以下文章来源于Robin和Sara的一手实践手稿 ，作者RobinLu Robin和Sara的一手实践手稿 . 商业实践之上，坚持手记、说真话、欢迎探讨。 作 者 | RobinLu 来源 | Robin和Sara的一手实践手稿 导语 ： 如果USDC成为"链上美元"的通用流通底层，那么Circle的故事其实现在才是元年。 2025年6月5日，Circle（CRCL.US ） 正式上市，两天涨幅 2.5倍。今年三月，我们深入研 究稳定币这相对 "生疏"的话题，作为一个新的赛道，我们也算比较早地看到了机会。 与近期 爆火的 IP类公司 一样，深入研究一个赛道的重要性。 同时，稳定币这个 新的 赛道，从逻辑和趋势上看，比抓住某一新生消费品更容易一些。在 此，需要强调的是， CRCL本身算是一个benchmark，而真正开启的是"稳定币"这个市场和 相关的投资机会， 但 并不意味着 CRCL一定会是一个好的长期投资标的。 谁是 Circle？ Circle是稳定币USDC的发行商。2013年创立于美国波士顿， 是一家专注于法定货币转账服 务的稳定币发行公司。 CRCL 通过持有美元、美债和其他资产为稳定币提供担保。 ...

Group 1: Circle Internet Group - Circle Internet Group went public on June 5, 2025, under the ticker "CRCL," becoming the first global stablecoin stock, raising $1.1 billion with a share price of $31, up from an initial range of $24 to $26, and saw over 25 times oversubscription [2][3] - On its first trading day, Circle's stock opened 122% higher and closed at $83.23, a 168.48% increase from the IPO price, giving it a market capitalization of $18.356 billion [3] - Circle, founded in 2013, primarily issues two stablecoins: USDC and EUDC, with USDC holding approximately 29% market share as of March 2025 [4] - As of March 31, 2025, Circle reached over 600 million users globally, with total revenue and reserve income of $1.676 billion and a net profit of $156 million for 2024 [5] Group 2: Zhou Li Fu Jewelry - Zhou Li Fu Jewelry passed the Hong Kong Stock Exchange hearing and disclosed its information on June 3, 2025, with CICC and CITIC International as joint sponsors [7] - Established in 2004, Zhou Li Fu operates 4,129 stores across 31 provinces and has four overseas stores, ranking among the top five jewelry brands in China for eight consecutive years [7][8] - The company reported revenues of 3.102 billion yuan, 5.150 billion yuan, and 5.718 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 35.8%, significantly outpacing the industry average of 2.7% [8] Group 3: 51WORLD - 51WORLD updated its prospectus on May 30, 2025, to continue its listing process on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [11] - Founded in 2015, 51WORLD focuses on the digital twin industry, offering three core business platforms: 51Aes, 51Sim, and 51Earth, and is the first in the industry to propose a comprehensive digital twin solution [12][13] - The company achieved revenues of 170 million yuan, 256 million yuan, and 287 million yuan from 2022 to 2024, with gross margins of 65.0%, 54.2%, and 51.0% respectively [14] Group 4: Xi Puni - Xi Puni updated its prospectus on June 3, 2025, to advance its listing on the Hong Kong Stock Exchange [17] - Established in 2013, Xi Puni is a designer and manufacturer of precious metal watches, with its flagship brand "HIPINE" being the largest gold watch brand in China, holding a market share of 24.98% [18] - The company reported revenues of 324 million yuan, 445 million yuan, and 457 million yuan from 2022 to 2024 [19] Group 5: Weili Zhibo - Weili Zhibo updated its prospectus on June 4, 2025, aiming to become the first stock in the TCE field in China [21][22] - Founded in 2012, Weili Zhibo focuses on innovative therapies for cancer and autoimmune diseases, with 14 candidate drugs in its pipeline, including a core product in clinical registration [23] - The company secured investments from various institutions and achieved a post-C round valuation of 3.13 billion yuan in 2024 [25]

Core Viewpoint - Circle Internet Group has officially gone public on June 5, 2025, under the ticker "CRCL," marking itself as the world's first publicly traded stablecoin company [2][4]. Group 1: IPO Details - Circle adjusted its IPO price from an initial range of $24 to $26 to $31 per share, increasing the total shares offered from 24 million to 34 million, raising $1.1 billion with over 25 times oversubscription [2]. - On its first trading day, Circle's stock opened 122% higher and peaked at nearly 235%, closing at $83.23, which is a 168.48% increase from the IPO price, giving it a market capitalization of $18.356 billion [2]. Group 2: Company Overview - Founded in 2013, Circle focuses on fiat currency transfer services and issues two stablecoins: USDC (pegged to the US dollar) and EUDC (pegged to the euro), with USDC holding approximately 29% market share as of March 2025 [4]. - Circle's total revenue and reserve income for 2024 were $1.676 billion, with a net profit of $156 million [4]. Group 3: Investment Background - Huaxing Capital's New Economy Fund invested in Circle in 2018, recognizing its technological, compliance, and ecosystem advantages in the stablecoin sector [6]. - Huaxing Capital has been actively investing in blockchain technology and digital assets, with notable investments including the IPO assistance for various tech companies and digital asset firms [6]. Group 4: Industry Outlook - The global regulatory framework for digital currencies is evolving, with many countries incorporating digital currencies into their reserve assets [7]. - Huaxing Capital emphasizes the importance of integrating cutting-edge technology with financial services to enhance financial efficiency and asset liquidity, positioning itself as a leader in the financial innovation landscape [7][8].

Group 1 - The core viewpoint of the article is that Circle, a major player in the digital currency sector, has successfully launched the first IPO in the stablecoin industry, achieving significant oversubscription and a substantial market valuation [1][2]. - Circle's IPO on June 5 has garnered 25 times oversubscription, increasing the number of shares issued from 32 million to 34 million, with an expected price of $31 per share, leading to a market capitalization of $6.9 billion [1]. - Circle is recognized for its USD Coin (USDC), which is the second-largest stablecoin globally, holding approximately 29% market share as of the end of March, with a circulating supply of about $61 billion as of May 29 [1]. Group 2 - Financial data indicates that Circle has shown strong growth, with projected revenues of $772 million in 2022, $1.45 billion in 2023, and $1.676 billion in 2024, reflecting a consistent upward trend [2]. - Despite fluctuations in net profit, Circle's profitability remains high, with a projected net profit of $156 million in 2024, down from $268 million in 2023 [2].

Group 1 - Dongfeng and Changan's merger has been halted, with Dongfeng announcing that it will not engage in asset and business restructuring, ensuring normal operations will not be affected [1] - Circle, a digital currency giant, is set to launch the first IPO in the stablecoin sector on June 5, with over 20 times subscription, highlighting the growing interest in digital currencies [1] - Nine departments in Guangdong have jointly issued a plan to support green and low-carbon development, aiming to promote economic and social transformation in the region [1] Group 2 - Citigroup announced a reduction of approximately 3,500 technical staff in its global technology centers in Shanghai and Dalian as part of a global simplification effort, with compensation packages being discussed [1] Group 3 - The collaboration between Lao Feng Xiang and "Saint Seiya" has resulted in nearly 100 million yuan in sales within two weeks, with a limited edition gold figurine selling for 880,000 yuan [3] - The market for the "Guzi" economy is projected to reach 168.9 billion yuan in 2024, reflecting a 40.63% year-on-year growth, indicating a rising trend in the intersection of gold and the anime industry [3] - The trend of "Staycation" is gaining popularity among young people, who prefer local high-end hotels for relaxation instead of traveling, indicating a shift in leisure preferences [3]

Group 1: Company Overview - Circle is set to become the first stablecoin company to go public with an IPO on June 5 at the New York Stock Exchange [1] - Founded in 2013, Circle is known for its fiat currency transfer services and its USD Coin (USDC), which is the second-largest stablecoin globally with a market cap of approximately $60 billion, accounting for about 26% of the total stablecoin market [1] - The company has shown strong revenue growth, with projected revenues of $772 million, $1.45 billion, and $1.676 billion for 2022, 2023, and 2024 respectively, although net profit is expected to decline from $268 million in 2023 to $156 million in 2024 [1] Group 2: IPO Details - The IPO plans to issue 24 million shares, including 9.6 million new shares and 14.4 million shares from existing shareholders, with a price range of $24 to $26, aiming to raise $624 million [2] - If underwriters exercise their option to purchase additional shares, the total funds raised could reach up to $718 million [2] - Recent reports indicate a revised plan to issue 32 million shares at $27 to $28, with 60% being secondary offerings, potentially raising $880 million [2] Group 3: Market Context and Trends - Stablecoins, initially designed for the crypto asset sector, are increasingly being adopted in traditional finance for payments due to their efficiency, low costs, and price stability [3] - The integration of stablecoins with Real World Assets (RWA) is expected to deepen, becoming a key infrastructure in financial markets, particularly in areas like green finance and supply chain finance [3] - The compliance and programmability of stablecoins are anticipated to facilitate the automation and globalization of traditional assets, contributing to a new digital financial landscape [3]

Core Viewpoint - Circle is set to become the first stablecoin company to go public with an IPO on June 5 at the New York Stock Exchange, marking a significant milestone in the stablecoin sector [1] Company Overview - Circle, founded in 2013, focuses on fiat currency transfer services and is known for its product Circle Pay, often referred to as "the American Alipay" [2] - Circle is the issuer of USD Coin (USDC), the second-largest stablecoin globally, with a market cap of approximately $60 billion, accounting for about 26% of the total stablecoin market [2] Financial Performance - Circle's revenue has shown strong growth, with projected revenues of $772 million in 2022, $1.45 billion in 2023, and $1.676 billion in 2024, indicating a year-on-year increase [2] - The company's net profit is expected to fluctuate, with a projected net profit of $156 million in 2024, down from $268 million in 2023, although overall profitability remains high [2] IPO Details - Circle plans to issue 24 million shares in its IPO, consisting of 9.6 million new shares and 14.4 million shares from existing shareholders, with an expected fundraising of $624 million at a price range of $24 to $26 per share [3] - If the underwriters exercise their option to purchase additional shares, the total funds raised could reach up to $718 million [3] - The stock will be traded under the ticker symbol "CRCL" [3] Market Position - If successful, Circle's IPO could help it close the gap with Tether, the largest stablecoin issuer, which has a circulation of over $143.7 billion, representing 61.9% of the stablecoin market [4] - Tether's total reserve assets amount to $125.47 billion, primarily in cash and equivalents, with significant holdings in U.S. Treasury securities [4] Regulatory Environment - Stablecoins are gaining regulatory attention, with the U.S. Senate passing the "GENIUS Act" aimed at establishing a framework for stablecoin innovation, and Hong Kong's "Stablecoin Regulation" expected to take effect in 2025 [6] - These regulations reflect a global consensus among major financial centers to transition from unregulated growth to compliance governance, addressing risks while competing for future financial influence [6]