Stories
Shows how policy, balance sheets, market structure, and investor expectations transmit change across industries.
This article reviews the major events in the cryptocurrency market in 2025, including the introduction of the U.S. CLARITY Act and the GENIUS Act, the full implementation of the EU's MiCA, the explosive growth of global crypto ETFs/ETPs, and the advancement of stablecoin and CBDC pilots, analyzing how the industry has moved from the fringes toward maturity.
The global deep technology market was valued at USD 2.74 billion in 2025 and is projected to reach USD 13.85 billion by 2034, with a compound annual growth rate of 19.72% during the period. North America accounts for a 38% share, with computing technology and emerging AI as the primary technological directions.
EY《Global IPO Trends 2024》shows that the global IPO market rebounded significantly in 2024, with the Americas and EMEIA performing strongly, and India leading globally in IPO volume. Private equity and venture capital-backed IPOs accounted for 46% of proceeds. Looking ahead to 2025, despite policy and geopolitical uncertainties, well-prepared companies can still seize the listing window.
This article systematically reviews common enterprise valuation methods, including the EBITDA multiple method, discounted cash flow method, and comparable company analysis, and emphasizes the core role of cash flow in valuation, providing a reference for corporate strategic decision-making.
Stablecoins are transforming the efficiency and cost structure of cross-border payments, while jointly driving the modernization of payment infrastructure alongside central bank digital currencies and tokenized deposits. The refinement of regulatory frameworks will be key to their large-scale adoption.
The European Central Bank warned in its latest Financial Stability Review that the Middle East conflict has caused major disruption to global energy supplies, raising downside risks to inflation and growth. Although financial markets have adjusted in an orderly manner, asset prices remain fragile. Insufficient liquidity in non-bank financial institutions, concerns over sovereign debt sustainability, and hybrid threats such as cyberattacks could amplify shocks. The banking system remains relatively sound, but attention needs to be paid to exposures to energy-intensive industries and households' debt-servicing capacity. The review also includes four thematic studies.