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On May 26th, Goldman Sachs issued a report raising its target price for NetEase-S (09999.HK) Hong Kong shares by 3.8%, from HK$250 to HK$260, while also raising its target price for US shares to US$166, reiterating its "Buy" rating. The bank stated that NetEases Q1 2026 results were strong, but the companys share price is currently very weak, and the bank believes the price correction has been excessive, especially given the 6% upward revision of earnings per share following the earnings announcement. The most surprising aspect of the companys quarterly results was the record-high profit margin, with gross margin increasing by 500 basis points quarter-on-quarter. This is because the companys profits mainly stemmed from the transformation of payment channels. Although AI is still in its early stages, it continues to permeate the companys game development, and cost benefits are beginning to appear. Looking ahead, the bank believes the company has abundant catalysts in the second half of 2026: 1) New game launches. The bank expects new games to generate RMB 5.9 billion in revenue over 12 months; 2) Strong profit growth. Operating profit is expected to continue to grow by 15-20% for the remainder of the year; 3) If it becomes a major Hong Kong listing and is included in the Southbound Stock Connect, it will help diversify the flow of funds to investors in the stock.On May 26th, according to Tianyancha App, Shenzhen Shengang Smart Investment Private Equity Investment Fund Partnership (Limited Partnership) was recently established. The general partners are Cinda Capital Management Co., Ltd. and Shenzhen Port Innovation Private Equity Fund Management (Shenzhen) Co., Ltd., with a capital contribution of 2.1 billion RMB. Its business scope includes equity investment, investment management, and asset management through private equity funds. Partner information shows that the fund is jointly funded by Shenzhen Port Capital Co., Ltd., China Cinda, and China Orient Asset Management Co., Ltd., among others.On May 26th, Bank of Japan Deputy Governor Ryozo Himino emphasized that timely policy adjustments are crucial to maintaining market confidence amid the recent sell-off in Japanese government bonds. Himino stated on Tuesday, "Regarding monetary policy and long-term interest rates, we believe it is very important to maintain market confidence that inflation will be properly controlled by adjusting the degree of monetary easing at an appropriate pace in response to future economic, price, and financial conditions." This statement seems to suggest that the Bank of Japan is open to raising interest rates in the near future. Himino, along with other Bank of Japan Governor Kazuo Ueda and other officials, have recently emphasized the need for a responsible attitude towards financial markets, and the market widely expects the Bank of Japan to raise interest rates at its meeting next month. Meanwhile, Japanese Prime Minister Sanae Takaichi subtly signaled last week her desire for the Bank of Japan to maintain policy stability as she attempts to mitigate the economic impact of the war with Iran. Himino stated, "The Bank of Japan will strive to implement policies appropriately to maintain this market confidence and achieve its price stability objective in a sustainable and stable manner."On May 26th, at 10:00 AM, the Guangzhou Municipal Peoples Government Information Office held its 19th press conference of 2026 in the Guangzhou Municipal Press Conference Hall. Feng Wei, Party Secretary and Director of the Guangzhou Housing Provident Fund Management Center, explained the relaxed policy on commercial-to-provident-fund loan conversion. Feng Wei stated that the revision of the "commercial-to-provident-fund conversion" policy systematically expands the scope of beneficiaries and lowers the threshold for loan conversion. Previously, applications for commercial-to-provident-fund conversion could only be made through the provident funds entrusted bank. After the revision, commercial loans from non-provident-fund entrusted banks, if meeting the conditions, can also be converted into provident fund loans. The calculation ratio for the loanable amount in commercial-to-provident-fund conversion has increased from 70% to 80%, further increasing support for existing commercial loans and striving to reduce the loan interest burden on contributors.The Indonesian rupiah continued its decline against the US dollar, hitting a record low of 17,785.

The Russian Ministry of Finance Has Completed A Bill To Regulate Cryptocurrency Mining

Cory Russell

Apr 18, 2022 10:54

The draft legislation of the crypto bill "On Digital Currency" by the Ministry of Finance (MoF) emphasizes mining and trading laws.


Operators of exchanges and digital trading platforms will be licensed and regulated by a Russian government entity.


The new rule comes as a result of a rising desire for mining among Russian ministers.


Russia's new crypto regulatory law, according to information supplied by Russian news source Kommersant, would be rigorous in its approach.


The most current version of the draft legislation covers the new trading and mining laws for cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others) introduced under the bill "On Digital Currency."

Russia Creates New Crypto Bill

The bill's additional standards for exchange and digital trading platform providers were one of the bill's centerpieces. According to Kommersant, these operators will now work as a team.


The exchange operators will be the ones to buy and sell cryptocurrencies on their own behalf and at their own cost, while the operators of digital trading platforms will be in charge of the organized bidding.


Additionally, these operators will be required to establish a distinct structural unit, produce yearly reports, meet the needs of new management bodies, perform internal control and auditing, and more.


They will also need to be classified as an AML/CFT organization, and their operations will be regulated and licensed by a Russian government authority.


Finally, for the first time, the measure will concentrate on the crypto mining process and companies. After registering with the appropriate authorities, legal companies, and individual miners, the law specified that crypto mining might be done.


These operations will be taxed individually, and data centers will be made available for mining if the owner is a Russian legal company.

Mining is in high demand

While the Russian government was planning to take cryptocurrency in January, things started to pick up pace once the Russian-Ukraine conflict erupted. Not only was the demand for cryptocurrencies increasing, but so was the need for mining.


Russia's Deputy Energy Minister, Evgeny Grabchak, stressed that the legal void around crypto mining must be filled as quickly as possible, with a clear set of laws and regulations in place.


To make the process more efficient, he advised decentralizing it by choosing mining locations on a more regional level rather than at the federal level.


With these rules about to take effect in the near future, it seems that the transition from calling for a mining ban to accepting controls is more of a necessity than a natural shift of attitude.

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