Let's turn to small caps. The Russell 2000 actually outperforming the S&P 500 since the closing lows after liberation day when we saw that shakeout in the market around tariff announcements, although it hasn't been all smooth sailing for the small cap index since then. The Russell hitting record highs just this week.Joining us now is Steven Nicolo. Stephen, it's great to have you on. And I think that's a pretty uh interesting stat right there.the fact that the Russell 2000 is up 41% in 6 months versus the S ...

A U.S. government shutdown threatens to stall the IPO market's long-awaited comeback, just as strong investor demand and successful debuts had breathed life back into new listings. ...

Core Insights - India's largest investment platform Groww is set to go public, with plans to raise between $650 million to $800 million and a potential valuation of up to $8 billion [1] - If regulatory approval is granted to lower the minimum public shareholding requirement, the IPO size may be adjusted accordingly [1] - Groww currently has 12.07 million active users on the National Stock Exchange of India, representing 26% of the total user base [1] Company Overview - Groww was founded in 2017 by four former employees of e-commerce company Flipkart, aiming to simplify investment for the nearly 200 million Indians with investable income [2] - The platform started with mutual fund distribution and expanded to stock trading in 2020, later adding services like digital gold, intraday trading, and IPOs [2] - Microsoft CEO Satya Nadella is a notable supporter of Groww, serving as an investor and advisor, although specific financial details have not been disclosed [2] Investment Backers - Major investors in Groww include Sequoia Capital (India), Y Combinator, Tiger Global Management, and Ribbit Capital [3]

Core Viewpoint - Nanjing Securities reported steady growth in its performance for the first half of 2025, actively contributing to the real economy and returning value to investors while adapting to a complex market environment [1][2][3] Group 1: Financial Performance - The company achieved a solid increase in net profit compared to the same period last year, maintaining a steady growth trajectory [1] - Key performance indicators such as new account openings, stock fund trading volume, and the scale of client wealth management products showed significant growth [1] Group 2: Business Development - Nanjing Securities focused on enhancing its functional role, successfully assisting enterprises in issuing innovative bonds and expanding its business layout in various debt markets [2] - The company launched projects like "Insurance + Futures" to provide price risk management services to agricultural stakeholders, contributing to rural revitalization [2] Group 3: Investor Relations and Corporate Governance - The company has a long-standing commitment to a stable and active profit distribution policy, with a planned cash dividend payout of 47.11% of the net profit for 2024 [3] - Nanjing Securities emphasizes investor education and protection, receiving favorable ratings in the 2025 securities company investor education assessment [3]

Group 1 - The A-share equity financing rhythm has marginally improved, with significant growth in IPO and refinancing activities, indicating a positive trend in the market [1][2] - In June, there were 9 new A-share IPOs, raising a total of 23.2 billion yuan, with Huadian New Energy's IPO being the largest in two years at 18.2 billion yuan [1] - Year-to-date, A-share IPO scale has increased by 75%, while refinancing scale has surged by 575%, reflecting a strong recovery in the market [1] Group 2 - The Hong Kong stock market has seen a substantial increase in trading activity, with year-to-date IPO scale reaching 127.9 billion HKD, a 612% increase year-on-year [2] - The refinancing scale in Hong Kong has also improved significantly, totaling 203.9 billion HKD, which is a 211% year-on-year increase [2] - The regulatory environment for overseas listings is expected to become more transparent and efficient, further enhancing the financing convenience in the Hong Kong market [2] Group 3 - The establishment of a new growth tier in the Sci-Tech Innovation Board aims to enhance the inclusivity and adaptability of the system, broadening the listing financing channels for unprofitable hard-tech companies [3] - The introduction of professional investors and optimized review mechanisms is expected to improve the board's ability to support technological innovation and new productivity [3] - The focus on enhancing merger and acquisition services is anticipated to become a significant direction for investment banking business [3]

Group 1 - The core concept of stock index futures and options is that they are essential derivative tools for equity markets, complementing each other to form a complete risk management system [3][4] - Stock index futures allow investors to short the market and provide a hedging tool, with a T+0 trading system enabling same-day buy and sell transactions [4][5] - Stock index options grant investors the right, but not the obligation, to buy or sell a stock index at a predetermined price, offering lower risk and higher potential returns compared to stock options [5][8] Group 2 - "IPO plus stock index futures options" is not a standard financial term but can be understood as the relationship between IPOs and stock index futures options, where IPOs are crucial for companies transitioning to public status [7][9] - Stock index futures are typically cash-settled, while stock index options can be settled either in cash or through physical delivery, depending on the contract design [8] - Both IPOs and stock index futures options can influence market sentiment and pricing, with stock index futures options providing risk management tools for companies post-IPO [9]

Core Insights - ATIF Holdings Limited is expanding into the Bitcoin sector with a five-year plan to accumulate 1,000 BTC through direct purchases and mining operations [1][3] - The company has chosen West Texas for its mining operations due to favorable regulatory conditions, affordable land, and competitive electricity costs [1][2] - The CEO emphasized Bitcoin as a long-term store of value and a strategic asset for growth, highlighting the importance of energy efficiency and sustainable operations in their mining facilities [2] Company Strategy - The company plans to implement a hybrid approach that includes both direct acquisition of BTC in the open market and the establishment of proprietary mining facilities [1][6] - ATIF Holdings aims to optimize cost control and scalability by focusing on energy-efficient mining operations [2] Industry Context - The move into Bitcoin mining represents a significant evolution in ATIF Holdings' business model, showcasing its commitment to innovation and long-term value creation in emerging technologies [3] - The broader industry trend is towards responsible and forward-looking crypto infrastructure development, which aligns with the company's planned operations [2]

Group 1 - Several private companies, including Zhongjie Automotive and Jiangshun Technology, successfully listed on the A-share market, raising over 45 billion yuan through various financing methods by April 27 [1] - The multi-level capital market in China is actively supporting the development of private enterprises, creating a vibrant and innovative environment for growth [3] - Approximately two-thirds of listed companies on the A-share market are private enterprises, with a significant presence in the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange [4] Group 2 - The private sector is showing resilience and vitality, with a number of leading companies reaching a market value of over 100 billion yuan, contributing to national economic growth and technological innovation [4] - The strategic emerging industries are favored by capital, with private enterprises in information technology and high-end equipment manufacturing accounting for 58% of the total financing [4] - The merger and acquisition market is becoming more active, with over 80 ongoing M&A cases in A-shares, of which more than 60% involve private enterprises [6] Group 3 - The bond market is expanding with various financing tools being introduced to support private enterprises, including the issuance of fixed-income products totaling 35.37 billion yuan in Shenzhen [7] - The Shanghai Stock Exchange has supported over 220 billion yuan in bond and asset-backed securities financing for more than 100 private enterprises in the past year [7] - The People's Bank of China and other regulatory bodies are expected to innovate and expand the issuance of private technology bonds [8] Group 4 - Regulatory bodies are focusing on enhancing the capital market to support technological innovation and the growth of private enterprises, with measures to improve market inclusivity and transparency [9] - In the first quarter of this year, private investment in China increased by 0.4%, with significant growth in manufacturing and infrastructure sectors [9] - Experts suggest further improvements in the multi-level capital market system to facilitate the listing of high-quality private enterprises and optimize the M&A process [10]