Group 1 - CMB International Securities has launched a virtual asset trading service supporting BTC, ETH, and USDT, available 24/7 for qualified investors who have completed KYC and AML certification [1] - Renmin University of China Law School is offering an advanced training course on the legal practices related to virtual currency disposal, stablecoins, and RWA, focusing on the legal attributes, regulatory framework, disposal procedures, compliance processes, and investment opportunities of digital assets [1] Group 2 - Strategy purchased 430 BTC between August 11 and August 17 at an average price of $119,666, totaling $51.4 million, bringing its total holdings to 629,376 BTC with an average acquisition cost of $73,320, amounting to approximately $46.15 billion [2] Group 3 - LayerZero Foundation's proposal to acquire Stargate has begun voting, currently with a support rate of 97.09%, with the voting set to end on August 24. The proposal includes a $110 million acquisition of Stargate cross-chain bridge and its STG tokens, with plans to dissolve Stargate DAO and exchange STG for LayerZero's native token ZRO at a rate of 1 STG to 0.08634 ZRO [3] Group 4 - The UK-based crypto platform Lykke suffered a hack last year, resulting in the theft of approximately $22.8 million worth of Bitcoin and Ethereum, attributed to the North Korean hacker group Lazarus. The company has since been liquidated, and its founder is under criminal investigation in Switzerland [4]

9月26日，佳士得将携赵无极巨作《17.3.63》登陆香港亚太区总部举行的二十及二十一世纪晚间拍卖。此次拍卖的《17.3.63》作品创作于1963年，估价区间 7000-9000万港元，距离2018-2019 年期间拍出的作者三幅相近尺幅1960年代作品成交价下跌约40-50%。同时期内，虚拟资产市场头部币种比特币价格自 2018年5月26日（赵无极相似尺幅1960年代作品《28.02.67》拍品终止拍卖日）至今暴涨16倍。 稀缺性作为核心价值支撑 r 11 the 11 the de 1 1 1 2 tion t a was THE PERSON thin al the report of the state of the states of the states of the states of the states of the states of the states of the station of the states of the states of the states of t pen Americ 赵无极 (1920-2013)《17.3.63》油彩 画布 130 x 97.2公分（51 ...

转自：新华财经 新华财经香港8月8日电（记者林迎楠） 港股上市企业华检医疗8日与香港持牌虚拟资产交易平台 HashKey Exchange正式达成战略合作，携手推进企业级数字资产与产业资本升级。 编辑：罗浩 据悉，双方将在虚拟资产配置及产业资本创新等领域展开深度协作，重点聚焦加密金库和Web3医疗资 产交易生态建设。HashKey Exchange也将进一步推动数字资产在传统产业和香港资本市场合规落地与应 用。 HashKey Exchange副总裁陈德康表示，华检医疗抢先布局数字资产，展现了以创新驱动发展的决心。 HashKey Exchange将坚持合规、安全、透明的服务标准，助力其构建加密资产金库，推动医疗资产创新 落地Web3领域。他提到，HashKey将积极融合数字与实体经济，为香港建设国际创新金融中心贡献力 量。 华检医疗首席战略官Gary Deng指出，数字经济是发展新引擎，传统产业只有主动融入，才能在新一轮 科技革命中赢得先机。通过此次合作，将增强公司抵御市场波动的能力，长期造福股东。 ...

HashKey Exchange由Hash Blockchain Limited营运，为香港持牌虚拟资产交易所，获香港证监会批准持 有第1类(证券交易)及第7类(提供自动化交易服务)牌照，并持有经《打击洗钱条例》规管的虚拟资产交 易平台牌照。 本文源自：财华网 公司认为，集团在商业地产开发及运营方面具备丰富经验与资产组合，结合HashKey Exchange作为香港 持牌虚拟资产交易所的专业能力，将有助于提升集团资产管理效率及多元化布局。 【财华社讯】中国新城市(01321.HK)公布，于2025年8月4日，公司与HashKey Exchange订立战略合作备 忘录，旨在共同探索合规虚拟资产配置及托管等业务合作机会，提升资产管理效率与安全性。 ...

1. 机构资产管理与运营优化 双方将以提升集团机构资产的数字化管理效率为目标，探索合规框架下的资产安全托管及配置路径，并 建立定期技术及业务交流机制。 格隆汇8月7日丨中国新城市(01321.HK)宣布，于2025年8月4日，公司与HashKey Exchange订立战略合作 备忘录，旨在共同探索合规虚拟资产配置及托管等业务合作机会，提升资产管理效率与安全性。 根据备忘录，双方将基于以下(包括但不限于)的领域开展合作： 3. 市场推广与品牌合作 双方将在行业论坛、市场推广及品牌建设方面展开合作，在符合法规要求前提下，进行联合宣传及市场 资源共享。 公司认为，全球数字化转型趋势及区块链技术在金融服务领域的应用持续深化，企业以合规方式参与虚 拟资产配置将成为资产管理与投资的重要补充方向。 集团在商业地产开发及运营方面具备丰富经验与资产组合，结合HashKey Exchange作为香港持牌虚拟资 产交易所的专业能力，将有助於提升本集团资产管理效率及多元化布局。 2. 技术服务与合规探索 HashKey Exchange将为集团提供虚拟资产配置相关的技术研究及合规流程建议，包括托管机制、操作流 程及风险管理等，支持集 ...

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].

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].

Core Viewpoint - The "Stablecoin Regulation" in Hong Kong will take effect on August 1, prohibiting unlicensed stablecoin operations, raising questions about the future of stablecoins like USDT and USDC in the region [1][4]. Group 1: Current Operations of Crypto Exchange Shops - Crypto exchange shops in Hong Kong, such as "One Bitcoin" and "Fangbei," continue to operate normally ahead of the regulation's implementation [2][3]. - These shops offer services for exchanging fiat currency and stablecoins, with varying transaction fees based on the method of purchase [3]. - Staff at these shops expressed uncertainty about the impact of the new regulation on their operations post-August 1, indicating they have not received official notifications [3][4]. Group 2: Regulatory Environment and Future Implications - The Hong Kong government welcomes virtual asset trading institutions to apply for licenses, emphasizing that unlicensed platforms selling USDT and USDC will be illegal after the regulation takes effect [4][6]. - Current OTC (over-the-counter) operations are not yet under specific licensing requirements, but the government is considering regulatory measures for these services [6][7]. - The government has observed around 200 physical virtual asset OTC shops and 250 digital platforms operating in Hong Kong, indicating a significant market presence [5]. Group 3: Stakeholder Engagement and Future Licensing - The Hong Kong government has conducted consultations regarding the licensing of virtual asset service providers, receiving approximately 70 submissions from various stakeholders [7]. - A proposal to establish a licensing regime for OTC services is under consideration, which would involve regulatory oversight by the Hong Kong Customs [6][7].

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights the rapid growth and adoption of stablecoins, with their transaction volumes surpassing those of traditional financial systems like Visa and PayPal [7]. - It emphasizes the regulatory advancements in Hong Kong, particularly the introduction of the "Stablecoin Regulation Draft," which is expected to enhance compliance and foster innovation in the virtual asset market [23]. - The report anticipates an influx of institutional players into the virtual asset trading services, driven by regulatory clarity and the expansion of service offerings by Chinese brokerage firms [60]. Summary by Sections Section 1: Industry Chain, Application Scenarios, and Profit Models - Stablecoins have emerged as a more efficient medium for on-chain transactions compared to fiat currencies, significantly simplifying the process of trading cryptocurrencies [4]. - As of May 2025, the total market size of stablecoins is approximately $247.2 billion, with an average rolling transaction volume of $2.29 trillion, which is 1.7 times that of Visa [7]. - The most popular stablecoins are fiat-backed, such as USDT and USDC, which account for 64% and 25% of the market share, respectively [13]. - The report outlines the different types of stablecoins, including fiat-collateralized, crypto-collateralized, algorithmic, and commodity-backed stablecoins, each with its own advantages and disadvantages [10][12]. - The profitability of stablecoin issuers primarily comes from interest income generated from reserve assets, with Tether's interest income reaching $4 billion in 2023 [16]. Section 2: Institutions Expected to Accelerate Entry into Virtual Asset Trading Services - Chinese brokerage firms are rapidly expanding into virtual currency services, with Guotai Junan International being the first to obtain a Virtual Asset Service Provider (VASP) license [60]. - The report notes that as of July 2025, 43 brokerages and one bank have upgraded their licenses to provide virtual asset trading services, indicating a growing trend in the market [64]. - The report identifies 11 licensed Virtual Asset Trading Platforms (VATPs) in Hong Kong, which are crucial for retail investors to access virtual asset investments [66]. Section 3: Investment Recommendations - The report maintains a positive outlook on the development of the virtual asset trading market in Hong Kong, driven by government policies and the anticipated expansion of market participants [83]. - It suggests that the ongoing regulatory framework will facilitate the tokenization of real-world assets, providing new avenues for revenue generation for brokerages [83].

Summary of Conference Call on Stablecoins and Virtual Assets Industry Overview - The discussion revolves around the development of stablecoins, particularly in Hong Kong, and their implications for the broader virtual asset market [1][2][3] - The stablecoin legislation in Hong Kong was passed on May 17, exceeding market expectations, and is progressing faster than similar legislation in the United States [2][3] Key Points and Arguments - **Importance of Stablecoins**: Stablecoins serve as a crucial component in the global virtual asset ecosystem, facilitating transactions between traditional fiat currencies and blockchain technology [6][7][8] - **Market Trends**: The virtual asset market is witnessing a significant trend towards regulatory approval and the issuance of trading licenses, with companies like OSL and Hashkey leading the way [3][4][5] - **Role of Financial Institutions**: Traditional financial institutions are increasingly participating in virtual asset trading, indicating a shift in the financial landscape [4][10] - **Impact on Cross-Border Transactions**: Stablecoins can simplify cross-border transactions and provide a hedge against inflation, particularly in regions with unstable currencies [8][9][20] Potential Investment Opportunities - **Asset Trading Platforms**: Companies like Coinbase and Robinhood are benefiting from the growing acceptance of virtual assets, with significant trading volumes reported [12][13] - **Stablecoin Issuers**: Major stablecoins like USDT and USDC have substantial market capitalizations, indicating a robust demand for stablecoin solutions [14][19] - **Emerging Players**: New entrants in the stablecoin space, such as Yuan Coin Technology and Standard Chartered, are actively participating in regulatory sandboxes, suggesting potential growth opportunities [15][21] Additional Insights - **Technological Advancements**: The integration of Web 3.0 technologies is expected to enhance the functionality and adoption of stablecoins [24] - **Ecosystem Development**: Companies are building comprehensive ecosystems around stablecoins, which may lead to increased user engagement and transaction volumes [23] - **Regulatory Landscape**: The evolving regulatory environment in Hong Kong is seen as favorable for the growth of virtual assets and stablecoins, positioning the region as a key player in the global market [11][32] Conclusion - The stablecoin market is poised for significant growth, driven by regulatory advancements, technological innovations, and increasing participation from traditional financial institutions. Continuous monitoring of developments in this space is essential for identifying investment opportunities and understanding market dynamics [33]