19 June 2025 | 7:30PM HKT China Brokers & Asset Managers Stock selection differences amid overall positive trend. CICC-H (Buy) and FUTU (Neutral), Hundsun (Buy) and East Since May, broker and fintech stocks (including FUTU, East Money and Hundsun) have performed well, with average returns of +27%/+9% vs. +8%/+3% for the H/A share index. Looking back at the factors that we mentioned could constrain broker and fintech valuations (see our May report), we believe positive changes on ADTV and turnover - which ar ...

Group 1 - Circle's IPO has garnered attention from long-term investors in BTC and ETH, indicating a growing interest in the stablecoin market, particularly with USDC and USDT [1] - The recent rally in Circle's stock price reflects positive market sentiment and potential investor confidence in the company's future performance [1] Group 2 - The author has a background in wealth management and financial analysis, which adds credibility to the insights shared regarding investment opportunities in the cryptocurrency sector [1]

Group 1: Amazon - Amazon is a leader in both e-commerce and cloud computing, with significant growth opportunities ahead [4][5][6] - The company is enhancing its e-commerce platform through faster deliveries and the addition of new products, including luxury brands [5] - Amazon Web Services (AWS) is a major growth driver, with sales increasing 17% year over year, contributing 63% of the company's operating income [6][8] - CEO Andy Jassy emphasizes the potential of AI, predicting a shift in IT spending towards cloud solutions over the next decade [7] - Amazon's stock is currently trading at a discount compared to its historical P/E ratio, making it an attractive investment opportunity [8] Group 2: MercadoLibre - MercadoLibre has seen substantial growth, with its stock increasing over 8,000% since its IPO, currently valued at $121 billion [9][10] - The company operates in a market with low e-commerce penetration in Latin America, presenting significant growth potential as infrastructure improves [11] - Revenue rose 37% year over year to $5.9 billion, with an operating margin of 12.9%, indicating strong execution and growth [12] - MercadoLibre is expanding into higher-margin businesses like advertising and lending, which should enhance its profitability over time [13] Group 3: Axon Enterprise - Axon has experienced a 712% stock increase over the last five years, with a current market cap of $60 billion [14] - The company’s TASER devices continue to be in high demand, with TASER revenue growing 19% year over year [15] - Axon is diversifying its revenue through software and services, which grew 39% year over year and now account for 43% of total revenue [16] - The high gross margin from services (74%) compared to device sales (50%) is driving robust earnings growth, expected to rise 21% over the next several years [17] - Axon is positioning itself as a comprehensive platform for law enforcement, with an expanding addressable market due to its cloud-based services [18]

SINGAPORE, June 20, 2025 (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (NASDAQ: ANTA) (“Antalpha” or the “Company”), a leading fintech platform serving the Bitcoin mining ecosystem, today announced that it will hold an extraordinary general meeting of shareholders (the “EGM”) at 2:00 p.m. (Hong Kong time) on July 21, 2025 at 42nd Floor, Edinburgh Tower, The Landmark, 15 Queen's Road, Central, Hong Kong. A proposal to increase the Company’s authorized share capital will be submitted to the Company’s ...

Core Insights - Pagaya Technologies Ltd. (PGY) raised its 2025 revenue outlook to between $1.175 billion and $1.3 billion after a strong Q1 performance, with revenues and other income increasing by 18% [1][10] - The Zacks Consensus Estimate for 2025 and 2026 revenues is $1.23 billion and $1.42 billion, indicating growth rates of 19.9% and 15.7% respectively [2] Revenue Estimates - The company anticipates second-quarter total revenues and other income to be in the range of $290 million to $310 million [5] - Current Zacks Consensus Estimates for the upcoming quarters are as follows: - Q2 2025: $298.10 million - Q3 2025: $307.66 million - Full Year 2025: $1.23 billion - Full Year 2026: $1.42 billion [3] Business Strategy - Pagaya is expanding its product offerings beyond personal loans to include auto lending and point-of-sale (POS) financing, which helps mitigate cyclical risks [6] - The company has established a network of over 135 institutional funding partners to support its asset-backed securities (ABS) sales, utilizing forward flow agreements for stable capital sources [7] Competitive Position - Pagaya's competitive advantage lies in its proprietary data and product suite, including a Pre-screen solution that allows lenders to offer pre-approved loans with minimal marketing costs [8] - In contrast, competitors like LendingTree and LendingClub have lowered their revenue outlooks for 2025, indicating a more challenging environment for them [9][10] Financial Performance - Pagaya's stock has surged 102.9% year-to-date, outperforming competitors LendingTree and LendingClub, which have seen declines of 10.7% and 30.7% respectively [12] - The current price-to-book (P/B) ratio for Pagaya is 3.23X, which is below the industry average of 3.47X, suggesting the stock is trading at a discount [15] Earnings Estimates - The Zacks Consensus Estimate for earnings in 2025 and 2026 has increased to $2.45 and $3.13 respectively, indicating significant growth of 195.2% and 28% [16] - Management projects net income (GAAP) for 2025 to be in the range of $10 million to $45 million [19]

Core Insights - PayPal's shares have declined nearly 17% year-to-date in 2025, indicating a challenging first half for the financial technology company [1] Company Performance - The decline in PayPal's stock price is attributed to the rise of stablecoins, which may be impacting its market position [1] Investment Focus - The analysis emphasizes a focus on 20th-century stocks undergoing transformation in the 21st century, highlighting the potential for significant changes in stock performance due to innovative business models [1]

21世纪经济报道记者 吴霜 上海报道 尽管在陆家嘴论坛的全体大会上，四位主要金融监管机构领导——央行、金融监督管理总局、证监会和 外汇局，并未针对稳定币给出具体政策，但是这个话题却在接下来的会议中被频频提及，成为了今年陆 家嘴论坛的"支线"议题。 稳定币的产生是为了解决经济中的痛点 对公众来说，稳定币或许比较陌生，加上以前就有的数字人民币、加密币等等，让人傻傻分不清。但其 实稳定币早就在加密货币领域被广泛使用了，比如USDT，也叫泰达币Tether USD，是一种基于稳定价 值货币美元（USD）的代币，1USDT=1美元，可以随时兑换。 可以说，此前的稳定币更多是为了进行加密货币的交易，而近期香港监管提出的稳定币草案，则是更多 为解决实体经济中的问题。 5月21日，香港立法会通过《稳定币条例草案》，以在香港设立法币稳定币发行人的发牌制度；5月30 日，香港特别行政区政府在宪报刊登《稳定币条例》，意味着《稳定币条例》正式成为法例。 随后，两家互联网巨头积极响应。 6月12日，蚂蚁集团表示将在中国香港地区和新加坡申请稳定币牌照，还打算在卢森堡寻求许可，主要 是未来加强区块链业务，为其跨境支付和资金管理服务提供支持 ...

Core Insights - WeChat Pay showcased its latest innovations at the 2025 China International Financial Expo, including palm payment and payment links, emphasizing the integration of hardware and software [1][3]. Group 1: Innovations in Payment Technology - WeChat Pay introduced a palm payment solution that allows users to link their personal bank cards without needing to carry a phone or bind WeChat, aimed at elderly users [1]. - The palm payment technology has been implemented in nearly 100 senior dining halls across 6 provinces and 21 cities, with funding exceeding 15 million yuan [1]. - The latest exploration of iris XR technology combines high-security iris recognition with extended reality (XR) devices for seamless identity verification and payment services [3]. Group 2: Digital Tools for Merchants - WeChat Pay launched digital tools for merchants, including "payment links" that allow merchants to create customized shopping carts easily shared in social media [5]. - The "distribution management" feature provides merchants with digital management tools to enhance the efficiency of managing sales and services by distributors [5]. - An upgraded inbound payment service has been introduced, with the number of transactions by foreign individuals in China tripling compared to the same period last year [5]. Group 3: Community Support Initiatives - WeChat Pay initiated the "Love Store" program to support businesses providing free meals, which has received positive feedback with nearly 100,000 merchants participating [5].

稳定币第一股Circle Internet Group Inc.（CRCL）涨幅扩大至15.4%，美国IPO以来股价已经翻倍。 ...

稳定币第一股circle涨超10%。 ...