Core Viewpoint - HashKey Holdings Limited is preparing for a listing on the Hong Kong Stock Exchange, with Morgan Stanley, Cathay Securities, and Guotai Junan International as joint sponsors [1] Company Overview - HashKey is a comprehensive digital asset company that offers a licensed digital asset platform providing trading facilitation services, on-chain services, and asset management services [3] - The company has launched HashKey Chain, a scalable and interoperable Layer 2 infrastructure to support on-chain migration [3] - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume as of 2024, holding over 75% market share in Hong Kong [3] Business Segments - The company's revenue primarily comes from trading facilitation services, on-chain services, and asset management services, with trading facilitation being the core business driven mainly by institutional clients [4] - The Hong Kong platform supports trading of various digital assets including USDT, BTC, ETH, and others, while the Bermuda platform covers 72 categories of digital assets [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of HKD 1.29 billion, HKD 2.08 billion, and HKD 7.21 billion respectively, with a loss of HKD 5.85 billion, HKD 5.8 billion, and HKD 11.9 billion for the same periods [8][10] - The revenue from the top five clients for the periods mentioned was HKD 103 million, HKD 117 million, and HKD 134 million, representing 79.6%, 56.0%, and 18.5% of total revenue respectively [8] Client Base - The client base consists of institutional clients (banks, asset management firms, family offices, hedge funds, and Web3 developers), omnibus clients (licensed securities firms), ecosystem partners, and retail users [4][8]

（来源：吴说） 来源：市场资讯 吴说获悉，YZi Labs 表示已向美国 SEC 提交初步征求同意声明，寻求通过股东书面同意扩大 CEA Industries Inc.（纳斯达克：BNC）董事会并增补董事。YZi Labs 称，尽管 BNC 的主要财库资产 BNB 在 今年夏季 5 亿美元 PIPE 融资后大幅上涨，但公司业绩与其以 BNB 为核心的数字资产财库战略不符， 问题包括战略执行不力、投资者沟通不足、缺乏有效监督、关键 SEC 文件提交延迟、以及市场对公司 定位与策略持续困惑。 ...

Group 1: Digital Asset Regulation in Hong Kong - Hong Kong is working to establish a safe and reliable digital asset platform, with final regulatory frameworks for digital asset trading and custody services being developed [1] - The market size for tokenized financial products in Hong Kong is approximately $3 billion, with increasing adoption of products like green bonds and retail gold products [1] - Many tokenized pilot projects are still in early stages, with room for improvement in efficiency and cost reduction, although many products still rely on fiat currency for cash settlement [1] Group 2: Private Credit Market Insights - The financial landscape has significantly changed since the 2008 financial crisis, with the implementation of Basel III increasing capital and liquidity requirements for banks, leading to the rise of private credit [2] - Global private equity assets under management have grown several times to $14 trillion over the past decade, with leverage shifting from banks to non-bank institutions [2] - The increase in retail investor participation in private credit necessitates regulatory scrutiny of the private credit ecosystem and its connection to the financial system [2]

Group 1 - MSCI has proposed to exclude "Digital Asset Treasury Companies" from its global investable market index, with MicroStrategy being a prominent example [1][3] - According to JPMorgan analysts, if MicroStrategy is removed from the index, it could face significant valuation pressure, potentially triggering forced sales of approximately $2.8 billion in stock from passive funds tracking the MSCI index [3][4] - MicroStrategy's market capitalization is estimated at around $59 billion, with about $9 billion held by index-tracking investment vehicles, including the $2.8 billion specifically tracking the MSCI index [3][4] Group 2 - Market analysts suggest that while the potential sell-off is substantial, it may still be manageable within the market's liquidity capacity, as the average daily trading volume for MicroStrategy is slightly above $4.8 billion [6] - A $2.8 billion sell order would represent nearly 60% of MicroStrategy's average daily trading volume, indicating a significant short-term impact on the stock price [6] Group 3 - Michael Saylor, the founder of MicroStrategy, defends the company’s identity, emphasizing that it is not solely a "Digital Asset Treasury Company" but also has a substantial software business valued at $500 million [7] - Support for Saylor's position exists, as MicroStrategy was included in the Nasdaq-100 index less than a year ago, suggesting recognition of its attributes as a technology company [8]

来源：市场资讯 （来源：吴说） 吴说获悉，AVAX One Technology Ltd. 宣布董事会批准一项规模最高 4,000 万美元的股票回购计划，为 期一年，可根据市场状况、监管要求和资本配置选择在公开市场等方式回购，且可随时调整或终止。公 司表示将按需评估进一步回购安排。AVAX One 是一家在纳斯达克上市、提供 Avalanche（AVAX）生态 相关敞口的公司，业务涵盖数字资产财库建设及相关投资。 ...

Core Insights - Tron Inc. reported a net profit of $12.17 million for Q3 2025, a significant improvement from a net loss of $1.12 million in the same period last year [1] - The company's shareholders' equity exceeded $239 million, with assets including cash, TRX, and staked sTRX tokens [1] - The largest shareholder increased their TRX holdings by an additional $110 million, which significantly boosted the company's financial performance through its digital asset strategy [1]

CleanCore Solutions, Inc. announced fiscal first quarter 2026 financial results ending September 30, with a focus on its recent pivot to embracing leading meme coin Dogecoin as a treasury asset. But the firm’s year-over-year losses spiked, plus DOGE is down big over the past month, and CleanCore’s stock price—the shares trade under ZONE on the NYSE American—hit a record low on Thursday following the announcement, and amid a broader stock market swoon. ZONE dipped to a record low of $0.373 on Thursday, per d ...

中国置业投资(00736)发布公告，于2025年11月13日，本公司及军源数字科技(深圳)有限公司(军源数字) 订立合作框架协议(框架协议)，内容有关共同推动真实世界资产(RWA)模式的创新应用。 根据框架协议，双方将合作利用香港的商业优势及区块链技术，为RWA产品建立全球资本化路径，以 确保交易安全、透明。这包括透过"中国移动（600941）链"接收数字资产包、透过稳定币结算系统协助 法定货币及数字货币兑换，以及在一级及二级市场进行RWA产品的结算。同时，军源数字将运用人工 智能、区块链安全及监管平台推动资产数字化，将实物资产转换为合规的真实数据资产(RDA)及RWA产 品，传输脱敏数据，完成监管备案，并维护持续交付的优质资产的可持续管道。 根据框架协议，本公司的主要职责是提供资源协助建立RWA产品的资本化路径。军源数字将引领资产 数字化，以确保为RDA及RWA产品的布局提供稳定供应。 订立框架协议符合本公司进军RWA领域的策略规划。透过与军源数字的资源互补及合作，本公司得以 提升其在RWA领域的专业能力与项目执行效率。 鉴于全球机构对数字资产的接受度不断提高，本公司认为RWA业务具有增长潜力，RWA融资将 ...

格隆汇11月13日丨中国置业投资(00736.HK)公告，于2025年11月13日，公司及军源数字科技(深圳)有限 公司("军源数字")订立合作框架协议，内容有关共同推动真实世界资产("RWA")模式的创新应用。 根据框架协议，双方将合作利用香港的商业优势及区块链技术，为RWA产品建立全球资本化路径，以 确保交易安全、透明。这包括透过"中国移动链"接收数字资产包、透过稳定币结算系统协助法定货币及 数字货币兑换，以及在一级及二级市场进行RWA产品的结算。同时，军源数字将运用人工智能、区块 链安全及监管平台推动资产数字化，将实物资产转换为合规的真实数据资产及RWA产品，传输脱敏数 据，完成监管备案，并维护持续交付的优质资产的可持续管道。 根据框架协议，公司的主要职责是提供资源协助建立RWA产品的资本化路径。军源数字将引领资产数 字化，以确保为RDA及RWA产品的布局提供稳定供应。 ...

智通财经APP讯，中国置业投资(00736)发布公告，于2025年11月13日，本公司及军源数字科技(深圳)有 限公司(军源数字)订立合作框架协议(框架协议)，内容有关共同推动真实世界资产(RWA)模式的创新应 用。 根据框架协议，双方将合作利用香港的商业优势及区块链技术，为RWA产品建立全球资本化路径，以 确保交易安全、透明。这包括透过"中国移动链"接收数字资产包、透过稳定币结算系统协助法定货币及 数字货币兑换，以及在一级及二级市场进行RWA产品的结算。同时，军源数字将运用人工智能、区块 链安全及监管平台推动资产数字化，将实物资产转换为合规的真实数据资产(RDA)及RWA产品，传输脱 敏数据，完成监管备案，并维护持续交付的优质资产的可持续管道。 根据框架协议，本公司的主要职责是提供资源协助建立RWA产品的资本化路径。军源数字将引领资产 数字化，以确保为RDA及RWA产品的布局提供稳定供应。 订立框架协议符合本公司进军RWA领域的策略规划。透过与军源数字的资源互补及合作，本公司得以 提升其在RWA领域的专业能力与项目执行效率。 鉴于全球机构对数字资产的接受度不断提高，本公司认为RWA业务具有增长潜力，RWA融 ...