文：韦亚军 摄影：Bob君 年初至今，市值涨幅78%。 近日，港股上市公司OSL集团宣布完成3亿美元（约合21.5亿元人民币）股权融资。 交易完成后，新股占扩大后股本 4.9%，摊薄效应有限。 OSL集团CFO黄冠文（Ivan Wong）表示："此次3亿美元的股权融资，是OSL历程中的一个重要里程碑，充分体现了市场对我们前瞻性战略和强大执行力 的坚定信心。这笔资金将加速我们的全球布局——尤其在合规支付基础设施和网络建设领域。" 具体说来，OSL计划把3亿美元用于三个主要方向： 这是亚洲数字资产行业公开披露的最大规模股权融资，也是2025年全球数字资产赛道第三笔单笔金额超过2亿美元的私募融资。 消息发布后，OSL集团市值当天突破107亿港元，年初至今涨幅78%。 OSL集团最新市值截图 融资3亿美元 据悉，此次交易采用"先旧后新"配售，即大股东先把老股卖给外部投资者，公司再按同等价格向大股东增发新股。 交易对手方包括新加坡国资背景的WK Triangulum Investment、阿布扎比基金Brand Wisdom Limited，以及两家北美养老金，单笔认购均不低于5,000万美 元。 1、45%用于牌照申 ...

Core Viewpoint - The company has made a strategic investment by acquiring an 18% stake in Rtree Tech Service Co., Limited for $489,000, aiming to enhance its digital asset value chain and competitiveness in the market [1] Group 1: Investment Details - The investment amount is $489,000, representing an 18% equity stake in Rtree Tech Service Co., Limited [1] - Rtree is a high-tech growth company focused on tokenizing real-world assets through a decentralized token platform [1] Group 2: Strategic Objectives - The company plans to leverage Rtree's RWA platform to promote the tokenization of its assets, including high-value artworks and supply chain operational assets [1] - The strategy aims to reflect and circulate asset value on-chain, thereby enhancing the company's core business competitiveness [1]

Core Viewpoint - The recent passage of two significant bills in the U.S. and Hong Kong has granted legal status to stablecoins, eliminating policy uncertainty and promoting their development, which is expected to invigorate the payment industry, digital asset sector, and the global financial system [1][2]. Regulatory Framework - Both bills clarify the positioning of stablecoins and regulate their activities, requiring a 1:1 backing with reserve assets limited to fiat or other low-risk, high-liquidity assets [2] - Interest payments on stablecoins are prohibited, reinforcing their payment attributes and distinguishing them from traditional investment products [2] - Issuers face stricter legal constraints, with only licensed entities allowed to operate stablecoin businesses in Hong Kong [2] - Regular disclosure of reserve asset reports and compliance with anti-money laundering regulations are mandated to enhance market transparency and protect investor rights [2] Impact on Payment Systems - Stablecoins are expected to reduce costs and improve efficiency in the global payment system, serving as an ideal payment tool for various transactions, especially cross-border and cryptocurrency transactions [3] - A report predicts that by 2030, the global supply of stablecoins could reach $3.7 trillion, with market capitalization growing from hundreds of billions to trillions of dollars, positioning stablecoins at the core of cross-border payments and digital asset transactions [3] Innovation in Digital Assets - Compliant stablecoins connect the real and virtual worlds, facilitating the flow of traditional capital into the Web3 space and enabling the tokenization of real-world assets (RWA) [4] - The RWA market is currently valued at $268.16 billion, with over 90% of this value attributed to stablecoins, indicating a significant role in attracting investors to the digital asset sector [4] Risks Associated with Stablecoins - The rapid development of stablecoins poses liquidity risks, as their stability relies heavily on the quality of reserve assets, which could lead to large-scale redemption crises if confidence wanes [5] - Technical risks are inherent due to the blockchain technology underpinning stablecoins, with historical incidents of hacks and system failures highlighting vulnerabilities [6] - Regulatory costs may rise significantly due to the lack of a unified global framework, creating opportunities for regulatory arbitrage and compliance challenges [7] - The widespread use of stablecoins could threaten the dominance of traditional banking by reducing commercial deposits and altering the payment landscape [7] Strategic Recommendations for China - China should leverage Hong Kong as a pilot for stablecoin development, attracting global compliant projects to enhance the internationalization of the Renminbi [9] - A robust risk management framework and legal regulations are essential to control the circulation of stablecoins domestically while ensuring sustainable development [9] - Structural reforms are necessary to restore global confidence in China's growth and to adapt to the evolving digital landscape, ultimately supporting the internationalization of the Renminbi [9]

Group 1 - The company, 瑞和数智, has announced a budget of 80 million HKD to develop its Web3.0 business and invest in cryptocurrency assets over the next two years [1] - The cryptocurrency asset investment plan marks the company's first step into the Web3.0 and cryptocurrency asset sectors, responding to the Hong Kong government's supportive policies for these industries [1][2] - The company aims to leverage its advantages in technology and resources to explore innovative business models and accelerate growth in the financial technology sector [3] Group 2 - The investment plan will focus on digital assets that comply with applicable laws and regulatory standards, including cryptocurrencies and real-world asset projects [2] - The company intends to cultivate on-chain financial resources to facilitate the transformation and innovation of traditional financial services [2] - The board believes that the strategic investment in cryptocurrency assets aligns with the global trend of asset digitization and has significant potential and value [3]

Regulatory Framework - RWA policies are evaluated across six dimensions: ownership mechanism, circulation restrictions, licensing thresholds, tax environment, stablecoin adaptation, and asset structure compliance[11] - The regulatory intensity varies significantly, with some regions emphasizing strong regulation and safety, while others focus on innovation and pilot programs[16] Global Comparisons - The United States, United Kingdom, and Japan maintain high regulatory barriers, reflecting a "strong regulation, safety first" approach, with scores indicating high institutional density and limited innovation space[17] - In contrast, Singapore, UAE, and South Korea adopt a "innovation-oriented, pilot-first" strategy, lowering entry barriers and fostering a flexible regulatory environment[17] Taxation and Incentives - Tax policies are becoming a critical variable, with regions like the EU and South Korea having higher tax burdens but stronger regulatory frameworks, while Singapore and UAE attract projects with low tax rates and flexible regulations[24] - The EU has not established a unified income tax law for crypto assets, leading to structural inconsistencies across member states, impacting the attractiveness of RWA development[36] Regional Practices - The EU employs a standardized regulatory approach through MiCA, ensuring cross-border operational predictability and compliance for RWA assets[32] - South Korea has significantly lowered entry barriers for RWA and stablecoin issuance, promoting rapid market growth and innovation[38] Hong Kong's Unique Position - Hong Kong combines strict licensing with low tax burdens, establishing a regulatory model that supports RWA development while ensuring investor protection[42] - The region's legal system recognizes virtual assets as property, facilitating the establishment of a compliant RWA ecosystem[47] China's Regulatory Stance - China currently restricts RWA to "on-chain registration, off-chain issuance," limiting the operational scope for digital assets within its jurisdiction[48] - The country emphasizes technological service over financial attributes in its asset digitization efforts, focusing on traceability rather than market circulation[49]

Core Viewpoint - Hong Kong is focusing on enhancing its digital asset infrastructure and product ecosystem following the release of favorable policies, particularly the "Hong Kong Digital Asset Development Policy Declaration 2.0" which aims to establish the city as a global innovation center for digital assets [1][2] Group 1: Digital Asset Development - The latest policy emphasizes the tokenization of Real-World Assets (RWA) and the development of stablecoins, marking a significant shift from previous virtual asset terminology [2][3] - The global tokenization market is projected to reach $16 trillion by 2030, which is approximately three times the current market value of gold [1] - The transition from virtual to digital assets reflects a broader trend in the financial landscape, driven by Web3 technologies [2] Group 2: Infrastructure and Market Dynamics - The current infrastructure for digital assets in Hong Kong is still in its early stages, with significant gaps that need to be addressed [3] - Traditional financial institutions are keen to enter the Web3 space to improve transaction efficiency and cater to a new generation of clients [2][3] - The demand for distribution channels for RWA products is high, necessitating the creation of a sales network to connect these products with clients [4] Group 3: Technological Solutions - Star Road Technology has launched the FinRWA Platform 1.0 to address infrastructure challenges, providing compliance guidance and technical support for RWA issuance [3][5] - The platform aims to bridge the gap between traditional finance and Web3, enabling the integration of virtual assets with traditional financial products [4][5] Group 4: Market Trends and Product Diversification - The most popular RWA products currently are money market funds, which play a crucial role in liquidity management and risk management in traditional finance [5][6] - The policy encourages the diversification of tokenized products, including traditional financial instruments and various asset classes such as precious metals and renewable energy [5][6] - The trend towards tokenization is seen as irreversible, with significant developments already occurring in sectors like real estate and renewable energy [5][6] Group 5: Economic Impact and Job Creation - The Hong Kong Investment Promotion Agency has attracted over HKD 160 billion in investments, creating approximately 19,000 new jobs, primarily in financial services and technology [7][8] - The Digital Port is identified as a key base for tokenization projects, fostering collaboration among stakeholders in the digital asset industry [8][9] - The Digital Port has become a hub for over 440 fintech companies, enhancing Hong Kong's position in the global digital economy [9]

"更值得我们关注的是泡沫化趋势。近期随著稳定币概念的热炒，市场出现了过度亢奋的情绪。一些上 市公司，只要宣称有意开拓稳定币业务即'点石成金'，股价即应声上涨。" "至今已经有数十家机构主动接触金管局团队，有的明确表示有意申请稳定币牌照，有的属于初步探路 性质。" 随着香港《稳定币条例》即将于2025年8月1日生效，香港金融管理局总裁余伟文再次撰文对稳定币市场 的"过度炒作"发出警示，强调需要为这股热潮"降温"。余伟文在不到一个月内第二次发文为稳定币"降 温"，足以显示出监管层对当前市场情绪的警惕。 数十家机构蜂拥而至，多数"只停留在概念阶段" 尽管香港金管局此前已明确表示，在初阶段只会批出"数个"稳定币牌照，但余伟文透露，至今已有数十 家机构主动接触金管局团队。余伟文表示，这些机构中，有的明确表示有意申请稳定币牌照，有的则属 于初步探路性质。 余伟文直言，在这些接触的机构中，许多机构的计划"只停留在概念阶段"。他们提出的愿景宏大，例 如"提升跨境支付效率"、"支持Web3.0发展"、"提升外汇市场效率"等，但却普遍缺乏实际的应用场景、 切实可行的具体方案和落实计划，更遑论具备管控风险的意识和能力。 对于那些声 ...

Group 1 - The company has entered into two agreements to obtain exclusive rights to issue and launch digital collectibles based on the epic painting "浩气长流" [1] - The agreements are effective from July 7, 2025, to July 7, 2026, with the current valuation of the rights held by the licensor at RMB 36 million [1] - If the valuation report determines a value below RMB 30 million, the licensor has the right to unilaterally terminate the issuance of the digital collectibles [1] Group 2 - The painting "浩气长流," created by a team of over 50 Chinese artists led by Wang Kang, depicts the resistance of over 800 Chinese people during the Sino-Japanese War [2] - The agreement signifies an important advancement for the company in the cultural technology and digital asset sectors, aiming to preserve and promote Chinese historical culture through modern digital forms [2] - The company seeks to expand its business footprint in the Real World Asset (RWA) industry and explore innovative applications of digital collectibles and blockchain technology [2]

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 就 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。 FUTURE DATA GROUP LIMITED 未來數據集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號： 8229） 自願公告 未 來 數 據 集 團 建 議 推 出 基 於 國 畫《浩 氣 長 流》的 數 字 收 藏 品 本 公 告 乃 由 未 來 數 據 集 團 有 限 公 司（「本公司」或「未來數據集團」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，藉 以 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 有 關 本 集 團 的 最 新 業 務 發 展。 該等協議 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，於 二 零 二 五 年 七 月 二 十 二 日，本 公 司 與（其 中 包 括）史 詩 級 巨 幅 國 畫《浩 氣 長 ...

Group 1 - The core viewpoint of the article is that despite an increase in the money supply (M2) and a slight recovery in CPI, there is no corresponding rise in commodity and asset prices, leading to questions about where the excess money is going [1][2] - M2 increased by 8.3% year-on-year, reaching 330.29 trillion yuan, while CPI rose to 0.1% and PPI fell to -3.6%, indicating a disconnect between money supply and price levels [1][2] - The majority of the new money supply is not reaching households, as only 1.17 trillion yuan in new loans were taken by residents, representing about 7% of the M2 increase [2] Group 2 - Approximately 30% of the new money is directed to the government through bond financing, with some funds used for debt refinancing and infrastructure investments [2] - About 60% of the new money flows to enterprises, which primarily use it to expand production [2][3] - The current phase of production expansion is leading to overcapacity, causing price reductions and hindering price increases in both consumer goods and assets [3] Group 3 - The influx of new money is primarily directed towards production, resulting in supply exceeding demand, which contributes to deflationary pressures [3][4] - Exporting companies are retaining foreign currency earnings overseas instead of converting them to RMB, leading to a significant increase in foreign currency deposits in domestic banks [4] - The trade surplus reached 586.7 billion USD in the first half of the year, while foreign currency deposits increased by 146.3 billion USD, indicating that a substantial amount of foreign currency is not returning to the domestic economy [4] Group 4 - The challenge is to encourage the repatriation of these foreign funds, with past methods like mandatory currency conversion being less viable due to the large trade volume [4] - The strategy now focuses on enhancing the capital market, particularly the Hong Kong stock market, to attract these funds back [4][5] - The rise of digital assets and stablecoin regulations in Hong Kong aims to create a more attractive environment for both foreign and repatriated funds [4] Group 5 - Anticipation of interest rate cuts by the Federal Reserve and expectations of RMB appreciation may drive funds away from USD assets towards Hong Kong stocks, particularly quality enterprises [5] - For investors, there is a long-term opportunity in Hong Kong stocks, and it is advised to align asset allocation with market trends rather than against them [5]