Core Viewpoint - Victory Securities (08540) has seen a significant stock price increase of over 13% following the approval of licenses for its subsidiary, Victory Digital Technology Limited, to operate regulated activities related to securities trading and automated trading services, as well as to provide virtual asset services under the Anti-Money Laundering and Terrorist Financing Ordinance [1] Group 1: Company Developments - Victory Digital Technology Limited has received formal notification from the Securities and Futures Commission regarding the approval of licenses for regulated activities under the Securities and Futures Ordinance [1] - The company aims to enhance its service offerings and create synergies across its business lines by operating a virtual asset trading platform following the regulatory approval [1] - The board anticipates that the virtual asset business segment will encounter more business opportunities, allowing for continued expansion and the creation of new revenue sources for the group [1] Group 2: Market Context - The rapid development of virtual asset-related businesses in Hong Kong has been supported by the government in recent years, positioning Victory Securities as a key market participant under the newly introduced comprehensive regulatory framework for the virtual asset ecosystem [1]

Core Viewpoint - Victory Securities (08540) announced that its associate company, Victory Digital Technology Limited, has received formal approval from the Securities and Futures Commission (SFC) for licenses under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, enabling it to operate a virtual asset trading platform [1] Group 1: Licensing and Regulatory Approval - Victory Digital Technology has been granted licenses for regulated activities including Type 1 (securities trading) and Type 7 (providing automated trading services) under the Securities and Futures Ordinance [1] - The company has also received a license to provide virtual asset services under the Anti-Money Laundering Ordinance, subject to certain conditions imposed by the SFC [1] Group 2: Strategic Implications - The board believes that obtaining these regulatory approvals aligns with the company's strategy to offer a more diversified range of services to clients [1] - The approval is expected to create opportunities for synergy across various business lines within the group and enhance overall value [1] - Following the licensing, the company positions itself as one of the few market participants in the key segments of the virtual asset ecosystem under the comprehensive regulatory framework introduced by the SFC [1] Group 3: Business Opportunities - The board anticipates that the virtual asset business segment will encounter more business opportunities, allowing for continued expansion and the creation of new revenue streams for the group [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8540） 本 公 告 是 由 勝 利 證 券（控 股）有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 根據香港聯合交易所有限公司GEM證 券 上 市 規 則（「GEM上市規則」）第17.10(2) (a)條及香港法例第571章《證 券 及 期 貨 條 例》（「證券及期貨條例」）第XIVA部項下 內 幕 消 息 條 文（定 義 見GEM上 市 規 則）作 出。 主 席 高 鵑 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 知 會 本 公 司 股 東 及 潛 在 投 資 者，本 集 團 旗 下 一 間 聯 營 公 司 勝 利 數 碼 科 技 有 限 公 ...

Group 1 - The Hong Kong government is adopting a proactive and prudent approach to develop digital assets, promoting responsible and sustainable market growth based on the principle of "same activity, same risk, same regulation" [1] - Since 2023, Hong Kong has issued licenses to 11 virtual asset trading platforms and plans to issue stablecoin licenses this year [1] - The government has issued three batches of tokenized green bonds, totaling approximately $2.1 billion [1] Group 2 - Financial and technological sectors can mutually promote each other, with finance being a key force in supporting and empowering technological development [1] - Digital assets enhance the transparency, efficiency, inclusiveness, and risk management of financial services, effectively directing capital to the real economy [1] - During the World Economic Forum, the Financial Secretary of Hong Kong expressed strong support for free trade and multilateralism, advocating for reforms in the World Trade Organization to address new challenges in international trade [1]

Core Viewpoint - Hashkey is set to launch its global IPO on December 9, with an expected pricing date of December 15 and listing on December 17. The IPO price range is between 5.95 and 6.95 HKD per share, with a base issuance of approximately 240 million shares, translating to an issuance scale of about 1.43 to 1.67 billion HKD. The company faces uncertainties in its market performance due to various factors, including its leading position in the Asian market and the challenges of global competition and ongoing losses [1]. Group 1: IPO Details - The IPO is expected to raise between 1.43 billion and 1.67 billion HKD, with potential total proceeds reaching 2.14 to 2.50 billion HKD if the overallotment option is fully exercised [1]. - The cornerstone investment segment includes nine investors who collectively subscribed for 75 million USD, accounting for 40.8% of the base issuance scale, indicating a reasonable level of capital recognition for the company [2]. - The cornerstone investor structure shows a clear division, with notable long-term funds like UBS Asset Management and Fidelity International participating, while the absence of major Chinese institutional investors is a significant shortcoming [2][3]. Group 2: Competitive Position - Hashkey holds a strong regional advantage as the second entity to obtain a virtual asset trading license in Hong Kong, boasting over 75% market share in the local market, making it the largest platform in the region [6]. - Despite its regional strength, Hashkey's global competitiveness is weak, ranking sixth among global trading service providers with only 1.0% market share, while the top three companies hold a combined 67.3% [6]. - The competitive landscape is intensifying, with 11 virtual asset trading licenses issued in Hong Kong, raising concerns about Hashkey's ability to maintain its leading position [5][6]. Group 3: Financial Performance - Hashkey's revenue growth has been inconsistent, with figures of 130 million HKD, 210 million HKD, and 720 million HKD for 2022 to 2024, showing a significant increase of 247% in 2024. However, revenue fell by 26% in the first half of 2025, totaling 280 million HKD [8]. - The company's gross margin has been declining, with rates of 97.2%, 94.0%, 73.9%, and 65.0% from 2022 to the first half of 2025, indicating a significant drop compared to peers like OSL Group, which maintains around 90% [8]. - High operating expenses have led to persistent losses, with net losses of 590 million HKD, 580 million HKD, 1.12 billion HKD, and 510 million HKD from 2022 to the first half of 2025, resulting in net loss rates of 453%, 279%, 165%, and 178% respectively [9]. Group 4: Valuation and Market Sentiment - Hashkey's estimated market capitalization at the lower end of the IPO price is 16.5 billion HKD, with price-to-sales ratios of 22.8 and 26.5 for 2024 and rolling estimates, respectively [10]. - The valuation is lower than that of OSL Group but significantly higher than Coinbase, which has a market cap of 725 billion USD and lower price-to-sales ratios [10][11]. - The opening of international subscription channels for retail investors may indicate insufficient institutional demand, raising concerns about the stock's stability post-listing [10].

Core Viewpoint - JF SmartTrade, a wholly-owned subsidiary of NineFang Smart Investment Holdings, has entered into a share subscription agreement with EX.IO, a virtual asset trading platform, to enhance its overseas digital asset business strategy [1] Group 1: Company Overview - NineFang Smart Investment Holdings is focusing on expanding its digital asset business through strategic investments [1] - EX.IO, established in 2023 in the Cayman Islands, operates primarily in Hong Kong and has received a virtual asset trading platform license from the Securities and Futures Commission in December 2024 [1] Group 2: Strategic Intent - The investment in EX.IO is aimed at leveraging its trading resources and Web3 technology to accelerate the company's overseas digital asset business development [1] - The board believes that this subscription aligns with the company's overall strategic planning and the intended use of the raised funds [1] Group 3: Market Positioning - The funds raised from the subscription will be strategically invested in the digital asset exchange to foster the development of an on-chain financial ecosystem [1] - This move is seen as a core component of the company's overseas strategy, enhancing its capabilities in on-chain financial services and supporting business diversification and sustainable growth [1]

Core Viewpoint - The report from CICC indicates a significant increase in the Total Payment Volume (TPV) for Lianlian Digital, leading to an upward revision of revenue forecasts for 2025 and 2026 by 2% to 1.65 billion and 2.02 billion HKD respectively, while maintaining adjusted profit estimates unchanged [1] Group 1: Financial Performance - In 1H25, Lianlian Digital's revenue increased by 27% year-on-year to 780 million HKD, with net profit turning positive at 151 million HKD compared to a net loss of 350 million HKD in 1H24, largely due to over 1.6 billion HKD in gains from the sale of part of its stake in LianTong [2] - The TPV for 1H25 rose by 32% year-on-year to 2.1 trillion HKD, outpacing the revenue growth of 27% [3] - Gross profit for 1H25 increased by 25% year-on-year to 410 million HKD, maintaining a high gross margin of 52% [4] Group 2: Business Segments - Global payment TPV surged by 94% year-on-year to 198.5 billion HKD, although the overall fee rate declined to 24 basis points due to higher growth in lower-fee service trade and B2B sectors [3] - Domestic payment TPV grew by 28% year-on-year to 1.9 trillion HKD, with a stable fee rate of 1.1 basis points [3] - Value-added services revenue increased by 34% year-on-year to 90 million HKD, primarily driven by contributions from virtual card services [3] Group 3: Strategic Initiatives - The company plans to allocate 50% of the funds raised from placements to enhance blockchain technology applications in cross-border payments, aiming to improve efficiency and security [7] - The company has received approval for the VATP virtual asset trading platform license, which is expected to expand its service capabilities in cross-border payments [7] - The company anticipates steady growth in TPV and payment revenue, projecting a near 700 million HKD in regular operating profit for 2025 [6]

Group 1 - The core viewpoint of the news is that Weixin Jinke (02003) has shown strong financial performance in the first half of 2025, with total revenue reaching 2.5 billion RMB, a year-on-year increase of 43.8%, and a net profit of 216 million RMB, up 79.5% year-on-year [1] - The company plans to distribute an interim dividend of 0.05 HKD per share to reward shareholders for their long-term trust and support [1] - Weixin Jinke has actively adjusted its business strategy to enhance risk control and operational efficiency, aiming to build a safe and compliant digital financial ecosystem [1] Group 2 - Weixin Jinke is expanding its business in emerging technology fields by strategically investing in EXIO Group, one of the first 11 virtual asset trading platforms approved by the Hong Kong Securities and Futures Commission [2] - This investment aims to bridge traditional finance and the Web 3.0 ecosystem, helping Weixin Jinke explore the collaborative value between traditional financial systems and emerging digital asset domains [2] - The company is focused on driving innovation in complex scenarios and establishing higher industry standards in asset security and user experience [2]

Group 1: Stock Market Activity - Today, 35 stocks were listed on the institutional trading list, with 16 stocks seeing net purchases and 19 stocks experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were: Innovation Medical (128 million), Youfang Technology (76.31 million), and Nanmo Biology (56.58 million) [1][2] Group 2: Company Developments - Youfang Technology has announced plans to engage in financing leasing to support its cloud computing services, driven by the growing demand for computing power in the artificial intelligence sector [2] - The company has previously focused on providing cloud infrastructure products to meet customer needs for storage, computing, and transportation [2] Group 3: Brain-Computer Interface Industry - The brain-computer interface product developed by Botuo Bio has entered the clinical trial phase, showing significant recovery effects in the first treated depression patient, with plans to start medical device registration in 2026 [4] - The Chinese government has issued policies to promote innovation in the brain-computer interface industry, with expectations for breakthroughs in key technologies by 2027 [4] - McKinsey predicts that the global market for medical applications of brain-computer interfaces could reach $40 billion by 2030 and $145 billion by 2040, with specific segments for central nervous system disease treatment and emotional assessment [4]