Group 1 - Lucy Liu, co-founder of Airwallex, has become the wealthiest woman in New Zealand with a net worth of 700 million NZD (approximately 3.036 billion CNY) [1][3] - Airwallex has recently achieved an annual revenue of 720 million USD, with Liu's estimated shareholding between 6% to 8%, translating to a wealth range of 618 million AUD to 865 million AUD (approximately 2.966 billion CNY to 4.152 billion CNY) [3][4] - The company has completed a Series F funding round of 300 million USD, raising its valuation to 6.2 billion USD, slightly above the previous round's valuation of 5.6 billion USD in 2022 [4] Group 2 - Airwallex provides global payment services for businesses and is recognized as one of the fastest-growing fintech companies globally [1][3] - The recent funding round is seen as a significant step for the company in empowering businesses worldwide to achieve globalization [4]

Group 1 - XTransfer showcased its industry-leading capabilities and AI risk control services at the Money20/20 Europe event in Amsterdam, gaining significant attention for its efficient and secure cross-border financial solutions [1] - The company has established a global unified B2B trade settlement network in collaboration with major banks, significantly reducing the time for cross-border payments from 1-7 working days to real-time transactions and lowering fees [1] - A milestone cooperation memorandum was signed with BNP Paribas during the event, aimed at providing simplified cross-border payment solutions for European SMEs engaged in international trade [1] Group 2 - XTransfer has obtained an Electronic Money Institution (EMI) license from the Dutch central bank, enabling it to offer local accounts, cross-border settlement, and foreign exchange services to local SMEs in the Netherlands [2] - The company aims to deepen its global strategy from the Netherlands, targeting coverage of 30 countries in the European Economic Area (EEA) and emerging markets in Africa and the Middle East [2] - The CEO emphasized the goal of creating a truly global unified B2B trade settlement network that connects SMEs with banks, ensuring safe, efficient, and low-cost cross-border financial services regardless of company size or location [2] Group 3 - In the B2B cross-border payment sector, slow processes and high costs are significant concerns, while anti-money laundering risk control remains a major challenge [3] - XTransfer utilizes AI technology to enhance risk management, achieving improvements in accuracy, cost, and user experience through digital transformation and cross-validation of structured data [3] - The company can quickly identify and respond to new risk types, with automated processes and advanced technology leading to lower risk control costs compared to traditional banks, enhancing customer experience [3] Group 4 - The application of AI technology is transforming the paradigm of risk management in cross-border payments, with Chinese enterprises providing valuable references for the industry [4]

Core Viewpoint - The report by Zhonghang Securities highlights the role of stablecoins in the Real World Assets (RWA) framework, emphasizing their functions in stabilizing pricing, enhancing liquidity, connecting DeFi, optimizing compliance, and attracting institutional funds [1][2] RWA Business and Regulation - RWA business involves the digitization of real-world assets into tokenized products, requiring clarity on asset value, ownership, and legal status [2] - The digitization process must comply with government regulatory frameworks if it involves securities [2] - Revenue sources are diversified, covering issuance, trading, and operational aspects, including issuance service fees, liquidity management returns, asset operation shares, and compliance pricing [2] - Hong Kong has proactively established a regulatory framework for virtual assets and stablecoins, with the Securities and Futures Commission releasing guidelines as early as 2018 [2] RWA Technology, Market, and Ecosystem - RWA utilizes blockchain technology to convert physical assets into tradable digital tokens, supported by a three-layer technology architecture: core architecture, middleware, and application layers [3] - According to Citibank's forecast, the market for tokenized digital securities could reach $4-5 trillion by 2030, while trade finance based on distributed ledger technology (DLT) may reach $1 trillion [3] - The industry forms a closed-loop ecosystem through collaboration, with asset issuers providing underlying value, technology service providers enabling digitization, liquidity providers activating markets, compliance parties ensuring legality, investors injecting funds, and support service providers maintaining operational safety [3] Investment Recommendations - Zhonghang Securities suggests focusing on three growth themes: blockchain + fintech, renewable energy + RWA, and cross-border payments [4] - Specific companies to watch include: - Blockchain + Fintech: Zhongke Jin Cai (002657.SZ), Sifang Jingchuang (300468.SZ), Shenzhou Information (000555.SZ), Yuxin Technology (300674.SZ), Hengbao Co., Ltd. (002104.SZ) [4] - Renewable Energy + RWA: Langxin Group (300682.SZ), GCL Energy Technology (002015.SZ) [4] - Cross-Border Payments: Hailian Jinhui (002537.SZ), Newland (000997.SZ), Lakala (300773.SZ), Xinguodu (300130.SZ), Tianyang Technology (300872.SZ) [4]

Group 1: Events and Summits - The BRICS summit is scheduled to take place from July 6 to 7, 2025, in Rio de Janeiro, Brazil, as announced by the BRICS countries' news department [1] - The second China-Central Asia Summit will be held in June 2025 in Astana, Kazakhstan, following the first summit in Xi'an in May 2023, which marked a significant milestone in China-Central Asia relations [1] - The cooperation between China and Central Asian countries focuses on enhancing trade, transportation connectivity, and various sectors including agriculture and emergency management [1] Group 2: Payment Systems - BRICS countries are developing a digital payment platform named BRICS Pay, aimed at facilitating local currency settlements and financial transactions [2] - The BRICS Pay system is a decentralized multilateral cross-border payment system initiated by the BRICS Business Council in 2018, expected to be launched at the BRICS summit in October 2024 [2] - The introduction of BRICS Pay could deepen financial cooperation among member countries and accelerate the internationalization of the Chinese yuan [2] Group 3: Historical Performance - The People's Bank of China has issued a plan to enhance cross-border financial services, encouraging more banks to join the Cross-Border Interbank Payment System (CIPS) to support global trade and investment [3] Group 4: Related Stocks - A list of stocks potentially benefiting from the internationalization of the yuan has been compiled, including companies in cross-border trade and payment sectors [6]

Group 1 - CoGoLinks has officially established its mainland headquarters in Hangzhou, enhancing the city's digital trade development and cross-border service ecosystem [1][3] - Hangzhou government aims to build a global cross-border payment settlement center, supporting the global layout of cross-border payment institutions [3] - CoGoLinks is part of the Jiexing Technology Group, which has developed four core business sectors over 20 years, including smart payment and cross-border payment [1][4] Group 2 - Since its independent operation in 2019, CoGoLinks has become a strategic core of Jiexing Technology Group's global layout, entering the cross-border payment market in 2021 [4] - As of Q1 2025, CoGoLinks has established settlement channels for nearly 20 currencies, supporting over 80 cross-border trade platforms across more than 100 countries and regions [4] - The company serves over 210,000 cross-border trade digital stores, with clients spanning major cross-border e-commerce platforms and traditional foreign trade sectors [4][5] Group 3 - The transition of China's foreign trade from "goods export" to "enterprise going global" is accelerating, promoting the upgrade of Chinese manufacturing to "intelligent manufacturing" [4] - CoGoLinks aims to integrate into Hangzhou's digital trade ecosystem, leveraging government support to expand its cross-border payment services and improve service quality [5] - The company plans to actively participate in the construction of Hangzhou's global digital trade port core area, contributing to the development of the entire digital trade industry chain [5]

Core Insights - The event "Financial Empowerment for Enterprises Going Global" was held in Shanghai, focusing on enhancing cross-border financial services and supporting enterprises in international markets [1] Group 1: Policy Initiatives - The People's Bank of China, along with other regulatory bodies, issued an action plan to enhance cross-border financial service convenience in Shanghai, addressing diverse financial needs [3] - Yangpu District released measures to promote high-quality development in science and technology finance, including 20 specific initiatives across five key areas [3] - The district aims to support international technology innovation and online new economy sectors with 15 unique measures, including establishing the "Yangfan" AEO enterprise service [3] Group 2: Financial Services and Solutions - Bank of China Shanghai Branch introduced a "24/7 Direct Account" service for whitelist enterprises, allowing for immediate foreign exchange transactions and improving capital efficiency [4] - A guarantee fund model was introduced to reduce the cash deposit ratio for enterprises, enhancing customs clearance efficiency amid tariff fluctuations [4] - The Shanghai Municipal Financial Office provided a detailed interpretation of the action plan's strategic goals and key tasks [4] Group 3: Risk Management and Support - The China Foreign Exchange Trading Center emphasized the importance of exchange rate risk management and provided case studies on risk management tools [4] - Yangpu Customs shared initiatives for AEO credit cultivation, offering preferential treatment to support the high-quality development of foreign trade enterprises [5] - Xtransfer highlighted the role of cross-border payment solutions in facilitating global transactions for foreign trade enterprises [6] Group 4: Future Directions - Yangpu District plans to further optimize the policy environment, enhance top-level design, and promote cross-border investment and financing convenience [6] - The district aims to strengthen international financial cooperation and encourage innovation in cross-border financial products and services [6]

Group 1 - Circle's stock has surged 247% in the two trading days since its IPO [1] - Major tech companies like Apple, Google, and X are in preliminary talks with crypto firms to integrate stablecoins, aiming to reduce transaction costs and optimize cross-border payment processes [1] - Stablecoins are primarily backed by traditional assets, with fiat-collateralized stablecoins like USDT and USDC dominating over 90% of the global market [1] Group 2 - The introduction of the stablecoin regulation draft in Hong Kong is expected to enhance China's competitive participation in the market [2] - The launch of USD stablecoins may pressure weaker currencies, necessitating the enhancement of the RMB's use cases [2] - The blockchain currency system presents an opportunity for the RMB to potentially overtake the USD, despite the long road ahead under traditional frameworks [2] Group 3 - Companies involved in stablecoin or RWA issuance include Langxin Group, ZhongAn Online, and Lianlian Digital [3] - Infrastructure service providers in the stablecoin space include Zhongke Jincai, Yuxin Technology, Sifang Jichuang, Yuyin Technology, and Xiongdi Technology [4] - Companies in the cross-border payment ecosystem include Newland, New Guodu, and Lakala [5]

Group 1: Core Insights - Airwallex has successfully completed a $300 million Series F funding round, achieving a post-money valuation of $6.2 billion, positioning itself as a benchmark in the fintech sector amid a challenging market environment [1] - The funding round attracted top-tier venture capital firms such as Square Peg and Lone Pine Capital, along with strategic investment from Visa Ventures, highlighting market recognition of Airwallex's innovative model [1] Group 2: Performance and Global Strategy - Airwallex's valuation is supported by impressive performance metrics, with an annualized revenue of $720 million by March 2025, reflecting a 90% year-over-year growth, and processing transaction volumes exceeding $130 billion [2] - The company has established a strong presence in the Americas and Europe, with a compound annual growth rate of over 250% in gross profit in these regions over the past four years [2] - Airwallex has set up branches in 37 countries and regions, holding over 60 financial licenses, including recent acquisitions of payment service provider MexPago in Mexico and a payment institution license from the Central Bank of Brazil [2] Group 3: Technological Innovation - Airwallex has built a global clearing network that reduces 95% of cross-border payments to hours, with 68% processed in real-time, contrasting with traditional banks reliant on the SWIFT system [3] - The company leverages AI to enhance its technological advantages, reducing account misjudgment rates by 50% through machine learning-based risk control models and helping clients mitigate foreign exchange losses with an intelligent foreign exchange engine [3] - The introduction of the "AI agent finance" concept aims to integrate AI into cash flow forecasting and tax compliance decision-making processes, redefining service boundaries for cross-border payment platforms [3] Group 4: Market Opportunity - Airwallex is targeting a significant market gap in cross-border financial services for SMEs, with an estimated potential market size of $570 billion by 2027 [5] - The company offers a suite of solutions including multi-currency accounts, global acquiring, and embedded APIs to reduce service costs and enhance operational efficiency for businesses [5] Group 5: Future Outlook - With the new $300 million funding, Airwallex plans to expand its global financial services network and deepen the application of AI technology in cross-border payments [7] - The company's trajectory from addressing SMEs' cross-border payment challenges to building a financial infrastructure covering over 180 countries exemplifies how technology is reshaping cross-border finance [7]

Core Insights - Airwallex, founded by Jack Zhang, has grown from a small coffee shop venture to a global fintech leader with a valuation of $6.2 billion as of May 2025, showcasing a remarkable journey of resilience and innovation [2][17]. Company Background - Jack Zhang, originally from Shandong, China, faced significant challenges as a teenager in Australia, working multiple jobs to support his education and living expenses [3][4]. - The initial idea for Airwallex emerged from the difficulties faced in cross-border payments while running a coffee shop, leading to the realization of a structural problem in the payment industry [7][8]. Growth and Development - Airwallex's early funding included a pivotal $1 million investment from Lucy Liu, which allowed the company to transition from a coffee shop to a tech startup focused on payment solutions [6][9]. - The company faced multiple near-death experiences during its early stages, including challenges in securing funding and developing a viable product [8][11]. Strategic Decisions - A significant turning point was the decision to pivot from a peer-to-peer payment model to building a comprehensive payment infrastructure, which involved direct engagement with banks [10][12]. - The refusal of a $1.2 billion acquisition offer from Stripe in 2018 marked a critical moment for Airwallex, as the team chose to pursue a larger vision of becoming a global financial platform [14][16]. Current Position and Future Goals - As of 2023, Airwallex has achieved profitability and offers a wide range of services, including global payments, corporate cards, and embedded finance solutions, with a consistent annual growth rate exceeding 100% [17]. - The company's goal is to become the "AWS of finance," enabling small and medium enterprises to access financial services globally with ease [17].

Group 1: Company Overview - Qianhai Company, established in May 2014, operates with a dual headquarters model in Hong Kong and Shenzhen, providing payment solutions across over 200 countries and regions [3] - The company offers more than 500 payment product technical supports for various sectors including cross-border trade, tourism, and digital entertainment [3] - Qianhai Company holds PCI DSS LEVEL 1 security certification and qualifications from major international payment systems, ensuring safe and efficient payment solutions for global merchants and consumers [3] Group 2: Strategic Insights - Qianhai's chairman, Liu Chaofeng, emphasizes the importance of elevating brand strategy to a core development level, moving beyond traditional ODM manufacturing [3] - Companies are advised to focus on differentiated market demands and avoid broad, unfocused market strategies, instead creating benchmark products through refined operations [3] - It is recommended that firms leverage their core advantages and innovate in technology and service to build competitive barriers in the international market [3] Group 3: Industry Challenges and Support - The chairman of the Furniture Association, Hou Keping, highlights the impact of fluctuating international trade policies on the furniture industry and calls for more government support in policy assistance and international cooperation [4] - There is a suggestion for the government to establish special funds to support industry associations, ensuring they can effectively serve their member companies [4] - The research team acknowledges the Furniture Association's significant contributions to the development of traditional industries and brands in Shenzhen [6]