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]

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]