Group 1 - The company has signed an agreement with a placement agent to facilitate the subscription of up to 56.286 million shares at a price of HKD 10.66 per share [1] - The placement price represents a discount of approximately 5.08% compared to the closing price of HKD 11.23 on September 2, 2025 [1] - If the maximum number of shares is placed, the total proceeds are expected to be HKD 600 million, with a net amount of approximately HKD 593 million [1] Group 2 - The funds raised will be used for the development of innovative technologies such as AI Agent, international expansion, strategic investments, and general working capital [1]

Core Viewpoint - The company, Shengye (06069), has entered into a placement agreement to issue up to 56.286 million shares at a price of HKD 10.66 per share, representing a discount of approximately 5.08% from the last closing price of HKD 11.23 on September 2, 2025 [1] Group 1 - The total amount raised from the placement, assuming the maximum number of shares is issued, will be approximately HKD 600 million, with net proceeds expected to be around HKD 593 million [1] - The funds raised will be allocated for the development of innovative technologies such as AI Agents, international expansion, strategic investments, and general working capital [1]

Core Viewpoint - The global economy in the first half of 2025 is characterized by a strong demand for cost reduction and efficiency improvement among enterprises, with a notable increase in the financing cost sensitivity of small and medium-sized enterprises (SMEs) reaching a three-year high. In this context, the digital tools of Lianyi Rong Technology have gained significant traction, with the multi-level circulation cloud processing asset scale surging by 54% to 133.2 billion yuan, validating the counter-cyclical law that "the more volatile the economy, the more rigid the demand for inclusive finance" [1][2]. Group 1: Core Business Growth - The supply chain financial technology solutions remain the revenue cornerstone for Lianyi Rong Technology, facilitating financing of 198.7 billion yuan in the first half of the year, a year-on-year increase of 27.4%. The multi-level circulation cloud processed supply chain assets amounting to 133.23 billion yuan, a year-on-year surge of 54.4%, accounting for 65% of the group's total business volume [2]. - The multi-level circulation cloud addresses the financing difficulties faced by SMEs through digital means, enhancing the demand for low-cost financing amid rising financing cost sensitivity. This explains the continued rapid growth of the multi-level circulation cloud despite overall revenue pressure [2]. - The company has also made significant progress in its cloud-based financial institution layout, with ABS cloud processing asset scale increasing by 166.3% year-on-year to 9.6 billion yuan, demonstrating a dual-driven effect between core enterprises and financial institutions [2]. Group 2: Cross-Border Financial Expansion - Lianyi Rong Technology has achieved breakthroughs in cross-border financial expansion, with cross-border cloud financing amounting to 4.84 billion yuan in the first half of 2025, a year-on-year increase of 13.9%. The company collaborates with 12 global platforms, serving over 1,100 SMEs, and provides comprehensive financing solutions for Chinese enterprises going abroad [3]. - The strategic approach of "early layout and deep cultivation of scenarios" not only helps SMEs solve cross-border financing challenges but also opens up significant market space amid the trend of Chinese industries going global. Cross-border business is expected to become Lianyi Rong Technology's "second growth curve" [3]. - As of the end of June, the company has partnered with 2,565 core enterprises and 389 financial institutions, with a net increase of 244 core enterprise clients in the first half of the year, raising the customer retention rate from 96% to 99% [3]. Group 3: AI and Digital Asset Strategy - Lianyi Rong Technology's investment in AI and digital assets is seen as a future growth engine, with the self-developed vertical model LDP-GPT making significant progress. The "Fenglian AI" intelligent agent has been deployed in over 10 scenarios, including intelligent auditing and registration, across more than 30 financial institutions [4]. - The company has been building a compliant stablecoin ecosystem since obtaining a digital banking license in Singapore in 2019, and has established a joint venture with Standard Chartered to create a comprehensive digital trade finance platform [4]. - In 2023, Lianyi Rong Technology participated in the "Project Guardian" led by the Bank for International Settlements and Standard Chartered, successfully piloting the issuance of the industry's first tokenized product supported by trade assets [4]. Group 4: Financial Health and Shareholder Returns - Despite showing some interim losses in mid-2025, Lianyi Rong Technology demonstrates a strong "margin of safety" through business transformation, financial stability, and shareholder return strategies. The company has optimized its business structure by divesting low-efficiency segments and focusing on high-growth areas [7]. - As of June 30, 2025, the company had cash and cash equivalents totaling 5.38 billion yuan, significantly exceeding its short-term liabilities, providing a liquidity buffer against macroeconomic fluctuations [8]. - The company announced a share repurchase plan of no less than 80 million USD (approximately 624 million HKD) over the next 12 months, representing about 11% of its current market value, indicating management's confidence in the company's intrinsic value [9].

Group 1 - The company has cleared historical burdens and has promising growth potential, with a total supply chain asset handling of 203.6 billion yuan in H1 2025 [1] - The revenue and profit for the group were 375 million yuan, reflecting a year-on-year decrease of 9.3%, but the business structure continues to optimize [1] - The gross margin has decreased to 56.0% due to adjustments in customer and product mix, as well as pricing strategy optimization under market competition [1] Group 2 - The core business, particularly the multi-level circulation cloud, has shown rapid growth, handling a total of 133.2 billion yuan in supply chain assets in H1 2025, representing a year-on-year increase of 54.4% [2] - The AMS cloud faced short-term pressure, with a total of 29.9 billion yuan in supply chain assets, down 20.2% year-on-year, primarily due to a sluggish securitization market [2] - The ABS cloud in the financial institution sector saw significant growth, handling 9.6 billion yuan in supply chain assets [2] Group 3 - The company is accelerating its global layout, achieving double-digit growth in cross-border cloud asset scale and revenue, with revenue reaching 26 million yuan, up 20.3% year-on-year [3] - In the digital asset sector, the company is exploring compliant stablecoins and multi-chain technology applications, leveraging its international headquarters in Singapore [3] - The company has launched the DTT digital trade token in collaboration with BIS and Standard Chartered, and has completed the first trade asset tokenization product in the industry [3] Group 4 - The company has a strong cash reserve of 5.378 billion yuan and has committed to a share buyback of no less than 80 million USD in the next 12 months, signaling confidence [3] - The target price has been raised to 4.0 HKD, maintaining a buy rating due to strong core business growth momentum and ongoing optimization of customer quality and global layout [3]

Core Viewpoint - 联易融科技 reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment and a shift in product strategy [1][2]. Financial Performance - In 25H1, the company achieved operating revenue of 375 million yuan, a year-on-year decrease of 9.3% [1] - The adjusted net profit was -372 million yuan, compared to -189 million yuan in 24H1 [1] - The gross margin fell to 56.0%, down 14.9 percentage points year-on-year, primarily due to changes in product structure and a more flexible pricing strategy [1] Share Buyback and Confidence - The company announced a commitment to repurchase at least 80 million USD of B-class shares within the next 12 months, reflecting confidence in its future [1] - In June 2025, the company canceled 148 million shares previously repurchased [1] Supply Chain Financial Technology Growth - The financing amount facilitated by supply chain financial technology reached 198.72 billion yuan in 25H1, a year-on-year increase of 27.4%, driven mainly by the multi-level circulation cloud [2] - The commission rate decreased by 0.07 percentage points to 0.18% [2] Business Segment Performance - Electronic debt certificate business facilitated financing of 159.22 billion yuan, up 38.6% year-on-year, with multi-level circulation cloud financing amounting to 133.23 billion yuan, a 54.4% increase [2] - Asset securitization business facilitated financing of 39.5 billion yuan, down 3.8% year-on-year, with AMS cloud financing at 29.87 billion yuan, down 20.2% [3] - Cross-border cloud financing reached 4.84 billion yuan, up 13.9% year-on-year, supporting Chinese enterprises' overseas expansion [3] Long-term Strategic Initiatives - The company is developing a programmable trade token and a trade finance asset tokenization platform, aiming to capitalize on the growing demand for digital assets [4] - As of 25H1, the company collaborated with 2,565 core enterprises and 389 financial institutions, with a 25% increase in core enterprise clients [4] Investment Outlook - The company is positioned as a leading third-party supply chain financial technology solution provider with a light asset operating model [5] - The anticipated recovery in the real estate sector and growth in non-real estate businesses are expected to drive future performance [5] - Adjusted earnings per share (EPS) forecasts for 2025/2026/2027 are -0.15/0.06/0.09 yuan, with a target price of 3.49 HKD based on a 7x price-to-sales (PS) valuation for 2025 [5]

Group 1: Company Research - SUTENG JUCHUANG (2498) - SUTENG JUCHUANG's Q2 revenue reached 455 million RMB, a year-on-year increase of 24.4%[6] - ADAS product sales decreased by 6.4% year-on-year, while robot business sales surged by 631.9% to 34,000 units, driving a 184.8% increase in revenue for the robot segment to 220 million RMB[6] - The company's gross margin has improved for six consecutive quarters, reaching 27.7%, and net loss narrowed significantly by 63.6%[6] - The target price for SUTENG JUCHUANG is set at 47.43 HKD, representing a potential upside of 23% from the current price[10] Group 2: Company Research - Lianyi Rong Technology (9959) - Lianyi Rong Technology's revenue for H1 2025 was 375 million RMB, a year-on-year decrease of 9.3% due to pressures from supply chain asset securitization[16] - The company reported an adjusted net loss of 372 million RMB, with impairment losses increasing to 270 million RMB[16] - The core business, multi-level circulation cloud, processed supply chain assets totaling 1,332 million RMB, showing a year-on-year growth of 54.4%[17] - The target price for Lianyi Rong Technology has been raised to 4.0 HKD, reflecting a 45% upside potential[19]

Group 1 - The core viewpoint of the news is the strategic partnership between Lianyi Rong Technology Group and XRPL to deploy a global digital supply chain financial application on the XRPL mainnet, aiming for large-scale implementation [1] - Lianyi Rong's deployment on XRPL will facilitate the circulation of digital assets and cross-border settlements in real trade contexts, showcasing its continuous innovation in cross-border trade finance [1] - The collaboration signifies Lianyi Rong's integration into the global decentralized finance ecosystem and aims to expand XRPL's technological boundaries in the realm of real assets [1] Group 2 - Lianyi Rong is committed to empowering supply chain finance through technology, promoting industry intelligence and sustainable development, with the goal of becoming a leading global digital solution provider [2]

Core Viewpoint - The company Shengye (6069.HK) has successfully launched the first supply chain asset tokenization project in the Asia-Pacific region on the HashKey Chain, marking a significant milestone in its strategy to integrate AI with international supply chain technology [1] Group 1: Company Developments - Shengye's stock price surged nearly 13% to reach a historical high of 14.71 HKD during trading [1] - The company has established a shelf size of 100 million USD for the initial phase of the RWA tokenization project, which will be issued in tranches using multiple currencies and stablecoin settlements [1] - The project is linked to high-quality supply chain assets across various industry sectors, including e-commerce, within Shengye's supply chain technology platform [1] Group 2: Strategic Implications - The successful launch of the RWA tokenization project aligns with Shengye's global expansion strategy and its goal to create an "AI + international supply chain technology platform" [1] - This initiative is expected to accelerate the transformation of "real asset certainty" into "on-chain value configurability" [1] - The project has garnered positive subscriptions from international investors, indicating strong market interest and confidence in the company's offerings [1]

Group 1 - The core viewpoint of the news is that Shengye (06069.HK) successfully completed the first supply chain asset RWA (Real World Assets) tokenization project in the Asia-Pacific region on August 27, 2025, under the HashKey Group's Ethereum Layer-2 blockchain, HashKey Chain [1] - The RWA tokenization project has established a shelf quota equivalent to $100 million, linked to the real returns of high-quality supply chain assets across various industry sectors, including e-commerce, and has received positive subscriptions from international investors [2] - The project will be issued in phases using innovative forms such as multi-currency and open stablecoin settlements, including but not limited to supply chain revenue rights tokenization and tokenized supply chain loans [2] Group 2 - HashKey Chain serves as a compliance-friendly blockchain infrastructure, providing a secure, stable, and composable technical foundation for the group, supporting the registration, docking, reconciliation, and circulation of supply chain entity assets on-chain [2] - The successful implementation of the RWA tokenization project aligns with the group's global layout and the development of an "AI + International Supply Chain Technology Platform," accelerating the transformation of "real asset certainty" into "on-chain value configurability" [3] - The project not only marks a successful attempt at RWA tokenization but also validates the compliance and replicability of the entire process related to supply chain asset RWA tokenization, laying the groundwork for scaling up more high-quality international supply chain assets on the platform [3]

Core Viewpoint - The company has successfully launched the first Real World Assets (RWA) tokenization project in the Asia-Pacific region, marking a significant step in its global expansion and the development of an AI-driven international supply chain technology platform [1][3]. Group 1: RWA Tokenization Project - The RWA tokenization project has established a shelf amount equivalent to $100 million, linked to high-quality supply chain assets within the company's international supply chain technology platform [2]. - The project will be issued in phases using multiple currencies and innovative stablecoin settlement methods, including supply chain revenue rights tokenization and tokenized supply chain loans [2]. - HashKey Chain provides a compliant blockchain infrastructure that ensures the secure and efficient flow of supply chain assets between on-chain and off-chain environments [2][3]. Group 2: Global Supply Chain and Web3.0 Integration - The successful implementation of the RWA tokenization project is expected to accelerate the transformation of real asset certainty into on-chain value configurability, validating the compliance and replicability of the entire RWA tokenization process [3][5]. - The integration of RWA tokenization with stablecoin applications aims to address inherent issues in traditional transactions, such as unclear property rights and high transaction costs, thus facilitating efficient capital allocation between global capital and digital assets [3][4]. - The company aims to enhance the operational efficiency of its international supply chain technology platform by converting high-quality international supply chain assets into standardized, traceable digital assets [4][5]. Group 3: Future Prospects and Collaborations - The company plans to extend its digital and intelligent management capabilities of supply chain assets into the Web3.0 domain, filling the information gap in the underlying asset trading within the Web3.0 ecosystem [5]. - Future collaborations with industry partners are anticipated to build an open, compliant, and win-win Web3.0 ecosystem, enhancing the resilience of the real economy and creating sustainable value for small and medium-sized enterprises and global investors [5].