VARIATIONAL: FUNDING LED BY DRAGONFLY WITH SUPPORT FROM BAIN CAPITAL CRYPTO, COINBASE VENTURES, AND OTHER STRATEGIC INVESTORS

On Wednesday, May 20, the Shanghai Gold Exchange's gold T+D contract closed down 1.36% at 984.9 yuan/gram; the Shanghai Gold Exchange's silver T+D contract closed down 1.86% at 18,380.0 yuan/kilogram.

Domestic News 1. Russian President Vladimir Putin concluded his state visit to China on the evening of May 20 and departed Beijing by special plane. 2. Li Qiang signed a State Council decree promulgating the "Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China". 3. Ministry of Foreign Affairs: China has decided to extend its visa-free policy for Russians until December 31, 2027. 4. Russian Presidential Press Secretary Dmitry Peskov: Russia will extend its visa-free system for Chinese citizens. 5. Changxin Technology's IPO on the Science and Technology Innovation Board will be reviewed on May 27; its first-quarter revenue increased by 719.13% year-on-year. 6. Ministry of Finance: Stamp duty increased by 27.8% year-on-year in the first four months, and national general public budget revenue increased by 3.5% year-on-year. 7. The National Development and Reform Commission chaired a symposium for private enterprises to promote technological self-reliance and self-control of the industrial chain, and to thoroughly address "involutionary" competition. International News 1. According to Saudi media Alhadath: The bill to dissolve the Israeli parliament has passed preliminary review. 2. Market News: The UK will postpone its planned fuel tax increase, originally scheduled for September. 3. US EIA Strategic Petroleum Reserves saw their largest decline since the week ending August 20, 1982, marking the eighth consecutive week of declines. 4. Samsung Electronics' union has reportedly postponed its strike, reaching an agreement with Samsung on profit sharing. 5. Middle East Situation—① Iranian Revolutionary Guard: If another attack is launched against Iran, the war will expand beyond the region. ② According to Saudi media Alhadath: Pakistan's Interior Minister met with the commander of the Iranian Revolutionary Guard in Tehran. ③ The Iranian Parliament denied that Ghalibaf resigned as head of the negotiating delegation. ④ Sources: The US is showing limited flexibility but will not compromise on nuclear demands and the Strait of Hormuz issue. ⑤ Iran: 26 ships passed through the Strait of Hormuz in the past 24 hours. ⑥ Sources: Pakistan's Army Chief of Staff may visit Iran tomorrow to announce the final version of the agreement text; the next round of negotiations will be held in Islamabad after the Hajj season.