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Top 100 US companies operating in the Chinese market achieved total revenue of $362.2 billion in 2025, up 1.2 percent, as China became the second-largest global revenue market for approximately half of those enterprises, according to a survey released by the Hurun Research Institute on Monday. The survey stressed that the US business community is no longer content with merely “gaining access” to the market, but is increasingly focused on deepening commercial cooperation.

🚨 THE WORLD HAS LOST 10% OF ITS OIL INVENTORIES IN JUST 3 MONTHS. And the market still does not fully understand how serious this supply shock is becoming. Before the war, the Strait of Hormuz moved roughly 20-21 million barrels of oil per day, nearly 20% of global oil consumption. Now flows are collapsing. According to EIA data: • Total oil and liquid flows through Hormuz fell from 20.7 mbpd in Q4 2025 to 14.6 mbpd in Q1 2026. • Crude and condensate flows alone dropped from 15.2 mbpd to 10.7 mbpd. At the same time, Saudi Arabia, Iraq, UAE, and Kuwait together reportedly cut around 6.7 mbpd of production tied to Hormuz disruptions. The inventory draw is becoming massive. Energy Intelligence estimates: • Inventories fell roughly 230 million barrels in March • Another 553 million barrels in April • And at least 200 million more in May That is close to 1 BILLION barrels removed from inventories in just 3 months. The IEA says inventory draws recently reached around 4 mbpd and warns the market could remain “severely undersupplied” until at least October even if the conflict stabilizes sooner. The bigger problem starts after the war. Even if flows normalize, the world still has to rebuild those lost inventories. And rebuilding them may take years. If the current crisis eventually creates a 1-2 billion barrel inventory hole by the time the system fully stabilizes, the market would need roughly 1.8 mbpd of EXTRA surplus supply for 3 straight years just to refill inventories. That is where the real issue appears. This is why the current oil situation matters so much. The market is not only dealing with a war-driven supply shock. It is dealing with a global oil system that already had very little spare capacity left before the crisis even started.

I visited a very intel-digitalized diary factory. The company is called Meng Niu. With its 5G, digitalization and AI integration, this factory is 20 times more efficient than the ones without it. 100 employee created 1.2 billion Euro revenue per year

USDH powered by Sky The best stablecoin offers so much more than just a stable medium of exchange - it should also deliver highly efficient returns, generated by actively developing, building and growing the ecosystem it lives in. By using Sky to power USDH, the Hyperliquid community will gain unbeatable advantages that no other stablecoin project can offer. Sky, formerly known as MakerDAO, is the 4th largest stablecoin project in the world with more than 8 billion USDS in circulation, with 13 billion of highly diversified collateral. To see the high-level real-time overview of Sky and USDS, check out: TL;DR of what Sky can offer Hyperliquid for USDH * USDH will access 2.2 billion USDC instant liquidity for offchain redemption * USDH will be natively multichain powered by LayerZero * Sky will be able to deploy its 8b+ balance sheet into HyperLiquid * Hyperliquid will receive 4.85% return on all USDH on Hyperliquid. This is a better rate than t-bills, backed by advanced risk management, and has potential to increase further. * USDH will benefit from the 7+ year security track record and unbeatable Lindy of the Sky Protocol * Sky can provide 25m in capital to create an independent Hyperliquid Star - a project that will autonomously grow DeFi on Hyperliquid, serving the needs of the Hyperliquid community, and will have tokens that are exclusively farmed on Hyperliquid, potentially bringing in billions in TVL * To better understand Stars: Spark, which runs is the best example of a Star Token farm, and it currently has 1.2 billion TVL * Sky can move its Buyback System on to Hyperliquid, using its more than 250m per year in profits to build SKY liquidity on Hyperliquid * USDH will have deep transparency and verifiability of its collateral with * USDH will benefit from the industry’s best risk management, built on models from the banking sector. * USDH will be the only stablecoin in the world issued by a protocol with an official Credit Rating by S&P (alongside DAI and USDS). * The Hyperliquid community will be able to customize USDH, e.g. to make it GENIUS Act compliant. * Sky has immense research, development and builder capabilities and would prioritize the development and synergies possible with Hyperliquid as its top priority. The team: Sky Frontier Foundation The team behind this proposal that would work to implement the Sky Powered USDH is the recently established Sky Frontier Foundation. It contains top leadership and core developers from the Sky Ecosystem organized into a single entity for more efficient management and execution, and will directly work on, and prioritize, the implementation of USDH. All the commitments and outcomes described in this proposal would be achieved by a combination of the SFF using its resources and capabilities, and also implemented through governance proposals to modify the decentralized Sky Protocol. USDH implemented as Sky Stablecoin similar to DAI USDH powered by Sky would be built as a token technically identical to DAI and USDS, the two major Stablecoin tokens that Sky currently governs, that together have a TVL of more than 8 billion and a security track record of more than 7 years. USDH would inherit all of this from the start. USDH will have access to more than 2.2 billion in instant USDC liquidity, enabling large scale offchain redemptions at any time. Deep 1:1 liquidity with USDC would also make it easy and frictionless for users to shift to USDH-margined perpetuals contracts and USDH-quoted spot markets. The 2.2 billion in instant USDC redemption liquidity is available through a system called the Peg Stability Module (PSM), and can be accessed by users on websites like and others. USDH will be natively integrated and work with the PSM alongside DAI and USDS everywhere. USDH will be natively multichain, being able to bridge to and from any other blockchain via LayerZero. Having a secure, integrated bridge also means that Sky would be able to deploy its 8 billion+ collateral portfolio directly on to Hyperliquid with a low risk premium. USDH will be able to natively convert to and from sUSDS, one of the largest yield-bearing assets in the market, giving its users instant, unlimited, permissionless access to the Sky Savings Rate (Currently at 4.75%) Earning a return on USDH for the HyperLiquid Community The HyperLiquid Community would earn the highest possible rate on all the USDH on Hyperliquid - right now this is 4.85%, which is currently significantly above the T-Bill rate, but with very high diversification and high quality risk management (see security and risk management below). The return may increase further as Sky capabilities and efficiency increase over time. The entirety of the 4.85% earned by all of the USDH on Hyperliquid will be used for HYPE buybacks for the assistance fund. Growing HyperLiquid TVL and bootstrapping DeFi innovation with a 25m HyperLiquid Genesis Star Sky’s infrastructure can provide uniquely valuable support to the Hyperliquid community via the Sky Stars. The best examples are Spark and Grove, autonomous projects that allocate Sky collateral with a combined allocation of 6 billion dollars. The Sky Powered USDH stablecoin will be accompanied by a Hyperliquid Star that can drive huge amounts of growth and innovation, as well as potentially attract billions in TVL by farming out its Star Tokens (The Spark SPK farm currently has a TVL of 1.2 billion Sky can commit to capitalize the Hyperliquid Genesis Star with 25 million in USDH, and exclusively farm it out on the Hyperliquid Blockchain. The ecosystem of Star Incubators would work with leaders from the Hyperliquid community to assemble a highly capable founding team that would work on the Hyperliquid Star to bootstrap a massive, thriving DeFi ecosystem on Hyperliquid, in the same way Spark has done it for Sky. Buyback engine native on Hyperliquid Sky generates 250m in profits per year, and currently uses 36m per year for SKY token buybacks. This number is planned to increase to 150m per year, and will grow even more as Sky profits increase over time. Currently, this buyback system uses Uniswap. As a part of the Sky Powered USDH proposal, Sky can move its native Buyback System to Hyperliquid, increasing liquidity and use cases, and setting the example that Hyperliquid is the standard solution for Protocol token buybacks that all other protocols should use. Security and Risk Management Sky has a security track record of more than 7 years of continuous operation without losses for stablecoin holders, building a Lindy effect through multiple crypto cycles and bear markets, making it by far the safest and most proven decentralized stablecoin. These characteristics will be fully inherited by USDH. Add to the that, the fact that Sky is the only stablecoin project in the world to have an official credit rating from S&P, which gave it a B- on August 7 While a B- rating is a middle rating, which reflects S&Ps lack of familiarity with Crypto and DeFi, being able to get any rating at all is a massive breakthrough because it shows that S&P are able to access all of the data they need to produce a holistic credit assessment they can stand behind, so it signals a much lower chance of tail risks hidden inside the protocol, which is usually the big issue with DeFi and Stablecoins. The Sky Risk Management Framework that controls the diversification of the collateral portfolio that backs USDS, DAI and USDH, is derived from Basel III, the framework used to control risk in banks. For RWA collateral such as CLOs or T-bills, Basel III is used directly, while for DeFi collateral such as allocations into lending markets, an extension of Basel III that captures its fundamental approach but applies it to DeFi, is used. The amount of Junior Capital protecting each positions exposure can be verified in real time on Autonomy and customization of USDH Sky is a decentralized protocol and ecosystem that gives partners unparalleled levels of autonomy and ability to customize the Sky infrastructure they use. Unlike monolithic systems, Sky will simply provide Hyperliquid with the infrastructure and the tools to pursue the strategy the community prefers, and that uniquely fits the special conditions of Hyperliquid. In the longer term, as the Sky Agent Framework that powers Sky Infrastructure matures, the USDH stablecoin will be put under the control of a dedicated Sky Generator Agent, turning USDH into an independent Sky Generated Asset. This will also happen to USDS, and means that USDH will gain the full first-class citizen features of the entire Sky Protocol alongside USDS and other Sky Stablecoins. It will be possible for the Hyperliquid community to customize USDH with its own risk management framework and collateral portfolio, separate from USDS. This gives the Hyperliquid community a lot of options: for instance USDH can be made compatible as a GENIUS Act compliant stablecoin, or it can pursue a higher risk approach and exclusively be backed by Hyperliquid perp positions, or any other strategy the community prefers. At its core, Sky is built to support partners like Hyperliquid using a Sky-powered system like USDH to grow and succeed. This means a focus on autonomy and reliability, with the core of Sky having very little governance and strategic direction beyond protecting, developing, scaling and de-risking the core Sky infrastructure that all other ecosystem participants share and rely on. This means that the priorities of Sky can never end up conflicting with the priorities of Hyperliquid, making it a safe bet as a long term partner. Commitment to build in the Hyperliquid Ecosystem regardless of vote outcome The similarity of Sky and Hyperliquid in focusing on real profits, building useful decentralized infrastructure, means there is a natural alignment between Sky and Hyperliquid Regardless of how the USDH ticker vote turns out, Sky is committed to expand and work with Hyperliquid to explore all the synergies of the two projects. Many of the concepts described above were already under development, and the outcome of this proposal would speed them up and increase their scale, but fundamentally it is clear that both Sky and Hyperliquid will deeply benefit from close integration in the long run no matter what.

“Hyperliquid”: The "Three" I’ve Finally Found After Years of Search Note: This article offers no investment advice or guidance, but pays tribute to the decentralized philosophy of Laozi and Satoshi Nakamoto. Three years ago, the crypto industry’s uncertainty was still validated by the high volatility of Bitcoin's price, and the DeFi summer driven by Ethereum had faded. When I opened the Tao Te Ching, the foundational scripture of the indigenous Chinese religion, Taoism. I found the power behind cryptocurrency, rooted in Eastern beliefs and philosophy, within the textual context from two thousand years ago.. The "decentralization" from Bitcoin's blockchain technology aligns perfectly with the Taoist ideas of "Wu Wei" and "Dao Fa Zi Ran" (governance through non-action) found in the Tao Te Ching. In 485 BCE, Laozi authored the Tao Te Ching, then left for the West, disappearing without a trace. In 2008 CE, Satoshi Nakamoto anonymously published the Bitcoin whitepaper, launching the first Bitcoin network the following year, eventually decentralizing its management to the community. Over two millennia, both figures disappeared after spreading their teachings, embodying the decentralization philosophy through their absence. The Tao Te Ching says: "By doing nothing, nothing is left undone." Satoshi Nakamoto says: "A truly peer-to-peer electronic cash system should allow online payments to be sent directly from one party to another without the need for a financial institution." This non-intervention aligns with the principles of Wu Wei, where Bitcoin’s market value has grown from zero to a $2 trillion asset over 15 years.The Bitcoin system operates through non-action, yet governs all without interference; it does what is uncontentious, yet nothing can challenge it. Subsequently, decentralized autonomous organizations (DAOs) in smart contracts emerged, following the same 'non-intervention' approach as the Bitcoin system. Interestingly, their abbreviation, DAO, coincides with the pinyin of the Chinese word 'Dao,' embodying the brilliant essence of 'The Dao that can be told is not the eternal Dao.' The Tao Te Ching also says: "The Way (Dao) follows nature." Natural laws, including decentralization, cannot be altered by human will. Just like the running of wind, rain, thunder, and lightning, Bitcoin's system operates autonomously through its code, neither good nor bad. The Tao Te Ching says: "Dao produces one, one produces two, two produces three, and three produces all things." In cryptocurrency, "one" is Bitcoin, the decentralized "Dao" producing peer-to-peer blockchain technology. "Two" is Ethereum,the peer-to-peer blockchain technology has evolved into a decentralized application system with smart contract functionality, which is expected to develop into a global decentralized computing system in the future. But what is "three"? I once thought that stablecoins, represented by USDT and DAI, were 'the third' because they made cryptocurrency pricing and transactions simple and efficient, allowing everything to flourish. However, I overlooked the exchanges that facilitate the transactions themselves. To this day, exchanges are still dominated by centralized exchanges (CEX), led by Binance. Even during the DeFi summer, where various smart contracts surged with decentralized protocols, decentralized exchanges (DEXs) like Uniswap, driven by AMM (Automated Market Makers) liquidity, emerged. However, due to fragmented liquidity, high latency, slippage, and risks like Permit authorization, they have been limited in widespread adoption, and can only serve as supplements to centralized exchanges—providing liquidity and acting as hubs for some long-tail assets. Even with the V3 iteration moving towards concentrated liquidity, similar to an automated market-making strategy, it has improved liquidity and reduced slippage, but is still mainly used by DeFi enthusiasts, professional market makers, and traders. As of today, Uniswap's TVL (Total Value Locked) is only $6.37 billion, down over 30% from its peak of $10 billion in November 2021. Meanwhile, Binance’s TVL, as shown in the December 2023 Merkle proof of assets, exceeds $100 billion. In terms of volume, Uniswap’s daily volume is $3 billion, while Binance exceeds $100 billion. Whether in terms of TVL or volume, DEXs cannot compete with CEXs. The stagnation of DEX development has directly impacted the growth of decentralized protocols’ TVL, which is an inevitable result. As the development of DEXs falters, assets reliant on CEX trading are not being withdrawn to the blockchain, causing on-chain assets to stagnate (where asset prices rise but TVL declines). Fortunately, the situation is gradually reversing. Over four years of DeFi development, on-chain oracles have become increasingly stable, cross-chain interoperability is becoming more secure, and TPS (transactions per second) on Layer 1 and Layer 2 chains are rising, while ensuring security and decentralization. POS (Proof of Stake) validation is becoming more decentralized, with more native and mapped assets on-chain. Hardware wallets, such as AA wallets, have improved in usability and risk resilience, while infrastructure is becoming more robust. Decentralized protocols and applications are thriving, and the four-year development of smart contracts has cultivated a large user base for decentralized applications. As assets, applications, and users all move towards decentralization, yet the most important liquidity exchange scenarios remain centralized, this is far from truly decentralized. Then came HYPE (Hyperliquid), and it seemed that the 'third' I had been searching for all these years was confirmed and validated the moment I discovered it. The weight I had once placed on stablecoins has also shattered. The 'third' I had been pursuing, the one that could enable large-scale adoption, was always the DEX capable of achieving this—before HYPE appeared, DEXs were merely optional supplements. But after HYPE emerged, it introduced a high-performance EVM chain designed for financial transactions, a Layer 1 product component with low latency and high throughput, creating a DEX with an on-chain order book that rivals CEXs. It has been running smoothly for over a year and a half, even during peak trading periods, ensuring a low-latency, high-performance trading experience. Large-scale adoption has already been proven by time, and its zero-incident reputation has attracted a large number of real users. Even without token rewards or incentives, users, TVL, and volume have all continued to grow steadily. Before the mainnet launch, the TVL, based solely on USDC deposits, reached $1.2 billion. The project team is low-key, humble, and not greedy, focusing solely on the product itself, with no VC investment or promotional campaigns. Word-of-mouth and user referrals have been the only drivers. The token distribution (TGE) is entirely oriented towards benefiting real users. This style, almost akin to the original ethos of Bitcoin, is even more focused on user-centricity than Ethereum or Bitcoin itself. It can be foreseen that when HYPE's mainnet goes live, with native and mapped assets executing simultaneously, mainstream asset spot trading and perpetual futures with joint margin trading will be launched. TVL will quickly surpass $10 billion, triggering a positive flywheel effect. Both TVL and volume will surge, outpacing all others. A large number of market makers, professional investors, and users will bring their capital on-chain for long-term involvement. Centralized exchanges (CEXs), for strategic reasons, will be forced to inject liquidity and invest in their tokens to secure some degree of pricing power. A variety of decentralized protocols will flourish after the HYPE mainnet launch, including decentralized lending, stablecoins, staking, restaking, and RWA (Real World Assets) protocols. The entire DeFi market will benefit from the irreversible shift towards decentralized on-chain trading that HYPE will drive, particularly decentralized lending platforms like AAVE and stablecoin DEXs like CRV. As on-chain assets and transactions grow, lending derivatives and more frequent stablecoin swaps will follow. For other DEXs of similar types, such as DYDX, unless they find a differentiated path to evolve their products, their TVL and volume will be continually suppressed until they collapse. Uniswap, as an AMM-based market maker for spot trading, will initially benefit, but as HYPE's spot trading area improves, its growth will be hindered. However, AMM liquidity will still have a long-term market position as supplementary liquidity for order books and a venue for long-tail asset trading. The biggest beneficiaries will be AI. The number of trading strategy AI models will rapidly increase alongside HYPE's growth. Various types of AI will be able to freely trade with different strategies on HYPE without worrying about CEX asset freezes or withdrawal issues. At present, some users may mock the idea of HYPE becoming the Binance of the blockchain as a joke. However, years from now, they will only remember that Binance was the off-chain HYPE. The deconstruction of CEXs and the reconstruction of DEXs is quietly taking place in this winter. There is no longer the brilliance of DeFi's Summer, only the quiet beauty of CEXs, which are now being stared down by death. If my judgment is wrong, it will only be because HYPE has failed to fulfill its mission as a DEX. However, in the future, there will be one or even multiple 'HYPEs' that will carry on this vision and complete the irreversible revolution in the cryptocurrency era. And I, too, will eventually find the missing 'third' in the crypto faith that has been absent for so many years—the 'three' that gives birth to all things. @HyperliquidX @HyperFND @chameleon_jeff

NVIDIA, $NVDA, EARNINGS SUMMARY: 1. Record quarterly revenue of $81.6 billion, above expectations 2. Q1 adjusted EPS of $1.87, above expectations 3. Q2 revenue guidance of $89.2 billion to $92.8 billion, above expectations 4. New $80 billion share buyback authorization 5. Increase in dividend from $0.01/share to $0.25/share 6. Total revenue growth of +1,035% over the last 3 years Once again, Nvidia has crushed just about every expectation possible. The AI Revolution is on fire.

Anduril's $5 Billion Raise: How Silicon Valley Built a $61 Billion Defense Industrial Giant in Nine Years @anduriltech just closed the largest defense tech funding round in history. On May 13, 2026, Anduril raised $5 billion in Series H financing at a $61 billion valuation, led by Thrive Capital and Andreessen Horowitz. The valuation more than doubled in under a year from the $30.5 billion established in June 2025, when Founders Fund led a $2.5 billion Series G. Total capital raised now exceeds $11 billion. The revenue trajectory justifies the valuation leap. Anduril doubled revenue to $2.2 billion in 2025 and projects approximately $4.3 billion for 2026, another 100% year-over-year increase. That growth comes at a cost: the company expects an operating loss of roughly $1.2 billion in 2026, reflecting heavy upfront investment in Arsenal-1 manufacturing ramp and R&D. Anduril does not expect to turn profitable until 2030. This is a scale-before-margin bet, and the company @PalmerLuckey founded is rebuilding the defense industrial base at Silicon Valley speed. The contract portfolio validates the Pentagon's confidence. In March 2026, the U.S. Army awarded Anduril a 10-year enterprise contract with a ceiling of up to $20 billion, consolidating more than 120 separate procurement actions into a single framework - the largest single deal Anduril has landed. In May, the U.S. Space Force selected Anduril among 20 contractors for the Golden Dome space-based interceptor program, a $3.2 billion pool to develop missile defense prototypes by 2028. Anduril is also partnering with Palantir to develop Golden Dome's AI-powered command-and-control software, using its Lattice platform to process real-time data from satellites, drones, radar, and sensors to coordinate automated defense responses. Arsenal-1 is the physical proof that Anduril has crossed from software company to defense manufacturer. The hyperscale manufacturing facility in Ohio, with a final planned footprint of nearly 5 million square feet (with the first two phases spanning 1.7 million square feet), launched the production line for the YFQ-44A Fury Collaborative Combat Aircraft in March 2026. An autonomous wingman for the U.S. Air Force's CCA program, the Fury has already completed semi-autonomous flight testing at Edwards Air Force Base. Production lines for Roadrunner interceptors and Barracuda cruise missiles are slated to join the facility by the end of the year to achieve multi-line manufacturing. Furthermore, the Department of Defense has agreed to purchase more than 10,000 low-cost containerized cruise missiles (LCCM) over three years from a consortium including Anduril, which will provide its Barracuda-500M surface-launched cruise missiles. In nine years Anduril has grown from a startup founded by the former creator of Oculus into a defense platform valued at more than a tenth of Lockheed Martin's market cap. The difference is speed and architecture: the Lattice operating system, the autonomous Hivemind pilot, and hyperscale manufacturing running at consumer electronics pace rather than traditional defense timelines. The defense industrial base is being rewritten, and the authors are from Silicon Valley.

Yep, that’s Dario Amodei, CEO of Anthropic. It looks like a casual dinner with friends. Are Chinese women graduating from top U.S. universities commanding the highest “brand premium” in Silicon Valley? Dario Amodei’s 1.8% stake in the company, worth approximately $16.2 billion at a $900 billion valuation. Previously, Mark Zuckerberg, founder of Facebook, married Chinese-American Priscilla Chan, while Larry Ellison, founder of Oracle, married Chinese-American Keren Zhu. Mark Zuckerberg’s net worth is estimated at $252 billion, and Larry Ellison’s at approximately $217.5 billion.

Big Bro Chen Xiaoer The pattern of Hu Xiaowei（Chen Xiaoer) repeatedly evading meaningful prosecution points to deeper, systemic breakdowns within the judicial process. On March 26, 2026, the UK government published a new round of sanctions targeting entities linked to the Prince Group, including Hu Xiaowei and several associated individuals and companies. 1. “Knight Attack Group” Case (2011) Between 2008 and 2011, the so-called Knight Attack Group, led by Hu Xiaowei, was investigated twice by police in Gaoyou and Danyang (Jiangsu Province). On both occasions, the suspects were released after posting bail of approximately RMB 10 million. On May 30, 2011, authorities formally closed the case involving the group, which had generated over RMB 100 million in illicit profits through attacks on private game servers. Nineteen suspects, including Cai Wen, were arrested. When the case was adjudicated in 2012, all 19 defendants received suspended sentences. Cai Wen himself paid fines exceeding RMB 10 million, but none of the individuals served actual prison time. After that,Hu Xiaowei fled to Hong Kong. 2. “Chongqing Xiaoxian” Case (2016) According to official disclosures, authorities in Yinchuan determined that Hu Xiaowei and Cai Wen, along with chairman Gong Zhaowei and legal representative Fang Zhizhen, had established a large-scale criminal operation centered on illegal private game servers, generating nearly RMB 6 billion in profits over two years. In September 2016, Hu Xiaowei was arrested by Yinchuan police at the Beijing Hotel in Beijing. Meanwhile, Fang Zhizhen fled overseas. Between August 2016 and August 2017, authorities imposed various coercive measures on 12 suspects, including criminal detention, arrest, residential surveillance, and bail pending trial. Hu Xiaowei was detained for 70 days and placed under residential surveillance for an additional 23 days before ultimately being released on bail. After regaining his freedom, Hu fled China again through illicit channels, later reemerging under multiple false identities. 3. “527 Major Case” (2020) According to case materials related to the May 27, 2020 crackdown, authorities targeted a network spanning Jiangxi “Legend Supreme,” Chongqing Xiaoxian, and associated individuals including Zhu Yongcheng, Qin Zike, Chen Lixin, Cai Wen, Gong Zhaowei, as well as Hu Xiaowei’s partner Wang Yihan and his wife. Wang Yihan, born August 26, 1976 in Shanxi Province, was Hu Xiaowei’s partner, with whom he has two children. Acting as a public-facing proxy, she operated multiple entities—including Jiangxi Legend Supreme, Beijing Puman, and Hainan Anzhengbao—to funnel traffic and provide support for Hu’s overseas gambling syndicate, believed to be the second-largest cross-border gambling network in Asia. She is also alleged to have leveraged personal connections to interfere with judicial processes in mainland China, targeting both individuals and their families. Authorities identify Hu Xiaowei as the ultimate controller behind these operations. Following the loss of licensing rights to the Legend franchise in November 2020, Hu’s overseas gambling, adult-content apps, and associated money-laundering channels were significantly disrupted. Large volumes of illicit funds were subsequently exposed and frozen by law enforcement across multiple jurisdictions in China. Hu’s primary revenue streams stemmed from operating online casinos, assembling gambling networks, and profiting from activities including “fishing games,” romance scams, adult platforms, and telecom fraud. He relied heavily on private game servers and fourth-party payment platforms to launder proceeds from these operations. Leaked Cayman banking documents suggest that Chen Zhi’s initial capital originated from a $2 million loan provided by his uncle—identified as Hu Xiaowei. Estimates place Hu’s monthly illicit income at around RMB 2 billion, with peak periods reportedly reaching as high as RMB 20 billion per month. Final Note In 2020, Hu Xiaowei acquired Cambodian citizenship under his real name. In 2022, he was appointed as an advisor to Heng Samrin, then-President of Cambodia’s National Assembly—a position broadly equivalent to ministerial rank. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews @NBCNews @thejusticedept @fincennews @ukhomeoffice @nca_uk @govuk @ica_singapore @govsingapore @mfasg #bigbro# #huxiaowei# #chenxiaoer#