Dongwu Securities: Maintain a "buy" rating on the small commodity city, and the jewelry industry in the Sham Shui Po Center has completed leasing.

Dongwu Securities research report pointed out that on June 17, the jewelry industry of the Global Digital Trade Center, the new market of the Small Commodity City, completed its investment attraction. A total of 389 units were invested in this investment attraction, with each unit having an area of about 30 square meters, and the total investment area is about 12,000 square meters. The median of the final bid price is 11.8 million yuan per square meter, which is about 2.4 times the base price of 50,000 yuan; the company estimates that this investment attraction will contribute 1.4 billion yuan in selected location fees. The business environment in Yiwu market is positive, and the enthusiasm of operators to enter the market and select locations is high. The company is expected to continue to attract lease for other market sectors in the future, and the market sector of the Digital Trade Center is scheduled to open in October 2025. These commercial units will generate a basic rental income of 2,000 yuan per square meter per year, as well as platform service fees of 8,000 yuan per unit per year, which are expected to increase the company's future performance after opening. In addition, the company plans to establish a wholly-owned subsidiary in Hong Kong to explore the diversification of its payment business and actively apply for a stablecoin license in Hong Kong. "Buy" rating maintained.