The report reviews HKEX disclosures of interests on equity-backed financing from January 2024 to March 2025. The study finds that there is no material impact on the share price after the equity-backed financing disclosures, with activity spread across small, mid and large caps and most concentrated in the healthcare and information technology sectors.

Analysis of our equity-backed financing deals indicates that there is no material impact on the share price performance after share pledging. Firms in the consumer discretionary, health care, industrials and information technology industries have periodically used equity-backed financing.

This report summarizes key crypto market developments from Q4 2024 through early 2025, capturing dramatic volatility across major tokens. Bitcoin surged on policy optimism before a profit-taking correction, while Ethereum, Solana, Ripple, Cardano, Polygon and Avalanche each faced and navigated their unique cycles and challenges.

DeepSeek’s breakthrough in resource-efficient AI has sparked a powerful rally in Chinese stock markets, propelling major Internet and technology stocks to rise and underscoring strong government support for private-sector innovation.

In 2024, Japan's economy showed resilience, with the Nikkei 225 gaining 19%, supported by a weak yen and accommodative monetary policy. The Bank of Japan raised interest rates twice, ending negative rates, while strong exports, tourism and rising wages boosted market confidence. Looking ahead to 2025, gradual rate hikes are expected, balancing economic growth and inflation control.

Ripple is the most actively traded crypto in Japan, and its market capitalization ranks it as the third-largest crypto overall as of the end of 2024. This report offers an analysis of Ripple's framework, which operates on a distinct system compared to other blockchains, as well as its prospective future, especially regarding international payment and enhances cross-border transaction.