Core Viewpoint - Delin Holdings (01709) is set to acquire 2,200 units of S21XP HYD Bitcoin mining machines for a total consideration of approximately $21.85 million, marking a significant step towards becoming a leading Bitcoin mining company listed on the Hong Kong Stock Exchange [1] Group 1: Acquisition Details - The acquisition involves a total cost of $21.85 million for 2,200 S21XP HYD Bitcoin mining machines, which will provide a total hash power of approximately 1.0406 million TH/s [1] - The payment will be made through a combination of a convertible bond, warrants, and profit shares, including $21.85 million in convertible bonds, 40 million warrants, and 13.4425 million shares contingent on profit conditions [1] Group 2: Strategic Importance - This acquisition aligns with the company's three-phase digital financial ecosystem strategy and previous fundraising plans, which aim to expand its digital financial business, including Bitcoin mining [1] - The newly acquired mining machines are expected to generate substantial Bitcoin revenue, contributing to the company's Bitcoin reserves, revenue diversification, and sustainable growth [1]

Core Viewpoint - Huajian Medical is undergoing a strategic transformation from a medical enterprise to a builder of a blockchain-based financial ecosystem, marking a significant shift in its business focus towards digital industry technology infrastructure [4][5]. Group 1: Strategic Transformation - The company has announced a partnership with ETHK Group to establish two new companies, ETHK Inc and ETHK HOLDINGS LIMITED, focusing on decentralized financial platforms and digital industry investments [1][4]. - The rebranding reflects this shift, changing its English name from "IVD Medical Holding Limited" to "ETHK Labs Inc." and its Chinese name to "华检数字产业集团有限公司" [1][4]. - The new strategy aims to create a safe, efficient, compliant, and open decentralized financial platform under the "ETHK" brand [4]. Group 2: Global Asset Empowerment - The ETHK ecosystem is designed to facilitate the globalization of Chinese assets, providing a one-stop investment platform for global capital [6]. - The strategic framework includes five pillars: robust technical infrastructure, diverse financial products, sustainable business models, global compliance frameworks, and seamless user experiences [6]. - This approach addresses key pain points in the globalization of Chinese assets, such as limited financing channels and low cross-border flow efficiency [6]. Group 3: Financial Infrastructure for National Benefit - The strategic upgrade aligns with national policies promoting the marketization of intellectual property and innovation in technology finance [7]. - The ETHK strategy is positioned to enhance the international pricing power of Chinese assets and support the internationalization of the Renminbi [9]. - Market data indicates a significant growth potential in the tokenized asset market, with predictions of a global market size reaching $16.1 trillion by 2030 [7]. Group 4: Value Creation Paradigm - The new positioning reflects a thoughtful strategic choice, aiming to create value for various stakeholders, including the nation, industry, society, and investors [9]. - The ETHK ecosystem lowers the barriers for asset digitization, providing new financing avenues for high-tech enterprises and promoting inclusive finance [9]. - The company's stock performance has shown strong investor support, with shares rising from HKD 2 to HKD 10.44 since July, indicating confidence in the strategic direction [8].

Core Viewpoint - The company is set to acquire 2,200 units of S21XP HYD Bitcoin mining machines for a total cost of $21.8526 million, marking a strategic move to enhance its position in the digital asset market [1][2] Group 1: Acquisition Details - The acquisition involves a total cost of $21.8526 million, which will be paid through a combination of convertible bonds, warrants, and profit shares [1] - The total hash power from the acquired machines is approximately 1.0406 million TH/s, significantly boosting the company's mining capacity [1] Group 2: Strategic Alignment - The acquisition aligns with the company's three-phase digital financial ecosystem strategy and previous fundraising plans aimed at expanding its digital finance operations, including Bitcoin mining [2] - The expected Bitcoin yield from the new machines is anticipated to enhance the company's Bitcoin reserves, diversify income, and support sustainable growth [2] Group 3: Value Creation - The payment structure, which includes convertible bonds, warrants, and profit shares, is linked to operational performance and market incentives, promoting ongoing value creation in the Bitcoin mining business [2] - The board believes that successful completion of the acquisition will strengthen the company's competitive position in the digital asset sector and create lasting value for shareholders [2]

Core Viewpoint - The announcement by Huajian Medical Holdings Limited regarding its partnership with ETHK Group marks a significant step towards creating a new financial ecosystem on the blockchain, aiming to facilitate the global flow and reconstruction of value, particularly in the Chinese healthcare sector [1][4]. Group 1: Company Strategy and Structure - Huajian Medical has rebranded itself to Huajian Digital Industry Group Limited and established two new companies, ETHK INC and ETHK HOLDINGS LIMITED, to focus on building a decentralized and compliant financial platform [1][4]. - The ETHK ecosystem is built on five key pillars: technological infrastructure, financial products and asset matrix, sustainable business models, global compliance and trust framework, and seamless user experience [6][7]. Group 2: Financial Innovation and Market Position - The collaboration aims to tokenize real-world assets (RWA) and enhance liquidity, allowing assets to be traded like stocks and bonds, thus breaking geographical and institutional barriers [8][9]. - Huajian Medical is positioning itself not just as a participant in the healthcare sector but as a key organizer in the global capital chain, leveraging blockchain technology to address traditional financial system limitations [10][12]. Group 3: Global Financial Landscape - The initiative is seen as part of a broader trend towards the digitization of finance, with RWA tokenization becoming a significant focus for major financial institutions globally [11][12]. - The partnership is expected to create a new narrative for Chinese assets in the global capital landscape, facilitating a more balanced capital market and enabling global value discovery [13][15].

Core Viewpoint - The article emphasizes the necessity for China to engage in the ongoing monetary revolution, particularly focusing on digital currencies and stablecoins, to avoid falling behind in the global financial landscape [2]. Group 1: Digital Currency Developments - Digital Renminbi (e-CNY) has been gradually integrated into daily life since its pilot launch in 2019, becoming a crucial part of China's digital payment transformation [3]. - The concept of Renminbi stablecoin, which is still under discussion, is seen as a potential tool to enhance cross-border payment efficiency and reduce costs, thereby providing advantages for businesses and individuals [4][6]. - The People's Bank of China (PBOC) has highlighted the challenges posed by the development of digital currencies and stablecoins to financial regulation [8]. Group 2: Comparison of Digital Renminbi and Stablecoin - Digital Renminbi is issued by the central bank, focusing on domestic payment modernization and financial sovereignty, while Renminbi stablecoin is market-driven and aims to facilitate cross-border transactions [12][19]. - Digital Renminbi is advantageous for small, frequent transactions and government payments, whereas stablecoins are more flexible for on-chain scenarios and 24/7 cross-platform settlements [14][15]. - There is a debate on whether digital Renminbi and Renminbi stablecoin will complement or compete with each other, particularly in cross-border payments [9][18]. Group 3: Strategic Importance of Stablecoin - The exploration of Renminbi stablecoin is urgent for enhancing China's position in the global financial market and promoting the internationalization of the Renminbi [24][25]. - The development of both digital Renminbi and stablecoin is strategically significant for improving China's capital market, international influence, and reducing the dominance of the US dollar in international payments [26]. - Key participants in this development include the central bank, regulatory authorities, financial infrastructure, and licensed financial institutions [27][28]. Group 4: Future Prospects and Recommendations - The future of Renminbi stablecoin may see its launch primarily in offshore markets like Hong Kong, while the domestic focus remains on digital Renminbi [29][30]. - A dual-track approach is suggested, where digital Renminbi expands its retail applications and stablecoins are tested in offshore markets [34]. - Companies are advised to integrate existing cross-border payment systems while ensuring compliance and leveraging digital Renminbi for government-related transactions [38].

Core Viewpoint - Huajian Medical (01931) is undergoing a strategic transformation to become a digital industry technology innovator, marking a shift from a traditional medical enterprise to a focus on blockchain and decentralized finance through the establishment of new companies and a name change [1][3][4]. Group 1: Strategic Transformation - Huajian Medical has announced a partnership with ETHK Group to jointly invest in two new companies, ETHK Inc and ETHK HOLDINGS LIMITED, aimed at developing a decentralized financial platform and a digital industry investment hub [4][6]. - The company will change its name from "IVD Medical Holding Limited" to "ETHK Labs Inc." and its Chinese name to "Huajian Digital Industry Group Limited," reflecting its ambition to become a core technology driver in the global digital industry [3][6]. Group 2: ETHK Ecosystem - The "ETHK" brand name combines "ETH" (Ether) and "K" (Kingdom), symbolizing a vision for a decentralized financial ecosystem that aligns with blockchain technology [7]. - ETHK Labs will focus on advanced technology research and development, serving as the technological foundation and innovation engine for the ETHK ecosystem [7]. Group 3: RWA Market Opportunity - The transformation aligns with the explosive growth of the Real World Asset (RWA) market, which saw a total locked value (TVL) increase from $8.6 billion to over $23 billion in the first half of 2025, a growth of over 260% [8][9]. - Predictions indicate that the global RWA market could reach $16.1 trillion by 2030, representing 10% of global GDP, positioning Huajian Medical to lead in RWA infrastructure development [9]. Group 4: Value Reconstruction - The strategic upgrade aims to enhance China's global digital financial influence by facilitating the "on-chain" transition of quality Chinese assets [10]. - The ETHK ecosystem is expected to address financing challenges for enterprises and promote global asset integration, contributing to financial inclusivity and stability [10]. - The company's valuation model is shifting from traditional earnings-based metrics to revenue-based metrics, reflecting its new focus on digital infrastructure [10].

Group 1 - The company has recently formed a partnership with ETHK Group to establish two new companies, ETHK Inc and ETHK HOLDINGS LIMITED, which will become subsidiaries and their financial performance will be included in the group's consolidated financial statements [1] - ETHK Inc will focus on operating and developing the "ETHK" core brand, aiming to create a safe, efficient, compliant, and open decentralized financial platform through technological innovation and ecosystem integration [1] - ETHK HOLDINGS LIMITED will serve as a digital industry investment and acquisition hub, strategically integrating core assets, long-term institutional funding, and licensed financial institutions to create a self-sustaining growth model for the ETHK ecosystem [1] Group 2 - The board believes that the establishment of the joint venture aligns with the overall interests of the company and its shareholders, marking a significant step into the promising field of global on-chain finance [2] - The board expresses confidence in the future development prospects of the "ETHK" ecosystem as part of the company's innovation-driven development strategy [2]

Core Viewpoint - The company has entered into a partnership with ETHK Group to establish two new companies, ETHK Inc and ETHK HOLDINGS LIMITED, which will be incorporated into the company's consolidated financial statements [1][2]. Group 1: Company Overview - ETHK Group is an investment holding group focused on the global blockchain financial ecosystem, aiming to build the next-generation blockchain financial kingdom named "ETHK" [1]. - ETHK Inc will focus on operating and developing the "ETHK" core brand, aiming to create a secure, efficient, compliant, and open decentralized financial platform [1]. - ETHK HOLDINGS LIMITED will serve as a central hub for digital industry investment and mergers, focusing on asset completion, capital activation, and compliance strengthening [2]. Group 2: Strategic Goals - The partnership aligns with the group's strategy to build a Real World Asset (RWA) platform technology ecosystem and explore blockchain finance [3]. - The initiative aims to expand from focusing on RWA transactions to a comprehensive blockchain financial ecosystem that includes technology infrastructure, asset categories, business models, and global compliance [3]. - The group aims to participate in and lead the process of "on-chain" integration of quality Chinese assets and efficient global asset circulation, creating a new long-term growth trajectory [3].

Core Viewpoint - The company has entered into a partnership with ETHK Group to establish two new companies, ETHK Inc and ETHK HOLDINGS LIMITED, which will become subsidiaries and be included in the group's consolidated financial statements [1][2] Group 1: Company Overview - ETHK Inc will focus on operating and developing the "ETHK" core brand, aiming to create a safe, efficient, compliant, and open decentralized financial platform through technological innovation and ecosystem integration [1] - ETHK HOLDINGS LIMITED will serve as a digital industry investment and acquisition hub, strategically focusing on asset completion, capital activation, and compliance strengthening [1] Group 2: Strategic Goals - The strategy involves a three-pronged approach of "assets-capital-licenses" to identify and integrate key industry players with core assets, long-term funding institutions, and licensed financial entities globally [1] - The goal is to create a self-sustaining growth cycle that provides high-quality, scalable, and sustainable resource pools and value buffers for ETHK Inc and the entire ecosystem, thereby enhancing long-term competitive barriers and future value release potential [1] Group 3: Board Perspective - The board believes that the establishment of the joint venture aligns with the overall interests of the company and its shareholders, marking a significant step into the promising emerging field of global on-chain finance [2] - The board expresses confidence in the future development prospects of the "ETHK" ecosystem [2]

在中国对加密货币交易持续保持严格监管的宏观背景下，一则看似寻常的学术探讨文章，却在金融与科技界激起了千层浪。2025年9月11日，由中央党校 主办的权威媒体《学习时报》，在其官方微信公众号上发表了一篇题为《稳定币的技术原理与信任逻辑》的深度文章。 此举迅速引发了市场的广泛关注与解读。作为中央级的重要理论刊物，《学习时报》的选题和观点在很大程度上反映了官方的关注点和研究方向。因此， 这篇对稳定币进行全面、客观甚至带有积极展望的剖析，被普遍视为一个重要的风向标，可能预示着中国在数字金融领域的战略思维正在发生微妙而深刻 的转变。 文章核心 该篇文章并非简单的批判或警告，而是以一种严谨的学术态度，系统性地梳理了稳定币的定义、发展、技术基础及未来挑战，展现了对这一新兴事物的高 度理解。 1. 定义与市场角色： 文章开宗明义，指出稳定币是基于区块链技术，通过与美元等法定货币挂钩来维持价格稳定的数字资产。它巧妙地结合了区块链技术带来的交易高效、低 成本优势，以及传统货币的价值稳定特性。文章肯定了其在交易结算、跨境支付和资产代币化（RWA）等领域的广泛应用，并指出其全球市场规模已突 破2800亿美元。 2. 发展历程与全球监 ...