Financial Data and Key Metrics Changes - Total revenues for Q1 2025 reached $692,000, a significant increase from negative $125,000 in Q1 2024 [10] - Net loss for Q1 2025 was $459,000 or $0.02 per share, compared to a net loss of $95,000 or $0.15 per share in Q1 2024 [10] - Investment income rose to $79,000 from $62,000 in the prior year [9] Business Line Data and Key Metrics Changes - The core reinsurance business remains focused on fully collateralized policies, with a consistent loss ratio of 0% for Q1 2025 [11] - The acquisition cost ratio remained stable at 10.9 cents for Q1 2025 [12] - The expense ratio improved from 99.8% in Q1 2024 to 95.8% in Q1 2025, attributed to higher net premiums earned [12][13] Market Data and Key Metrics Changes - The investment portfolio increased marginally to $16,000 as of March 31, 2025, from $15,000 at the prior year-end [13] - Cash and cash equivalents rose by 62.8% to $9,600,000 from $5,900,000 as of December 2024, driven by premium deposits and a registered direct offering [14] Company Strategy and Development Direction - The company aims to position itself as a key player in the RWA Web3 sector, diversifying its business through the establishment of Shorts Plus Inc, which focuses on tokenized reinsurance securities [7][8] - Assurance Plus was launched to tokenize securities representing fractionalized interests in reinsurance contracts, with initial offerings achieving returns exceeding 49% [15][16] - The company is exploring strategic alternatives for its Web3 division, including potential sales, mergers, or continuing as a publicly traded entity [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the long-term outlook of the core reinsurance business and the integration of Assurance Plus [8] - The reinsurance market is currently stable, with solid contracts and premiums, particularly in Florida, where regulatory changes are favorable [34] - The company is confident in its ability to navigate market dynamics and capitalize on the growing tokenized asset market, projected to reach $30 trillion by 2034 [20] Other Important Information - The company has initiated a strategic review process and is considering including cryptocurrencies in its corporate treasury reserve strategy [17] - A memorandum of understanding with Plume aims to enhance distribution channels for tokenized resource offerings [18] Q&A Session Summary Question: How is the marketing going on for the tokenized securities? - Marketing efforts are progressing well, with a focus on outreach and building relationships in the RWA space [24][25] Question: What should we look for in terms of information in the next three to six months? - The company is making good progress towards the next token launch, with two sets of tokens targeting different investor preferences [30] Question: How is the overall health of the reinsurance market? - The reinsurance market appears solid, with favorable premiums and underwriting conditions, particularly in Florida [32][34] Question: Can you elaborate on the partnership with Plume? - The partnership with Plume is expected to provide a strong distribution channel due to their evolved ecosystem [40]

当日活动上，临港新片区发布了国际数据经济产业发展服务包。临港新片区数据跨境服务中心还迎来了 首批28家第三方数据服务机构入驻。 数据跨境作为开展国际数据交流合作，布局发展国际化程度高、信息依赖性强的国际数据产业的关键支 撑，对海内外企业能否高效地利用国际数据经济产业园的优势资源开展跨国业务起着决定性作用。2025 年，上海自贸区改革创新"第一单"，便落在数据跨境流动便利化领域。2月8日，《中国(上海)自由贸易 试验区及临港新片区数据出境管理清单(负面清单)(2024版)》(以下简称《负面清单》)对外公布。该《负 面清单》涵盖金融、航运、商贸三个领域数据，包括重要数据、个人信息两类数据，涉及6个具体场 景，84个数据项。 为推动数据跨境高效便利安全流动，临港新片区当日对外发布再保险、国际航运、生物医药3个领域数 据出境操作指引。该数据出境操作指引将配合相关领域数据跨境"负面清单"使用。后续，临港新片区还 将围绕智能网联新能源汽车、公募基金、证券、电池护照等领域，不断拓展操作指引覆盖度，更好解决 企业实际需求，指导数据处理者开展数据跨境流动。 在本次活动上发布的国际数据经济产业发展服务包，整合了政府和市场的多重资 ...

Core Viewpoint - China is committed to expanding its openness and improving its business environment, showcasing a strong stance on maintaining a multilateral trade system amidst rising unilateralism globally [1] Group 1: Foreign Investment Trends - In the first three months of the year, 12,603 new foreign-invested enterprises were established in China, representing a year-on-year increase of 4.3% [3] - The actual use of foreign capital amounted to 269.23 billion yuan, a year-on-year decrease of 10.8%, but the decline in foreign capital absorption narrowed by 9.6 percentage points compared to January-February [3] - In March alone, the actual utilized foreign capital reached 98.02 billion yuan, showing a year-on-year growth of 13.2% and a month-on-month increase of 33.1% [3] Group 2: Sectoral Investment Insights - The actual use of foreign capital in the manufacturing sector was 71.51 billion yuan, while the service sector attracted 193.33 billion yuan [4] - Emerging industries such as e-commerce services, biopharmaceutical manufacturing, aerospace equipment manufacturing, and medical instruments saw significant foreign investment growth rates of 100.5%, 63.8%, 42.5%, and 12.4% respectively [4] Group 3: Government Support and Policy Initiatives - The Chinese government is enhancing policy support for foreign enterprises, actively addressing their needs and challenges through initiatives like the "Service Guarantee for Foreign Enterprises" program [5] - The Ministry of Commerce has organized multiple roundtable meetings with foreign enterprises, facilitating communication and addressing over 50 issues raised by foreign businesses [5] - The government is promoting the "Invest in China" brand through international outreach activities, including policy briefings and roundtable discussions in various countries [5] Group 4: Future Outlook on Foreign Investment - The focus for attracting foreign investment will be on expanding investment space and optimizing the business environment, with an emphasis on quality and stability [6] - The return on investment for foreign enterprises in China is shifting from "high" to "medium-high," indicating a more stable investment environment with favorable risk-adjusted returns [6]