Core Viewpoint - The event organized by Zhongyou Securities and the Shanghai Stock Exchange aimed to enhance investor understanding of Hang Seng Electronics, showcasing its development, corporate culture, and core products, while emphasizing its mission to simplify finance and its ambition to become a leading global fintech company [1][3]. Group 1: Company Overview - Hang Seng Electronics is committed to becoming a global leader in financial technology, focusing on independent innovation in fintech and providing comprehensive services to financial institutions through the establishment of a trusted ecosystem [3][6]. - The company is celebrating its 30th anniversary in 2025, reflecting its rapid growth and expansion into major cities such as Beijing, Shanghai, and Shenzhen [3]. Group 2: Investor Engagement - The event included an interactive session where investors engaged with the company's management, discussing operational performance, profitability, market capitalization, and industry trends, which provided investors with a more comprehensive understanding of the company [6][9]. - The initiative aimed to bridge the gap between investors and the company, enhancing investors' awareness of their rights and encouraging active participation in the capital market [9]. Group 3: Future Initiatives - Zhongyou Securities plans to continue organizing similar events to foster closer communication between investors and listed companies, thereby promoting investor awareness and protecting their legal rights [9].

Core Viewpoint - Financial One Account, a fintech company under Ping An, has officially delisted following the approval of its privatization plan by the Grand Court of the Cayman Islands, marking a swift exit from public markets after only six years since its IPO [1][4]. Privatization Details - The privatization offer was made by Platinum Holdings Limited, a subsidiary of Ping An, which held approximately 30.18% of Financial One Account's shares prior to the offer [2][3]. - The proposed acquisition price is HKD 2.068 per share, representing a premium of about 23.10% over the last closing price and approximately 117.91% over the average closing price of the last 180 trading days [2][3]. Financial Performance and Market Conditions - Since its listing, the stock price of Financial One Account has declined over 95%, attributed to low liquidity, reduced investor interest, and insufficient analyst coverage [5][6]. - The company has faced significant operational challenges, with revenues from its core business expected to decrease by approximately 36.16% from FY2023 to FY2024, leading to increased operating losses [6]. Strategic Implications - The decision to privatize is seen as a move to alleviate short-term market pressures and focus on long-term strategic development, as the public market has not reflected the company's value [4][5]. - Post-privatization, Platinum plans to inject additional financial resources and integrate the company further into the broader Ping An ecosystem [7].

Core Viewpoint - Financial One Account, a fintech company under Ping An, is officially delisting after receiving approval for its privatization plan from the Grand Court of the Cayman Islands, marking a swift exit from the public markets within just six years of its listing [3][4][6]. Group 1: Privatization Details - Financial One Account has withdrawn its listing status from the Hong Kong Stock Exchange and its American Depositary Shares (ADS) on the New York Stock Exchange have been permanently suspended, with the delisting process expected to complete by December 1 [3][4]. - The privatization offer was made by its controlling shareholder, Platinum Yu Limited, which is a subsidiary of Ping An, proposing to acquire all issued shares at HKD 2.068 per share, representing a premium of approximately 23.10% over the last trading price [4][5]. - The total cash required for the privatization is estimated at approximately HKD 1.689 billion, to be funded through internal cash resources and/or financing [5]. Group 2: Reasons for Delisting - The decision to privatize comes amid a broader trend of privatization in the Hong Kong market, where major shareholders believe that the market price does not reflect the company's value, allowing them to focus on long-term strategic development without the pressures of public market performance [8][9]. - Financial One Account's stock price has plummeted over 95% since its listing, attributed to low liquidity, reduced investor interest, and insufficient coverage from brokerage reports [10]. - The company has faced significant operational challenges, including a heavy reliance on Ping An for revenue, which has been criticized as a major weakness, and has struggled to increase third-party revenue despite efforts to do so [10][11]. Group 3: Financial Performance - Financial One Account's revenue from ongoing operations is projected to decrease by approximately 36.16% from FY2023 to FY2024, leading to increased operating losses [11]. - The company reported losses for both the previous fiscal year and the first half of the current year, failing to maintain profitability despite previous one-time gains from the sale of a virtual bank [11]. - The management aims to combine extensive industry knowledge with leading technology to enhance customer relationships and expand its ecosystem and overseas business, with plans to inject additional financial resources post-privatization [12].

Core Insights - Revolut has raised its valuation to $75 billion through a recent equity financing round, making it one of the most valuable private tech companies in Europe [4] - The company has shown impressive financial performance, with a 72% year-over-year revenue growth expected to reach $4 billion in 2024 [5] - Revolut's international expansion strategy includes operations in multiple countries and plans to enter new markets, aiming for 100 million customers by mid-2027 [5][6] Financial Performance - In 2024, Revolut's revenue is projected to grow by 72%, reaching $4 billion, with an annualized revenue of $1 billion expected this year [5] - The company's wealth management division, which includes the newly launched cryptocurrency exchange Revolut X, saw a remarkable 298% revenue increase from $158 million in 2023 to $647 million in 2024 [5] International Expansion - Revolut has obtained a banking license in the EU and is operating in countries such as Australia, Japan, New Zealand, Singapore, Brazil, and the US [5] - The company has recently launched operations in India and plans to enter Colombia by 2026, having already secured a banking license in Mexico [5] - Future expansion plans include Argentina and South Africa, with a principle payment license obtained in the UAE [5] Strategic Vision - CEO Nikolay Storonsky has set a target for Revolut to reach 100 million customers by mid-2027 and to enter over 30 new markets by 2030 [5] - This strategic vision reflects the company's progress and ambition to evolve into a global banking entity [5][6]

Core Viewpoint - Financial One Account, a fintech company under Ping An, is set to delist from both the NYSE and HKEX following its privatization plan, which has been approved by the Grand Court of the Cayman Islands [1][2][4]. Group 1: Delisting and Privatization - Financial One Account has withdrawn its listing status from HKEX as of November 21, with the final delisting process from NYSE to be completed by December 1 [1]. - The privatization offer was made by its controlling shareholder, Platinum Yu Limited, which is a subsidiary of Ping An Group, proposing to acquire all issued shares at HKD 2.068 per share, representing a premium of approximately 23.10% over the last closing price [2][3]. - Following the privatization, Ping An's ownership in Financial One Account will increase to 100% [2]. Group 2: Financial Performance and Market Conditions - Since its listing in December 2019, Financial One Account's stock price has dropped over 95%, attributed to low liquidity, reduced investor interest, and insufficient coverage by brokerage reports [6][7]. - The company's revenue from ongoing operations is projected to decrease by approximately 36.16% from FY2023 to FY2024, leading to increased operating losses [7]. - Financial One Account has faced challenges in diversifying its revenue sources, remaining heavily reliant on Ping An for income, which has been a significant concern for investors [6][7]. Group 3: Strategic Direction Post-Privatization - After privatization, the company plans to focus on long-term strategic goals, including enhancing customer relationships, optimizing products, and expanding its ecosystem and overseas business [7][8]. - The controlling shareholder, Platinum Yu, aims to inject additional financial resources and integrate the company further into the broader Ping An ecosystem once it becomes a wholly-owned subsidiary [8].

Core Insights - Lexin reported its Q3 2025 unaudited financial results, with revenue of 3.42 billion yuan and Non-GAAP EBIT of 675 million yuan [2] - The company achieved a transaction volume of 50.89 billion yuan and a managed loan balance of 101.84 billion yuan, with a user base of 240 million, reflecting a year-on-year increase of 7.7% [2] - Asset quality improved, with the 90+ days delinquency rate decreasing by 15 basis points quarter-on-quarter and 74 basis points year-on-year, indicating continued stability [2] Financial Performance - Revenue for Q3 2025 was 3.42 billion yuan [2] - Non-GAAP EBIT stood at 675 million yuan [2] - The company’s transaction volume reached 50.89 billion yuan [2] - Managed loan balance was reported at 101.84 billion yuan [2] User and Asset Metrics - The user base increased to 240 million, a 7.7% year-on-year growth [2] - The 90+ days delinquency rate improved, with a quarter-on-quarter decrease of 15 basis points and a year-on-year decrease of 74 basis points [2] Shareholder Returns - Dividends for the first half of the year were distributed in Q3, with the announced increase in the second half dividend payout ratio from 25% to 30% [2] - The previously announced share repurchase and increase plan of 60 million USD has been executed for more than half [2] Strategic Outlook - The CEO indicated that with new regulations, the industry is moving towards a healthier and more orderly direction [2] - The company plans to enhance its focus on consumer scenarios, deepen engagement with small and micro customers, and increase investment in financial technology [2] - A unique multi-business ecosystem is expected to gradually reveal differentiated competitive advantages [2]

Core Viewpoint - Lexin (NASDAQ: LX) demonstrated operational resilience in Q3 2025, achieving a revenue of 3.42 billion yuan and a Non-GAAP EBIT of 675 million yuan, reflecting a 1.5% quarter-over-quarter increase, attributed to its long-term development philosophy and user-centric approach [1][3] Financial Performance - In Q3, the company reported a transaction volume of 50.89 billion yuan and a managed loan balance of 101.84 billion yuan, with a user base of 240 million, marking a year-over-year increase of 7.7% [3] - The overall asset quality improved, with the 90+ delinquency rate decreasing by 15 basis points quarter-over-quarter and 74 basis points year-over-year [3] - The net profit margin increased to 2%, up 9 basis points quarter-over-quarter and 92 basis points year-over-year, showing steady improvement over seven consecutive quarters [3] Shareholder Returns - The company has prioritized shareholder returns, with dividends from the first half of the year already distributed in Q3 and an increase in the dividend payout ratio from 25% to 30% for the second half of the year [3] - A previously announced $60 million share repurchase and increase plan has seen over half of its execution completed [3] Business Ecosystem and Consumer Services - Lexin's ecosystem, including installment e-commerce, personal consumption credit, inclusive finance, and digital technology, has enhanced its collaborative capabilities, driving consumption and serving small and micro enterprises [3][5] - The installment e-commerce platform saw significant growth, with transaction volume increasing by 58.5% quarter-over-quarter and 133.8% year-over-year [5] - The company upgraded its logistics and delivery systems, reducing delivery times by over 20 hours, and improved product quality inspection services [5] Focus on Small and Micro Enterprises - Lexin's inclusive finance service targets small and micro enterprises, covering over 330 counties across 30 provinces, and has upgraded its big data risk control system to better assess risks [7] - The company assisted nearly 160,000 users in obtaining inclusive loans totaling nearly 5 billion yuan, supporting financial access in lower-tier cities [7] Technological Advancements - In Q3, Lexin continued to invest in AI technology, with its self-developed model LexinGPT improving user demand recognition accuracy by over 20% [10] - The AI composite intelligent agent matrix has enhanced operational efficiency, with significant improvements in risk control and customer service response times [11] Industry Recognition - Lexin was recognized as one of the "Top 500 Enterprises in Guangdong" and "Top 100 Private Enterprises in Guangdong" for 2025, being the only fintech company to achieve this [12] - The company received the "Best AI Technology Application in China" award from The Asian Banker for 2025, marking its seventh consecutive year of recognition [12]

Core Viewpoint - The Hong Kong stock market saw a collective rebound in Bitcoin-related stocks, indicating a positive sentiment in the cryptocurrency sector [1] Group 1: Company Performance - OK Blockchain (01499.HK) increased by 5.24%, reaching HKD 0.201 [1] - Boyaa Interactive (00434.HK) rose by 4.66%, trading at HKD 3.82 [1] - Yaocai Securities Financial (01428.HK) gained 4.64%, with a price of HKD 7.22 [1] - Yunfeng Financial (00376.HK) saw a rise of 4.39%, priced at HKD 3.57 [1]

11月22日，由《21世纪经济报道》主办的"21世纪金融竞争力案例（2025年度）"评选结果揭晓，小雨点 凭借特色评分产品，从众多案例中脱颖而出，荣获产品类"年度领航案例奖"。 此次荣获产品类"年度领 航案例奖"，是对小雨点深耕金融科技赛道，不断提升科技风控与数据智能应用水平的高度认可。 本次21世纪金融竞争力优秀案例评选，旨在将先进实践经验转化为业务动能，推动行业健康发展。评选 通过专家推荐、机构申报等形式公开进行，经由客观指标和主观指标共同研究确定。 获奖的小雨点特色评分产品涵盖个人与企业信用及反欺诈评分，以灵活、高效、合规为核心特点，广泛 应用于营销画像、信用评估、信息核验与反欺诈等多类金融场景，还在数据融合与模型建设上具有显著 优势。例如在某银行的消费贷款联合建模项目中，该行因线上消费贷业务所使用的第三方数据效果未达 预期，希望拓展数据维度以提升风险识别精准度。小雨点通过深入调研其业务流程与数据使用情况，筛 选合适数据源并开展联合建模，为额度10万元以内、期限1年期的自营客群消费贷产品构建定制化风控 模型。项目通过将授信模型内部规则与定制模型构建交叉矩阵，有效提升了高风险客户的判断精度。项 目成果显示 ...

Core Viewpoint - The company is leveraging its membership in BIAN and participation in ISO 20022 standards to enhance its influence in international financial technology regulations, aiming to convert this influence into competitive advantages in the market [1] Group 1: Company Initiatives - The company has successfully joined BIAN, an international banking architecture organization, and is actively promoting the transformation of banking architecture and service functions [1] - The company has established partnerships with benchmark clients such as HSBC China and Mitsubishi Bank, gaining valuable experience in expanding its overseas customer market [1] Group 2: Future Plans - The company plans to focus on emerging markets in Southeast Asia and the Middle East for further expansion of its overseas business [1] - There are ongoing efforts to develop standards in areas such as digital currency cross-border payments and quantum encryption, with potential updates on international cooperation [1]