Core Viewpoint - The auction of Zao Wou-Ki's artwork "17.3.63" by Christie's in Hong Kong highlights the contrasting trends between the art market and the virtual asset market, with the former experiencing a decline in prices while the latter, particularly Bitcoin, has surged significantly since 2018 [1][5]. Group 1: Auction Details - Christie's will auction Zao Wou-Ki's "17.3.63," created in 1963, with an estimated price range of HKD 70 million to 90 million [5]. - The prices of similar-sized works by Zao Wou-Ki from the 1960s have dropped by approximately 40-50% since 2018-2019 [1][5]. Group 2: Market Trends - The virtual asset market, particularly Bitcoin, has increased by 16 times since May 26, 2018, contrasting sharply with the art market's performance [1]. - Zao Wou-Ki's artworks have historically performed well in auctions, with a record sale of HKD 510 million for "June to October 1985" at Sotheby's in Hong Kong, setting a record for both the auction house and the artist [5]. Group 3: Investment Characteristics - Both art and virtual assets are considered "non-physical value carriers," relying on human consensus regarding their significance, scarcity, and cultural meaning [7][12]. - Scarcity is a key factor in maintaining the value of both asset classes, achieved through design or natural attributes [8]. - Both categories possess dual attributes of collectibility and investment potential, with purchases driven by emotional preferences or expectations of appreciation [9]. Group 4: Ownership and Cultural Significance - Clear ownership rights are essential for both art and virtual assets to ensure value, with traditional art relying on certificates of authenticity and virtual assets using blockchain technology for ownership verification [10][12]. - Both art and virtual assets serve as cultural symbols, reflecting specific values, aesthetics, or social sentiments of their respective eras [11][12]. Group 5: Market Dynamics - Both markets exhibit active trading environments, with prices influenced by supply and demand, trends, and speculative behavior, leading to significant volatility [13][17]. - The art market relies on auction houses and galleries, while the virtual asset market is more dependent on decentralized platforms, resulting in more frequent price fluctuations [17].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued a circular to all licensed virtual asset trading platforms, emphasizing the need for robust custody measures for client virtual assets in light of recent security incidents overseas that have resulted in significant client losses [1][2]. Group I: Management Responsibilities - Senior management is responsible for maintaining appropriate standards and ensuring effective resource utilization for business activities, as outlined in the guidelines [1][2]. - Platforms must designate at least one responsible person or core function supervisor to oversee critical matters related to custody and security [2]. Group II: Client Cold Wallet Infrastructure - Platforms must implement strict internal controls and governance procedures for private key management to ensure secure generation, storage, and backup of all cryptographic seeds and private keys [3]. - The use of Hardware Security Modules (HSM) is critical, and platforms must conduct due diligence and ongoing evaluations of HSM vendors [3][4]. - Cold wallets should not include smart contracts on public blockchains to minimize potential attack vectors [4]. Group III: Client Cold Wallet Operations - Platforms must establish comprehensive procedures to handle client virtual asset withdrawal requests to prevent losses from theft, fraud, or negligence [4][5]. - Regular assessments of potential attack vectors should be conducted, and multi-layered data integrity checks must be implemented throughout the transaction lifecycle [5][6]. - Monitoring measures should be robust to prevent unauthorized transactions from cold wallets, including strict oversight of any modifications to the cold wallet whitelist [5][6]. Group IV: Use of Wallet Solutions and Third-Party Providers - Platforms must ensure that any changes to systems are tested before deployment and conduct regular reviews to maintain integrity and security [10][11]. - Due diligence and ongoing monitoring of third-party service providers are essential to ensure compliance with the guidelines [11][12]. Group V: Continuous Real-Time Threat Monitoring - Platforms should implement adequate security monitoring measures, including establishing a Security Operations Centre (SOC) to coordinate incident detection [13][14]. - Real-time reconciliation of on-chain client assets with ledger balances is required, with immediate reporting of discrepancies [13][14]. - Continuous security monitoring should be conducted around the clock, including during holidays, with sufficient resources allocated for incident response [15][16]. Group VI: Training and Awareness - Platforms must allocate qualified personnel and resources for the design, development, and operation of systems, ensuring staff receive adequate training [17][18]. - Comprehensive training for transaction signers is crucial to understand verification protocols and appropriate handling of exceptions [17][18].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued a circular to all licensed virtual asset trading platforms, outlining requirements for robust custody of client virtual assets, establishing a solid foundation for the industry to adopt advanced custody technologies under the ASPIRe roadmap [1] Group 1: Regulatory Requirements - The SFC has listed several good operational practices and minimum standards that virtual asset trading platform operators must meet, including responsibilities of senior management, infrastructure and operations of client cold wallets, use of third-party wallets, and real-time threat monitoring [1] Group 2: Future Implications - These standards will become core regulatory requirements for virtual asset custodians in the future, aiding the industry in establishing an effective virtual asset custody framework [1]

Core Insights - Hong Kong-listed company Huajian Medical has formed a strategic partnership with HashKey Exchange to advance enterprise-level digital assets and industrial capital upgrades [1] - The collaboration will focus on virtual asset allocation and innovation in industrial capital, particularly in the areas of crypto treasury and Web3 medical asset trading ecosystem [1] - HashKey Exchange aims to promote the compliant implementation and application of digital assets in traditional industries and the Hong Kong capital market [1] Company Developments - Huajian Medical is proactively positioning itself in the digital asset space, demonstrating a commitment to innovation-driven development [1] - The partnership is expected to enhance the company's ability to withstand market fluctuations and provide long-term benefits to shareholders [1] Industry Trends - The digital economy is identified as a new engine for development, with traditional industries needing to integrate actively to gain an advantage in the new technological revolution [1] - HashKey Exchange emphasizes the importance of compliance, security, and transparency in its services, contributing to the construction of a crypto asset treasury and the innovation of medical assets in the Web3 domain [1]

Group 1 - The company announced a strategic cooperation memorandum with HashKey Exchange to explore compliant virtual asset allocation and custody business opportunities [1] - The collaboration aims to enhance asset management efficiency and security by leveraging the company's experience in commercial real estate development and operations alongside HashKey Exchange's expertise as a licensed virtual asset exchange in Hong Kong [1] - HashKey Exchange operates under Hash Blockchain Limited and holds licenses from the Hong Kong Securities and Futures Commission for securities trading and automated trading services, as well as a license for a virtual asset trading platform regulated under the Anti-Money Laundering Ordinance [1]

Core Viewpoint - The company has entered into a strategic cooperation memorandum with Hash Blockchain Limited to explore opportunities in compliant virtual asset allocation and custody, aiming to enhance asset management efficiency and security [1] Group 1: Strategic Partnership - The memorandum was signed on August 4, 2025, indicating a forward-looking approach to virtual asset management [1] - The collaboration aims to leverage the expertise of HashKey Exchange, a licensed virtual asset exchange in Hong Kong, to improve the company's asset management capabilities [1] Group 2: Industry Trends - The company recognizes the ongoing global digital transformation and the deepening application of blockchain technology in financial services [1] - It believes that compliant participation in virtual asset allocation will become an important supplementary direction for asset management and investment [1] Group 3: Company Strengths - The company has extensive experience and a diverse asset portfolio in commercial real estate development and operations [1] - This experience, combined with the partnership, is expected to enhance the company's asset management efficiency and diversification strategy [1]

Core Viewpoint - China New City (01321.HK) has entered into a strategic cooperation memorandum with HashKey Exchange to explore compliant virtual asset allocation and custody business opportunities, aiming to enhance asset management efficiency and security [1][2]. Group 1: Institutional Asset Management and Operational Optimization - The collaboration aims to improve the digital management efficiency of the group's institutional assets, focusing on compliant asset custody and allocation paths, and establishing a regular technical and business communication mechanism [1]. Group 2: Technical Services and Compliance Exploration - HashKey Exchange will provide technical research and compliance process recommendations related to virtual asset allocation, including custody mechanisms, operational processes, and risk management, supporting the group in conducting related business under Hong Kong's regulatory framework [2]. Group 3: Market Promotion and Brand Cooperation - Both parties will collaborate on industry forums, market promotion, and brand building, engaging in joint publicity and resource sharing while adhering to regulatory requirements [3]. - The company believes that the global trend of digital transformation and the deepening application of blockchain technology in financial services will make compliant participation in virtual asset allocation an important supplementary direction for asset management and investment [3]. - The group's extensive experience in commercial real estate development and operations, combined with HashKey Exchange's expertise as a licensed virtual asset exchange in Hong Kong, will enhance the group's asset management efficiency and diversification [3].

Investment Rating - The report suggests a positive outlook on the Hong Kong stock market, particularly focusing on internet assets and traditional virtual asset companies, indicating a strong medium to long-term logic despite short-term adjustments [9]. Core Insights - The report emphasizes the need for a cautious approach as financial data and verification logic become critical with the onset of new earnings reports from overseas Chinese assets [9]. - It highlights the ongoing trends in blockchain and virtual assets, noting a temporary cooling but a long-term positive trajectory supported by regulatory developments in the U.S. and Hong Kong [9]. - The report identifies potential risks related to U.S.-China tariff issues and the need for vigilance regarding the performance of overseas Chinese assets [9]. Industry Summaries Education - The education index decreased by 0.49%, outperforming major indices like the CSI 300 and Hang Seng Index [10]. - Key players such as New Oriental and TAL Education reported mixed results, with New Oriental's revenue increasing by 9.4% year-on-year [24][10]. - The competitive landscape is intensifying due to the recovery of smaller institutions, leading to a slowdown in growth for leading companies [4]. Luxury Goods - The luxury goods sector faced challenges, with the S&P Global Luxury Goods Index dropping by 6.63% [20]. - Notable companies like Hermès and Prada showed varied performance, with Hermès reporting a 7% increase in revenue while Prada's growth was more modest at 9.1% [25][20]. Coffee and Tea - The coffee sector remains robust, with Luckin Coffee reporting a 47.1% year-on-year revenue increase [29]. - The tea beverage market is under pressure due to regulatory changes affecting promotional activities [4]. E-commerce - The e-commerce sector is experiencing a slowdown, with the Hang Seng Internet Technology Index down by 2.67% [32]. - Companies like Alibaba and Tencent reported declines in stock performance, reflecting ongoing competitive pressures [32]. Streaming Platforms - The media index fell by 1.9%, with major players like Spotify and Tencent Music experiencing significant stock declines [36]. - Spotify's Q2 revenue growth was below expectations, indicating challenges in the streaming market [36]. Virtual Assets & Trading Platforms - The global cryptocurrency market capitalization decreased by 4.7%, with Bitcoin and Ethereum prices also declining [41]. - Regulatory developments, such as the SEC's "Project Crypto," are expected to shape the future of the virtual asset market positively [47]. Real Estate Transactions - Real estate transactions in major cities showed mixed results, with year-on-year changes in transaction volumes ranging from -17% in Beijing to 0% in Shenzhen [36]. Automotive Services - The automotive repair industry is projected to maintain a positive outlook, with a focus on the aftermarket ecosystem [4].

在香港，电车沿着皇后大道悠悠前行，看似闲适的节奏下，城市的金融脉搏却在飞速跳动。共享办公空 间中，创业者们一边构建着金融模型，一边编写区块链代码，全力推进资产数字化的进程；金融会议室 内，监管者与投资者围绕香港牌照、DeFi 发展路径以及资产上链的边界展开激烈探讨。窗外是维多利 亚港璀璨的灯火，室内则是资本与规则的深度对话，这不正是新金融时代理想场景的生动写照吗？ 资金保障升级：冷热钱包分离，保险全面覆盖 在资金保障方面，丁肇飞着重介绍了 HashKey Exchange 的多重保障措施。该平台通过 "热钱包+冷钱 包" 分离机制，极大地提高了用户资金的安全性，同时实施全面保险覆盖，确保用户资金不会因意外情 况遭受损失。此外，HashKey Exchange 平台已成功打通法币充值通道，支持美元、港币、离岸人民币 等多种币种直接购买虚拟资产，大大降低了用户的使用门槛。 DeFi 应用现状与未来：受限与机遇并存 丁肇飞进一步指出，受当前监管限制，香港稳定币暂时难以大规模进入 DeFi 应用体系，目前链上主流 稳定币依旧以 USDC 等海外产品为主。DeFi 作为基于智能合约的去中心化金融系统，需要丰富的链上 今 ...

Core Viewpoint - The implementation of the Hong Kong Stablecoin Regulation on August 1 is expected to significantly impact the market, with a limited number of licenses anticipated to be issued by the Hong Kong Monetary Authority (HKMA) by the end of the year [1][2]. Group 1: Regulatory Framework - The HKMA has established a licensing system for stablecoin issuers, which includes thorough assessments of applicants' financial status, asset management, and business capabilities [8][19]. - The first phase of licensing will involve issuing a single-digit number of licenses, with various payment institutions and well-known internet companies expressing interest in applying [8][19]. Group 2: HashKey Group's Position - HashKey Group, through its subsidiary HashKey Tokenisation, is actively involved in the virtual asset ecosystem, providing tokenization services and has established a comprehensive business model since its inception in 2018 [5][6]. - The company has achieved significant milestones, including covering 90% of licensed brokers in Hong Kong with its Omnibus account service, and has recorded a cumulative trading volume exceeding HKD 30 billion [2][6]. Group 3: Future Outlook - The implementation of the Stablecoin Regulation is expected to foster innovation and regulation in Hong Kong's financial market, positioning the region as a potential international digital asset hub [20][24]. - HashKey Group aims to support the stablecoin ecosystem by enhancing liquidity and facilitating the integration of stablecoins with real-world assets (RWA) [9][18]. - The company is optimistic about achieving financial balance within the year, driven by the rapid growth of the virtual asset industry across Asia and globally [4][6]. Group 4: Stablecoin Applications - Stablecoins are anticipated to play a crucial role in enhancing financial inclusion by providing low-cost, efficient access to financial services, particularly in cross-border payments and everyday transactions [13][15]. - The combination of stablecoins and RWA is expected to optimize asset management efficiency and enhance liquidity in trading, contributing to the digital transformation of financial markets [18]. Group 5: Regulatory Impact - The new regulatory framework is expected to increase market confidence, attracting stablecoin issuers and fintech companies to establish operations in Hong Kong, thereby enriching the local ecosystem [24]. - The regulatory clarity provided by the Stablecoin Regulation is likely to position Hong Kong as a leader in the global stablecoin landscape, offering a model for other jurisdictions [24].