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Hong Kong police have seized over HK$34 million (US$3.37 million) from a romance scam operation using AI to impersonate wealthy single women. The investigation led to the arrest of 31 individuals, revealing tactics such as building trust through elaborate personas and high-value interests. Meanwhile, nearly 800 suspects were arrested in Nigeria for similar crypto romance scams, highlighting the growing challenges posed by deepfake technology in fraud cases.
In early January 2025, global law enforcement intensified efforts against cryptocurrency scams and AI deepfake fraud. Vietnamese police arrested four individuals linked to a crypto-mining scam that defrauded over 200 victims, while Hong Kong authorities apprehended 31 scammers using AI deepfakes to steal approximately $4.37 million from international victims.
UBS has reduced its target price for Xinyi Solar (00968.HK) to $4.6, citing margin contraction and impairment losses that will impact 2024 results. Goldman Sachs and CCBI have also lowered their target prices to $3.9 and $3.6, respectively, with concerns over asset impairment affecting 2H24 net profits. CICC's target price stands at $4, attributing profit declines to asset impairment and foreign exchange losses. Meanwhile, the HSI index fell by 297 points amid struggles in Chinese financials, while gold prices surged.
The People's Bank of China (PBOC) emphasized the need for digital asset regulation in its 2024 financial stability report, noting that 51 jurisdictions have imposed bans or restrictions on digital assets. While mainland China maintains a strict prohibition, Hong Kong is advancing a digital asset licensing regime, allowing retail trading and enhancing regulations for financial institutions. The PBOC is also working on improving international regulatory frameworks for digital assets, acknowledging potential risks as cryptocurrency applications grow.
Chinese equities are expected to remain volatile as investors await concrete fiscal policies to combat deflation and stimulate corporate earnings. Despite a 15% gain in the CSI 300 Index in 2024, uncertainty persists, with analysts predicting mixed outcomes for 2025 amid geopolitical tensions and potential US tariff hikes. The government's commitment to support the economy is noted, but effective measures are crucial for a sustainable recovery.
Bitcoin adoption is surging in the U.S., with 13 states proposing strategic reserves to enhance economic stability amid rising inflation. Inspired by El Salvador, states like Texas and Ohio are leading initiatives to integrate Bitcoin into their financial systems, while discussions at the federal level gain traction under the Trump administration. Other nations, including Hong Kong and Brazil, are also exploring Bitcoin as a strategic asset, despite some countries expressing caution due to market volatility.
UBS has lowered its price target for Xinyi Solar to HK$4.60 from HK$5.70 while maintaining a Buy rating, citing expected earnings contractions of 70% for 2024, 42% for 2025, and 27% for 2026 due to margin compression and reduced demand. Despite these near-term challenges, UBS remains optimistic about a potential demand recovery post-Chinese New Year, which could alleviate inventory pressures and support long-term growth in the solar glass industry.
Global stock markets are currently in correction mode, with the DAX testing a crucial support zone around 19,700 points. The Nasdaq is also under pressure, relying on its 50-day moving average at 21,014 points to maintain stability. Meanwhile, the Nikkei remains in an uptrend but awaits a breakout above 40,286 points, while Chinese equities continue to struggle, targeting the 61.8% Fibonacci level at 19,131 points.
In 2024, Singapore has emerged as Asia's leading digital asset hub, surpassing Hong Kong due to its regulatory efficiency and appeal, issuing 13 crypto licenses compared to Hong Kong's seven. The stringent regulations in Hong Kong, particularly around asset custody and token policies, have hindered its growth, prompting exchanges to shift focus to Singapore. While Hong Kong has made strides with tokenized green bonds and ETFs, its cautious approach limits opportunities for innovation and startup growth in the digital asset sector.
U.S. stock markets will operate on Christmas Eve, December 24, with early closures: the New York Stock Exchange and Nasdaq will close at 1 p.m. EST, while over-the-counter trading ends at 2 p.m. The bond market will also close at 2 p.m. and all markets will remain closed on Christmas Day. International exchanges will have varying hours, with some closing early for the holiday.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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