1. Event Overview
On September 2, according to public information, Yunfeng Financial Group announced the purchase of 10,000 Ethereum (ETH) through the open market, with a total investment of approximately $44 million, designating it as the group's reserve asset. The funds for this purchase come from the company's internal cash reserves.
It is worth noting that Alibaba founder Jack Ma indirectly holds approximately 11.15% of Yunfeng Financial through its affiliated enterprises, while the highest shareholding ratio in the group reaches about 29.85% (depending on different levels). +5. This move is seen by the outside world as Jack Ma's high-profile "indirect layout" in the Web3 and crypto asset fields. After the event was announced, Yunfeng Financial's stock price quickly reacted, falling by more than 5% at one point during the trading day, and ultimately closing down by about 8%.
Industry analysis indicates that this investment represents a strong confidence in the long-term value of Ethereum and suggests that traditional financial capital is officially beginning its journey into Web3 asset allocation.#马云购买eth
2. Domestic Giants Like JD are Taking Concurrent Actions: The Stablecoin Race is On
Apart from Alibaba's players, JD Group is actively promoting the stablecoin business.
In June 2025, JD's Chairman Liu Qiangdong revealed internally that JD plans to apply for stablecoin licenses in major currency countries worldwide, aiming to reduce cross-border payment costs by 90% and improve efficiency to within 10 seconds.
JD Coin Chain Technology is participating in the 'sandbox testing' phase with the Hong Kong Monetary Authority, testing compliant stablecoins pegged to the Hong Kong dollar and other currencies, with plans to launch in early Q4 2025, primarily for cross-border and retail settlement scenarios in Hong Kong and Macau.
More broadly, media reports suggest that JD and Ant Group are actively promoting applications for a RMB-based stablecoin, hoping to enhance the RMB's position in international trade settlements and challenge the dominance of the US dollar, with regulatory feedback being 'relatively positive'. This series of actions indicates that Chinese internet giants have officially incorporated blockchain and digital assets into their strategic vision, seeking to seize the initiative in digital payment and international settlement reforms through stablecoins.
3. Other Capital Forces: The Heat is Rising Among Multiple Parties
Ant Group also intends to submit a stablecoin issuance application to Hong Kong regulatory authorities to lay out digital financial scenarios, according to Securities Times.
The Hong Kong and A-share markets have also seen more 'coin hoarding' behaviors, with Yunfeng Future planning to continue exploring the inclusion of mainstream tokens like Bitcoin (BTC) and Solana (SOL) into reserves.
This trend indicates that China's capital market is gradually shifting from 'wait and see' to 'testing the waters and attempting deep participation' in crypto assets.
4. What Should Retail Investors Do?
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Jack Ma indirectly invests in ETH through Yunfeng Finance, while giants like JD and Ant Group are laying out plans for stablecoins. The actions of China's capital market in the Web3 and crypto asset fields are gradually deepening.
Future investors who can correctly grasp policy windows, choose compliant quality tools, and allocate assets reasonably will find pathways for class advancement.
