Core Viewpoint - The strategic investment by Chow Tai Fook (周六福) in Gao Ying Securities (高盈证券) marks a significant move into the RWA (Real World Asset) sector, leveraging its asset attributes and channel advantages to explore compliant development paths in Hong Kong's digital asset market [1][3][11] Group 1: Strategic Investment and Partnerships - Chow Tai Fook, through its wholly-owned subsidiary, has completed a strategic investment in Gao Ying Securities, acquiring a 15% stake indirectly [1] - SwiftPass Hong Kong Limited, a subsidiary of Weifutong Technology, has also invested in Gao Ying Securities, holding an 18% stake [1] - This collaboration lays the foundation for long-term strategic synergy in the digital finance sector, focusing on cross-border payments, precious metals, and capital markets [3] Group 2: RWA Market Potential - The RWA sector is gaining attention as traditional industries face growth slowdowns and virtual asset regulations improve, with a projected tokenized asset scale reaching $16 trillion by 2030 according to Boston Consulting Group [3] - Major institutions like BlackRock and Franklin Templeton entering the market indicate a trend towards tokenizing real assets such as gold, bonds, and real estate [3] Group 3: Business Model and Growth Strategy - Chow Tai Fook's entry into the RWA market is not merely opportunistic but a strategic choice aligned with its asset characteristics and regulatory environment [4] - 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] - Each new store will contribute to a growing pool of stable, globally recognized assets, enhancing the company's ability to issue RWA [6] Group 4: Competitive Advantages - The company's RWA products, anchored by gold and jewelry, provide inherent value stability and are easier to evaluate and custody [4] - Chow Tai Fook can leverage Gao Ying Securities' compliance licenses and financial capabilities to enhance asset liquidity and financing channels, supporting its overseas expansion [4] - The regulatory framework in Hong Kong requires virtual asset issuers to have practical application scenarios, which Chow Tai Fook's overseas operations naturally fulfill [6] Group 5: Financial Performance and Market Position - The overseas stores have demonstrated a return on equity (ROE) 2-3 times higher than domestic operations, validating the profitability of the business model [7] - The combination of supply chain advantages and cultural differentiation creates a structural competitive edge, ensuring high success rates for new stores [8] - The strategic partnership with leading commercial real estate firms reduces site selection risks and market entry costs, enhancing the feasibility of expansion [8] Group 6: Future Outlook and Valuation - Chow Tai Fook's dual strategy of overseas expansion and RWA development creates a self-reinforcing growth cycle, positioning the company as a pioneer in the RWA space [9][11] - The company is expected to enjoy valuation premiums as the first in the domestic jewelry industry to achieve systematic and scalable issuance of gold RWA products [10] - As the platform matures, Chow Tai Fook could transition from a product supplier to an industry infrastructure service provider, broadening its valuation metrics [10]
周六福：打造“RWA+海外扩张”战略飞轮 黄金资产上链重构估值逻辑