Digital Assets Firm OSL Raises $300 Million to Expand Crypto Business Worldwide
'The funding will accelerate our global buildout — particularly in regulated stablecoin infrastructure and compliant payment rails,' Ivan Wong, chief financial officer of Hong Kong-listed OSL Group, said in a statement.
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Yahoo
10 hours ago
- Yahoo
A Japanese AI Firm Plans to Buy 3,000 Bitcoin Over Next 12 Months
Japanese AI firm Quantum Solutions is set to start investing in bitcoin (BTC) through its Hong Kong-based subsidiary, GPT Pals Studio, the company said in a press release. The decision, approved at a board meeting on July 23, includes plans to initially purchase up to $10 million in BTC using borrowed funds. The firm aims to build a treasury of up to 3,000 BTC, currently worth around $354 million, over the next 12 months. The company cited the depreciation of fiat currencies like the yen and rising global financial uncertainty as key drivers behind the move. Until now, neither GPT nor any of its subsidiaries had included digital assets in their balance sheets. 'In order to efficiently manage surplus funds generated from existing businesses, diversify our asset portfolio to strengthen our financial base, preserve value over the medium- to long-term, and reduce foreign exchange risks, we have decided to add bitcoin to our reserve assets,' the company wrote. This new line of business will be governed by a phased investment policy and a dedicated account at crypto exchange Hashkey. Bitcoin treasuries have been growing in Japan as the country's bond yields keep on rising. Metaplanet, Japan's largest bitcoin treasury firm, currently has 16,352 BTC on its balance sheet, and the number of companies in the country holding the cryptocurrency has been surging. These now include NEXON, Remixpoint, Convene, SBC Medical Group Holdings, Anap Holdings, and others, according to BitcoinTreasuries data. These companies hold 19,623 BTC in total. The figure is still small when compared to the total amount held by the world's largest corporate bitcoin treasury firm, Strategy, which holds 607,770 BTC on its balance sheet.
CNN
16 hours ago
- CNN
Meet the last woman carving mahjong tiles by hand in Hong Kong
Ho Sau-Mei, one of Hong Kong's last mahjong tile carvers, is getting old. 'My eyesight is fading, and my hands are getting sore,' she says brusquely as she chisels the intricate strokes of a Chinese character or the petals of a flower onto a piece of plastic little bigger than a postage stamp. For over four decades, Ho has been carving mahjong tiles in a tiny roadside shop in Hung Hom, an old harborside district that is now seeing the rapid construction of shiny, new residential high-rises. She started learning the craft at age 13 from her father, who founded the family's tile business, Kam Fat Mahjong, in 1962. Masters who would visit Hong Kong during its manufacturing heyday in the 1970s and 80s also shared their techniques and trained apprentices. Ho Sau-Mei carves mahjong tiles at her shop in Hong Kong. Mahjong is a game for four people similar to rummy and is hugely popular across China and among Chinese communities for which it also serves as a cultural ritual and symbol of tradition. Children learn how to play as they spend time with cousins and friends over Lunar New Year, and among the elderly it's popular all year round. Mahjong tiles are traditionally made of wood, ivory or bamboo, with tile makers cutting, polishing, carving and coloring each piece. In the 1960s, there were more than 20 mahjong tile carvers in Hong Kong — and even an association dedicated to the industry. Now most mahjong tiles are mass-produced in factories in mainland China. Mahjong tiles are stacked on a game table in Hong Kong. The craft was listed as an 'intangible cultural heritage' by the Hong Kong government in 2014, which provides funding for research into and preservation of various protected traditions. But less than a handful of mahjong artisans are still around the city, and among them Ho is the only woman left practicing the craft. Minibuses and double-decker buses zoom past the busy road across her dimly lit ground-floor shop beneath a staircase on Bulkeley Street. The store is barely two meters wide with a grimy glass case on the wall that reaches the ceiling filled with faded photographs and stacks of novelty mahjong tiles. Hovering behind Ho's work stool is a shrine that glows a gentle red hue. Ho starts to carve mahjong tiles in the morning. Pictures of Ho can be found inside her shop. Workers from nearby hardware stores and elderly people she's befriended over the years also banter with her. Pedestrians sometimes slow down to observe Ho deep in work hunched over her small working space. Ho's routine has stayed the same even as the neighborhood developed, with mahjong tiles now mostly made by big factories in mainland China. She's usually already seated at the storefront and lays out her tools for the day just before 10 a.m. At 68 years old, Ho says she only works until about noon these days, sighing that she 'doesn't have the stamina' to carve away all day anymore. She could retire if she wanted to, she says, 'but I'll get bored.' She lays out the Bakelite tiles lined neatly on a heavy wooden tray and prepares her specialized tools on the tiny glass display case that serves as her work desk. Tiles are packaged inside Ho's shop in Hong Kong. Ho uses a traditional tool to carve a tile. A complete mahjong set comes with 144 tiles, including the four suits — bamboo, dots, characters, directional winds (north, south, east and west) — and special tiles depicting flowers, dragons and the four seasons. One of Ho's tools resembles a giant corkscrew and is used to drill the concentric circles on one of the rectangles. Using other tools with varying tips and angles, she holds the blank tiles with her calloused thumb and middle finger and masterfully etches the complicated Chinese characters and flower tiles with surgical precision. Ho paints mahjong tiles inside her store. For the penultimate process, Ho brings out vintage jars of paint, their labels weathered by time. 'Don't go away, this part is fast,' Ho tells us. She brushes red, green and blue colors onto the naked tiles, carefully bringing the engraved symbols to life. A full set costs $245 and takes around 10 to 14 days to make by hand. But if you're planning to order a set from Ho, the entire process is still analogue — and somewhat haphazard. The phone rings a few times during the day with a handful of customers inquiring about the orders they've placed. But Ho doesn't really keep track of the orders. A client speaks with Ho and her assistant. Mahjong tiles are seen in front of a small house temple at Ho's shop. There's no online booking system. Everything is done either by phone or in person, and she scribbles the orders down on a notebook that's torn apart at the spine. One caller, a British man who says his wife ordered a set a couple of weeks ago, phones in to check if the set is ready. Ho asks us to help translate. A shop assistant flips through the notebook and searches for the client's phone number. Turns out, one set will be ready the next week, so that's now reserved for them, Ho says. Ho carves tiles at her shop. It takes her about 10 to 14 days to make a full set. Ho applies red paint to tiles. A complete mahjong set comes with 144 tiles. 'I can't keep up with the orders,' she says. 'It's really down to luck and timing. I'm not a machine.' After the phone calls, Ho finishes painting the tiles, layering different colors on some of the suits. Once that's done, the tiles are left to dry for the afternoon and Ho hurriedly starts to close shop. 'I'm still a woman,' she jokes. 'I have to buy groceries and keep the house running.' Back home, she'll make lunch and dinner, maybe watch a bit of TV and rest her hands that she says are giving her more and more trouble after decades of work. Ho's roadside shop is in Hung Hom, an old harborside district of Hong Kong. As Hong Kong moved from a manufacturing hub to a financial center in the 1990s, the mass production of machine-made tiles moved to mainland China. Some sets sell for just 70 Renminbi ($10) direct from wholesalers online. There's a licensed mahjong parlor a few blocks away from Ho's shop, but they buy the tiles from the mainland, according to the manager who was preparing for customers to start rolling in. Ho used to play regularly with her siblings but rarely finds time these days. Occasionally she gets invites from old friends. Tables are seen inside a dedicated mahjong room that's in the same neighborhood as Ho's store. She believes people will keep playing the game, using tiles bought online or sets that were passed down from generations. But she has no interest in training others how to make tiles the traditional way, she says, despite repeated requests she says she's received over the decades from artists and cultural organizations. 'I was just never interested in teaching,' Ho says candidly, determined to work solely at her own pace. Ho could retire if she wanted to, she said, 'but I'll get bored.' 'Every year, students and journalists come to ask me questions, making more people aware of the dying craft,' she said. 'I don't know how much longer I can do this,' she admits. 'But as long as I can still hold the tools, I can still keep doing it.' The next day, she'll be back on her stool, carving another set, one tile at a time.
Associated Press
a day ago
- Associated Press
HKTDC Research Report: Exploring Opportunities in Hong Kong's Proprietary Chinese Medicine Industry
International Conference of the Modernization of Chinese Medicine & Health Products to be held next month to foster progress in traditional medicine research - The implementation of streamlined approval procedures for Hong Kong- and Macao-registered proprietary Chinese medicines ('pCms') by mainland China presents significant opportunities for Hong Kong companies to expand into the Greater Bay Area and other mainland market. - A unified and comprehensive registration system strengthens the quality control of Hong Kong's pCms, reinforcing confidence among other regulatory bodies and stakeholders. - Hong Kong's first Chinese medicine hospital will gradually commence operations by year end. This will help promote the popularity of Chinese medicine and pCms. HONG KONG - July 25, 2025 ( NEWMEDIAWIRE ) - The Hong Kong Trade Development Council ('HKTDC') today released a report, 'Challenges and Opportunities in Hong Kong's Proprietary Chinese Medicine Industry,' that analyses the sector's development, challenges, and export potential of Hong Kong's pCm sector. With the completion of the transitional registration process for pCms in June this year, all pCms sold in Hong Kong now hold formal registration, marking a new era in the regulatory regime. The Chinese Medicine Hospital of Hong Kong is set to begin operations by late 2025 further popularising pCms. Additionally, mainland China has streamlined approval procedures for Hong Kong-registered traditional pCms, creating easier access to the mainland market. Hong Kong's pCms enjoy a strong reputation, with streamlined registration procedures facilitating expansion into the Mainland market Hong Kong currently has approximately 2,000 companies involved in pCms and Chinese herbal medicine-related businesses, including import/export trade, manufacturing, wholesale and retail. Among these, some 264 enterprises are listed as local pCm manufacturers. The majority of pCms produced in Hong Kong are geared toward the consumer market. In 2024, Hong Kong's pCm exports totaled HK$2.88 billion with 93% locally produced, setting the industry apart from re-export-driven sectors. Mainland China remains the largest export market, accounting for over 70% of exports, followed by Macao (20%), and ASEAN (6%). Wing Chu, Principal Economist (Greater China) of the HKTDC, stated: 'Many Hong Kong proprietary Chinese medicines companies are eager to expand exports especially to the mainland market although pCm imports in mainland China are relatively small, with different pCms registration system and technical standards from those of Hong Kong. Notably, Hong Kong's pCms are highly regarded in Southern China and overseas Chinese communities, and streamlined approval procedures in mainland China for traditional pCms of Hong Kong and Macao offer significant opportunities for Hong Kong businesses to expand into the Greater Bay Area and other mainland markets. Additionally, the rise of online shopping enables companies to leverage cross-border e-commerce platforms to access mainland and overseas markets, provided they comply with the corresponding regulatory requirements.' Comprehensive registration system drives standardisation of Chinese medicine The report indicates that, in recent years, the HKSAR Government has actively promoted the development of Chinese medicine. Key initiatives include the establishment of the Chinese Medicine Council of Hong Kong to oversee the registration and management of pCms, and continuous support for Chinese medicine services in areas such as education, medical treatment, and scientific research. These efforts have enabled Hong Kong to cultivate professional Chinese medicine talent and promote the modernisation of Chinese medicine. Earlier this month, some 345 Hong Kong enterprises, including traders, registered a total of 8,244 pCms. The report states that a unified and comprehensive registration system enhances the quality control of Hong Kong's pCms, further increasing the confidence of other regulatory bodies and stakeholders in these products. Hong Kong's first Chinese medicine hospital is set to open in late 2025, providing comprehensive diagnostic and treatment services with Chinese medicine, which will drive the popularisation of Chinese medicine and pCms. In addition, Hong Kong pCm companies and local universities are committed to developing new pCms to further expand the market. Recently, the Centre for Chinese Herbal Medicine Drug Development at Hong Kong Baptist University (HKBU), funded by the Innovation and Technology Commission of HKSAR Government under the InnoHK Research Clusters, developed a novel drug, CDD-2101, for the treatment of chronic constipation. The innovation is based on previous pilot clinical studies and basic research on the traditional Chinese herbal formulation 'MaZiRenWan'. For the first time, it has received authorisation for clinical research in the United States. Prof. BIAN Zhaoxiang, Director of the Centre for Chinese Herbal Medicine Drug Development and Associate Vice-President (Clinical Chinese Medicine) at HKBU, said: 'Our goal is to collect sufficient safety and efficacy data to obtain FDA approval for CDD-2101 as a marketable new drug and successfully launch it in the United States. This represents not only a major breakthrough in the research and development of Chinese medicine in Hong Kong but also an important step in driving the standardisation and internationalisation of Chinese medicine.' Mainland market surpasses RMB450 billion Mainland China, the world's largest pCm market valued at RMB450 billion, streamlined registration and approval procedures in 2021 for traditional pCms for external use being sold in Hong Kong and Macao. In January 2025, the National Medical Products Administration further simplified the approval process for traditional pCms for oral use, provided they have been in use in Hong Kong for more than 15 years and whose production processes comply with Good Manufacturing Practice (GMP) requirements. Relevant application materials and technical requirements were also released in April this year. The report notes that the implementation of the streamlined registration procedures opens a more convenient channel for Hong Kong companies to expand into the Greater Bay Area and other mainland markets. The recognition and acceptance of pCms differ across overseas regions. In many international markets, pCms are categorised and regulated as herbal medicines, health foods or dietary supplements. However, many Southeast Asian countries have specific, similar legal requirements for pCms, providing a clear pathway to enter these markets. The rapid growth of global e-commerce has created new sales channels for Hong Kong's pCms through cross-border e-retail. For the mainland market, the report points out that certain pCms for external use, such as Chinese medicinal wines and cooling oils, have been incorporated in the Cross-border E-commerce Retail Import Commodity List, allowing relevant products to be sold to mainland China through cross-border e-commerce channels. In overseas markets, the e-commerce retail sector in ASEAN is experiencing significant growth, fueled by robust demand for herbal and health-related products in local markets. By adhering to local regulations, Hong Kong pCm enterprises can capitalise on additional business opportunities through online channels. Annual Chinese Medicine Conference to Share Latest Research Findings To foster the development of the Chinese medicine industry, the International Conference of the Modernization of Chinese Medicine & Health Products will be held at the Hong Kong Convention and Exhibition Centre from 15 to 16 August 2025. The conference is jointly organised by the Modernized Chinese Medicine International Association, the HKTDC and 10 scientific research institutions. During the event, 21 scholars and experts from medical schools, research institutions, pharmaceutical companies and organisations from mainland China, Hong Kong, Malaysia and Thailand will discuss the latest research progress in the prevention and treatment of tumors, inflammation, and cardiovascular and cerebrovascular diseases using traditional medicine. They will also present a number of related clinical research results and share successful cases. For more details, please visit: Report and photo download: Media Enquiries Ogilvy Public Relations HKTDC's Communications and Public Affairs Department Media Room: About HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit:
