, marking the first rate cut of the year after a total reduction of 125 basis points since last September [2][3] - The Fed's statement highlighted a slowdown in job growth and a slight increase in the unemployment rate, indicating a cautious approach to future rate cuts amid rising inflation [2][3] - Fed Chair Powell faces a challenging decision between maintaining higher rates to curb inflation or cutting rates to support the job market, with the current economic indicators suggesting a need for preventive measures [2][3] Group 2: Immigration and Service Industry Growth - From January to August, the number of visa-free foreign entrants to China increased by 52.1% year-on-year, with a total of 15.89 million foreign visitors [4][5] - The Chinese government is optimizing visa policies to attract more foreign visitors, which is expected to stimulate consumption and boost the service industry [4][5] - The 2025 China Service Industry Top 500 report revealed a total revenue of 51.1 trillion yuan, with an average revenue per company exceeding 1 billion yuan, indicating strong growth in the service sector [6][7] Group 3: AI Chip Development - Huawei announced a three-year roadmap for its Ascend AI chip series, with plans to release four new chips between 2026 and 2028, emphasizing the use of self-developed high-bandwidth memory [8][9] - The development of AI chips is seen as a strategic move to reduce reliance on foreign technology, with other Chinese companies like Alibaba and Baidu also accelerating their AI chip research [8][9] - The DeepSeek team's research on a new language model was published in Nature, showcasing advancements in AI training methodologies and contributing to the global AI landscape [10][11] Group 4: International Market Expansion - Didi and Meituan are investing heavily in the Brazilian food delivery market, with Didi planning to invest 2 billion reais and Meituan committing 1 billion USD over five years [12][13] - The competitive landscape in Brazil's food delivery market is intensifying, with both companies facing challenges from local giants like iFood [12][13] - The entry of Chinese companies into the Brazilian market reflects a broader strategy to capture opportunities in Latin America, despite the challenges of local competition [12][13] Group 5: Digital Asset Regulation - The SEC has simplified the approval process for digital asset ETFs, reducing the timeline from 240 days to a maximum of 75 days, signaling a shift towards a more favorable regulatory environment for digital assets [14][15] - This regulatory change aims to promote innovation while maintaining oversight, as the U.S. seeks to catch up with other financial hubs that have embraced digital currencies [14][15] - The SEC's decision reflects a broader trend of increasing acceptance of digital assets within the U.S. financial system, potentially reshaping the competitive landscape for digital asset products [14][15]

Core Insights - The Federal Reserve's decision to cut interest rates by 25 basis points for the first time in nine months has triggered a significant shift in market dynamics, particularly in the digital asset sector [1] - Following the rate cut announcement, the digital asset market surged by $80 billion, indicating a fundamental change in institutional investment strategies rather than mere short-term price fluctuations [1] - Digital asset wallets are transitioning from being mere tools to becoming essential infrastructure for managing digital assets [1] Group 1: Interest Rate Cut Implications - The surface rationale for the rate cut is to address worsening employment data, with only 22,000 jobs added in August and an unemployment rate rising to 4.3% [2] - The deeper implication is the recognition of the limitations of traditional monetary policy tools in addressing structural economic issues, prompting capital to seek new value opportunities [2] - Institutional behavior post-announcement, such as a $112 million purchase of 25,000 ETH by an OTC trader within 90 minutes, reflects strategic asset reallocation based on the changing interest rate environment [2] Group 2: Demand for Digital Asset Wallets - There is a qualitative shift in institutional demand for wallet services, evolving from simple storage needs to a focus on control and autonomy over assets [3] - The significance of private keys in digital asset management is highlighted, as they provide absolute control and exclusivity, allowing institutions to bypass traditional financial intermediaries [2][3] Group 3: Regulatory Environment Changes - The simultaneous rate cut and changes in the regulatory landscape, such as the SEC approving expedited listing processes for ETPs, indicate a recognition of the systemic importance of digital assets [5] - Proposed legislation, like Senator Lummis's Bitcoin bill suggesting the government purchase 1 million bitcoins, reflects a strategic preparation for potential monetary system restructuring [5] - Digital asset wallet providers must enhance their compliance capabilities to navigate the evolving regulatory landscape while capitalizing on current policy advantages [5] Group 4: ETF Market Dynamics - Predictions of over 100 new crypto ETFs in the next 12 months suggest a structural change in institutional demand driven by excess liquidity and the need for new yield sources [7] - The emergence of numerous similar products may concentrate liquidity, increasing market risk during volatility, necessitating robust technical preparations from digital asset wallet providers [7] - Institutions are shifting from experimental allocations to core asset configurations, requiring advanced risk management tools from wallet services [7] Group 5: Evolution of Digital Asset Wallets - Market expectations indicate an 87.7% probability of further rate cuts by the Federal Reserve in October, suggesting a prolonged liquidity environment [9] - Digital asset wallets are evolving into critical infrastructure, taking on systemic functions akin to traditional banks, which raises concerns about stability and security [9] - The transition from peripheral tools to core infrastructure necessitates a balance between decentralization and centralized responsibilities, posing ongoing challenges for wallet providers [9]

Group 1: Northern Metropolis Development - The Northern Metropolis concept was first introduced in the 2021 policy report, covering an area of approximately 300 square kilometers, aimed at becoming an economic engine driven by innovation and technology [2] - The Chief Executive emphasized the region's strategic importance, as it borders Shenzhen and accounts for about one-third of Hong Kong's future population, presenting significant economic value and development potential [2] - A "Northern Metropolis Development Committee" will be established to accelerate development, with the Chief Executive as the chair, and three working groups focusing on operational models, university city planning, and overall project management [2][3] Group 2: Financial Market Development - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising over 20% since the beginning of the year and IPO fundraising exceeding HKD 130 billion, a nearly sixfold increase year-on-year [6] - The policy report outlines plans to assist mainland tech companies in raising funds in Hong Kong and to optimize listing regulations, including exploring the shortening of the stock settlement cycle to T+1 [6][7] - The report also aims to attract more overseas companies to list in Hong Kong, leveraging the unique connectivity mechanisms with mainland China [6] Group 3: Housing and Living Standards - The government plans to increase public housing supply to 189,000 units over the next five years, reducing the average waiting time for public housing from 6.1 years to a target of 4.5 years by 2026-27 [11] - There will be a shift in housing policy from rental to ownership, with increased support for home ownership programs and adjustments to eligibility criteria for public housing residents [11][12] - The report proposes to lower the investment threshold for residential properties, allowing high-net-worth individuals more options in the housing market, which is expected to stimulate demand [12]