From a sealed economist to the chief of the new fire: Fowler played the second half
ON 20 APRIL 2026, THE HONG KONG STOCK MARKETS NEW FIRE GROUP (1611.HK) ISSUED AN ANNOUNCEMENT ANNOUNCING THAT THE FORMER CHIEF ECONOMIST OF NORTHEAST SECURITIES WOULD FORMALLY JOIN THE UNION AND ASSUME THE POST OF CHIEF ECONOMIST。
As soon as the news came out, the price of the new fire had risen by a maximum of 22 per cent and nearly 18 per cent that day。
A FEW DAYS LATER, PENG WAS ON FIRE ON X. HIS TWEETS TRIGGERED A DEBATE AMONG A LARGE NUMBER OF ENCRYPTED ORIGINAL USERS, AND THE COMMUNITY'S MOOD WAS FURTHER AMPLIFIED BY BLOCKING MULTIPLE KOLS, ACCUSING HIM, SUPPORTING HIM, ANALYSING HIM, PUSHING AROUND FOR DAYS。
But..I don't knowMaybe either voice is part of this movement。
Because from the beginning, we weren't his target clients。
Why did the new fire introduce traditional finance people
This April, New Fire GroupI'm sorryBitfireI'm not sureThe first was the introduction of Peng as Chief Economist, followed by the announcement of the acquisition of the Avenir Group's approximately 20-person investment team and accompanying trading system, the incorporation of its Alpha BTC options strategy into the Hong Kong 9 compliance framework and the introduction of a Bitcoin asset management service。
IntensityYesActionsBehindI don't knowYesOneOngoingAdvanceYesComprehensiveTransitionI don't know。
Last AugustI don't knowLI LIN PROMOTED THE FORMER MINISTRY OF FIRE CURRENCY, ON XIAOCHI, TO CO-CHAIR THE CEO AND OFFICIALLY ANNOUNCED THE FULL TRANSFORMATION OF THE COMPANY, WITH THE GOAL OF UPGRADING FROM OTC TRADERS TO A PRIVATE-SECTOR DIGITAL ASSET MANAGEMENT PLATFORM。
Financial figures may explain how urgent the transition is。
In the fiscal year 2025, New Fire Group earned approximately HK$ 86.61 billion, an increase of approximately 451 per cent over the same yearI don't knowIncomeThe surgeBut..StillFaceLossesI don't know。SpecificallyI don't knowCompanyIncomeAlmost all of it comes from helping clients make big deals and earn a price. BadI don't knowThat's rightOTC BIG DEALOperationsI don't knowTwoCC BY-NC-ND 2.0Two5Fiscal yearThe businessAchievedRevenues of approximately HK$ 8257 million, sales costsHighAbout HK$ 8256 million♪ So much ♪Māori is less than HK$ 2 million。
IN CONTRAST TO CORPORATE ASSET MANAGEMENT OPERATIONS, THE REVENUE FOR THE FINANCIAL YEAR 2025 WAS APPROXIMATELY HK$2.2 MILLION, INCREASING FROM APPROXIMATELY US$ 88.7 MILLION AT THE BEGINNING OF THE YEAR TO APPROXIMATELY US$ 138.6 MILLION AT THE END OF THE YEAR, AN INCREASE OF MORE THAN 56 PER CENT IN SIX MONTHS. THE SIZE OF THE REVENUE IS SMALL, BUT IT'S COMPLETELY DIFFERENT FROM OTC'S BUSINESS LOGICI don't knowOtherMANAGEMENT AND PERFORMANCE FEES WILL ACCUMULATE WITH AUM GROWTH。
PictureSource:BitfireFinancial reports
This is also the logic of the new fire coming into the Avenir Group investment team。
It is known that the Alpha BTC strategy of Avenir Group is to take up BTC cash while selling an increased option to collect a right, with a target annualized return of 5 to 7 per cent, with historical retreat control of about 1 per cent。
FromProductsDesign itselfLookI don't knowTHE BTC HAS BEEN HOSTING ITS OWN ACCOUNTS, AND THE NEW FIRE HAS BEEN GRANTED ONLY API TRANSACTION EXECUTION AUTHORITY, AND THERE IS NO MONETARY AUTHORITY — THE SEPARATION OF CONTROL OF ASSETS AND EXECUTION OF STRATEGIES — IS THE STANDARD OPERATING LOGIC OF A PRODUCT UNDER THE HONG KONG 9 COMPLIANCE FRAMEWORK。
The Chief Executive Officer of Bitfire, Livio Weng, stated that, with the addition of a new team, Bitfire had obtained some $500 million in initial investment intentions from family offices and listed companies。
However, there is often a distance between intended funding and actual availability。
THE MONEY TARGETED BY THE NEW FIRE IS NOT ENCRYPTED TO THE ORIGINAL USER, BUT TO HIGH NET WORTH INDIVIDUALS, FAMILY OFFICES, LISTED COMPANIES AND BUSINESS FUNDS THAT TAKE INTO ACCOUNT THE DIVERSIFICATION OF ASSETS. THIS GROUP MAY NOT KNOW THE WHITE PAPER, BUT BEFORE MAKING A DECISION, IT HAS TO GO THROUGH COMPLIANCE, WIND ASSESSMENT, APPROVAL BY THE BOARD, OR ANY LEVELIt's hardGo onI don't know。
How to make traditional funds that have never come into contact with encryption amenable to this doorPositiveIt's a problem to pay the bill。
ClientThe group decides where the payper is
Paying for the strategic value of the new fire, it's not just his titleAnd..It depends on who his audience is。
Former Chief Economist of Northeast Securities, millions of fans of traditional financial circles, active in tremors, micro-trust video and various closed-door forumsI don't knowThese are..PengYesLabelI don't know。
HimThe circle of long-term deep cultivation is the core decision-making level for executives of listed companies, private bank clients and family offices。
This group of people happens to be the most needed and hard-to-reach target client for the new fire。
In a waySay itI don't knowThe real problem with Peng is the cognitive threshold. Encryption products don't understand or trust traditional moneyMainObstaclesI don't knowAnd the best thing about pelicans is the macropackage required for this narrative。
The framework that he had built over the years in the traditional financial circles — the retreat of the dividends of globalization, the structural challenges of the traditional economic system, the need to find new anchors in the old orderI don't knowNaturally, it provides a cushion for enterprises to revisit the way cash reserves are allocated。
Therefore..I don't knowConvince companies to convert the cash portion of their balance sheets to bitcoinI don't knowYeahPengTell meIt's not hardI don't know。
YeahNew FireTell meI don't knowOneClientPeople who speak in familiar macroeconomic languages come forward to endorse the text, and get caught up in customer friction is reduced significantly。
THIS LOGIC IS NOT NEW. BEFORE THE INTRODUCTION OF BITCOIN ETF, BELET WAS ALSO THE FIRST STEP IN ORGANIZING THE PREPARATION OF STUDIES BY ANALYSTS FROM TRADITIONAL FINANCIAL BACKGROUNDS。
A lotENCRYPT KOLReferenceI don't knowIt's a different thing to trade with a platinum that belongs to the macrophone, and to read his content to know what's going on in the big market。
HereYeahA precise description of the location of Fowler in this ecology - his role as a narrative provider, and the execution of the transaction was not within his mandate. YeahJust includedYeahTrading teamYesThat's exactly what they need。
JOINING THE PREMIERE OF THE NEW FIRE, FICC+C WAS PRESENTED AT THE HONG KONG INSTITUTION DIGITAL WEALTH MANAGEMENT SUMMIT TO INCORPORATE ENCRYPTED ASSETS INTO THE TRADITIONAL LARGE ASSET ALLOCATION SYSTEM, UNDER WHICH INSTITUTIONAL INVESTORS FROM TRADITIONAL FINANCIAL BACKGROUNDS ARE SITTING. THE SPEECH DID NOT PRESENT ANY SPECIFIC PRODUCT, BUT IT SPREADS OUT THE COGNITIVE BASE OF "WHY PUT BITCOIN."。
The complete business logic chain is thus shaped by the fact that pelicans reach out to target customers in traditional financial languages and open the door to trust; the customer goes through the OTC purchasing, hosting, re-entering Alpha BTC strategy, and the new fire is on the chainMediumCounterpart charges are charged. The value of the platinum is at the top of the funnel, and what the new fire really wants is to keep the customer at the bottom of the funnel。
Why is the encryption user so angry
On April 25, Peng was pushed consecutively on X to describe the BTC funding rate logic and warehouse rental framework in EnglishI don't know。The challenge of the encrypted community came soonI don't knowHe then sent a Chinese tweetDeleted“MANY PEOPLE DON'T KNOW WHAT I'M TALKING ABOUT, BUT THE LARGE BTC SPOT HOLDERS, WHO SURVIVED THE EARLY STAGES, KNOW WHAT I'M TALKING ABOUT.”
The tweet completely ignited community sentiment. The meaning is clear — you can't read it. It doesn't mean I'm wrong。
In a community where the culture of decentre and authority is at the bottom, it is difficult for this expression not to provoke a backlash。Like..XUser@Nicole yang88YesI don't know“..I'd like to see Mr. Peng drop the Old Money lecture properly. SensorI don't knowThe currency circles have their own community culture, which is more open, decentrized and emotional resonance, which is not in essence a one-way expert expression。It's not the same
THE PLATINUM ACCOUNT WAS SUBSEQUENTLY BLOCKED ON THE HEAD OF PART OF THE CHINESE LANGUAGE KOL AND THE EVENTS WERE FURTHER FERMENTED。
UserDirectlyWhether or not platinum is a chief economist, the effect of this La Black event is to be considered a chief flow scientist。
Whether deliberately or not, the new fire has led to a zero-cost exposure of the controversy。Encryption CircleYesIf they don't buy, they'll never be the target。
The anger of the encrypted community is in fact in truth。
EncryptionKINGOLTuang LionFor thatTHAT MEANS THAT THE INDUSTRY HAS SURVIVED SO MANY WAVES, WHICH HAS NOT BEEN MOCKED. PEOPLE FROM A TRADITIONAL BACKGROUND SUDDENLY COME IN AND ARE QUESTIONED IN VERY NORMAL REACTIONS. INSTEAD OF PROTECTING THEMSELVES FROM MASS CRITICISM, YOU CAN PROVE YOURSELF BY USING A REALITY BOOKPerformanceYesBetterYesCertificationI don't know。
There is also optimism。@Billions 2022 It is argued that traditional capital elites such as Peng join the encryption industry, meaningOld moneyGuysTHE BTC ATTITUDE IS MOVING FROM WATCHING TO LAYOUTI'm sorryConfigureI don't knowThe main promoters of this round of structured cattle markets are the institutions and the wealthy elders。
Concluding remarks
At the end of the day, Peng Peng is the right step in the logic of the New Fire Group, but the game is far from over。
IT'S A CULTURAL CONFLICT BETWEEN A TRADITIONAL ECONOMIST AND A CURRENCY RING, DEEP DOWN, BUT A COMPANYWith the influence of Peng in the traditional financial world, the originals were extractedHardTouched client funds。
HoweverI don't knowIf this business runs, it's going to end up on a real conversion rateHow much of the intended funding is actually available and whether there will be a structural improvement in the Māori rate under the new fire。
WhateverWhatI don't knowNew FireWe won firstTrafficI don't know。
