Core Viewpoint - The company has entered into a strategic partnership with Fulong Consulting Limited, marking a significant step into the high-growth stablecoin market through a share swap investment of HKD 60 million [1][2]. Group 1: Strategic Investment - The investment allows the company to leverage Fulong's extensive network and expertise in digital asset solutions, enhancing its position in the evolving financial landscape [1][2]. - The partnership is expected to facilitate the company's entry into the rapidly growing stablecoin sector, projected to exceed USD 2 trillion by 2028 [2]. Group 2: Business Collaboration - Fulong will apply for a stablecoin license in Hong Kong, and upon approval, will collaborate with the company to promote stablecoin applications and business cooperation [1]. - The collaboration aims to utilize Fulong's merchant and user ecosystem to support product offerings and investor relations for the company and its affiliates [1]. Group 3: Operational Efficiency and Growth - The strategic cooperation is anticipated to enhance operational efficiency, capture new revenue opportunities, and strengthen competitiveness by integrating stablecoin technology into the company's financial services and product portfolio [2]. - This investment is also expected to synergize the company's efforts in the real-world asset (RWA) business with stablecoin scenarios, further solidifying its industry position in the RWA sector [2].

Group 1 - The global financial system is undergoing a profound transformation from "sovereign credit dominance" to a dual-driven model of "technology credit + asset credit," with stablecoins and RWA (Real World Asset tokenization) as core pillars of this change [1][12][22] - Governments and enterprises are driving the accelerated development of the digital asset industry, with regulatory innovations like the US GENIUS Act and Hong Kong's Stablecoin Ordinance playing crucial roles [2][14][16] - The RWA market is projected to reach $16 trillion by 2030, with an extreme optimistic scenario estimating it could reach $68 trillion [1][31][22] Group 2 - The "stablecoin + RWA" system is expected to reconstruct the financial ecosystem, providing benefits such as infrastructure upgrades, inclusive finance, and a restructured valuation system for non-standard assets [2][3][40] - Investment opportunities are concentrated in three core areas: stablecoin infrastructure, RWA tokenization in sectors like green energy and real estate, and ecosystem service providers [3][4][50] - The report emphasizes the importance of regulatory frameworks, institutional capital penetration, and technological innovation in shaping the future of digital finance [3][4][50] Group 3 - Stablecoins are becoming essential tools for enterprises to navigate global changes, providing functions as "digital safe assets" amid high inflation and geopolitical conflicts [2][33] - The integration of stablecoins and RWA is seen as a solution to traditional financial inefficiencies, enhancing capital efficiency and liquidity for small and medium enterprises [2][35][54] - The report highlights the role of financial licenses as a core barrier in the stablecoin sector, with licensed issuers and market makers gaining significant market advantages [3][50][51]

Core Viewpoint - The U.S. House of Representatives has passed a bill aimed at establishing a regulatory framework for stablecoins, which are cryptocurrencies pegged to the U.S. dollar, marking a significant milestone for the digital asset industry [1][2] Group 1 - The bill, named the GENIUS Act, sets preliminary safeguards and consumer protection measures for stablecoins, which are designed to reduce volatility by being linked to stable assets like the dollar [2] - French Hill, Chairman of the House Financial Services Committee, stated that the bill will ensure U.S. competitiveness and provide strong protections for consumers, highlighting a revolution in payment systems globally [2]

Summary of OSL Group Conference Call Industry Overview - The global digital asset market is projected to exceed $10 trillion in trading volume in 2024, representing a 43% year-over-year growth, driven by the approval of the first Bitcoin spot ETF by the US SEC and Hong Kong's open policies towards virtual assets, attracting capital back to the region [2][4][5] - Hong Kong has made significant progress in the digital asset sector, including the launch of spot Bitcoin and Ethereum ETFs, and exploration in the Real World Asset (RWA) domain, with 11 virtual asset service platforms obtaining formal licenses by June 2025 [2][8][9] Company Performance - OSL Group reported a revenue of HKD 375 million for the fiscal year 2023, a 78.6% increase year-over-year, primarily due to significant growth in digital asset trading revenues and SaaS service fees [2][6] - The company achieved a profit of HKD 54.8 million in its ongoing operations for fiscal year 2024, recovering from a loss of HKD 250 million in the previous year, with total trading volume around HKD 100.5 billion, up 16.3% year-over-year [2][6][7] Strategic Initiatives - OSL Group is actively expanding into overseas markets, planning to establish a presence in Southeast Asia, Europe, and the Middle East, and has announced the acquisition of Ban Banka shares [2][7] - The company anticipates maintaining close to 80% growth in revenue from its digital asset and blockchain trading platform by the end of 2025, although profitability may be impacted by acquisition activities [7] Regulatory Environment - The digital asset industry is experiencing a dual drive of regulation and technological innovation, with the US SEC's approval of the Bitcoin spot ETF expected to enhance overall market trading volume and market capitalization [4][5] - Hong Kong's ETF allows direct use of cryptocurrencies for subscriptions and redemptions, providing greater flexibility and innovation compared to US ETFs [4][13] Technological Services - OSL Group offers a range of technological services, including SaaS, enterprise API support, and professional consulting services, ensuring clients have a secure and efficient operational experience [12] User Growth and Market Position - OSL Group has seen rapid user growth driven by compliance, with active customer numbers increasing by 130% in 2020 and 413% in 2021, despite a slight decline in overall trading volume in 2023 [22] Competitive Landscape - OSL holds multiple licenses, including securities trading, consulting, automated trading, and asset management licenses, differentiating itself from competitors like Hashkey [21] Future Outlook - The Hong Kong government’s open policies towards the crypto market have led to a significant capital influx, positioning Hong Kong as a major cryptocurrency hub in Asia [9]

Core Viewpoint - The Hong Kong Special Administrative Region (HKSAR) government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," introducing the "LEAP" framework to enhance the legal and regulatory environment, expand tokenized product categories, promote application scenarios and cross-sector collaboration, and develop talent and partnerships, thereby advancing traditional finance into the digital asset era and solidifying Hong Kong's status as an international financial center [1][3]. Group 1: Policy Framework and Vision - The HKSAR government aims to create a balanced regulatory framework that manages risks while ensuring investor protection and industry development, establishing a trustworthy and sustainable digital asset ecosystem integrated with the real economy [1][2]. - The "LEAP" framework focuses on compliance regulation, asset tokenization, scenario expansion, and talent development, marking a transition from a testing ground for digital assets to a more institutionalized, scalable, and globalized approach [4][5]. Group 2: Economic Impact and Innovation - Digital assets are seen as a crucial component of financial technology, enabling more efficient and lower-cost financial transactions, thus enhancing financial inclusivity [2]. - The government plans to issue tokenized green bonds in 2023 and 2024, with ongoing preparations for a third batch, aiming to normalize the issuance of tokenized government bonds and broaden the tokenization of various assets, including precious metals and renewable energy [6][7]. Group 3: Industry Collaboration and Support - The Hong Kong Digital Port has launched a "Blockchain and Digital Asset Pilot Funding Scheme" to support startups in the relevant fields, providing up to 500,000 HKD for eligible pilot projects [7]. - The HKSAR government and the financial regulatory authorities are committed to creating a favorable market environment for the application of stablecoins across different scenarios, addressing long-standing issues in cross-border payments [2][4].

Core Viewpoint - The Hong Kong Special Administrative Region government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," marking a significant step in the systematic layout for the future development of digital assets, positioning them as a strategic tool for structural transformation in the local financial market [1] Regulatory Framework - The declaration emphasizes a prudent regulatory philosophy, establishing a multi-layered and segmented regulatory mechanism, with the Hong Kong Securities and Futures Commission as the main regulatory body [2] - A licensing system for digital asset trading service providers and custodians will be implemented, addressing legal barriers related to the tokenization of real-world assets [2] Product Innovation - The declaration proposes the normalization of tokenized government bond issuance and supports the development of tokenized ETF products, aiming to integrate tokenized assets into mainstream financial products [3] - It also highlights plans to advance tokenization experiments in non-financial physical assets such as precious metals and renewable energy, enhancing liquidity and cross-border trading attributes [3] Application Promotion and Talent Development - A dual strategy of "regulatory experimentation + market-driven" is emphasized, with a licensing mechanism for stablecoins set to be implemented on August 1 [4] - The declaration outlines a detailed plan for talent cultivation and international cooperation, aiming to establish Hong Kong as a global knowledge hub for digital assets [4] Terminology and Regulatory Recognition - The declaration distinguishes between "virtual assets" and "digital assets," reflecting a significant advancement in regulatory understanding and aligning with international financial center trends [5]

Group 1 - The strong performance of Hong Kong's financial market and the robust IPO activities have attracted the attention of the South Korean financial sector [1][2] - In the first five months of this year, the total securities trading volume of South Korean licensed institutions in Hong Kong exceeded HKD 1.5 trillion, which is 2.8 times that of the entire last year [2][3] - South Korean venture capital and private equity funds are increasingly interested in investing in Hong Kong and mainland markets due to the potential for innovation and commercialization in the Greater China region [2][4] Group 2 - The innovation in financial products in Hong Kong has gained recognition from the South Korean financial community, particularly a recently listed leveraged inverse product linked to a major South Korean company [3] - The upcoming stablecoin regulations in Hong Kong are of significant interest to South Korean industry and regulatory bodies [3][4] - There is a growing desire for mutual cooperation between South Korean and Hong Kong enterprises, especially in the context of rapid development in mainland technology companies [4][5] Group 3 - Hong Kong is positioned as a "super connector" and "super value creator" with its world-class universities and research capabilities, which can enhance collaboration in sectors like AI, biomedicine, smart cities, and green technology [5] - The promotion of financial market connectivity and innovation between Hong Kong and South Korea is seen as a way to attract more international investment [4][5] - Future initiatives will focus on enhancing multi-level interactions between Hong Kong and various economies in the region, including financial, technological, and cultural exchanges [5]

Group 1: Market Performance - The US stock market continues to show strong momentum, with major indices reaching new historical highs, including the Nasdaq and S&P 500 [1] - On July 11, the Nasdaq index rose by 0.09%, the S&P 500 increased by 0.27%, and the Dow Jones Industrial Average climbed by 0.43% [1] - Tesla rebounded strongly by 4.7%, while Netflix saw a decline of over 2% [1] Group 2: Digital Asset Sector - Digital asset-related stocks performed notably well, with Coinbase rising over 4% [1] - The XBIT.Exchange decentralized trading platform offers a revolutionary trading experience, allowing users to trade without providing personal information, aligning with the core principles of decentralized finance [1][3] - XBIT's asset self-management mechanism provides top-tier security, ensuring users independently hold their private keys and control their digital assets [3] Group 3: Regulatory Developments - A proposed tax law by Senator Cynthia Lummis aims to establish a $5,000 annual tax exemption for digital asset transactions and eliminate the current double taxation system [5] - This policy change signifies a shift towards a more open and pragmatic regulatory stance from the US government regarding the digital asset industry [5] - The evolving regulatory environment is expected to accelerate the compliance process for digital assets in the US [5] Group 4: Future Outlook - As regulatory frameworks improve and technology applications deepen, decentralized trading platforms are anticipated to play a more significant strategic role in the global financial landscape [6] - The current investment environment presents unprecedented opportunities for market participants, combining robust growth in traditional markets with the rapid adoption of blockchain technology [5][6]

Core Insights - The article highlights Hong Kong's ambition to become a "global digital asset hub" amid the ongoing digital transformation of the global economy [1][5] - The launch of the "Hong Kong Digital Asset Development Policy Declaration 2.0" signifies a strategic upgrade from establishing a regulatory framework to enhancing the ecosystem and expanding applications [1][3] Group 1: Hong Kong's Financial Position - Hong Kong has surpassed Singapore with a score of 760, solidifying its position as the leading financial center in Asia, with a comprehensive score increase of 11 points [3] - The financial sector contributes nearly a quarter to Hong Kong's GDP, with around 270,000 financial professionals [3] - By mid-2025, Hong Kong's stock exchange is projected to lead global fundraising efforts with a scale of $14 billion [3] Group 2: Technological Development and Innovation - Hong Kong is focusing on building a secure, compliant, and efficient technological foundation to support digital asset innovation, including core technologies like blockchain infrastructure and privacy computing [4] - The city is attracting global resources and over 80 tech companies, along with more than 300 Web3 firms, to enhance its technological ecosystem [4] - Ant Group's Ant Financial has opened its core technologies to global developers, significantly lowering innovation barriers and fostering a thriving tech ecosystem in Hong Kong [4][5] Group 3: Future Outlook - The collaboration between Hong Kong and leading tech firms like Ant Group is expected to strengthen its status as an international financial center and propel it towards becoming a global center for digital asset innovation [5]

Group 1 - Hainan Huatie has made a strategic investment in XMeta, acquiring a 5% stake, marking its entry into the digital asset sector and focusing on the digitization and circulation of real-world assets (RWA) [1][2] - XMeta is a leading digital asset trading platform with 2 million registered users and partnerships with over 1,000 digital asset issuance platforms, covering more than 30 million users and achieving a cumulative trading volume of several hundred million RMB [1][2] - The collaboration aims to deepen the layout of RWA, connecting traditional financial assets with the real economy, and exploring RWA financing and on-chain circulation services [2][3] Group 2 - Hainan Huatie has achieved significant results in the digitalization of physical assets, having completed the blockchain integration of nearly 26 billion RMB in aerial work platform assets, laying a solid foundation for RWA business [2] - The partnership will leverage Hainan Huatie's extensive on-chain physical asset scale and XMeta's liquidity network to create a closed-loop operation of "real assets - digital certificates - on-chain circulation" [2] - The collaboration also aims for international expansion, planning to establish compliant RWA overseas operations from Hong Kong, facilitating cross-border digital asset transactions and supporting the Belt and Road Initiative [2]