Core Viewpoint - Company Siu Fook (06168) has made a strategic investment in Going Securities (HK) Limited, acquiring a 15% stake in Gao Ying Securities, marking its entry into the RWA (Real World Asset) sector and the digital asset market in Hong Kong [1][3][11] Group 1: Strategic Investment and Market Positioning - The investment was completed through Siu Fook's wholly-owned subsidiary, establishing a foundation for long-term strategic collaboration in the digital finance sector [1][3] - Gao Ying Securities holds multiple regulatory licenses and is positioned as a key player in the Web3.0 standardization in Hong Kong, enhancing Siu Fook's compliance and industry integration capabilities [3][4] - The collaboration aims to integrate resources across cross-border payments, precious metals, and capital markets, facilitating the upgrade of Gao Ying Securities' virtual asset licenses [3][4] Group 2: RWA Market Potential - The RWA sector is gaining attention as traditional industries face growth slowdowns and virtual asset regulations become more defined, with a projected asset tokenization market size of $16 trillion by 2030 according to Boston Consulting Group [3][4] - Major institutions like BlackRock and Franklin Templeton are entering the market, indicating a trend towards tokenizing real assets such as gold, bonds, and real estate [3][4] Group 3: Business Model and Growth Strategy - Siu Fook's strategy involves leveraging its gold and jewelry assets to issue RWA products, providing inherent value stability and enhancing asset liquidity and financing channels [4][5] - The company plans to establish hundreds of overseas stores in the next 2-3 years, which will serve as both sales terminals and sources of high-quality assets for RWA issuance [6][7] - The overseas expansion is supported by a proven business model with a return on equity (ROE) in overseas stores reaching 2-3 times that of domestic stores, ensuring cash flow for further expansion [7][8] Group 4: Competitive Advantages and Market Differentiation - Siu Fook's competitive edge lies in its unique combination of supply chain advantages and cultural differentiation, allowing it to avoid price wars with international giants [8][9] - The company has established a risk-controlled expansion path through strategic partnerships with leading commercial real estate firms, reducing market entry costs [8][9] Group 5: Future Outlook and Valuation - Siu Fook is positioned to become the first listed company in the domestic jewelry industry to achieve systematic and large-scale issuance of gold RWA products, which could lead to a premium valuation in the capital market [10][11] - The company's ecosystem-building approach may allow it to transition from a product supplier to an industry infrastructure service provider, shifting its valuation focus from product margins to market share and ecosystem value [10][11] - The strategic synergy of "overseas expansion + RWA" is expected to drive Siu Fook's transformation into a digital ecosystem platform, unlocking significant financial value from its gold inventory [11]
周六福（06168）：打造“RWA+海外扩张”战略飞轮 黄金资产上链重构估值逻辑