香港 · 5130

Hong Kong Securities Regulatory Commission: Including King Kong Coin/King Kong Fund as a questionable investment product

Comparatively, the Hong Kong Securities Regulatory Commission announced that it has included the “King Kong Coin/King Kong Fund” as a questionable investment product related to digital tokens. The Hong Kong Securities Regulatory Commission said that the product involves a digital token called King Kong Coin, which claims to represent a number of interests in a fund that invests in ancient art and historical relics, called the “King Kong Fund”, with a target annualized return of over 30%. The promotion campaign held earlier in Hong Kong promoted investors, and the Hong Kong Securities Regulatory Commission reminded investors to beware of any social media accounts or posts related to this product.

5h ago

Starbridge Capital London Gold Liquidation: Some Investors Deposited USDT or Faced Huge Losses

Comparing news, Starbridge Capital (SBCFX) experienced an abnormal liquidation of positions in the London Gold Exchange. After the incident, the platform's Hong Kong office was empty, and some investors faced huge losses. According to several investors, they participated in automatic trading of London Gold (XAUUSD) derivatives through the Starbridge Capital platform on the evening of August 19: the system automatically generated huge reverse short orders in just 1 to 3 seconds, then international gold prices rose rapidly, causing accounts to collectively close their positions, and some account funds returned to zero, and some even had negative arrears. The so-called London gold liquidation refers to a transaction risk where the direction of the transaction is opposite to that of the price of gold, and the loss is too large due to leverage, etc., the investor account runs out of margin, is lower than the maintenance margin ratio, and the platform is forced to close the position and the full principal amount is lost. Affected investors estimate that the incident involved about 2000 to 3,000 people, including a large number of mainland investors. Currently, some investors have alerted the Hong Kong police and requested the platform to refund 70% of the principal amount in accordance with the “maximum loss of 30%” rule previously promised. According to some investors, Starbridge Capital provides up to 500x leverage, and some funds are deposited through USDT stablecoins, making it more difficult to track funds. According to public information, Starbridge Capital's business scope covers foreign exchange, commodities, indices, cryptocurrencies, etc., and claims to the outside world that it is a licensed and compliant international trading platform. (Caixin) This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

1d agoburnking

First Digital CEO responds to Sun Yuchen's latest remarks: Sun has not shown any evidence to support it in court

Comparing news, First Digital CEO Vincent Chok tweeted in response to Sun Yuchen's remarks about FDUSD in the WLFI lawsuit on the same day, saying the content was untrue. In particular, in the 16 months since the relevant charges were filed, Sun Yuchen has never presented any evidence in court. Previously, First Digital had filed a defamation lawsuit against Sun Yuchen in Hong Kong in April 2025, and the case is still pending.

1d ago

China Merchants Wing Lung Bank comprehensively reviews mainland investors who do not actively invest in accounts with zero balances, do not submit declarations, or face suspension of transactions and account closure

According to the latest risk management and account compliance guidelines from the Hong Kong Monetary Authority and the Securities Regulatory Commission, China Merchants Wing Lung Bank issued an important notice to customers today, stating that it is comprehensively optimizing and reviewing the investment accounts of mainland investors. After verification, all investment accounts (including financial management, securities and/or paper gold passbook accounts) held by the relevant clients had no asset balance as of May 22, 2026, and no investment transaction records within the past 12 months, and were defined as zero balance accounts without active investment. In order to maintain the normal operation of the account, the bank requires the customer to submit a “Declaration of Inactive Investment Account” as soon as possible. Customers can complete the submission through the automatic personal account pop-up window on the China Merchants Wing Lung Bank mobile app; joint account holders or those who have not registered the mobile app can call the customer service hotline and follow the instructions. Each joint account holder must submit it separately. The main contents of the statement include confirmation that personal data is accurate, that the source of funds is legal, that the account has not been closed or suspended due to suspicious documents, and timely notification of data changes. Bank Reminder: If the customer fails to complete the submission in a timely manner, new investment transactions (including buying stocks, purchasing wealth management products, etc.) will be suspended in due course; if the submission continues, it is expected that the relevant unactive investment account may be closed from November 2026. Once an account is suspended or closed, no new securities or wealth management product investment transactions will be possible.

1d ago

Hong Kong court sentences e-fraud “middleman” to 56 months in prison: police track cryptocurrency to lock up ransom flows

Comparative news, according to a Caixin report, the Hong Kong High Court of Appeal yesterday rejected Ma Zhihao's application for commutation of the sentence, the mastermind of electronic fraud and human trafficking, and upheld the original sentence of 56 months in prison. In the investigation of the case, the Hong Kong police tracked criminal funds through blockchain and cryptocurrency transaction records to lock down the key to collecting ransoms and criminal proceeds. According to reports, a victim's family paid about 9527 USDT (USDT) to a cryptocurrency wallet designated by the criminal. Blockchain tracking records unequivocally prove that 8127 USDT went into an exchange account registered with Ma Zhihao's real name and Hong Kong ID card, then exchanged for about HK$63,000 and transferred to her personal HSBC bank account, which became important evidence to prove that she participated in the crime and obtained profits. The Court of Appeals stated that if not subject to the District Court's seven-year maximum sentence, the defendant would face a much heavier penalty.

1d ago

Whoever sings down Anthropic may be disappointed

Author: Alan Walker, Silicon Valley Original title: Is Anthropic's Growth Slowing Down? Source of controversy. Claude Code ARR tracking chart produced by TickerTrends. The latest data is $15.12 billion for the week of August 10, 2026, accounting for 21.9% of Anthropic's total ARR. Please note: This is an estimate from a third party agency and is not an official disclosure of Anthropic. The first section below explains how important this difference is. Alan Walker from Silicon Valley made an appointment for dinner in Hong Kong. After some hard work, he discovered that this picture had been retweeted more than 30 times, and the matching statement was similar — “Anthropic's growth has leveled off; 2 trillion dollars is a bubble.” Alan saved the image, zoomed it in, and looked at it again. The problem isn't in this picture. This picture is very well done, and the data is probably done seriously. The problem is that almost everyone who retweeted it was using it to answer a question it couldn't answer at all. 01 Let's first figure out who made this picture, there is a Claude icon in the upper left corner. The color scheme is Claude's familiar orange. At first glance, it looks like an official product. It's not. The author of this picture is TickerTrends and has his name written in the upper right corner. It is a third-party data tracking agency that uses various external signals (application data, payment panels, recruitment, channel caliber, etc.) to estimate the revenue of an unlisted company. The line in the picture is written very honestly: “tracked allocation” -- the percentage of allocations that have been tracked. Let's be clear: Anthropic has never publicly disclosed Claude Code's individual ARR numbers, not once. Every point on this curve has been estimated by an outsider. For example, this is like someone using “long queues at the entrance of a restaurant every day” to estimate its turnover and then draw a beautiful weekly curve. The length of the team does correlate with turnover, but in the middle there is turnover rate, customer unit price, takeout ratio, private room business — you see that the team is three short weeks, and the kitchen is probably being renovated in those three weeks. What is more important is the caliber itself. ARR's algorithm is “revenue for the most recent period times 12.” Enterprise software contracts are not executed evenly every day; they are signed batch by batch. Big orders signed at the end of a quarter will jump a week's curve by a large margin; if the next quarter's big orders aren't signed, the curve will go sideways. Weekly ARR tracking is extremely insensitive to this kind of blocky landing—it will paint the “pace of signing” as a “change in demand.” In a nutshell, what you have in your hand is an unofficial weekly map estimated by an outsider, with a very blunt caliber. Judging by the weight of the “bubble” under it is tantamount to using body temperature to measure blood pressure. 02 I hit myself in the face on this picture. I haven't seen anyone mention it, but it's the most interesting part of the whole thing. The picture shows two numbers: Claude Code is $15.12 billion, or 21.9% of Anthropic's total ARR. By dividing: calculate 15.12 billion ÷ 21.9% = about $69 billion. This is Anthropic's total ARR for the week ending August 10, implied by this image. The official caliber figures reported by Bloomberg, Reuters, and CNBC on August 17 were — $65 billion at the end of July. Clear: This chart, which is being used to prove “slowing growth,” its own implied total number of companies is 4 billion US dollars higher than the official figure ten days ago. Further 10 days until today, if the trend continues, more than 70 billion is a reasonable estimate (this sentence is an inference, not data). In one sentence, people who retweeted only read the number 151.2 and the height of the column, skipping the 21.9% next to it. And that 21.9% said: This company went a step further when everyone shouted “it's slowing down.” I only believe in the two numbers on the same picture that is beneficial to my opinion; this is not called analysis. 03 You are looking at the picture below. The money in the picture above has the upper and lower two pieces. Above is the absolute amount (how many billion dollars), and below is the percentage change (how much more than a percent increase from four weeks ago). The vast majority of people's reasoning is: below...

2d agoWendy#Anthropic #ARR #IPOs #MiniMax

Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Article: Sanqing, Foresight NewsSharos Network joined forces with Vault infrastructure agreement R25 and credit asset management agency Axil to launch Axil Prime Credit Vault (APC), an institutional consumer credit RWA wealth management product issued by Pharos on July 15. The products were launched simultaneously with Binance Wallet, TopNod, OKX Wallet, Bitget Wallet, and KuCoin Wallet, with a total fundraising limit of 100 million USDC, with a target annualization of about 14.3%. As of the closing of the deposit window, a total of $45.39 million had been deposited. This year, there have been frequent security explosions in Web3 on-chain strategies. User funds are looking for new stable income sources, and project parties are also there. Binance Wallet is now offering an additional $300,000 PROS as an incentive to explore RWA Vault's market space, causing the Vault to generate a lot of discussion in the market. The launch time coincided with the redemption period of the Pharos TGE pre-deposit campaign. The previous treasury required the submission of a redemption application about half a month before the end of the lockdown period, stop accruing interest on July 20, and complete the redemption within 7 days. Users accustomed to DeFi T+0 looked back and found that they couldn't help but missed the redemption period and began to question the redemption time and asset safety. R25 and Axil then held an AMA at Binance Square. Well-known KOLs such as Haotian and Tianqing participated in discussions, detailing the differences between RWA assets and DeFi Vault, the role of fund managers (Curators), why consumer credit is worth allocating, and risk management methods from pre-investment to post-investment. In complex asset logic and mixed social media discussions, some users put in one million funds on the last day, while others sought early redemptions from the project party. On July 23, Pharos issued an announcement: Users who submitted applications on time in the previous issue have received all principal and interest, breaking the “financial security” concerns; funds that missed the window will automatically be carried forward to the next three-month cycle according to the treasury's preset rules, and interest will continue to be accrued at 14% USDC per annum. The controversy revealed more important issues than the redemption itself. Although the RWA TVL has exceeded $38 billion, non-institutional chain users are clearly dissatisfied when investing in RWA products. Institution-driven, stable, and high interest rates, but often require longer lockdown periods and complex understanding costs. From DeFi to RWA, is the market really ready? High yield, low threshold, and high liquidity. BlackRock's “impossible triangle” of RWA's BUIDL threshold is $5 million. It is only open to qualified buyers, yet it can be redeemed almost instantly through the stablecoin channel; the APC threshold is so low that ordinary users can buy it at will; instead, it must be locked for three months. Liquidity has never been determined by how high or low the threshold is, but rather how quickly the underlying assets can be realized. The bottom layer of BUIDL is US treasury bonds, and the world's deepest secondary market can take over at any time; the bottom layer of APC is hundreds of thousands of emerging market consumer loans, and few people are ready to buy large amounts of capital at any time. This has formed a triangle that RWA cannot bypass at this stage: high yield, low threshold, and high liquidity; the three can only take two. For example, Franklin Templeton's BENJI starts at $20 (low threshold) and supports daily redemption (high liquidity), and the annualization is only 3% to 5%; if you want double-digit returns, you have to accept non-standard assets and a lock-up period. This is the liquidity premium. A significant portion of the excess income is the consideration for abandoning liquidity. APC, on the other hand, is a combination of high returns and a low threshold, and the cost is liquidity. There is nothing wrong with this trade-off itself; it also explains the full source of this controversy. Retail investors have obtained assets that were originally only open to institutions, and they have also taken over the agency's time rules that focus on long-term matching. The period of use of institutional funds is scheduled before investment, and the lockdown period is a predictable cost; private equity credit and closed-end funds already have redemption restrictions. However, most ordinary users on the chain are not the same; most of the latter's first appeal is to go in and out. So the current “retail” RWA is mostly just distribution-side retailing, to be precise. Web3 wallets and low initial investment amounts have contributed to a low threshold, but the liquidity structure is still designed according to institutional logic. Having understood this triangle, the remaining questions became specific: why must the liquidity side be sacrificed, a high income of 14.3%...

2d agoForesight News#WEB3

The Hong Kong Stock Exchange's net profit for the first half of the year was HK$10.568 billion, up 24% year on year

In comparison, on August 19, the Hong Kong Stock Exchange announced its 2026 interim results. In the first half of 2026, revenue and other income reached HK$16.702 billion, up 19% year on year; profit attributable to shareholders was HK$10.568 billion, up 24% year on year. Both figures set new records. Boosted by performance, the stock price of the Hong Kong Stock Exchange closed at HK$414.6, up 2.37%. The results were driven by strong demand for corporate financing and a rise in spot, derivatives and Shanghai-Shenzhen-Hong Kong Stock Connect transactions. A total of 87 IPOs were listed in the first half of the year, raising a total of HK$212.4 billion, a year-on-year increase of 94%. The average daily turnover of the spot market rose 18% year on year to HK$283 billion, a record high for the same period; the average daily turnover of derivatives contracts increased 6% to 1.8 million; and the average daily turnover of Shanghai Stock Connect and Shenzhen Stock Connect reached RMB 345.3 billion, more than double the same period last year. Goldman Sachs and J.P. Morgan Chase maintained “buy” and “gain” ratings respectively. Prior to the announcement of the results, the Hong Kong Stock Exchange announced that the contract was renewed with Chief Executive Chan Yi-ting for three years. The new term will begin on March 1, 2027 to February 28, 2030, and has been approved by the Hong Kong Securities Regulatory Commission. During the period, the Hong Kong Stock Exchange promoted consultation on shortening the stock settlement cycle, simplifying each trading unit, and introduced the first ETF to track the “HKEx Technology 100 Index”, and announced the launch of Chinese treasury bond futures. In response to the extension of the trading period, Chen Yiting said that the derivatives market is already in operation until 3 a.m. the next day, priority will be given to connecting with the North American market, and that the spot market requires more thorough communication.

2d ago

CZ: Bitcoin is still following a four-year cycle, and crypto ushered in the most friendly policy environment

Comparing news, at the SALT conference held in Jackson Hole, Wyoming, CZ discussed the Bitcoin supercycle claim previously made at the Davos Forum and stated that the claim has not been fulfilled yet. Judging from the data, the market still follows a strict four-year cycle and is currently in a bear market phase; however, as the total market value continues to expand, the price fluctuation range will tend to narrow, similar to the stock price fluctuation pattern of large companies such as Amazon and Facebook. Referring to the US regulatory environment, CZ said that it is currently the most friendly period in the industry environment since he has been in business for 12 years, and believes that the US regulatory framework has an exemplary effect on the world, and that the securities laws and exchange regulatory structures of many countries all refer to the US. At the same time, Hong Kong is speeding up the promotion of relevant legislation in line with US regulatory ideas. In addition, CZ also discussed the allocation of its investment institution YZi Labs, which stated that currently about 70% of the capital is invested in the core crypto and blockchain circuit, about 20% is invested in AI, and the rest is invested in biotechnology and other fields. YZi Labs uses its own capital and is not bound by an external LP payback cycle. Investments value the positive impact of the project and execution of the founding team rather than a simple financial return model. In response to Hyperliquid, CZ said there is a misunderstanding within the industry that it will only maintain the CEX position as a Binance shareholder, but it is precisely because it believes in decentralization. If platforms that do not require KYC such as Hyperliquid can enter the US market in a compliant manner, it will open the doors of the entire industry, so that more Perp DEX and decentralized services can reach US and global users, and American consumers will also get better liquidity and prices as a result. This will benefit not only Hyperliquid itself, but also international centralized trading platforms, including Binance.

2d ago

OKX prohibits employees in Hong Kong and transit through China from using Claude

According to Bloomberg, crypto exchange OKX has banned employees based in Hong Kong or passing through China from using Anthropic's Claude AI model. Previously, OKX's business account was temporarily suspended. The restrictions are intended to respond to Anthropic's adjustments to the relevant regional usage policies. OKX requires affected employees to switch to other AI tools to ensure compliant operations.

2d ago