此乃由誼礫控股有限公司（「本公司」）作出之自願性公告，使其股東及潛在投 資者知悉本公司及其附屬公司（合稱「本集團」）之最新業務發展。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 ELATE HOLDINGS LIMITED 誼礫控股有限公司 （ 於香港註冊成立之有限公司） （ 股份代號： 076） 自願公告 業務發展最新情況 誼礫控股有限公司董事會欣然知會市場有關本集團之最新業務發展。 本公司董事局（「董事局」）謹此宣布，本公司之全資附屬公司誼礫石墨有限公司 （「子公司」）於二零二五年五月二十日與 Goldpay Limited（「Goldpay」）和澳門 蓮花衛視傳媒有限公司（「蓮花衛視」）已訂立商業合作合約（「該合約」）。根據 該合約，子公司將擔任顧問方、Goldpay 則擔任發行方，發行一款實用代幣性質 的加密貨幣，該實用代幣的使用區域和服務對象為蓮花衛視所用衛星覆蓋的國家 和那些地區的用戶。用戶可用此實用代幣兌換蓮花衛視之廣告時段，在蓮花 ...

Core Insights - Stablecoins are becoming a crucial link between traditional finance and decentralized finance (DeFi), with TRON's infrastructure processing an average of 10 billion transactions daily, enhancing the global application of stablecoins [1] - TRC20-USDT has reached a total supply of 73.7 billion, accounting for 49.2% of USDT's global circulation, solidifying TRON's leadership in the stablecoin ecosystem [3] - The newly launched USD1 stablecoin by World Liberty Financial is now natively deployed on the TRON blockchain, with a circulation of approximately $2.12 billion [4] Group 1 - TRC20-USDT has seen a cumulative issuance of nearly 14 billion since 2025, reflecting strong market demand and validating TRON's technological advantages [3] - The number of independent addresses for TRC20-USDT has surpassed 65.46 million, with a total of 24.9 billion on-chain value transfers completed [3] - The Dominica government has recognized TRC20-USDT as having the same legal status as sovereign currency, integrating it into the national blockchain infrastructure [3] Group 2 - The integration of USD1 into the TRON ecosystem is expected to inject innovative momentum, facilitating easier access to stablecoins for global users [6] - TRON aims to achieve equal access to financial systems for the global population of 8 billion through technological means, aligning with WLFI's mission [6] - TRON is focused on reducing the entry costs and enhancing the efficiency of digital asset usage through its high-throughput infrastructure [6] Group 3 - Sun Yuchen envisions a deep integration of DeFi and traditional finance over the next five years, positioning TRON as a technological hub [7] - The need for improved self-regulatory mechanisms and user interface optimization in the industry was emphasized to lower the barriers to digital asset usage [7] - Enhancing user experience is seen as a key driver for mainstream adoption of crypto technology [7] Group 4 - The total market value of TRON's stablecoins has surpassed $73.2 billion, confirming its technological advantages and market position [9] - TRON continues to expand its value circulation network through the ongoing expansion of TRC20-USDT and the native deployment of USD1 [9] - The collaboration with global partners aims to enhance the efficiency and inclusivity of financial services through transparent on-chain mechanisms [9]

Group 1 - Cathie Wood, founder of ARK Invest, believes that Trump's tariff policy aims to reduce trade barriers, which is a positive signal for the stock market [2] - Wood increased her holdings in Chinese tech stocks worth $2.7 million amid easing US-China trade tensions [2] - The ARK Innovation ETF (ARKK) has shown a year-to-date increase of 1.32%, slightly outperforming the S&P 500's 1.30% [3] Group 2 - Wood anticipates a shift towards a productivity-driven recovery in the US, potentially leading to a broader bull market [4] - She expects clearer policies on tariffs, taxes, regulations, and interest rates in the next 3-6 months [4] - Despite Wood's optimism, the ARK Innovation ETF has seen net outflows of $2.01 billion over the past 12 months [4]

Financial Sector - Blockchain technology enables real-time settlement of cross-border transactions, significantly reducing intermediary costs and time delays associated with traditional SWIFT networks, with examples like Ripple and R3 improving remittance efficiency to minutes [2] - Central bank digital currencies (CBDCs), such as China's DC/EP, utilize a dual-layer operational system combined with blockchain for controlled anonymity and efficient settlement, while smart contracts automate payment conditions, minimizing human intervention risks [3] - The "timestamp" feature of blockchain addresses issues like backdated insurance policies, and smart contracts facilitate automatic claims processing, enhancing efficiency in insurance [4] Supply Chain and Logistics Management - Blockchain records the entire lifecycle data of products, allowing consumers to verify authenticity through scanning, with notable cases including Tmall International's global product traceability system and Ningxia Zhongning Goji Berries' smart agriculture platform [5] - Blockchain enhances credit transparency among upstream and downstream enterprises, enabling financial institutions to quickly assess financing risks based on on-chain data, thus lowering financing barriers for small and medium-sized enterprises [6] Government and Public Services - The Hangzhou Internet Court employs blockchain for digital copyright evidence storage, with judicial data being directly accepted as evidence, while Shenzhen's blockchain electronic invoice system covers over 7,600 enterprises with invoicing amounts exceeding 7 billion [7] - Blockchain supports secure data sharing across departments, exemplified by Chongqing's "Mountain City Chain" for government data interoperability and Hefei's BaaS platform for product traceability, while also streamlining identity verification processes [8] Copyright and Intellectual Property Protection - Blockchain provides unique digital fingerprints for music, text, and video works to prevent piracy, as seen with the PledgeMusic platform managing music copyright transactions [9] - The judicial blockchain platform of the Hangzhou Internet Court supports real-time on-chain registration of original content, providing legal validity for infringement lawsuits [10] Social Services and Public Welfare - The "Health Common Prosperity Ark" application in Zhoushan integrates residents' health data for cross-departmental sharing, benefiting residents across 16 islands [11] - Blockchain records the flow of donated funds, ensuring transparency and enhancing social trust through public disclosure on charitable platforms [12] Emerging Fields - Blockchain grants players complete control over virtual assets, preventing platform monopolies, while decentralized social platforms empower users with data sovereignty [13] - Blockchain facilitates distributed energy trading, such as household solar power sales, and ensures trustworthy data interactions through IoT devices [14] Development Challenges and Trends - Despite the broad application prospects of blockchain, challenges such as performance bottlenecks, cross-chain interoperability, and privacy protection need to be addressed, with future potential in enhancing social governance efficiency and optimizing resource allocation as standardization progresses [15]

本报讯 （记者金婉霞）在全球数字经济蓬勃发展的当下，数字金融创新已成为推动经济增长的关键引 擎。5月15日，树图区块链香港管理有限公司（Conflux Hong Kong Management Limited）、上海树图区 块链研究院（Conflux）、上海市分布式共识技术协会、香港青年科学家协会、香港Web3.0标准化协会 以及香港金融科技行业协会联合主办的Conflux树图数字金融与生态发展大会举办。会上发布了"域外归 珍"公益项目、"一带一路"跨境贸易场景合作。 记者了解到，其中，"域外归珍"公益项目系在中国文物交流中心的支持下，依托中心的国际文物交流与 文物回流保护职能，共同打造国际文博数字保护利用服务平台。该平台以树图区块链为技术底座，通过 合法途径开展流失文物回归、研究、展览、教育开发等工作，深入挖掘文物艺术品的资产价值和知识产 权价值，通过IP授权、衍生品开发等多元化应用路径，助力中华文明在数字时代焕发新生。 "一带一路"跨境贸易场景合作则是上海树图区块链研究院、香港金融科技公司AnchorX与大宗易行 （TradeGo）三方正式达成的战略合作，将依托Conflux公链的技术性能、AnchorX ...

Core Viewpoint - The article discusses the ongoing challenges in the IPO market, particularly for venture capital exits, and highlights the unexpected rise of micro-cap stocks in the Nasdaq amidst a generally pessimistic market environment [1][3]. Group 1: IPO Market Challenges - Pitchbook's report indicates that the venture capital exit problem will persist until at least the first half of 2026, with a lack of suitable IPO windows [1]. - Companies like Klarna and Stubhub have postponed their IPO plans, reflecting the ongoing difficulties in the exit landscape, despite their high valuations of $14.6 billion and $16.5 billion respectively [1]. - Competitors of these companies, such as Affirm and Vivid Seats, have seen significant stock price declines, with Affirm down over 40% and Vivid Seats down over 70% since their IPOs [2]. Group 2: Rise of Micro-Cap Stocks - Despite the overall market downturn, micro-cap stocks have experienced a boom, contributing significantly to Nasdaq's IPO activity [3][6]. - As of early May, Nasdaq completed 75 IPOs, with micro-cap stocks accounting for a substantial portion, averaging a fundraising size of $9 million [6]. - Notable examples include Diginex, which saw its stock price rise over 1300% since its January listing, and EPWK, which had a peak increase of 470% [7]. Group 3: Market Dynamics and Investor Behavior - The surge in micro-cap stocks is driven by a wealth effect, where investors are drawn to the potential for high returns in a low-performing market [9]. - The involvement of high-profile investors, including members of the Trump family, in micro-cap IPOs indicates a growing interest in this segment [9]. - The Nasdaq is tightening its listing rules, which may increase the survival difficulty for micro-cap stocks, particularly those that rely on reverse stock splits [11][12]. Group 4: Future Outlook - The new Nasdaq regulations favor established companies with sufficient capital, making it harder for smaller firms to thrive [13]. - Some companies are opting for IPOs to transition from local to global operations, reflecting a strategic shift in response to market conditions [14]. - The article suggests that the current micro-cap frenzy may not yield true winners, as the underlying motivations are heavily influenced by market pain and uncertainty [14].

Core Insights - The first ecological governance meeting of CT-CHAIN focused on the deep integration of blockchain technology and industrial digitization, gathering experts and representatives to explore innovative paths for this integration [1][2] - The mission of CT-CHAIN is to build cross-chain infrastructure to empower the real economy, addressing issues of traditional capital monopolization and inefficient circulation through RWA asset digitization and smart contract technology [2] Group 1 - The meeting emphasized the importance of a decentralized collaborative governance mechanism to support multi-chain asset interoperability [1] - The technical director of CT-CHAIN outlined a phased plan for underlying technology, proposing efficient rights confirmation and circulation of data assets through cross-chain protocols [1] - The establishment of industry-wide standards for blockchain technology is deemed essential for ecological implementation, focusing on cross-chain protocol compatibility, data privacy protection, and distributed ledger efficiency [2] Group 2 - The collaboration between the Yangtze River Delta digital economy and cross-chain ecology relies on joint laboratories to promote the deep integration of the digital content industry and blockchain technology [2] - New rules are needed for data cross-border flow and the legal effectiveness of smart contracts to provide compliance assurance for the cross-chain ecosystem [2] - The core governance structure of CT-CHAIN was officially launched, laying a solid foundation for the future development of the platform [2]

全球金融市场正经历重大转折点。汇丰银行资深经济顾问金恩(Stephen King)最新发布的研究报告警 告，美国总统特朗普推行的美元贬值政策可能引发如同上世纪30年代或70年代般的全球金融风暴。与此 同时，以太坊生态巨头Lido Finance提出的LIP-28双重治理提案，开创了区块链治理的新范式。在此背 景下，全球投资者正积极探索加密资产市场，炒币软件app下载量迅速攀升，反映出数字资产在新金融 格局中的重要地位。 美元霸权动摇，全球金融体系面临重构风险 最新国际财经报道显示，特朗普政府强烈推动美元贬值的政策立场已引发全球金融市场担忧。自实 施"对等关税"政策一个多月以来，美元指数已下跌5%。这一趋势正迅速改变全球投资格局，币界网数 据表明，近期加密货币总市值增长正与美元指数下跌呈现明显的负相关关系。汇丰银行的金恩在报告中 提出严厉警告，如果美联储放弃全球"最后贷款人"角色，全球资本市场将面临流动性短缺，可能重演 1930年代金本位制崩溃或1970年代布雷顿森林体系瓦解时的金融剧变。这种大规模资金转移趋势已开始 显现，加密货币成为资金避险的重要选择。 文章来源：币界网 区块链技术重塑金融基础设施，数字资产 ...

Core Insights - The summit focused on the integration of Real World Assets (RWA) and the flow economy, aiming to outline a new blueprint for digital financial collaboration in Asia [1][3]. Group 1: Key Themes and Discussions - The opening speech by Steven Kim highlighted that Southeast Asia's cultural tourism assets, Korea's entertainment IP, and China's traffic infrastructure will be the three most attractive targets in the RWA sector [3]. - Ken, the director of Non-Small Number Research Institute, emphasized that the excess returns in the crypto market by 2025 will come from compliant RWA protocols, MEME+Utility mixed token models, and AI-driven on-chain asset management tools [3]. - The expert on influencer economy, Enzhi, shared insights on how companies that can transform membership systems into NFTs could see their valuations increase tenfold within three years [5]. Group 2: Market Trends and Innovations - The discussion on the "yin-yang game" between traffic and capital revealed that global asset management institutions are quietly increasing their allocation to RWA funds, which offer stable annual returns of 8% along with on-chain liquidity [5]. - The founder of TalkingWeb3 demonstrated a case study on leveraging 20 KOCs (Key Opinion Consumers) to grow a community of 100,000 users in the Vietnamese market [5]. - Tom, a co-founder of BroDAO, proposed that the next hundredfold MEME coin will emerge from communities backed by real assets, showcasing a case of tokenizing a coffee plantation in Chiang Mai [5]. Group 3: Strategic Developments - T.G, CEO of XCoin, stated that exchanges have evolved from mere trading facilitators to foundational infrastructure providers for the RWA ecosystem, introducing a "trinity model" involving exchanges, project parties, and investors [6]. - XCoin announced the establishment of a $50 million RWA incubation fund, which received enthusiastic applause from attendees [6]. Group 4: Networking and Collaborations - The evening yacht party facilitated significant networking, leading to a historic collaboration between the founder of a Korean DeFi protocol and the CFO of a Thai AI data center, aiming to tokenize Asia's largest data center [7]. - T.G raised a toast, symbolizing the opening of new avenues in the blockchain space, as attendees rallied around the summit's slogan: "Web3 Revolution Starts Here!" [7].

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]