Group 1: Regulatory Developments - The Hong Kong Monetary Authority (HKMA) has released guidelines for stablecoin issuers, which will be implemented starting August 1, 2025 [1] - Institutions interested in applying for a license are encouraged to contact the HKMA by August 31, 2025, with a deadline for applications set for September 30, 2025 [1] - Predictions suggest that major tech companies like Ant Group and JD.com may be among the first to receive licenses due to their blockchain expertise and application scenarios [1][1] Group 2: Market Performance - The Hong Kong Stock Exchange reported an average daily turnover of HKD 240.2 billion for the first half of 2025, marking a significant year-on-year increase of 118% [5] - The growth in trading volume is attributed to the expansion of the ETF mutual market and the continuous listing of new ETF products, with ETF daily turnover rising to HKD 33.8 billion, a 184% increase year-on-year [5] Group 3: Company Developments - Macau's hotel industry saw an average occupancy rate of 89.1% in the first half of 2025, an increase of 5.1 percentage points year-on-year [6] - In the first half of 2025, Huaneng International Power Co. reported a net profit of approximately RMB 9.262 billion, a year-on-year increase of 24.26% [15] - Youzan expects to achieve a net profit of approximately RMB 68 million to RMB 74 million for the six months ending June 30, 2025, compared to a net loss of RMB 4.295 million in the same period last year [13]

Core Viewpoint - 瑞和数智 (03680) has entered into a cooperation framework agreement with an independent third-party institution for the joint development of a virtual cryptocurrency trading platform, aligning with the national digital economy strategy and aiming to enhance the trading systems of Hong Kong securities firms [1] Group 1 - The third-party institution is a leading company in the fintech solutions industry, having served over 50 securities firms and other financial institutions [1] - The agreement emphasizes the importance of upgrading virtual asset trading systems to meet market demands and regulatory standards, leveraging the strengths of both parties [1] - The company will hold the copyrights for jointly developed patents, while the third-party institution will have permanent usage rights for these patents [1] Group 2 - The board believes that this strategic cooperation aligns with the company's diversification strategy into the virtual asset trading industry, enabling it to seize opportunities in the rapidly growing digital economy [1] - The collaboration is expected to accelerate the company's adaptation to market trends and regulatory changes, thus capturing new business opportunities [1] - The board considers the strategic cooperation plan to be fair, reasonable, and in the overall interest of the company and its shareholders [1]

根据框架协议，双方应积极支持国家数字经济战略，推动香港证券公司及相关机构虚拟资产交易系统升 级发展。在本次合作中：该集团将发挥香港上市公司平台作用，与人工智能、大数据和数字转型方面的 技术经验优势;该第三方机构将贡献券商虚拟资产交易系统升级的研发能力。 根据框架协议，该集团为共同开发专利的版权持有者，该第三方机构享有该专利永久使用权。 董事会认为，该战略合作计划与集团向虚拟资产交易行业多元化发展的战略高度契合，将助力集团接入 更符合市场需求和监管标准的下一代系统。随着香港数字经济与虚拟资产产业的快速发展，此次合作使 集团能够把握数字经济高速增长的机遇，加速适应市场趋势与监管变革，从而抢占新商机。董事会认 为，关于虚拟资产交易平台的战略合作方案既公平合理，又符合公司及全体股东的整体利益。 智通财经APP讯，瑞和数智(03680)公布，该集团已于 2025年 7月29日与一家独立第三方机构达成关于虚 拟加密资产交易平台联合开发的合作框架协议。 据悉，该第三方机构，与任何关联方无直接关系，是金融科技解决方案行业的领军企业之一，专注于为 专业机构提供行情、交易、风控及结算等模块的系统开发。服务过累计超过50多家证券公 ...

根据框架协议，双方应积极支持国家数字经济战略，推动香港证券公司及相关机构虚拟资产交易系统升 级发展。在本次合作中：–集团将发挥香港上市公司平台作用，与人工智能、大数据和数字转型方面的 技术经验优势；–该第三方机构将贡献券商虚拟资产交易系统升级的研发能力；根据框架协议，集团为 共同开发专利的版权持有者，该第三方机构享有该专利永久使用权。 董事会认为，该战略合作计划与集团向虚拟资产交易行业多元化发展的战略高度契合，将助力集团接入 更符合市场需求和监管标准的下一代系统。随着香港数字经济与虚拟资产产业的快速发展，此次合作使 集团能够把握数字经济高速增长的机遇，加速适应市场趋势与监管变革，从而抢占新商机。董事会认 为，关于虚拟资产交易平台的战略合作方案既公平合理，又符合公司及全体股东的整体利益。 格隆汇7月29日丨瑞和数智(03680.HK)公告，集团已于2025年7月29日与一家独立第三方机构达成关于虚 拟加密资产交易平台联合开发的合作框架协议。该第三方机构，与任何关联方无直接关系（根据香港联 合交易所证券上市规则），是金融科技解决方案行业的领军企业之一，专注于为专业机构提供行情、交 易、风控及结算等模块的系统开发。 ...