旺道

December 10-12 Central Economic Work Conference Eight Key Points

Article Six:
Adhere to "Dual Carbon" leadership, promote comprehensive green transformation. Deepen the energy-saving and carbon reduction transformation in key industries. Expand the application of green electricity and strengthen the construction of the national carbon emission rights trading market.

A series of significant events are reshaping the global carbon governance landscape, bringing new opportunities and challenges for enterprises and investors.

Green Finance and Carbon Assets: The value of carbon assets becomes apparent, enterprises can benefit from CCER trading generated by emission reductions, and financial products such as carbon pledge financing and carbon futures options accelerate landing.

As of November 2025, China's carbon market has accumulated a transaction volume exceeding 51.8 billion yuan, becoming one of the largest regional carbon markets in the world.

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2026 Major Trends, with the second being forecasts

Forecasts indicate that the prediction market will continue to innovate (though only some players will break through)

In this cycle, the prediction market is undoubtedly one of the most outstanding application categories. The total trading volume on the entire chain of prediction markets has repeatedly hit new highs, with weekly trading volumes exceeding 2 billion USD, clearly indicating that this category has taken a key step towards becoming a consumer product.

Amid this heat, a large number of new projects attempting to challenge Polymarket and Kalshi have emerged. However, identifying 'true innovation' amidst the noise is key to determining which projects are worth focusing on in 2026.

From a market structure perspective, I am most concerned with solutions that can reduce spreads and enhance open interest. Although market creation remains licensed and selective, the liquidity in prediction markets is still relatively thin for both market makers and traders. The best paths include optimizing routing systems, introducing different liquidity models, and improving collateral efficiency based on products like lending.

Categorical trading volume is a key factor influencing platform outcomes. For example, over 90% of Kalshi's trading volume in November came from the sports market, indicating that certain platforms are naturally better suited to compete for specific liquidity. In contrast, Polymarket's trading volumes in crypto and political markets are 5–10 times higher than those of Kalshi.

Of course, on-chain prediction markets still have a long way to go before achieving true 'mass adoption.' For instance, in just the Super Bowl day of 2025, there was an over-the-counter betting volume of 23 billion USD, which is more than ten times the total daily trading volume of all current on-chain markets.

We are standing at a turning point in the history of currency.

In the next 2 years, the Third World War will reach its climax, followed by the collapse of many countries' financial systems, resulting in a century-changing financial tsunami.

As the financial system that has been running for half a century shows structural fatigue, a silent war over the definition of "value" has already begun. From the weaponization of SWIFT, the collapse of Silicon Valley Bank, to the SEC approving Bitcoin ETFs and global central banks aggressively buying gold—behind these isolated news events is a clear historical thread: the paradigm of physical currency is coming to an end, and the era of digital algorithmic assets has arrived.

🔸 The strategic shift of the U.S. from "manufacturing return" to "digital financial hegemony"
🔸 How the SEC, BlackRock, and JPMorgan systematically "incorporate" cryptocurrencies
🔸 Why asset tokenization is a bigger financial revolution than Bitcoin

This is a deep game concerning the future rules of wealth distribution, national financial sovereignty, and individual economic freedom. We attempt to trace this thread that spans technology, finance, and geopolitics, revealing how "value" is being redefined.
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2025-26 Perpetual DEX Battle:

In 2025, the decentralized trading market for perpetual contracts (Perp DEX) experienced explosive growth. In October, the monthly trading volume of this market surpassed $1.2 trillion for the first time, attracting widespread attention from retail traders, institutional investors, and venture capital firms.

Hyperliquid targets professionals, Aster aims at retail and the Asian market, Lighter focuses on technology, and EdgeX concentrates on institutional users.
Hyperliquid,
Aster,
Lighter,
EdgeX

Divided into four, who is your optimal choice?
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2025 Pearl Bay (Guangdong-Hong Kong-Macau Greater Bay Area) Climate Investment and Financing Conference

"Global Cooperation - Empowering New Quality Productivity in International Climate Investment and Financing"

A strategic path to connect domestic carbon markets with international capital, technology, and regulatory frameworks.

The signing of mutual recognition cooperation on climate investment and financing standards in the Guangdong-Hong Kong-Macau Greater Bay Area will be jointly completed by the Australian Carbon Market, Guangzhou Carbon Exchange Center, and China Chengxin Green Finance International along with the State-owned Assets Supervision and Administration Commission of Nansha District. This signing will promote the interconnectedness of climate investment and financing standards, data, services, and other fields among the three regions of Guangdong, Hong Kong, and Macau, laying the foundation for building an international green finance hub in the Greater Bay Area.

After 8 years, Hong Kong opens the door to cryptocurrency exchanges

HashKey knocks on the door of the Hong Kong Stock Exchange

becomes the first stock of cryptocurrency assets in Hong Kong
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​HashKey Group (03887.HK) saw its public offering oversubscribed by approximately 395 times, involving about 66.8 billion Hong Kong dollars, attracting 89,000 participants.

The international placement was also oversubscribed multiple times, supported by cornerstone investors such as UBS Asset Management, Fidelity International, and Donghui Investment, while also attracting several long-term funds from Europe, America, and Chinese capital to anchor subscriptions. The stock is expected to be priced on the 15th of this month and listed on the 17th, with sponsors being JPMorgan and Guotai Junan International.

In the list of cornerstone investors disclosed for HashKey Group's Hong Kong listing, three names from different capital systems appeared simultaneously—UBS AM Singapore, Fidelity, and Donghui Investment. This combination is rare in the Asian capital market, especially in cases related to digital asset listings. The simultaneous bets by these three top institutions not only laid a cornerstone subscription of about 584 million Hong Kong dollars, over 30% of the offered shares but also conveyed a clear signal to the market: the criteria for mainstream capital's evaluation of digital financial infrastructure are forming a consensus.

HashKey is a leading digital asset financial service provider in Asia, focusing on the blockchain and Web3.0 fields. As the "first stock of cryptocurrency assets in Hong Kong," it offers compliant financial services such as digital asset custody, trading matching, and payment settlement, helping traditional financial institutions access the digital asset ecosystem. The oversubscription in this Hong Kong Stock Exchange listing, attracting about 66.8 billion Hong Kong dollars, marks Hong Kong's acceleration in deploying Web3.0 infrastructure and providing a standardized, regulated service system for the industry.

As the clock approaches the end of the year 2025, the global carbon market is undergoing an unprecedented "reset." From the formation of the "Open Compliance Carbon Market Alliance" by 11 countries at the COP30 climate conference in Brazil, to the EU carbon price breaking 83 euros per ton, to China incorporating the oil and gas extraction sector into its voluntary carbon market... A series of significant events are reshaping the global carbon governance landscape, bringing new opportunities and challenges for businesses and investors.

As of November 2025, China's carbon market has accumulated a transaction volume exceeding 518 billion yuan, making it one of the largest regional carbon markets in the world.

December 10-12 Central Economic Work Conference
Adhere to "Dual Carbon" Leadership:
Adhere to "Dual Carbon" leadership, promote comprehensive green transformation. Deepen the energy-saving and carbon reduction transformation of key industries. Expand the application of green electricity and strengthen the construction of the national carbon emission trading market.

The "14th Five-Year Plan" is a critical period for China's carbon peaking efforts, the construction of a new energy system, and the green transformation of industries, with policies focusing on dual control of carbon emissions as the main line, constructing a comprehensive institutional system, and creating trillion-level development opportunities in multiple fields.

The 17th Hong Kong largest compliant exchange hashkey is listed in Hong Kong in 2025
Since the listing of OK and Huobi in Hong Kong in 2018, after a 7-year hiatus, Hong Kong has begun the listing channel for cryptocurrency exchanges, indicating that China's cryptocurrency window is accelerating.

Similar to the listing of the largest compliant exchange Coinbase in the United States on NASDAQ on April 14, 2021.

Then comes a super market.

It is expected that the market may start to rise.

Hong Kong's largest compliant exchange HashKey

Expected to be listed for trading on December 17

Disclosure of IPO details: plans to raise up to 1.67 billion HKD, announcing the public offering from December 9 to December 12. HashKey plans to issue 240 million shares, with 10% available for public offering in Hong Kong, the offering price ranging from 5.95 HKD to 6.95 HKD, raising up to 1.67 billion HKD, with a minimum investment of 2,808 HKD for 400 shares. HASHKEY expects to be listed for trading on December 17. JPMorgan, Cathay Securities, and Guotai Junan International are the joint sponsors.

From Bitcoin China in 2013,
Yuanbao from 2015 to 2017, Jubi,
Huobi, OK from 2018 to 2021,
Binance from 2022 to 2025

Every time the government issues strict regulations, a new giant emerges

HashKey has been brewing since 2018 until 2025. If in the next 2-3 years it launches a HKD stablecoin or a stablecoin channel for deposits and withdrawals, will it bring the entire Chinese community into it? It is expected to become the largest compliant exchange in the world?

The godfather of the crypto world, Xiao Feng, is not only a director of HashKey but also the executive director of Yunfeng Capital, which is a leader in the Macau International Carbon Emission Trading Exchange.

In the future, HashKey and the Macau International Carbon Emission Trading Exchange will work in parallel, promoting green energy RWA and carbon credit tokens globally.

Do you think the future RWA dividend opportunities are here????
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According to Bloomberg, citing informed sources, the Thai cryptocurrency exchange Bitkub is considering an initial public offering (IPO) in Hong Kong.

Bitkub may launch its IPO in Hong Kong as early as next year to raise about $200 million. As discussions are still ongoing, details may change.

Why is the Thai exchange listing in Hong Kong?
Like Haskey, both are raising $200 million, what does that mean?

In the past 13/17/21 years, each crackdown has given rise to a new batch of leading exchanges. After this crackdown, in the next 3-5 years, who do you think will take the lead? [grinning][grinning]

If Hashkey lands in Hong Kong capital next month, it would be akin to Huobi and OKEx's Hong Kong listings in 2018, as well as Coinbase's listing on the NASDAQ in the United States, igniting capital influx.

Over the past decade, every time a country implements a crackdown on cryptocurrency policies, each crackdown represents a new major change and leap forward.

"Don't waste a good crisis; every crisis holds opportunities."

 

Guess what the last two coins are?
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​The first is the most stable coin of Binance Exchange.
​The second is the platform coin of a compliant exchange.
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​The world's number one blockchain prediction and betting platform will be very fun next year.
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​Hot topics in various industries are becoming the fun of prediction betting, and have also indirectly become a new narrative for meme coins.

Today I will talk about two things

First: A Binance and a Sol Chinese token leading the way

Second: The trend in the coming years is the tokenization or contracts of various financial derivatives on the chain, as well as predictive narratives.

The law of the world is that the enlightened lead the unaware, and the unaware are harvested.

Global mainstream assets have generally declined, with U.S. stocks, European stocks, crude oil, and silver experiencing varying degrees of decline.

After everything goes on-chain, the premium value of the intermediate layer will be absorbed by both supply and demand sides, leading to revolutionary changes in various industry formats. Additionally, with the empowerment of artificial intelligence, it is foreseeable that a digital economic ecosystem of artificial intelligence entities will coexist and link with the digital economic system of humanity.

Cryptocurrency, artificial intelligence, DeFi, RWA, DePIN, and robotics are merging into an interoperable digital economy operated by humans and agents.

Take a look at the popular tokens recently promoted by top crypto figures!\n\nFrom Silicon Valley legendary angel investor Naval Ravikant @naval,\nto BitMEX co-founder Arthur Hayes @CryptoHayes,\nand Binance founder CZ @cz_binance with Ethereum co-founder Vitalik Buterin @VitalikButerin ——\n\nIn the past two weeks, the "retweets" and "endorsements" from several industry leaders\nhave caused tokens like $ZEC, $TAO, $ASTER, ZKsync, etc. to rise again.