Group 1: Wealth Growth in India - The number of wealthy households in India has nearly doubled since 2021, reaching 871,700, representing 0.31% of all households [1] - Confidence in India's economic growth is high, with 83% of wealthy households optimistic about the next three years [1] - The increase in wealth is attributed to GDP growth, stock market gains, the emergence of new billionaires, and rising gold prices [1] Group 2: Regional Wealth Distribution - Maharashtra leads with 178,600 millionaire households, driven by Mumbai's 142,000 [2] - Delhi has 68,200 millionaire households, while Bengaluru has 31,600 [2] Group 3: Investment Preferences - Stocks, real estate, and gold are the primary investment choices for wealthy households [2] - Digital payments are dominated by UPI [2] Group 4: Spending Habits - Approximately 60% of wealthy households spend under ₹1 crore annually, primarily on tourism, education, and entertainment [3] - Paying taxes is viewed as the top social responsibility by 30% of respondents [3] Group 5: Luxury Spending - In jewelry, 75% of wealthy individuals prefer natural diamonds, with Tanishq leading in India [4] - Rolex is the dominant brand in luxury watches, while Gucci and Louis Vuitton are the top accessory brands [4] - Emirates is the preferred airline, and Taj Hotels are favored for luxury stays [4] Group 6: Vehicle Ownership - Over half of India's millionaires own more than one car, with many upgrading within three to six years [5] - Approximately 40% keep their cars for more than six years [5] Group 7: Lifestyle Preferences - Travel is the top hobby for the ultra-rich at 45%, followed by reading and cooking [5] - Yoga is the most preferred fitness activity at 27% [5] Group 8: Education and Travel - The USA is the most popular destination for education abroad, chosen by 19% of respondents, followed by the UK at 14% [5] - However, 42% prefer to keep their children in India for education [5] Group 9: Media Consumption - Social media has surpassed traditional media as the primary source of news for wealthy households [6] - Over 60% of respondents rate their happiness and well-being at 8 or above [6]

Brand Partnership - Hublot luxury watches has a new face: Chiefs Star Patrick Mahomes [1] Marketing & Endorsement - Patrick Mahomes is the new face of Hublot [1]

Luxury Goods & Sports - High-dollar luxury watches and custom diamond jewelry are being sported by top tennis players at the US Open [1] - The jewelry is worth tens of thousands of dollars [1]

Market Overview - America is considered an emerging market for luxury watches [1] Industry Impact - Tariffs could negatively impact Swiss watch companies, affecting a rare positive area [1]

Group 1 - Top Win International Limited has partnered with Simon Gerovich and KCGI for a planned investment in SGA Co., Ltd, which has received board approval for a third-party share issuance to this consortium [1][2] - Upon completion of the investment, the consortium will become the largest shareholder of SGA Co., Ltd, with proceeds aimed at strategic asset acquisitions and general corporate purposes [2] - SGA Co., Ltd plans to leverage the consortium's global network and expertise to pursue new initiatives in the digital asset space while maintaining its core business operations [2] Group 2 - Top Win International Limited specializes in the trading, distribution, and retail of luxury watches and has recently ventured into the Web3 ecosystem and digital assets as part of its future business direction [3]

Market Trends & Tariff Impact - US watch purchases surged in April and May due to tariff concerns [1] - Primary brands are throttling supply to the US market due to tariffs, leading to price increases [1] - The market is in an uncertain state as prices adjust to the speculative tariff environment [2] - A pricing correction occurred after June 2022, with watches previously valued 40% higher [3] - The market is seeing prices creep back up due to the current tariff environment [4] Valuation & Demand - Demand for watches remains strong [2] - Many Rolex watches are still trading at double retail prices [3] - Watch valuations, while still high, have decreased from the post-pandemic boom [3][4] - The market remains frothy with massive multiples [4]

Core Insights - The company is making significant moves to strengthen its position in Asia's digital assets sector through strategic investments and a rebranding initiative [1][2][3] Group 1: Strategic Investments - The company has signed agreements to invest in two prominent Asia-listed companies: HK Asia Holdings Limited (1723.HK) in Hong Kong and Metaplanet (3350.JP) in Japan [2] - Investments in HK Asia Holdings are structured to allow the company to acquire shares at favorable terms, while Metaplanet shares are being acquired at a discount to market value, ensuring a cost-effective entry [2] - HK Asia Holdings has successfully adopted the Bitcoin Treasury Model, leading to a share price increase of 15 times its pre-adoption value [2] - Metaplanet has accumulated 7,800 BTC valued at over $800 million, with its stock price increasing over 3,600% from under ¥1,000 to above ¥6,650 since early 2024, achieving a market capitalization of $2.52 billion as of May 20, 2025 [2] Group 2: Corporate Rebranding and Leadership - The company has changed its Nasdaq ticker symbol from TOPW to SORA to reflect its commitment to digital assets and appointed Jason Fang, Founder and Managing Partner of Sora Ventures, as Chairman of the Board [3] - A proposed name change from Top Win International Limited to AsiaStrategy has been approved by the Board of Directors, pending shareholder approval and registration in the Cayman Islands [3] Group 3: Company Background - Top Win International Limited is a Hong Kong-based company specializing in the trading, distribution, and retail of luxury watches, and is now venturing into the Web3 ecosystem and digital assets [4]

Core Viewpoint - Top Win International Limited is rebranding to "AsiaStrategy" and expanding into the digital assets sector, aiming to capitalize on the growing Web3 ecosystem and the potential of digital assets as a critical asset class [1][2] Company Overview - Top Win International Limited specializes in the trading, distribution, and retail of luxury watches and will begin focusing on digital assets starting May 2025 [7] - The company is headquartered in Wan Chai, Hong Kong, and has been operational since 2001 [7] Strategic Expansion - The company plans to partner with Sora Ventures, a prominent Web3 fund, to leverage its resources and expertise in the digital asset space [2][3] - The strategic focus will be on unlocking potential in Asian markets, particularly in managing a digital assets treasury to hedge against inflation and benefit from Web3 growth [2] Leadership Changes - Jason Fang, founder of Sora Ventures, will join the company as a board member and will serve as Co-CEO alongside Tony Ngai [4][5] - Fang has extensive experience in the blockchain industry and has successfully navigated multiple market cycles, making him a valuable asset for the company's transformation [5] Market Context - Asia is positioned as a key player in the digital assets sector, with a tech-savvy population and evolving regulatory frameworks, making it a high-growth market for digital assets [1][2] - Sora Ventures has invested in over 30 bitcoin-focused companies and is actively working on initiatives to promote Bitcoin treasury management in Asia [3][8]