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On April 20, Goldman Sachs released a report indicating that Hong Kong is set to reclaim the top spot in the global equity financing market by 2025. As we enter 2026, the momentum for Hong Kong IPOs is accelerating. So far this year, 40 companies have gone public, raising $14 billion, a year-on-year increase of 488%. Currently, there are about 400 active applications, highlighting the high confidence among issuers. Goldman Sachs' analysis shows that existing capital is sufficient to absorb the new issuances. The bank expects the total equity supply for the entire year of 2026 to reach $110 billion, with $60 billion coming from new IPOs and $50 billion from post-IPO financing. Goldman Sachs believes that the revival of IPO activity in Hong Kong could drive better growth for the Hong Kong Stock Exchange and mainland brokers with more overseas operations. (Dongxin News Agency)

[Goldman Sachs: Hong Kong IPO Fundraising Expected to Reach $60 Billion This Year]On April 20, Goldman Sachs released a report indicating that Hong Kong is set to reclaim the top spot in the global equity financing market by 2025. As we enter 2026, the momentum for Hong Kong IPOs is accelerating. So far this year, 40 companies have gone public, raising $14 billion, a year-on-year increase of 488%. Currently, there are about 400 active applications, highlighting the high confidence among issuers. Goldman Sachs' analysis shows that existing capital is sufficient to absorb the new issuances. The bank expects the total equity supply for the entire year of 2026 to reach $110 billion, with $60 billion coming from new IPOs and $50 billion from post-IPO financing. Goldman Sachs believes that the revival of IPO activity in Hong Kong could drive better growth for the Hong Kong Stock Exchange and mainland brokers with more overseas operations. (Dongxin News Agency)

Goldman Sachs: Hong Kong IPO Fundraising Expected to Reach $60 Billion This Year

According to the Financial Times, officials from central banks around the world have warned that dollar stablecoins pose two core risks: first, they may accelerate the dollarization process in emerging markets, undermining local currency sovereignty; second, they can be easily used for money laundering and other criminal activities, exacerbating illegal financial activities.

[Central Bank Officials Worldwide: Two Core Risks of Dollar Stablecoins]According to the Financial Times, officials from central banks around the world have warned that dollar stablecoins pose two core risks: first, they may accelerate the dollarization process in emerging markets, undermining local currency sovereignty; second, they can be easily used for money laundering and other criminal activities, exacerbating illegal financial activities.

Central Bank Officials Worldwide: Two Core Risks of Dollar Stablecoins

On April 20, during the first day of the 2026 Hong Kong Web3 Carnival, Ethereum co-founder Vitalik Buterin delivered a keynote speech titled 'The Future Direction of the Ethereum Protocol,' systematically outlining the technical evolution plan for Ethereum over the next five years. Vitalik emphasized that Ethereum's core positioning is not to compete with high-frequency trading platforms but to become the world's most secure, decentralized, and always-online 'World Computer'—a globally shared layer that ensures user self-sovereignty, security, and verifiability. In line with this vision, Vitalik broke down the future roadmap into three phases: short-term challenges, mid-term status optimization, and long-term protocol solidification, focusing on quantum attack resistance, zero-knowledge proof verification (ZK-EVM), and the protocol's antifragility. Regarding execution layer scaling, Vitalik stated that short-term scaling will achieve radical optimization through multiple EIPs (Ethereum Improvement Proposals), including the introduction of block-level access lists to support parallel processing of transactions, recalibrating the Gas pricing mechanism, and implementing ePBS (execution block proposer separation) to allow for longer yet more efficient block validation processes. Additionally, improvements in node state synchronization will significantly enhance download efficiency. Vitalik particularly highlighted the importance of EIP-8141 (account abstraction), which redefines transactions as a series of calls, thereby natively supporting smart contract wallets, Gas fee payments, and more complex privacy protocols at the protocol layer. In terms of quantum security, Vitalik pointed out that while quantum-resistant signature algorithms have existed for twenty years, the main bottleneck is efficiency: current quantum-resistant signatures can be as large as 2-3KB (compared to the current 64 bytes), consuming about 200,000 Gas on-chain (currently 3,000). Solutions will rely on hash-based signatures and 'lattice + vectorization' optimization schemes, aiming to significantly reduce resource expenditure while ensuring security. Vitalik believes that scaling the state layer is the more challenging 'deep water zone.' The mid-term roadmap will focus on optimizing the state tree and exploring alternatives that do not rely on permanently storing all historical states to control the infinite expansion of state size. Looking further ahead, Vitalik anticipates that by around 2028, ZK-EVM is expected to become the primary method for validating the Ethereum chain, achieving single-slot finality within 10 to 20 seconds, allowing lightweight devices like smartphones to independently verify on-chain data.

[Vitalik Unveils Ethereum's Five-Year Roadmap: Focus on Quantum Security, ZK-EVM, and Ultimate Resilience of the 'World Computer']On April 20, during the first day of the 2026 Hong Kong Web3 Carnival, Ethereum co-founder Vitalik Buterin delivered a keynote speech titled 'The Future Direction of the Ethereum Protocol,' systematically outlining the technical evolution plan for Ethereum over the next five years. Vitalik emphasized that Ethereum's core positioning is not to compete with high-frequency trading platforms but to become the world's most secure, decentralized, and always-online 'World Computer'—a globally shared layer that ensures user self-sovereignty, security, and verifiability. In line with this vision, Vitalik broke down the future roadmap into three phases: short-term challenges, mid-term status optimization, and long-term protocol solidification, focusing on quantum attack resistance, zero-knowledge proof verification (ZK-EVM), and the protocol's antifragility. Regarding execution layer scaling, Vitalik stated that short-term scaling will achieve radical optimization through multiple EIPs (Ethereum Improvement Proposals), including the introduction of block-level access lists to support parallel processing of transactions, recalibrating the Gas pricing mechanism, and implementing ePBS (execution block proposer separation) to allow for longer yet more efficient block validation processes. Additionally, improvements in node state synchronization will significantly enhance download efficiency. Vitalik particularly highlighted the importance of EIP-8141 (account abstraction), which redefines transactions as a series of calls, thereby natively supporting smart contract wallets, Gas fee payments, and more complex privacy protocols at the protocol layer. In terms of quantum security, Vitalik pointed out that while quantum-resistant signature algorithms have existed for twenty years, the main bottleneck is efficiency: current quantum-resistant signatures can be as large as 2-3KB (compared to the current 64 bytes), consuming about 200,000 Gas on-chain (currently 3,000). Solutions will rely on hash-based signatures and 'lattice + vectorization' optimization schemes, aiming to significantly reduce resource expenditure while ensuring security. Vitalik believes that scaling the state layer is the more challenging 'deep water zone.' The mid-term roadmap will focus on optimizing the state tree and exploring alternatives that do not rely on permanently storing all historical states to control the infinite expansion of state size. Looking further ahead, Vitalik anticipates that by around 2028, ZK-EVM is expected to become the primary method for validating the Ethereum chain, achieving single-slot finality within 10 to 20 seconds, allowing lightweight devices like smartphones to independently verify on-chain data.

Vitalik Unveils Ethereum's Five-Year Roadmap: Focus on Quantum Security, ZK-EVM, and Ultimate Resilience of the 'World Computer'

Alibaba ATH announced that HappyHorse-1.0 will gradually open API testing through the Alibaba Cloud Bailian platform on April 27, with the first batch of invitees being enterprise-level clients. This 'dark horse' in the video generation field is about to unveil its mysteries. According to Alibaba ATH, the company has been deeply involved in AI video generation for many years, with the HappyHorse project led by the ATH Innovation Division, in collaboration with multiple teams including Alibaba Platform Technology, Tongyi Laboratory, and Taotian Technology. After the testing opens at the end of April, HappyHorse-1.0 is set for official commercial release in May. (Jinshi)

[Alibaba's HappyHorse to Open Testing on April 27]Alibaba ATH announced that HappyHorse-1.0 will gradually open API testing through the Alibaba Cloud Bailian platform on April 27, with the first batch of invitees being enterprise-level clients. This 'dark horse' in the video generation field is about to unveil its mysteries. According to Alibaba ATH, the company has been deeply involved in AI video generation for many years, with the HappyHorse project led by the ATH Innovation Division, in collaboration with multiple teams including Alibaba Platform Technology, Tongyi Laboratory, and Taotian Technology. After the testing opens at the end of April, HappyHorse-1.0 is set for official commercial release in May. (Jinshi)

Alibaba's HappyHorse to Open Testing on April 27

On April 20, news from Artemis data revealed that Hyperliquid is expected to generate $78 million per capita by 2025, making it the company with the highest per capita output in the world.

[Hyperliquid Projected to Generate $78 Million Per Capita by 2025]On April 20, news from Artemis data revealed that Hyperliquid is expected to generate $78 million per capita by 2025, making it the company with the highest per capita output in the world.

Hyperliquid Projected to Generate $78 Million Per Capita by 2025

On April 20, according to news from 'Internet Information Guangdong', as of April 20, Guangdong Province has added 6 newly registered generative AI services, bringing the total number of registered generative AI services to 47.

[Guangdong Province Adds 6 Newly Registered Generative AI Services]On April 20, according to news from 'Internet Information Guangdong', as of April 20, Guangdong Province has added 6 newly registered generative AI services, bringing the total number of registered generative AI services to 47.

Guangdong Province Adds 6 Newly Registered Generative AI Services

On April 20, sources revealed that ByteDance's net profit for 2025 is expected to decline by more than 70% year-on-year, with a significant drop in profit margins. This decline is attributed to the company's substantial investment in AI business during the third and fourth quarters of last year. Meanwhile, ByteDance's overseas revenue is projected to grow by nearly 50% in 2025, significantly outpacing the approximately 20% growth in domestic revenue. The share of overseas business revenue is also expected to rise from 25% in 2024 to over 30%, setting a new historical high. TikTok Shop's GMV is anticipated to increase by nearly 70% year-on-year in 2025, serving as the main driver for the rise in ByteDance's overseas revenue share. ByteDance has not commented on the above data.

[ByteDance's Net Profit Expected to Drop Over 70% in 2025 Amid Increased AI Investment]On April 20, sources revealed that ByteDance's net profit for 2025 is expected to decline by more than 70% year-on-year, with a significant drop in profit margins. This decline is attributed to the company's substantial investment in AI business during the third and fourth quarters of last year. Meanwhile, ByteDance's overseas revenue is projected to grow by nearly 50% in 2025, significantly outpacing the approximately 20% growth in domestic revenue. The share of overseas business revenue is also expected to rise from 25% in 2024 to over 30%, setting a new historical high. TikTok Shop's GMV is anticipated to increase by nearly 70% year-on-year in 2025, serving as the main driver for the rise in ByteDance's overseas revenue share. ByteDance has not commented on the above data.

ByteDance's Net Profit Expected to Drop Over 70% in 2025 Amid Increased AI Investment

On April 20, the Bank of Japan released its quarterly household confidence report, indicating that Japanese households' long-term inflation expectations have slightly increased, reaching the highest level in at least twenty years. While the median expected inflation rate over the next five years remains unchanged at 5%, the average expectation rose from 9.8% in the last survey to 10.3%, marking the highest since data collection began in June 2006. The survey was conducted from February 4 to March 9, suggesting it may not fully reflect the impact of the Middle East conflict that erupted on February 28. Households expect prices to rise by an average of 11.4% over the next year, slightly down from 11.6% in the previous survey. The economic outlook index deteriorated for the first time in three quarters, falling from -18.3 to -18.5. About 22% of households indicated that current interest rates are too high, a record high. The proportion of households expressing trust or partial trust in the Bank of Japan rose to 51.3%, also a record high. (Toshin News Agency)

[Bank of Japan Survey Shows Long-term Inflation Expectations Rise to New Highs]On April 20, the Bank of Japan released its quarterly household confidence report, indicating that Japanese households' long-term inflation expectations have slightly increased, reaching the highest level in at least twenty years. While the median expected inflation rate over the next five years remains unchanged at 5%, the average expectation rose from 9.8% in the last survey to 10.3%, marking the highest since data collection began in June 2006. The survey was conducted from February 4 to March 9, suggesting it may not fully reflect the impact of the Middle East conflict that erupted on February 28. Households expect prices to rise by an average of 11.4% over the next year, slightly down from 11.6% in the previous survey. The economic outlook index deteriorated for the first time in three quarters, falling from -18.3 to -18.5. About 22% of households indicated that current interest rates are too high, a record high. The proportion of households expressing trust or partial trust in the Bank of Japan rose to 51.3%, also a record high. (Toshin News Agency)

Bank of Japan Survey Shows Long-term Inflation Expectations Rise to New Highs

On April 20, it was reported that the capital market plays a core hub role in serving the real economy, supporting technological innovation, and promoting the development of new productive forces. Its core function lies in efficiently and accurately guiding capital to the areas with the greatest development potential through a price discovery mechanism. However, financial information 'AI pollution' is eroding this core function from the ground up, becoming a new source of systemic risk that disturbs resource allocation. Chen Duan explained that algorithmic resonance and sudden changes in liquidity triggered by AI pollution can create irrational market shocks, potentially leading to cross-market risk contagion, disrupting the transmission effect of macro policies, and ultimately weakening the resilience and effectiveness of capital markets in serving the national strategic landscape. Therefore, addressing AI pollution is not only a technical or market issue but also a strategic necessity for maintaining financial security and ensuring the smooth flow of financial lifeblood.

[Director Chen Duan of Central University of Finance and Economics: Financial Information 'AI Pollution' Has Become a New Source of Systemic Risk Disturbing Capital Market Resource Allocation]On April 20, it was reported that the capital market plays a core hub role in serving the real economy, supporting technological innovation, and promoting the development of new productive forces. Its core function lies in efficiently and accurately guiding capital to the areas with the greatest development potential through a price discovery mechanism. However, financial information 'AI pollution' is eroding this core function from the ground up, becoming a new source of systemic risk that disturbs resource allocation. Chen Duan explained that algorithmic resonance and sudden changes in liquidity triggered by AI pollution can create irrational market shocks, potentially leading to cross-market risk contagion, disrupting the transmission effect of macro policies, and ultimately weakening the resilience and effectiveness of capital markets in serving the national strategic landscape. Therefore, addressing AI pollution is not only a technical or market issue but also a strategic necessity for maintaining financial security and ensuring the smooth flow of financial lifeblood.

Director Chen Duan of Central University of Finance and Economics: Financial Information 'AI Pollution' Has Become a New Source of Systemic Risk Disturbing Capital Market Resource Allocation

火币HTX报道，据coinmarketcap数据显示，比特币市占率（BTC.D）上升触及61.8%，续创本轮牛市新高（2022-09至今），以太坊市占率降至7.14%。

【比特币市占率上升触及61.8%】火币HTX报道，据coinmarketcap数据显示，比特币市占率（BTC.D）上升触及61.8%，续创本轮牛市新高（2022-09至今），以太坊市占率降至7.14%。

比特币市占率上升触及61.8%

Bitcoin Created By The CIA? Chinese Professor Jiang Xueqin Makes Bold Claim

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$20M Crypto Scam Lands Texas Man 23-Year Prison Sentence

Bitcoin Miners Selling Nears Exhaustion – What Comes Next

Article

Signs Indicate Upcoming US-Iran Negotiations, Likely Before Friday

比特币市占率上升触及61.8%

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