Core Viewpoint - Kaisa Capital (00936.HK) has officially initiated a strategic transformation, leveraging shareholder resources, its own industry and regional advantages, and technological accumulation in the Web3.0 field to explore digital financial innovation under a compliant regulatory environment starting from Hong Kong [1] Group 1 - The company has partnered with a licensed virtual asset trading platform approved by the Hong Kong Securities and Futures Commission to promote the development of Real World Asset (RWA) tokenization within Hong Kong's compliance framework [1] - Kaisa Capital aims to continuously drive innovation and resource integration in the fields of fintech, digital finance, and Web3.0, creating long-term value that aligns with the trends of the new era [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 KAISA CAPITAL INVESTMENT HOLDINGS LIMITED 佳兆業資本投資集團有限公司 （ 於開曼群島註冊成立之有限公司 ） （股份代號：936） 自願性公告 關於戰略轉型及開展現實世界資產(RWA)代幣化業務佈局 本公告由佳兆業資本投資集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出，以知會其股東及潛在投資者有關本集團之最新業務發展。 本公司董事會（「董事會」）欣然宣佈，本集團正式啟動戰略轉型，依託股東資源、 自身產業與區域優勢，以及與合作夥伴在Web3.0領域的技術積累，以香港為起點， 探索在合規監管環境下的數字金融創新。 基於上述資源與技術優勢，本集團已於2025年9月17日與獲香港證監會發牌的虛擬 資產交易平台達成合作，共同推進香港合規框架下的現實世界資產(RWA)代幣化 發展。 於本公告日期，董事會成員包括執行董事郭英成先生、于蕙銘先生及李健萍女士； ...

Core Insights - The report focuses on the rise of Real-World Assets (RWA) tokenization, analyzing its concept, value, regulation, practice, and trends, highlighting its role in bridging traditional finance and the Web3.0 ecosystem [1][11][13]. Group 1: RWA Concept and Background - RWA refers to the tokenization of physical assets like real estate, bonds, and commodities using blockchain technology, enhancing asset liquidity, transparency, and accessibility [1][18]. - The emergence of RWA addresses traditional financial pain points such as low liquidity, high entry barriers, and lack of transparency, leveraging blockchain's immutable nature and smart contracts for automation [1][23][25]. - The global RWA market has surpassed hundreds of billions of dollars, with expectations for explosive growth in the coming years [13][24]. Group 2: Investment Value and Advantages - RWA significantly enhances asset liquidity and market efficiency, with tokenized real estate trading cycles averaging 47 days compared to traditional commercial real estate's 6-9 months [2][39]. - RWA improves investment accessibility and promotes financial inclusion by lowering entry barriers, allowing broader participation in high-value assets [2][39]. - The tokenization process increases transparency and security, although challenges regarding the credibility of off-chain data remain [2][39]. Group 3: RWA Asset Categories and Examples - RWA encompasses diverse asset categories, including stablecoins (e.g., USDT, USDC), private credit, U.S. Treasury bonds, real estate, commodities, intellectual property, and emerging sectors like renewable energy and agriculture [2][29][30]. - Stablecoins serve as foundational RWA, providing a stable value anchor and facilitating the integration of Web3.0 with the real economy [2][34][37]. - The tokenization of real estate allows fractional ownership, significantly reducing investment thresholds and enhancing liquidity [2][30]. Group 4: Global Regulatory Landscape - The global regulatory framework for RWA is evolving, with a focus on compliance and risk management, as seen in the U.S. GENIUS Act and the EU MiCA regulation [3][4]. - Different jurisdictions are adopting varied approaches to RWA regulation, with the U.S. and EU leading in establishing comprehensive frameworks [3][4]. - In China, RWA is in a regulatory gray area, with initiatives focusing on private chains and sectors like renewable energy and agriculture [3][4]. Group 5: Future Trends and Challenges - The RWA market is expected to grow significantly, driven by institutional participation and the increasing importance of stablecoins as a liquidity infrastructure [3][6][12]. - Emerging asset categories like computing power are gaining traction, presenting new opportunities and legal challenges [3][6][12]. - The report emphasizes the need for ongoing research into the intersection of law and technology to support the healthy development of RWA [3][6].

Core Insights - The company has experienced significant growth in user base and performance, particularly in the mainland China market, despite facing stringent security reviews that have impacted user experience [1] - The decision has been made to transition all operations to the EAIP platform, which aims to leverage decentralized technology to mitigate security concerns and enhance user experience [1] - The introduction of Web3.0 is expected to create diverse product scenarios and tap into a broader user base, potentially leading to explosive global market growth and greater returns for members [1] Summary by Sections User Experience and Security - The mainland market's increasing security scrutiny has affected user login and usage experiences, prompting the company to implement various security upgrades [1] - The company emphasizes that ensuring user asset safety and legal rights remains its top priority, regardless of the platform used [1] Transition to EAIP Platform - The EAIP platform represents a new strategic layout that combines the principles of Agriculture 4.0 with the benefits of Web3.0 [1] - The mapping process to the EAIP platform is set to occur from August 25, 2025, to September 25, 2025, during which all operations on the SCEA platform will be halted [4][5] User Asset Management - During the mapping period, users will be able to check their account balances and details, ensuring that their funds remain unchanged post-mapping [2] - All unprocessed withdrawals and red envelopes will be returned, and users' original asset totals will remain the same, with all earnings being mapped accordingly [3]

Core Insights - The company is advancing the construction of a digital payment system based on "new digital currency" in 2025, focusing on three main lines: new digital currency wallets and payment infrastructure, cross-border currency bridges, and smart terminals, all of which have existing orders or case studies with high information completeness [1] Group 1: New Digital Currency Wallet/Payment Infrastructure Innovation - The company provides a comprehensive solution for digital RMB, offering a one-stop operational platform for wallet management, payment clearing, and scenario innovation for 2.5-tier financial institutions [2] - The new comprehensive digital currency wallet and payment infrastructure will include tokenized deposits, stablecoins, RWA, and tokenized financial assets based on digital bank accounts [2] Group 2: Digital Currency Scenario Innovation - By 2025, the company aims to complete the upgrade of the "Digital RMB Currency Bridge Engine 2.0," supporting interconnectivity among nine major banks' wallets, covering 38 types of government and trade scenarios such as payments, taxes, and fiscal allocations [4] - The company is testing automatic conversion between digital RMB and Hong Kong dollars in Qianhai, Shenzhen, and has completed pilot transactions for cross-border payments based on the mBridge digital currency bridge [4] Group 3: Continuous Advancement in Hong Kong's Web 3.0 Scenario Innovation - The company's Hong Kong subsidiary has made substantial breakthroughs in the Web 3.0 ecosystem, launching a "commercial tokenization platform" project to build a native Web 3.0 ecosystem [5] - Users can view and transfer funds in real-time through the Web 3.0 wallet, with innovations in stablecoin wallets and RWA automatic clearing smart contracts facilitating a seamless investment, payment, and redemption process [5] Group 4: Smart Terminals and Ecological Innovation - The company has developed the "Xiao Lan" digital RMB soft and hard wallet service capabilities, supporting 24/7 wallet transactions and has integrated with domestic AI models for customer service and marketing [6] - Collaborations with local governments in Shenyang, Wuhan, and Chengdu aim to establish a joint innovation platform, targeting 220,000 bank outlets to promote unmanned operations [6] - The company has established a complete closed-loop ecosystem from wallets, cross-border payments, asset tokenization to smart terminals, and has received commercial orders in three major scenarios: cross-border payments, urban commercial bank transformation, and intelligent outlet operations [6]

Core Insights - The company, Olading Origin, is building a comprehensive financial ecosystem that transcends traditional DeFi limitations and redefines financial services in the Web3.0 era [1] Financial Infrastructure: Building the Ecosystem Foundation - Olading Origin has established a complete lending platform and wealth management section, utilizing a unique risk pricing model for dynamic interest rate adjustments based on on-chain credit ratings. The platform's total lending and deposit volume has surpassed $500 million, becoming a stable cash flow source within the ecosystem [2] Trading Innovations: DEX 2.0 and Cross-Chain Hub - The launch of the DEX 2.0 platform integrates turbo trading mechanisms and liquidity aggregation algorithms, achieving near-zero slippage in trading experiences. The cross-chain trading hub supports asset swaps across 12 mainstream public chains, addressing liquidity fragmentation issues, with a monthly trading volume growth rate exceeding 300% [4] Payment Revolution: From On-Chain to Offline - Olading Origin is pioneering the integration of crypto payments into mainstream scenarios through the LGNS gateway protocol, enabling seamless exchanges between various digital assets. The collaboration with VISA to launch a crypto debit card has made digital assets usable for everyday payments, with over 100,000 monthly transactions across more than 50 countries [5] Hardware Ecosystem: Depin Strategic Layout - In the decentralized physical infrastructure network (Depin) sector, Olading Origin has introduced the Wbekey multi-chain mobile ecosystem, which supports multi-chain asset management and allows users to participate as nodes in various blockchain networks. The product's pre-sale sold out in the first week, indicating a promising future for the integration of hardware and finance [6] Frontier Exploration: Future-Oriented Layout - The company is exploring the metaverse by developing VR financial interaction scenarios, testing a Web3.0 social platform that integrates financial behavior into social interactions, and establishing an AI financial lab focused on creating intelligent advisory systems based on large models. The synergy among various sectors within the ecosystem has resulted in a 45% inter-business flow rate, significantly higher than the industry average [8] Differentiated Advantages Compared to Traditional Financial Groups - Unlike centralized institutions constrained by regulatory barriers and departmental silos, Olading Origin leverages blockchain technology for genuine business integration. The rapid iteration of product development through smart contracts contrasts with the lengthy cycles of traditional finance. All ecosystem value is captured by the LGNS token, creating a positive feedback loop [10] Future Outlook - With the addition of more innovative sectors and deeper integration of existing businesses, Olading Origin aims to create a self-sustaining crypto economic system where financial services actively create value and permeate all aspects of digital life, potentially serving as the foundational infrastructure for the next generation of internet economy [11]

Core Insights - The report discusses asset tokenization as a new financial paradigm in the Web3.0 era, exploring its implications, development paths, and connections to past financial innovations [1][2][6]. Group 1: Asset Tokenization Overview - Asset tokenization involves packaging and segmenting both crypto assets and real-world assets into tokens on the blockchain, characterized by programmability, composability, and atomic settlement [2][6]. - The process of asset tokenization is similar to asset securitization, requiring the selection of blockchain platforms, smart contract development, and data integration [2][6]. - The emergence of decentralized finance (DeFi) based on asset tokenization is significant for the integration of virtual and real worlds, potentially leading to disintermediation of traditional financial systems [2][6]. Group 2: Regulatory Framework - Regulatory frameworks for asset tokenization have been established in regions like Europe and Hong Kong, with the U.S. passing three key bills in 2025 to create a foundational regulatory structure [2][6]. - The report highlights the systemic risks, moral hazards of intermediaries, and regulatory gaps associated with asset tokenization, particularly questioning the stability of stablecoins [2][6]. Group 3: Historical Context and Financial Innovation - The report draws parallels between asset tokenization and past financial innovations, such as asset securitization, which aimed to create a complete market despite the absence of perfect market conditions [1][2][6]. - Historical financial innovations have often been accompanied by risks and crises, suggesting that significant advancements towards a complete market require robust regulatory measures and risk management strategies [2][6]. Group 4: Future Implications - The report posits that humanity is entering a new era of virtual and real-world integration, where asset tokenization will play a crucial role in shaping the new economic and social landscape [2][6]. - It emphasizes the need for countries to balance regulation and innovation to seize opportunities presented by asset tokenization in the context of Web3.0 [2][6].

Core Insights - The report by the National Institute of Financial Development (NIFD) focuses on the development logic, market status, risks, challenges, and future trends of asset tokenization in the Web 3.0 era, analyzing its transformative significance for the traditional financial system and providing references for industry participants and regulators [1]. Group 1: Development Logic and Market Status - The core logic of asset tokenization stems from the pursuit of a "complete market" as defined by Arrow-Debreu, utilizing blockchain technology to package and segment virtual crypto assets with real assets into programmable, composable, and atomic settlement tokens, thereby reducing transaction costs and approaching the ideal financial market [1]. - Compared to asset securitization, tokens possess three key characteristics: programmability, composability and divisibility, and 24/7 atomic settlement, which enhance resource time allocation efficiency and position them as the foundation of decentralized finance (DeFi), potentially replacing traditional banking and capital market systems in the future [1][2]. - As of Q1 2025, global Web3 wallet users are expected to reach 580 million, with a market value exceeding $4.3 trillion, indicating the large-scale application of asset tokenization across various sectors, including industrial internet [2]. Group 2: Types and Applications of Asset Tokenization - Asset tokenization is clearly categorized, with stablecoins (primarily fiat-collateralized, such as USDT) serving the value exchange function between virtual and real worlds, while non-stablecoins include cryptocurrencies (like Bitcoin), smart contract platform tokens (like RWA), and non-fungible tokens (NFTs) [2]. - The process of asset tokenization involves packaging assets, locking them in smart contracts, and cross-chain data integration, with Ethereum and Solana being the primary technical carriers [2]. Group 3: Risks and Regulatory Challenges - Asset tokenization faces three core risks: systemic risk due to the immutability of on-chain smart contracts and potential cross-chain failures; moral hazard from centralized power among on-chain verification nodes and oracle service providers; and regulatory gaps, particularly in cross-border coordination [3]. - The liquidity risk of stablecoins has been highlighted by events such as the collapse of TerraUSD in 2022 and the price fluctuations of USDC in 2023, exposing vulnerabilities in reserve asset liquidity and financing [3]. Group 4: Future Trends - Asset tokenization is expected to usher in a "new era of virtual-real integration," with the U.S. leveraging stablecoins to support government debt and create a unified tokenized capital market, thereby reinforcing the dominance of the U.S. dollar [3][7]. - The report emphasizes that while asset tokenization may trigger crises, it remains an inevitable direction for financial innovation, necessitating improved regulatory frameworks and enhanced international cooperation to support its role as a core pillar of the digital economy [3][8].

Group 1 - The core viewpoint of the news is that Guangyu Cloud Technology Co., Ltd. has successfully completed a multi-million yuan angel round financing, with a pre-investment valuation of 1 billion yuan, indicating strong market confidence in the company's future potential [1][3] - The financing will primarily be used for core technology development, high-end talent recruitment, commercialization expansion, and acceleration of industrialization [1] - Guangyu is positioned as a leading global innovative technology company, focusing on the research and development of controllable underlying technologies for the Web 3.0 era, particularly in distributed storage, distributed computing, and artificial intelligence [3] Group 2 - Prior to this financing, Guangyu had already secured over 10 billion yuan in intended orders, which underscores the recognition of its technological capabilities and product services [3] - The company aims to build a large-scale distributed computing and storage network that will serve as a world-class digital infrastructure, emphasizing safety, cost-effectiveness, trustworthiness, and efficiency compared to centralized systems [3] - Following the rapid development, Guangyu plans to initiate the next round of financing to further enhance its core competitiveness and promote the widespread application of Web 3.0 technology [4]

Group 1 - The core viewpoint emphasizes that the recent massive capital expenditure by OpenAI has ignited enthusiasm for AI-driven growth, significantly impacting companies like Oracle, which saw its remaining performance obligations (RPO) surge to $455 billion, leading to a 36% stock price increase [1] - The AI-driven growth is described as a "arms race," with various tech giants like Broadcom and Google positioned to benefit from this trend [1] - Tesla is highlighted as transforming from an electric vehicle company to an AI-driven innovation company, with significant developments in robotics and autonomous driving technology [1] Group 2 - The article discusses the perception of a bubble in the AI sector, suggesting that market enthusiasm, while potentially bubble-like, serves as a ticket to the unknown, allowing for trial and error among participants [2] - It is noted that the journey towards AI is not merely a continuation of existing economic structures but requires new designs and tools to meet emerging demands [3] - The need for a clear understanding of AI as a technological leap rather than a continuous function is emphasized, indicating that existing economic ecosystems must evolve based on fundamental principles [3] Group 3 - The article stresses the importance of creating an environment that fosters individual creativity and innovation, advocating for reduced market entry barriers and fair competition [4] - It highlights that AI competition transcends geographical boundaries, necessitating a reevaluation of regulatory frameworks to manage the complexities introduced by AI and Web 3.0 [4][5] - The core competitive focus in the AI arms race is on the clear definition and description of demand, which requires a supportive institutional framework for entrepreneurial freedom [5] Group 4 - The competition in the AI arms race is characterized as not just a battle for computational power and data but also a cognitive transformation that requires a respectful and responsive competitive order for entrepreneurs [6]