Group 1 - The recent surge in interest for stablecoins has created a common growth point for Hong Kong, US, and A-shares [1] - Circle, known as the "first stablecoin stock," went public on June 5, and its stock price increased sevenfold within a few trading days [2] - Following this, Guotai Junan International announced it received a virtual asset license, leading to a 198% stock price increase the next day [2] Group 2 - Beijing Yuxin Technology Group Co., Ltd. is pursuing an IPO in Hong Kong, having submitted its prospectus on June 18 [3] - The company aims to enhance its global strategy and accelerate overseas business development, with a current market capitalization of approximately 19.5 billion RMB [3] - Yuxin Technology is a fintech solution provider, claiming a 100% penetration rate among major Chinese banks [6][15] Group 3 - Yuxin Technology's revenue sources include bank technology solutions, non-bank technology solutions, and innovative operational services [7] - The revenue from bank technology solutions for 2022, 2023, and 2024 was 37.55 billion RMB, 46.64 billion RMB, and 34.61 billion RMB, respectively [10] - The company has experienced revenue fluctuations, with total revenues of 42.81 billion RMB, 51.99 billion RMB, and 39.54 billion RMB over the past three years [12] Group 4 - The fintech solutions market in China is projected to grow from 152 billion RMB in 2023 to 235.5 billion RMB in 2024, with a compound annual growth rate of approximately 11.6% [22] - Yuxin Technology holds a 2.1% market share in the bank technology solutions sector, making it the largest listed provider in this segment [27] - The competitive landscape includes major players such as Changliang Technology and Hangseng Electronics, with Yuxin Technology maintaining its leading position for three consecutive years [27]

Core Viewpoint - Yuxin Technology (宇信科技) is pursuing an IPO in Hong Kong to accelerate global expansion and establish a foothold in the stablecoin business, capitalizing on the growing interest in digital currencies [1][2]. Financial Performance - For 2024, Yuxin Technology expects revenue of 3.958 billion yuan, a decrease of 23.94% year-on-year, while net profit attributable to shareholders is projected at 380 million yuan, an increase of 16.62% [4]. - The decline in revenue is attributed to macroeconomic conditions, intensified industry competition, and delays in project delivery [4]. - The bank technology solutions segment remains the primary revenue source, contributing 3.461 billion yuan, accounting for the majority of total revenue [4]. Market Position - Yuxin Technology ranks first among Chinese listed companies in the bank fintech solutions market, with a market share leading in various segments, including customer relationship management (12%), business intelligence (10%), and management and regulatory IT solutions (7.9%) [1][4]. - The company has served over 1,000 clients in the banking fintech sector, the highest among Chinese listed companies [3]. Global Expansion Strategy - The company aims to enhance its global strategy through the IPO, focusing on overseas business development, particularly in Southeast Asia, where it has successfully implemented multiple projects [5][6]. - Yuxin Technology plans to allocate IPO proceeds towards global expansion, advanced technology research (AI, big data, blockchain), strategic acquisitions, channel development, and working capital [6]. Stablecoin Business Development - Yuxin Technology is actively positioning itself in the stablecoin market, which has gained significant attention globally, with projections indicating a potential market size of $2 trillion by 2028 [7][8]. - The company emphasizes the importance of application scenarios for stablecoins and aims to provide comprehensive services across various stages, including issuance, regulation, and application [8][9]. - Yuxin Technology intends to collaborate with financial institutions to innovate and expand the use of stablecoins, leveraging its existing client base and technological capabilities [9].