格隆汇8月4日｜翰宇药业午后拉升涨停，报价24.32元，股价创2022年12月以来新高。消息面上，翰宇 药业与数字资产平台KuCoin正式签署战略合作意向书，双方拟共同探索在香港共同推进中国内地首个 以"创新药研发未来收益权"为底层资产的RWA(Real World Asset)代币化试点项目。根据协议，翰宇药业 将以其在GLP-1类多肽重磅药物领域的技术积累与研发管线为基础资产，KuCoin则将发挥其在区块链技 术、RWA全流程解决方案和全球合规资源方面的优势，为该项目提供链上映射、资产通证化、交易撮 合、收益分配等一体化支持。 ...

格隆汇8月4日｜翰宇药业(300199.SZ)午后拉升涨停，报价24.32元，股价创2022年12月以来新高。消息 面上，翰宇药业与数字资产平台KuCoin正式签署战略合作意向书，双方拟共同探索在香港共同推进中 国内地首个以"创新药研发未来收益权"为底层资产的RWA(Real World Asset)代币化试点项目。根据协 议，翰宇药业将以其在GLP-1类多肽重磅药物领域的技术积累与研发管线为基础资产，KuCoin则将发挥 其在区块链技术、RWA全流程解决方案和全球合规资源方面的优势，为该项目提供链上映射、资产通 证化、交易撮合、收益分配等一体化支持。 ...

Core Insights - Traditional financial giants, including JPMorgan and Goldman Sachs, have made significant investments in blockchain technology, totaling 345 investments from 2020 to 2024, with G-SIBs leading over 100 major transactions in tokenization, cryptocurrency custody, and blockchain payments [1][3] - The market for large-scale blockchain financing, defined as investments of $100 million or more, has seen traditional banks participate in 33 rounds, focusing on cryptocurrency trading infrastructure, tokenized finance, custody, and payment solutions [2] - The trend of tokenization is projected to grow substantially, with an expected market size exceeding $18 trillion by 2033 and a compound annual growth rate (CAGR) of 53% from 2025 onwards [5][6] Investment Activity - G-SIBs have completed 106 blockchain-related financing transactions, with 14 of these being over $100 million, indicating a strong interest in blockchain technology among major financial institutions [3] - Major players like Citigroup and Goldman Sachs led the way with 18 significant transactions each, while JPMorgan and MUFG followed closely with 15 each [1] Market Trends - The demand for stablecoins has surged, with monthly trading volumes reaching $650 billion to $700 billion in Q1 2025, prompting traditional banks to consider issuing their own stablecoins to mitigate volatility risks [4] - The concept of Real-World Assets (RWA) tokenization is gaining traction, allowing traditional financial assets to be represented as digital tokens on the blockchain, which can enhance efficiency and reduce settlement risks [6] Regulatory Support - Regulatory frameworks, such as the U.S. GENIUS Act and the EU MiCA, are being developed to provide clearer guidelines for digital asset operations, further supporting the growth of blockchain and cryptocurrency markets [3]

Group 1 - The core point of the article is that China New City (01321) has seen its stock price surge over 100%, reaching a peak increase of over 150% during trading, attributed to its announcement of participating in the establishment of the "Hong Kong RWA Global Industry Alliance" [1] - The alliance will focus on digital transformation of assets in sectors such as real estate, green finance, and cross-border trade, leveraging technologies like blockchain, artificial intelligence, and the Internet of Things [1] - As of December 31, 2024, the group's investment properties are valued at approximately 4.337 billion RMB, indicating a significant asset base [1] Group 2 - The board has noted that the group's market value has long been below its net asset book value, suggesting that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] - The group aims to utilize the alliance's technological expertise and regulatory knowledge to explore RWA tokenization, providing a more objective fair value measurement for its assets and facilitating asset value release [1]

Group 1 - China New City (300778) shares surged over 100%, reaching a peak increase of 150%, with a current price of 1.57 HKD and a trading volume of 3.28 million HKD [1] - The company announced its participation as a founding member in the "Hong Kong Real World Assets Global Industry Alliance," set to launch on July 30, 2025, focusing on blockchain, AI, and IoT technologies [1] - The alliance aims to enhance asset digitalization in sectors such as real estate, green finance, and cross-border trade, while exploring digital asset cooperation mechanisms with ASEAN [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board noted that the company's market value has consistently been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] - The company plans to leverage the alliance's technological expertise and regulatory knowledge to explore RWA tokenization, aiming to provide a more objective valuation of its assets and facilitate value release [1]

Group 1: Core Insights - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of the world's first licensed stablecoin system, transitioning stablecoins from a gray area to a compliant business [1][9] - This regulation positions Hong Kong as a leader in digital finance regulation, having completed legislation and established a licensing and auditing mechanism, serving as a model for global institutional exploration [1][4] - Stablecoins are evolving from niche tools in the crypto industry to key infrastructure in the global digital financial system, with a monthly payment and settlement scale exceeding $6 billion as of February 2025, tripling from the same period in 2023 [2][3] Group 2: Regulatory Framework - The regulation introduces a dual mechanism of "licensing + sandbox," allowing the Hong Kong Monetary Authority to oversee stablecoin operations, setting a global standard [4][6] - Entities wishing to issue or operate stablecoins must obtain relevant licenses, with stringent regulatory requirements including a minimum registered capital of HKD 25 million, 100% asset backing, and compliance with AML and KYC rules [6][10] - The regulatory framework includes 13 categories of regulated activities, with specific licenses required for various financial services related to stablecoins [6] Group 3: Market Participation - Ordinary users can now participate in the stablecoin ecosystem through licensed virtual asset exchanges, allowing them to purchase stablecoins and engage in on-chain investments [12][13] - The stablecoin ecosystem is currently open to Hong Kong residents, providing access to various investment opportunities, including on-chain fundraising and green bonds [13][14] - The introduction of stablecoins is seen as a bridge for ordinary individuals to engage in global digital assets, moving beyond institutional access to a more inclusive financial landscape [14]

Group 1 - The company, China New City (01321), announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the digital transformation of assets in real estate, green finance, and cross-border trade [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board has noted that the company's market value has long been below its net asset book value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization, which is intended to provide a more objective fair value measurement for the company's held assets [1] - The initiative is expected to facilitate the release of asset value [1]

Group 1 - The company, China New City, announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the realms of real estate, green finance, and cross-border trade asset digitization [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board has noted that the company's market capitalization has long been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization, which is intended to provide a more objective fair value measurement for the company's held assets and promote asset value release [1]

Core Viewpoint - Hong Kong stablecoins and digital yuan are not in competition but are collaboratively building a "de-dollarization" payment network through "currency bridges + on-chain payments" [1] Group 1: Market Opportunities - The tokenization of Real World Assets (RWA) is not only about asset financing but will also reshape global asset pricing rules [1] - With the issuance of stablecoin licenses in Hong Kong, there will be certain opportunities in areas such as brokerage IT transformation and virtual asset trading [1]

Group 1 - The company announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the realms of real estate, green finance, and cross-border trade asset digitization [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.3369 billion RMB [1] - The board has noted that the company's market capitalization has long been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization [1] - The objective is to provide a more objective fair value measurement for the assets held by the company, thereby facilitating the release of asset value [1]