Core Insights - The continuous high gold prices have stimulated the growth of gold recycling businesses, particularly in Shenzhen, where "smart gold stores" have been established, allowing consumers to conduct gold recycling transactions similarly to using an ATM [1][19] - The monthly recycling volume at the main "smart gold stores" in Shenzhen has exceeded 1 kilogram, indicating a strong market demand [2][19] Group 1: Smart Gold Store Operations - The "smart gold store" operates like an ATM, providing a user-friendly interface for gold recycling, with real-time display of international gold prices [2][6] - The machines can recycle gold with a purity of over 50% and weights ranging from 3 grams to 1000 grams, while also offering lightweight gold products for sale [2][6] - The gold recycling process is efficient, allowing users to complete a transaction in about 1 minute for ordering and 3 minutes for automatic detection, with payment processed in as little as 30 minutes [6][11] Group 2: Market Performance and Expansion - In the past month, key stores in the Futian area have recycled approximately 1 kilogram of gold, with some stores like Shanghai Global Harbor reporting over 19,000 grams in September [11][19] - The "smart gold store" has expanded its operations to nearly 100 core cities across China and has established partnerships with over 50 banks, serving more than 300,000 users [19][20] - The international version of the "smart gold store" has successfully launched in regions such as Hong Kong, Macau, and New York, with plans for further expansion into Europe and the United States [19][20] Group 3: Corporate Developments - The parent company, Jinya Fu Group, reported revenues of approximately 60 billion yuan in 2023 and 51.5 billion yuan in 2022, reflecting strong financial performance [19] - The group has acquired a 75% stake in Tokyo Central Auction, now renamed "Shangshan Gold International Holdings," to enhance its global footprint in the gold market [20][21] - The establishment of Hong Kong Shangshan Technology Co., Ltd. aims to support the global expansion of gold smart terminals and related businesses [20][24]

Group 1 - Tokyo Central Auction (01939) saw a nearly 6% increase in stock price towards the end of trading, closing at 8.62 HKD with a trading volume of 15.49 million HKD [1] - The company announced a change in its Chinese stock name from "Tokyo Central Auction" to "Shangshan Gold," effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, which aims to globalize its gold smart terminal business and expand its gold-related operations [1] Group 2 - In May, ESSA FINANCIAL, controlled by Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang becoming the actual controller [1] - In 2024, based on the mature smart recycling and purchasing terminals, Jin Yafu plans to launch an innovative "Smart Gold Store" business model, which will cover nearly 100 core cities in China by June 2025 [1] - The "Smart Gold Store" will be present in over 30 high-end commercial systems across major cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xi'an, and Changchun [1]

Core Viewpoint - Tokyo Central Auction (01939) has seen a significant increase in stock price, rising nearly 6% towards the end of trading, with a current price of 8.62 HKD and a trading volume of 15.49 million HKD [1] Company Developments - The company announced a change in its Chinese stock name from "Tokyo Central Auction" to "Shangshan Gold," effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, which aims to globalize its gold smart terminal business and expand its gold-related operations [1] Ownership Changes - In May, ESSA FINANCIAL, controlled by Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang Shikun becoming the actual controller of the company [1] Business Model Innovation - In 2024, based on the mature smart recycling and purchasing terminals, the company plans to launch an innovative "Smart Gold Store" business model [1] - By June 2025, the "Smart Gold Store" is expected to cover nearly 100 core cities in China, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xi'an, and Changchun, with over 30 high-end commercial systems [1]

Group 1 - Tokyo Central Auction (01939) saw a nearly 6% increase in stock price, currently up 4.36% at HKD 8.62, with a trading volume of HKD 15.4988 million [1] - The company announced a change in its Chinese stock abbreviation from "Tokyo Central Auction" to "Shangshan Gold," effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, which aims to globalize its gold smart terminal business and expand its gold-related operations [1] Group 2 - In May, ESSA Financial, controlled by Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang becoming the actual controller [1] - In 2024, based on the mature smart recycling and purchasing terminals, Jin Yafu plans to launch an innovative "Smart Gold Store" business model [1] - By June 2025, the "Smart Gold Store" is expected to cover nearly 100 core cities in China, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xi'an, and Changchun, with over 30 high-end commercial systems [1]

Core Viewpoint - Tokyo Central Auction (01939) has seen a significant stock price increase of over 15%, with a year-to-date cumulative increase of nearly 1900% as of the report date [1] Group 1: Company Developments - On July 4, Tokyo Central Auction announced a proposal to change its Chinese name from "Tokyo Central Auction Holdings Limited" to "Shangshan Gold International Holdings Limited" [1] - In May, ESSA FINANCIAL, controlled by Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang Shikun becoming the actual controller of the company [1] Group 2: Financing and Business Model - In March, Shangshan Intelligent, a subsidiary of Jinya Fu Group, successfully completed a Series A financing round exceeding 100 million yuan, led exclusively by Xinyin Investment [1] - The financing will primarily be used for technology upgrades, channel development, and global commercialization [1] - In 2024, based on the mature smart recycling terminals and purchasing terminals, Jinya Fu will launch an innovative "Smart Gold Store" business model, which is expected to cover nearly 100 core cities in China by June 2025, entering over 30 high-end commercial systems [1]

Group 1 - Tokyo Central Auction (01939) has seen a significant stock price increase of over 15%, with a year-to-date cumulative increase of nearly 1900% [1] - As of the latest report, the stock is trading at 8.88 HKD with a transaction volume of 43.1692 million HKD [1] - On July 4, the company announced a proposal to change its Chinese name from "Tokyo Central Auction Holdings Limited" to "Shangshan Gold International Holdings Limited" [1] Group 2 - In May, ESSA FINANCIAL, controlled by Huang Shikun, acquired a controlling stake in Tokyo Central Auction, reaching a shareholding ratio of 66.83% after the completion of the offer on June 20 [1] - The acquisition positions Huang Shikun as the actual controller of Tokyo Central Auction [1] Group 3 - In March, Shangshan Intelligent, a subsidiary of Jinya Fu Group, successfully completed a financing round exceeding 100 million RMB, led exclusively by Xinyin Investment [1] - The financing will primarily be used for technology upgrades, channel development, and global commercialization [1] - In 2024, Jinya Fu plans to launch an innovative "Smart Gold Store" business model based on Shangshan Intelligent's advanced smart recycling and purchasing terminals [1] Group 4 - By June 2025, the "Smart Gold Store" is expected to cover nearly 100 core cities across China, including major cities like Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xi'an, and Changchun, with over 30 high-end commercial systems [1]