With the evolution of the market and regulatory environment in the second half of 2025, Yunfeng Financial has made several concentrated and directional moves in a short period, which are worth sorting out and analyzing based on facts.

First, Yunfeng Financial publicly purchased 10,000 Ethereum (ETH) for approximately $44 million (about 310 million RMB) and listed it as a reserve digital asset allocation. This move is interpreted by the market as a substantial bet by the company on digital asset positioning, directly linking its traditional insurance and wealth management business with exposure to crypto assets.

Second, the company is also making significant adjustments at the compliance and licensing level. Yunfeng Financial has applied to Hong Kong regulators and obtained progress in expanding its regulated activities to include services related to virtual asset trading, indicating its attempt to incorporate digital asset trading, custody, or related products into its business scope under a compliance framework. This paves the way for its traditional financial licenses to connect with Web3 business while reducing legal and reputational risks associated with directly entering regulatory gray areas.

Third, Yunfeng has recently initiated capital operations to supplement its funding pool: the company announced a rights issue, intending to issue shares at HKD 6.10 per share and expects to net approximately HKD 1.15 billion, aimed at strengthening capital and supporting its new business expansion. This dual operation, involving both physical asset investment and equity supplementation, may enhance the company's financial capacity to promote the integration of Web3 with insurance/wealth management in the short term, but it may also raise market concerns about equity dilution and capital utilization efficiency.

From a governance and background perspective, Yunfeng Financial has a strong association with the Jack Ma system. Public information shows that there is a capital chain related to Jack Ma within the participating parties and shareholder structure, which to some extent influences the market's interpretation of its strategic direction (especially in the field of digital finance and technology integration) and amplifies the social attention and public opinion impact of the company's actions.

In summary: Yunfeng Financial's current actions exhibit three parallel logics—(1) establishing an initial reserve and investment exposure with physical digital assets (such as ETH); (2) incorporating digital asset services into a sustainable business scope through licensing and compliance pathways; (3) supplementing ammunition through the capital market to support expansion. The short-term benefit is its ability to seize opportunities at the intersection of digital assets and wealth management, gaining market attention for growth themes; mid-term challenges include: balance sheet risks from digital asset price volatility, public and regulatory scrutiny of related parties and large investment purposes, and equity dilution and market sentiment fluctuations resulting from the rights issue.

Suggested observation points (based on facts, not investment advice):

Pay attention to the company's accounting treatment and risk disclosure regarding the purchased ETH and future digital asset allocations, to determine whether it will classify digital assets as reserve assets or trading positions;

Track further clarifications from the Hong Kong Securities and Futures Commission and other regulatory bodies regarding the specific business scope and compliance requirements after its license upgrade, to assess the feasibility and compliance costs of the business;

Monitor the actual use of funds raised from the rights issue (mergers and acquisitions, technology investment, insurance asset management expansion, etc.) and the pace of fund utilization, to evaluate the support for core business and the impact on shareholder returns.

Conclusion:

Yunfeng Financial's recent series of public initiatives demonstrate its strategic bridging between traditional finance and digital assets—showing both an aggressive side with rapid investment in digital assets and a stable side seeking formalized expansion through licensing and capital operations. Investors and market participants should continue to pay attention to the company's subsequent compliance details, fund allocation, and performance realization based on factual disclosures, in order to make more prudent judgments about its long-term value and risks.

Related judgment: Under the global regulatory wave: Compliance risks and breakthrough paths for stablecoins.

Original text: “Yunfeng Financial Strengthens Digital Asset and Capital Operations Strategy Analysis”

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