Cross-Chain Technology Comparison - Mainstream cross-chain technology solutions can be categorized into three types: Relay Chain/Side Chain, Hash Time Lock/Atomic Swap, and Cross-Chain Bridge (Notary Model) [2] - Relay Chain/Side Chain relies on a central hub to verify and coordinate communication between sub-chains, akin to the "TCP/IP protocol" of blockchains [2] - Hash Time Lock/Atomic Swap ensures that transactions on different chains either succeed or fail simultaneously, maintaining atomicity [2] - Cross-Chain Bridge utilizes a group of trusted notary nodes to monitor events on the source chain and execute corresponding operations on the target chain [2] Trust Models and Challenges - Relay Chain/Side Chain centralizes trust in the security and consensus of the relay chain, while Hash Time Lock is decentralized and does not require trust in third parties [2] - Cross-Chain Bridges face centralization risks as they depend on notary nodes, which may be compromised [2] - The complexity of the relay chain architecture and the reliance on its security can pose challenges for overall network safety [2] Value and Future Trends - The integration of alliance chains with public chains is a strategic choice to overcome limitations and enhance trust and value [3] - Cross-chain interoperability is essential for breaking down "value islands" and enabling asset flow across different chains, which is crucial for the digital economy's growth [3] - Establishing a "trusted institution whitelist" for cross-chain verification nodes can enhance compliance and security, particularly in regulated industries [14] Cost and Governance Considerations - Cross-chain protocols incur high development and maintenance costs due to the need for state synchronization and transaction validation across heterogeneous chains [14] - Governance challenges arise from the need to create unified rules between the strong regulatory models of alliance chains and the community-driven governance of public chains [14] - The potential for significant losses from security breaches in cross-chain bridges highlights the need for robust security measures [14]

Core Insights - DePIN is recognized as a significant application in the Web3 sector, lowering entry barriers for new users and accelerating the adoption of new products, particularly in Hong Kong [2][3] - The regulatory environment in Hong Kong is strict regarding stablecoin licenses, with expectations for a license to be issued early next year, alongside ongoing legislative efforts for offline OTC [2][5] - Data assets, including Bitcoin, are becoming essential for many countries and enterprises, with a growing trend towards their inclusion in national reserves [6] Group 1: DePIN Development and Potential - DePIN is seen as a promising application that can quickly bring new business models to market, especially in a commercial hub like Hong Kong, where acceptance of new technologies is high [3][4] - The integration of DePIN with AI and new retail products is expected to enhance consumer experiences by reducing costs and increasing choices [4][5] Group 2: Regulatory Framework and Challenges - The current legal framework for DePIN involves several laws aimed at ensuring compliance and safety, particularly concerning token sales and circulation [5][7] - The stablecoin regulation in Hong Kong emphasizes security and customer asset protection, allowing for flexibility in currency anchoring while adhering to international legal standards [7][8] Group 3: Strategic Considerations for Hong Kong - The potential for Hong Kong to include Bitcoin in its strategic reserves is driven by global trends, with the need for timely action to avoid competitive disadvantages [6] - Hong Kong's unique position as a financial center, with no foreign exchange controls and low taxes, provides a competitive edge for developing the Web3 ecosystem [10]

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的內容概不負責，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 容而引致的任何損失承擔任何責任。 China Success Finance Group Holdings Limited 中 國 金 融 發 展（ 控 股 ）有 限 公 司 （於開曼群島註冊成立的有限公司） 股份代號：3623 自願公告－戰略合作備忘錄 本公告乃由中國金融發展（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。 本公告旨在讓本公司股東（「股東」）及潛在投資者獲悉有關本集團最新的業務計劃及 發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年九月三日，本公司與浙 江數秦科技有限公司（「數秦科技」）簽訂戰略合作備忘錄（「戰略合作備忘錄」）。基於 此協議，雙方達成了合作意向，將充分發揮各自優勢，利用各自豐富資源，依託上 市集團平台，在金融服務上聯手開拓國內及國際新市場，以聯合創新為RWA提供 一站式、全流程、智能化的金融服務為主導方向，以完善繁榮SimpleChain2.0公鏈 生態圈為終 ...

Core Insights - The strategic partnership between Yunfeng Financial and Ant Digital Technology aims to reshape the financial landscape by integrating blockchain technology with traditional finance [1][3] - The collaboration focuses on the tokenization of Real World Assets (RWA) through the Pharos Layer 1 blockchain, marking a significant step towards "financial new infrastructure" [1][3] Company Overview - Yunfeng Financial, co-founded by Jack Ma, holds various financial licenses in Hong Kong, including securities trading and asset management, and is positioned to facilitate RWA token issuance and secondary market trading [2][3] - Ant Digital Technology, a subsidiary of Ant Group, has established itself as a leader in blockchain technology with over 50 global nodes and more than 2,000 blockchain-related patents [1][2] Market Potential - The RWA market is anticipated to grow significantly, with McKinsey predicting it could exceed $16 trillion by 2030, positioning it as the "third wave of blockchain revolution" following cryptocurrencies and DeFi [2] - The partnership is expected to enhance Hong Kong's competitiveness as a global RWA hub, attracting quality assets for issuance and providing diverse investment options for global investors [3] Technological Integration - The collaboration is characterized by a deep strategic synergy where Yunfeng Financial provides compliance and asset expertise, while Ant Digital Technology offers foundational technology and security architecture [3] - The Pharos blockchain serves as a neutral infrastructure for asset registration, rights confirmation, trading, and settlement, creating a closed-loop system that enhances asset digitization efficiency and reduces intermediary costs [3] Future Outlook - The partnership is set to redefine the boundaries of assets, capital, and regulation, potentially positioning Hong Kong as a new anchor for global capital in the Web3 era [4]

Group 1 - Yunfeng Financial announced a strategic cooperation agreement with Ant Digital Technology on September 1, 2025, and a strategic investment in Pharos Network Technology Limited, focusing on real-world asset (RWA) applications [1] - The collaboration aims to integrate Ant Digital's blockchain and digital finance technology with Yunfeng Financial's expertise in asset management, securities, insurance, and new energy carbon assets [1][2] - The partnership will leverage the Pharos high-performance blockchain platform to expand compliance in RWA tokenization and next-generation internet (Web3) sectors, enhancing Yunfeng Financial's digital finance positioning and supporting Ant Digital's blockchain technology applications [1] Group 2 - Yunfeng Financial's subsidiary holds multiple financial service licenses from the Hong Kong Securities and Futures Commission, enabling it to conduct securities trading, consulting, institutional financing, and asset management [2] - Ant Digital has been operating independently since 2024, focusing on foundational technologies such as blockchain, artificial intelligence, and privacy computing, with its Ant Chain leading the Chinese BaaS market with a 26.5% market share for four consecutive years [2] - According to a Boston Consulting report, the global tokenized asset market is projected to reach $16 trillion by 2030, representing 10% of global GDP, indicating a significant growth potential for the RWA market [2]

Core Viewpoint - Tianji Holdings has signed a subscription agreement with GEM, a well-known alternative investment institution, to raise up to HKD 225 million for expanding its AI and Web3 business, highlighting a strategic transformation and attracting market attention to its Web3 layout [1] Group 1: Investment and Financial Details - GEM will subscribe to shares at a price of HKD 1.97 per share, which is nearly a 10% premium over Tianji Holdings' recent stock price, and will also receive 31 million warrants [1] - The global stablecoin market is projected to exceed USD 250 billion by July 2025, with a significant increase in on-chain transaction volumes, indicating the potential of new payment infrastructures [2] - The RWA market is expected to grow from USD 5 billion in 2022 to USD 25.51 billion by 2025, marking a 410% increase [2] Group 2: Strategic Partnerships and Business Expansion - Tianji Holdings has formed strategic partnerships and made equity investments in the Web3.0 sector, including a collaboration with Xinqiao Capital to promote Web3 branding and RWA issuance [3] - The company has also established a joint venture with Xizu Chain Technology to develop a Web3.0 sports IP consumption operation business, expanding its presence in the "Web3 + IP consumption" space [3] Group 3: Market Position and Future Outlook - GEM's investment not only provides financial support but also introduces international business resources and technological collaboration opportunities, enhancing Tianji Holdings' competitive edge [4] - With a clear strategic layout and capital support, Tianji Holdings is well-positioned in the emerging Web3 and AI sectors, potentially leading to a revaluation of its assets and growth momentum in the market [4]

Group 1 - The core viewpoint of the news is that Tianji Holdings has signed a subscription agreement with GEM, a well-known alternative investment institution, to raise up to HKD 225 million for expanding its AI and Web3 business [1] - GEM will acquire 31 million warrants at an exercise price of HKD 1.97 per share, representing a nearly 10% premium over Tianji Holdings' recent stock price, indicating market confidence in the company's strategic direction [1][4] - The investment is expected to enhance Tianji Holdings' competitive edge in the rapidly growing Web3.0 and RWA (Real World Assets) sectors, which are experiencing explosive growth [1][4] Group 2 - According to the "2025 Global Stablecoin Industry Development Report," the total market value of global stablecoins is projected to exceed USD 250 billion by July 2025, with a significant increase in on-chain annual transfer volume [2] - The RWA market is expected to grow from USD 5 billion in 2022 to USD 25.51 billion by 2025, marking a 410% increase, making it one of the fastest-growing sectors in the cryptocurrency space [2] - The implementation of the "Stablecoin Regulation" in Hong Kong on August 1 marks the first comprehensive regulatory framework for fiat-backed stablecoins, providing clear guidelines for compliant issuance [2] Group 3 - Tianji Holdings has formed strategic partnerships and made equity investments in the Web3.0 field, including a collaboration with XinQiao Capital to promote Web3 branding and RWA issuance projects [3] - The company has also acquired a 10% stake in XinQiao Capital and plans to leverage the FlexDeal platform to expand IP applications and optimize operations [3] - Additionally, Tianji Holdings announced a joint venture with Xizu Chain Technology to develop a Web3.0 model for sports IP consumption, further broadening its business scope in the "Web3 + IP consumption" sector [3] Group 4 - GEM's investment not only provides direct financial support but also introduces international business resources and technological collaboration opportunities for Tianji Holdings [4] - The backing of a professional investment institution is expected to help the market reassess Tianji Holdings' asset value and growth potential in the Web3 sector [4] - Despite the early-stage nature of the Web3 and AI integration, Tianji Holdings has established a favorable position in this frontier sector through clear strategic planning, technological partnerships, and capital support [4]

Core Viewpoint - New Fire Technology Holdings (01611) has seen a significant stock price increase following the announcement of a strategic upgrade and new executive appointments, indicating positive market sentiment towards the company's future direction and leadership [1] Group 1: Executive Changes - Mr. Weng Xiaoqi has been appointed as the Executive Director and CEO effective from August 26, 2025 [1] - The new leadership team includes former Huobi executives such as CTO Guo Wenbin and CFO Zhang Li, marking a significant return of experienced professionals to the company [1] Group 2: Strategic Initiatives - During the "Hong Kong Blockchain Summit and New Fire Technology Strategic Release Conference," Mr. Weng introduced the company's upgraded business landscape and global strategy [1] - The company announced major initiatives including the "Star Map Plan" and a $500 million DAT Special Plan, which are part of its strategic upgrade [1] Group 3: Leadership Background - Mr. Weng Xiaoqi is recognized as a leading figure in the cryptocurrency industry, possessing a unique combination of technical expertise, compliance experience, and strategic vision [1] - He previously served as CEO of Huobi Global from 2018 to 2021 and later as CEO of HashKey Exchange, overseeing the establishment of the exchange [1]

Core Insights - The article highlights the successful implementation of the "免申即享" (No Application, Immediate Enjoyment) policy in Jing'an District, Shanghai, which allows companies to receive blockchain-related subsidies without the need for cumbersome application processes [2][3][4] Group 1: Policy Implementation - Jing'an District has introduced a reform that transforms the subsidy application process from a burdensome task to an automatic system where funds are directly deposited into companies' accounts [2][3] - The policy provides a subsidy of 30% of the actual blockchain usage costs, with a maximum limit of 1 million yuan [3] - Companies like Shanghai Tonglu Chain Digital Technology Co., Ltd. and Shanghai Xinyi Technology Co., Ltd. have already benefited from this policy, receiving funds without any application [1][2] Group 2: Technological Integration - The implementation relies on blockchain technology to ensure that all usage data is securely recorded and cannot be altered, providing a transparent and reliable basis for subsidy distribution [3][4] - An intelligent management service platform automatically analyzes companies' blockchain usage data to determine eligibility for subsidies, streamlining the process to as little as three working days from data capture to fund disbursement [3][4] Group 3: Future Developments - Jing'an District plans to expand the "免申即享" model beyond the blockchain industry to other sectors such as talent and innovation, aiming to enhance the overall business environment [4]

Core Insights - The article highlights the successful implementation of the "免申即享" (No Application Required) subsidy program in Shanghai's Jing'an District, which utilizes blockchain technology to streamline the process of delivering financial support to businesses [1][2][3] Group 1: Policy Implementation - The "免申即享" program allows businesses to receive subsidies automatically based on their blockchain usage costs, calculated at 30% of the actual costs, with a maximum subsidy of 1 million yuan [2] - This initiative aims to eliminate the cumbersome application process that often burdens small and medium-sized enterprises, allowing funds to be deposited directly into their accounts without the need for extensive paperwork [2][3] Group 2: Technological Integration - The program leverages blockchain's immutable and traceable characteristics to ensure efficient and secure policy execution, reducing the need for manual verification and documentation [3] - The system automatically identifies eligible businesses and calculates their subsidies using real-time data recorded on the blockchain, with funds potentially reaching businesses within three working days [3] Group 3: Business Impact - Companies like Shanghai Xinyi Technology and Shanghai Beibei Notary Office have expressed their satisfaction with the program, noting that it allows them to focus on core business activities rather than administrative tasks [4][5] - The financial support received is expected to be reinvested into enhancing services and technological development, demonstrating a positive impact on operational efficiency and innovation [4][5] Group 4: Future Prospects - Jing'an District plans to expand the "免申即享" model beyond the blockchain industry to other sectors such as talent and scientific innovation, aiming to create a more supportive business environment [5]