Core Viewpoint - Europe is perceived to be lagging behind in the technology race against the US and China, with experts warning that without urgent action, Europe risks losing its competitive edge in innovation [1][3]. Group 1: Current Situation - The European semiconductor industry is heavily reliant on US technology, with companies like ASML facing potential operational halts if US cooperation ceases [3]. - In contrast, China has accelerated its innovation in semiconductors and AI despite US restrictions, while Europe struggles with fragmented technology and lacks major internet giants [3][5]. - The belief in Europe's institutional advantages has not translated into technological success, leading to a lack of significant innovation and market presence [3][5]. Group 2: Innovation Challenges - The concept of "inclusive growth" proposed by economist Philippe Aghion emphasizes that innovation should benefit the majority, but internal divisions among EU member states hinder collaborative efforts [9][11]. - The EU's research funding is often inefficiently allocated, resulting in a lack of support for emerging companies and stifling innovation [11][13]. - The slow progress in 5G deployment exemplifies Europe's struggle with technological independence and timely decision-making [11][13]. Group 3: Global Context - The US has enacted the CHIPS and Science Act to bolster its semiconductor industry while restricting exports to China, which may backfire by limiting its own market opportunities [13][15]. - China's rapid advancement in technology is attributed to a strong talent pipeline and collaboration between academia and industry, contrasting with Europe's talent drain to the US and Canada [15][17]. - Data from 2023 indicates that out of the top 20 global tech companies, only two are from Europe, highlighting the continent's diminished presence in key sectors like semiconductors and digital payments [15][17]. Group 4: Institutional Issues - Europe's reliance on a decentralized approach to innovation has led to inefficiencies, with significant government investments failing to yield competitive results [17][19]. - Aghion suggests that Europe should learn from China's centralized strategies to enhance efficiency and innovation outcomes [17][19]. - The historical analogy of the Ming Dynasty serves as a cautionary tale for Europe, emphasizing the need for timely action to avoid being left behind in the global technology race [19].

Investment & Market Expansion - PayPay acquired a 40% stake in Binance's Japan unit [1] - The investment aims to capitalize on Japan's growing cryptocurrency market [1]

Core Insights - Aurora Mobile (NASDAQ: JG) has announced a strategic partnership with HashNut to enhance the efficiency and commercialization of digital assets globally through stablecoin applications in Web3 payment and digital scenarios [1][2] - The collaboration aims to create a joint stablecoin payment solution targeting Chinese enterprises and global clients, focusing on compliance, security, and efficiency in digital payments and clearing infrastructure [1][2] Group 1: Partnership Details - The partnership will leverage HashNut's technology in on-chain fund management and smart contract payments to optimize digital payment experiences in overseas markets, achieving annual settlement volumes in stablecoins (USDT, USDC, etc.) at millions of dollars [1] - Both companies plan to explore stablecoin payment solutions in various sectors, including digital advertising, content export, in-app economies, and SaaS subscriptions, to promote the large-scale application of digital assets in cross-border business and emerging markets [1][2] Group 2: Strategic Goals - The collaboration will utilize Hong Kong's advantages in the global digital finance and stablecoin regulatory framework as a hub for deep cooperation with licensed stablecoin projects and local financial clearing networks [2] - The partnership aims to establish a more transparent and compliant fund circulation system, reinforcing Hong Kong's position as an international financial center and a hub for digital asset innovation [2] Group 3: Leadership Statements - Aurora Mobile's CEO, Luo Weidong, emphasized that HashNut's capabilities in transparent on-chain payments and smart contract custody will enhance the competitive digital payment experience for global clients [2] - HashNut's CEO, Edward Du, highlighted Aurora Mobile's strong foundation in the global developer ecosystem, big data, and enterprise services as crucial for the rapid implementation of stablecoin payments [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is actively integrating AI technologies into its products, enhancing capabilities in payment solutions and machine vision [1]. Financial Summary - The company’s total revenue is projected to grow from 8.250 billion RMB in 2023 to 10.431 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.8% [2]. - The net profit attributable to shareholders is expected to increase from 1.004 billion RMB in 2023 to 1.671 billion RMB in 2027, reflecting a CAGR of 15.7% [2]. - The earnings per share (EPS) are forecasted to rise from 0.97 RMB in 2023 to 1.62 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 27.47 to 16.50 [2][3].

As filed with the U.S. Securities and Exchange Commission on September 27, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CURRENC GROUP INC. (Exact Name of Registrant as Specified in its Charter) Cayman Islands 6770 98-1602649 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 410 North B ...