Core Insights - The UAE is recognized as one of the most advanced digital asset markets globally according to the "2025 Global Digital Assets Report" [1] Regulatory Framework - The UAE has promoted the development of stablecoins and tokenized assets through a licensing framework, regulatory sandbox, and institutional pilot projects, balancing innovation with investor protection [1] - The "activity-based licensing" model of Dubai VARA and Abu Dhabi FSRA has been acknowledged, placing the UAE alongside Singapore and Switzerland as one of the countries with the highest regulatory maturity [1]

Group 1 - Bitcoin experienced a significant decline, dropping below $100,000 and entering a technical bear market, down over 20% from its all-time high of $126,272.76 on October 6 [1] - The decline in Bitcoin also affected publicly traded companies heavily invested in Bitcoin, such as Strategy (MSTR.US), which saw its stock price fall over 16% year-to-date [1] - Strategy announced plans to issue 7.75 million euros of preferred stock with a 10% coupon rate, raising approximately $700 million, marking its fifth preferred stock issuance [1] Group 2 - Strategy's market capitalization has fallen to $66 billion, nearly equal to its Bitcoin holdings valued at $65 billion, while the company carries $8 billion in debt and $6.7 billion in preferred stock [2] - The company incurs annual interest expenses of $689 million on its preferred stock and debt, raising concerns about its ability to meet these obligations [2] - Despite the challenges, the CFO emphasized that the company has sufficient financing channels and management remains committed to not selling Bitcoin [2]

Group 1 - The "2025 Digital Port Venture Capital Forum" was held in Hong Kong, focusing on the new landscape of global venture capital driven by AI and other frontier technologies [1] - Hong Kong has risen three places to rank fourth in the latest "2025 World Digital Competitiveness Ranking," showcasing its commitment to becoming an international innovation and technology hub [1] - The Digital Port has attracted around 470 companies, with a 1:9 investment ratio from the "Digital Port Investment Entrepreneurship Fund," connecting entrepreneurs with market funding [1] Group 2 - Digital Port companies raised nearly HKD 3.4 billion from October 2024 to September 2025, with a cumulative total of HKD 46 billion [2] - Notable recent funding successes include companies like Klook, Bowtie Life, KPay, and Hashkey Group, reflecting strong market interest in AI, blockchain, and digital assets [2] - The Digital Port welcomed 10 new listed companies this year, including Minglue Technology and Cloudwalk Technology, and two unicorns valued at USD 1.3 billion and USD 2.5 billion, respectively [2] Group 3 - Minglue Technology, which went public on November 3, leverages AI core technology to provide data intelligence products and solutions to 135 Fortune 500 companies globally [3] - The Digital Port Investor Network has tripled its performance over the past year, acting as a key bridge for startups to secure significant funding [3] - The establishment of the "AI Investment Circle" aims to match AI companies with sustained growth potential to global investment opportunities [3]

数字资产行业的讨论正在出现明显转向：过去以币价、交易与链上生态自循环为中心的讨论，正逐步 被"能否在真实经济中产生效益"的问题所取代。 在近日于香港举办的Finternet 2025 亚洲数字金融峰会中，行业参与者、支付网络与监管方频频指出数 字经济赋能实体经济的重要性，将行业发展的方向明确聚焦到能否贡献实体经济、降本增效的核心命题 上。包括跨境支付、企业资金管理、供应链结算等"真实世界"应用，正成为决定数字资产下一阶段价值 的关键变量。 由Finternet亚洲数字金融峰会组委会主办，OSL集团、香港投资推广署、香港金融发展局和香港数码港 等十余家机构共同支持的Finternet 2025 - 亚洲数字金融峰会，于11月4日在香港举行。 数字资产行业须赋能实体经济 多位国际支付企业高管指出，数字资产已在跨境贸易、企业结算等诸多实际应用场景中落地。 Finternet亚洲数字金融峰会组委会召集人、OSL集团执行董事兼首席执行官崔崧表示，数字资产行业发 展的终极意义，并非成为市场投机炒作的工具，而是需要真正落地，寻找真实的应用场景，充分发挥技 术突破与金融创新的双重优势，赋能实体经济增长，引领行业与社会的积极变 ...

数字资产行业的讨论正在出现明显转向：过去以币价、交易与链上生态自循环为中心的讨 论，正逐步被 " 能否在真实经济中产生效益 " 的问题所取代。 在近日于香港举办的 Finternet 2025 亚洲数字金融峰会中，行业参与者、支付网络与监管方 频频指出数字经济赋能实体经济的重要性，将行业发展的方向明确聚焦到能否贡献实体经 济、降本增效的核心命题上。包括跨境支付、企业资金管理、供应链结算等 " 真实世界 " 应 用，正成为决定数字资产下一阶段价值的关键变量。 由 Finternet 亚洲数字金融峰会组委会主办， OSL 集团、香港投资推广署、香港金融发展局和香港数码港等十 余家机构共同支持的 Finternet 2025 - 亚洲数字金融峰会，于 11 月 4 日在香港举行。 数字资产行业须赋能实体经济 Finternet 亚洲数字金融峰会组委会召集人、 OSL 集团执行董事兼首席执行官崔崧表示，数 字资产行业发展的终极意义，并非成为市场投机炒作的工具，而是需要真正落地，寻找真实 的应用场景，充分发挥技术突破与金融创新的双重优势，赋能实体经济增长，引领行业与社 会的积极变革。 Circle 亚太区副总裁陈钦淇则 ...

Group 1 - The Hong Kong FinTech Summit highlighted significant advancements in cryptocurrency regulation, showcasing Hong Kong's leading position in the Web3 space through initiatives like the licensing regime for virtual asset trading platforms and the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" and "Stablecoin Regulations" [1] - Professor Wang Yang emphasized the need for a regulatory approach that empowers businesses rather than merely enforcing rules, advocating for a flexible and transparent regulatory framework to foster innovation and balance regulation with market vitality [1] Group 2 - New Fire Technology (1611.HK) reported substantial growth since its strategic shift to a "private banking-level digital asset custodian," with a significant increase in high-net-worth clients and an expected rise in asset management scale from $40 million to $500 million [2] - The launch of the new international business brand "Bitfire" aims to establish a global licensed trading matrix, drawing inspiration from the compliant exchange BitTrade in Japan, and will include various trading platforms such as Bitfire Exchanges and Bitfire Prime [2] Group 3 - The panel discussion on "Asset Tokenization" addressed core challenges such as transparency and legal integration, while the topic of "Institutional Liquidity and Future Exchange Forms" highlighted concerns over fragmented liquidity and opaque risk management, calling for collaborative efforts to build liquidity hubs [3] - Discussions on the integration of traditional capital with digital assets provided practical advice on areas like cognitive alignment, asset collaboration, and cross-jurisdictional compliance, emphasizing the importance of a secure framework for high-net-worth clients entering the crypto space [3]

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin falling below $100,000 for the first time since May 2025, driven by a combination of cooling market sentiment and leveraged positions being liquidated [3][7]. Market Performance - On November 5, Bitcoin dropped to a low of $99,075.89, marking a decline of over 20% from its historical high of $126,080 on October 6 [4][5]. - Ethereum also saw a substantial drop, with a 24-hour decline exceeding 15%, nearing the $3,000 mark, and a total decrease of nearly 35% from its peak of $4,946.05 on August 24 [5][7]. - By the afternoon of November 5, Bitcoin's price slightly recovered to $101,905, with a 24-hour decline of 1.7%, while Ethereum was at $3,307.12, down 5.4% [5]. Causes of the Downturn - Analysts attribute the Bitcoin crash to a combination of market sentiment cooling and the unwinding of leveraged positions. The overall risk appetite in the market has decreased, influenced by a drop in U.S. stock indices [7][8]. - The cryptocurrency fear index has reached a six-month low of 20, indicating heightened fear among investors, leading to a withdrawal from more volatile assets like cryptocurrencies [8]. External Influences - The Federal Reserve's recent interest rate cut and the ongoing U.S. government shutdown have added to the uncertainty in the cryptocurrency market [8]. - As of November 5, over 438,736 traders were liquidated, with a total liquidation amount of $1.719 billion, primarily from long positions [9]. Market Dynamics - The current market situation reflects a typical chain reaction of price breakdowns, insufficient margin, and forced liquidations, leading to further price declines [9]. - The overall market is undergoing a concentrated adjustment due to liquidity tightening, and it is expected that once the leverage is cleared, market sentiment may gradually improve [9].

南都N视频记者从香港数码港获悉，年度创投盛事"数码港创业投资论坛"（Cyberport Venture Capital Forum, "CVCF"）将于2025年11月6日至11月7日在数码港举行。今年论坛以"创与投之交汇：点燃成功之路"为主题。 香港数码港行政总裁郑松岩博士表示，本年论坛精准对应创投市场趋势，提供重要平台，对接具优势的AI、区 块链及数字资产领域的数码港企业，与这股庞大资金流，助力初创企业突破界限，促成融资，点燃成功之路， 同时为投资者物色配对高潜力初创企业，带来优质回报。 香港数码港行政总裁郑松岩博士表示："数码港积极发挥'超级联系人'和'超级增值人'的角色，提升初创企业的 融资能力，对接海内外的资金及市场，初创企业累计融资达到460亿港元，年内数码港更增加九间上市企业及 两间独角兽企业，数码港企业的引资实力更上一层楼。同时，创投市场聚焦于人工智能、区块链、数字资产创 新等前沿科技领域，尤其是AI创新主导全球资本流向。" 香港数码港社群企业融资达460亿港元 AI、Web3.0成资本市场焦点 2024年10月至2025年9月期间，香港数码港社群企业融资总额近34亿港元，成立以来累计融资总额 ...

Core Insights - The Hong Kong Cyberport announced strong fundraising results for its startup community despite a challenging investment environment, with total fundraising amounting to nearly HKD 3.4 billion from October 2024 to September 2025, and a cumulative total of HKD 46 billion [1] - Nine companies from Cyberport successfully went public this year, including notable firms like CloudMinds and iFlytek Medical, alongside the arrival of two unicorns valued at USD 1.3 billion and USD 2.5 billion respectively [1] - The focus on AI, blockchain, and digital assets reflects the capital market's trends, showcasing Cyberport's effectiveness in promoting these industries [1] Fundraising and Investment Activities - Cyberport's annual venture capital event, the "Cyberport Venture Capital Forum," is scheduled for November 6-7, 2025, aiming to connect influential global investors and entrepreneurs to explore new investment landscapes driven by AI [2] - The Cyberport CEO emphasized the role of Cyberport as a "super connector" to enhance fundraising capabilities for startups and facilitate connections with global investors [2] - The newly established "AI Investment Circle" aims to connect investors with high-potential AI companies, while the "Cyberport Investor Network" has facilitated nearly HKD 4.26 billion in fundraising [3] Investment Fund Performance - The "Cyberport Investment Entrepreneur Fund" has invested in 29 startup projects, achieving a total investment and co-investment amount exceeding HKD 1.99 billion, with a leverage ratio of 1:9.3, indicating strong investor confidence [3] - The establishment of the "Web3.0 Investment Circle" has successfully gathered over 40 investors, focusing on blockchain and digital asset enterprises [3] - Cyberport continues to attract substantial global investment units to support high-potential companies, reinforcing its position as a key technology hub and startup incubator in Hong Kong [3]

自今年1月以来，数字资产首次公开募股（IPO）市场活跃度显著提升。推动这一快速增长的因素是什么？其中一个重要原因是美国证券交易委员 会（SEC）的政策转变，从专注于执法转向鼓励资本形成和提升监管透明度。 这种更加灵活的监管方式，加上投资者信心的增强和机构投资者兴趣的重燃，激发了有意上市的数字资产公司的热情，也带来了新的机遇。 今年，加密货币银行 Galaxy、稳定币发行商 Circle 和全球交易平台 eToro 的 IPO 频频成为登上市场头条新闻。与此同时，我们也看到数字资产和 区块链领域的 IPO 前活动显著增加。 随着上市公司采用比特币资金库结构，数字资产资金库 (DAT) 交易也蓬勃发展，推动特殊目的收购公司 (SPAC) 的活动在 2025 年初达到 2021 年 以来的最高水平。不出所料，许多曾经离开美国的数字资产公司现在正着眼于重返这个蓬勃发展的市场。 提高您的IPO成功率 尽管势头强劲，但并非所有数字资产 IPO 都能成功。一些公司撤回了 IPO 申请——有时是因为难以满足上市公司的各项要求。我们深知上市是一 项重大工程——对于数字资产公司而言，更是难上加难。 我们将在下文中详细分析一些关键 ...