Core Viewpoint - Tianji Holdings (01520) has reported a significant increase in its stock price, driven by its strategic focus on stablecoin-related businesses and Web3.0 developments, reflecting strong market optimism for its future growth [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of HKD 23.12 million and a gross profit of HKD 2.93 million [1]. Strategic Initiatives - The company is actively expanding its presence in the stablecoin and Web3.0 sectors through investments and acquisitions, which are expected to provide further upward momentum for its stock price [1][2]. - Tianji Holdings has formed a joint venture with Xizuchain Technology to operate Web3.0 sports IP consumption businesses, enhancing its strategic positioning in the "Web3.0+" sector [4]. Market Trends - The stablecoin market is poised for growth, supported by regulatory developments in multiple countries, including the U.S. and Hong Kong, which are establishing frameworks for stablecoin issuance [2][3]. - The rise of Real World Assets (RWA) is anticipated to create a massive market opportunity, potentially reaching trillions in value, as these assets are digitized and integrated into blockchain systems [2][5]. Partnerships and Collaborations - The company has established strategic partnerships with various well-known enterprises, including a collaboration with Xinqiao Capital to enhance its Web3.0 initiatives [3][4]. - Tianji Holdings has a strong track record of forming alliances with global gaming and entertainment companies, which may synergize with its stablecoin operations to unlock new growth avenues [5].

Group 1 - The Hong Kong Virtual Asset Listed Companies Association (HKVALA) has been officially established, marking a new phase of "regulatory leadership and self-discipline" in the digital asset industry in Hong Kong [1][3] - The association was initiated by over 50 listed companies from Hong Kong, the US, and China, covering the entire industry chain including finance, technology, and real economy [3] - HKVALA aims to promote compliance innovation and large-scale application in frontier areas such as stablecoins and Real World Asset (RWA) tokenization, while establishing a long-term self-regulatory governance mechanism [3] Group 2 - Huaxing Capital is recognized for its expertise in the new economy and digital asset sectors, with its chairman, Xu Yanqing, appointed as the honorary president of HKVALA [1][3] - Huaxing Capital has announced a special budget of $100 million to fully enter the stablecoin and RWA sectors, and has formed a strategic partnership with YZi Labs to allocate $100 million in BNB [3] - Xu Yanqing emphasized that digital assets represent a historical opportunity for the restructuring of the global financial system, and Huaxing Capital will continue to uphold compliance and long-term value [3]

Core Viewpoint - The article discusses the cautious yet optimistic perspective on the recent surge in interest surrounding stablecoins and the regulatory framework in Hong Kong, emphasizing the need for a balanced understanding of the market dynamics and regulatory environment [4][5]. Regulatory Environment - The Hong Kong Stablecoin Regulation, effective from August 1, 2025, is the first regulatory framework globally to focus on fiat-backed stablecoins through a licensing system [4]. - There is a prevailing sentiment that the excitement around stablecoins may be overstated, with regulatory bodies in Hong Kong indicating a cautious approach to issuing licenses [6][7]. - The Hong Kong Monetary Authority (HKMA) is expected to be stringent in its licensing process, focusing on the applicants' backgrounds, particularly in financial risk management and anti-money laundering capabilities [7][8]. Market Dynamics - The article highlights a contrast between the public enthusiasm for stablecoins and the regulatory caution observed in Hong Kong, where the focus is on preventing potential money laundering risks associated with stablecoin issuance [9][10]. - The discussion points out that while there is significant interest in stablecoins, the actual number of licenses granted may be very limited due to strict regulatory scrutiny [7][9]. Future Outlook - The conversation suggests that the acceptance of stablecoins in mainland China may pave the way for broader acceptance of cryptocurrencies and blockchain technology, driven by the need to compete in the global monetary landscape [17][19]. - The potential for Real World Assets (RWA) to gain traction in the Chinese market is also discussed, with the expectation that RWA could support the real economy and thus be more readily accepted by regulators [21][22]. Technological and Financial Innovation - The article emphasizes that stablecoins are not merely payment solutions but serve as a pricing foundation for volatile crypto assets, highlighting their role in stabilizing transactions within the crypto market [45][46]. - The discussion on RWA indicates a multi-stage approach to asset tokenization, starting from fiat currency to financial assets, and eventually to physical assets, with the latter facing significant technological challenges [24][26]. Hong Kong's Position - Hong Kong is positioned as a potential global center for digital finance, leveraging its unique legal framework and the influx of capital from mainland China [52][53]. - The article notes that the recent optimism surrounding Chinese assets, particularly in AI and crypto, has led to a significant reevaluation of their market potential, contributing to Hong Kong's resurgence as a financial hub [50][52].

Group 1 - Ant Group issued a statement denying rumors about collaborating with the People's Bank of China and China Rare Earth Group to create a rare earth RMB stablecoin, warning the public to be cautious of misleading information [1] - Following the denial, shares of China Rare Earth experienced a significant increase, rising over 4% shortly after the market opened, and closing with a gain of 1.68% [1] - The rise in interest around stablecoins has led to various rumors and fraudulent activities, prompting major fintech companies like Ant Group and JD.com to clarify their positions and warn investors [2][3] Group 2 - The Hong Kong government has implemented the Stablecoin Regulation, establishing a licensing framework for fiat-backed stablecoin issuance, which is expected to reduce compliance risks for financial institutions [5] - The first batch of stablecoin issuers includes five companies, with JD.com among them, while Ant Group has not yet entered the sandbox but plans to apply soon [6] - Regulatory requirements for stablecoin issuers in Hong Kong are stringent, aligning closely with those for electronic wallets and banks, including asset management and anti-money laundering regulations [6][7] Group 3 - The National Financial Regulatory Administration in mainland China has prohibited domestic institutions from issuing or participating in any form of stablecoin, aiming to mitigate risks associated with payment systems and consumer protection [7] - The industry is urged to accelerate the establishment of standardized governance frameworks to enhance regulatory compliance and ensure the safety of technology and business operations [7]

今年6月底，华兴资本控股宣布，董事会决议在稳固华兴现有业务的同时，进军Web3.0和加密货币资产 领域，并批准总额为1亿美元的预算，在未来两年期间用于集团发展Web3.0业务和投资加密货币资产。 公告指出，在集团基金成功投资了Circle Internet Group，以及为众多加密货币龙头企业完成了上市及多 轮融资相关服务的基础上，集团将加大对稳定币、RWA(现实世界资产)以及围绕加密货币全链条生态系 统的投入及发展力度，并积极拓展相关业务牌照的申请和升级。 消息面上，8月1日，中国香港《稳定币条例草案》正式生效，这是在中国香港设立法币稳定币发行人的 发牌制度，完善对虚拟资产活动在中国香港的监管框架，以保持金融稳定，同时推动金融创新。8月7 日，全球首个RWA注册登记平台正式上线。此外，加密货币市场再迎利好，美国总统特朗普签署了一 项行政命令，允许美国人的401(k)计划投资私募股权基金、比特币等加密货币以及其他所谓的另类资 产。开源证券此前研报指出，稳定币迈向合规化发展阶段，牌照成为入局关键，看好稳定币及RWA市 场投资机遇。 华兴资本控股(01911)再涨超20%，年内股价飙升逾1.4倍。截至发稿，涨2 ...

8月1日，中国香港《稳定币条例草案》正式生效，这是在中国香港设立法币稳定币发行人的发牌制度， 完善对虚拟资产活动在中国香港的监管框架，以保持金融稳定，同时推动金融创新。开源证券此前指 出，稳定币迈向合规化发展阶段，牌照成为入局关键，看好稳定币及RWA市场投资机遇。 智通财经APP获悉，华兴资本控股(01911)再涨超10%，年内股价已累涨1.1倍。截至发稿，涨10.7%，报 6.21港元，成交额1879.28万港元。 消息面上，今年6月底，华兴资本控股公布，董事会决议在稳固华兴现有业务的同时，进军Web3.0和加 密货币资产领域，并批准总额为1亿美元的预算，在未来两年期间用于集团发展Web3.0业务和投资加密 货币资产。公告指出，在集团基金成功投资了Circle Internet Group，以及为众多加密货币龙头企业完成 了上市及多轮融资相关服务的基础上，集团将加大对稳定币、RWA(现实世界资产)以及围绕加密货币全 链条生态系统的投入及发展力度，并积极拓展相关业务牌照的申请和升级。 ...

本报讯 （记者李春莲）近日，港股上市公司宜搜科技控股有限公司（以下简称"宜搜科技"）与绿地金 创科技集团（以下简称"绿地金创"）达成战略合作，以文化IP数字化切入千亿级RWA（现实世界资产） 市场。绿地金创持有中国香港证监会4号、9号数字资产牌照，并依托母公司上海国资绿地控股的雄厚实 体资产（房地产、供应链等），为项目提供强合规背书与底层资产支撑。 （文章来源：证券日报） 据了解，双方通过合资成立Novus Infusion平台，构建RWA发行管理通道，未来将扩展至房地产、碳信 用等多元资产领域。宜搜科技通过与国资金融平台资源与技术协同，加速向"数字资产平台运营商"战略 升级。 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses trends in the virtual asset industry following the introduction of stablecoin legislation in the United States and Hong Kong, highlighting the impact of geopolitical risks on decentralized finance adoption [1][2]. Core Insights and Arguments - **Geopolitical Influence**: The expulsion of Russia from the SWIFT system has accelerated the adoption of decentralized finance, with developing countries increasingly using crypto finance for value storage and transaction payments [2]. - **Correlation with Monetary Supply**: Bitcoin prices are highly correlated with global M2 money supply, suggesting that a loose monetary policy in the U.S. could drive up Bitcoin and other risk assets [1][3]. - **Stablecoin Legislation**: The U.S. aims to extend dollar hegemony into blockchain, while Hong Kong seeks to create a digital financial experimental zone to facilitate the internationalization of the Renminbi [1][5]. - **Market Growth Projections**: The stablecoin market is expected to grow rapidly, with Citigroup predicting it could reach $1.6 trillion by 2030, and U.S. Treasury Secretary suggesting it could hit $2 trillion within three years [1][8]. Additional Important Content - **Impact on Traditional Financial Institutions**: Stablecoin trading volumes have surpassed the combined market capitalization of Visa and Mastercard, indicating potential disruption to traditional financial revenue streams [3][9]. - **Stablecoin Market Dynamics**: The market is characterized by a concentration of major players, with Tether (USDT) holding over 60% market share and Circle (USDC) around 25%. Key competitive factors include customer acquisition, security, and liquidity [12]. - **Regulatory Landscape**: Both U.S. and Hong Kong stablecoin regulations emphasize compliance and risk prevention, with the U.S. prohibiting interest payments to users [7]. - **Real World Assets (RWA)**: RWA refers to the tokenization of physical assets on the blockchain, enhancing liquidity and efficiency in financial transactions. Examples include Blackrock's tokenized U.S. Treasury bonds [16][17]. Future Trends and Risks - **Institutional Participation**: Major financial institutions like Bank of America and JPMorgan Chase are beginning to apply for stablecoin licenses, indicating a shift towards institutional involvement in the stablecoin market [11]. - **Challenges for Circle**: Circle faces risks related to its revenue dependence on interest income from U.S. Treasury rates and its reliance on B2B channels without direct consumer engagement [15]. - **Market Competition**: The stablecoin market is expected to see increased competition as compliance and institutionalization progress, potentially squeezing out non-compliant players [8][12]. Conclusion - The virtual asset industry is undergoing significant transformation driven by regulatory changes, geopolitical factors, and evolving market dynamics. The growth of stablecoins and RWAs presents both opportunities and challenges for traditional financial institutions and new entrants alike.

Core Viewpoint - The article emphasizes that Huaxing Capital is strategically transitioning into the WEB 3.0 and digital asset sectors, aiming to become a core player in global WEB 3.0 investments while leveraging its existing strengths in traditional finance [1][5]. Personnel Changes - Huaxing Capital appointed Frank Fu Kan and Chen Jiali as independent non-executive directors, both bringing extensive industry experience, particularly in blockchain technology and digital currencies [2]. Business Strategy - The company has approved a budget of $100 million to develop its WEB 3.0 business and invest in digital currency assets over the next two years, focusing on stablecoins, RWA (real-world assets), and the entire digital asset ecosystem [1][5]. - The board's strategic move is part of Huaxing's "2.0 era" initiative, which aims to solidify its existing business while expanding into new technology-driven sectors [3][5]. Performance and Achievements - Huaxing Capital has shown a strong recovery in its overall business, particularly in artificial intelligence and mergers and acquisitions, with significant IPO successes, including the notable performance of Circle Internet Group [3][4]. - The company has a history of successful investments in the blockchain sector, including leading roles in the IPOs of various tech firms [4]. Future Outlook - The strategic focus on artificial intelligence, mergers and acquisitions, and blockchain technology positions Huaxing Capital as a bridge between Web 2.0 and Web 3.0, enhancing its industry leadership and shareholder value [5].

Core Viewpoint - Huaxing Capital is strategically advancing into the WEB 3.0 and digital asset sectors, appointing experienced independent directors and allocating a budget of $100 million for development in these areas [1][5]. Group 1: Personnel Changes - Frank Fu Kan and Chen Jiali have been appointed as independent non-executive directors, with Fu bringing over 30 years of experience in technology and blockchain, and Jiali serving as the chair of the audit committee [2][1]. Group 2: Strategic Initiatives - The company plans to invest in stablecoins, Real World Assets (RWA), and the entire digital asset ecosystem, with a focus on obtaining and upgrading relevant business licenses [1][5]. - Huaxing Capital aims to leverage its innovative capabilities to bridge the gap between Web 2.0 and Web 3.0, enhancing its industry leadership and shareholder value [5][6]. Group 3: Performance and Market Position - Since the introduction of the "Huaxing 2.0 Era," the company has shown strong performance, particularly in artificial intelligence and mergers and acquisitions, with a notable IPO of Circle Internet Group, which saw its stock price rise over 800% from the initial offering [3][4]. - The company has a history of successful investments in the blockchain sector, including leading roles in the IPOs of various tech firms [4][5]. Group 4: Regulatory Environment - The global regulatory landscape is evolving, with many governments recognizing digital assets as reserve assets, and Hong Kong is actively promoting legislation for stablecoin licenses [6][7]. - Huaxing Capital is positioned to capitalize on these regulatory developments, enhancing its role in the digital asset and WEB 3.0 sectors [6][7].