Core Viewpoint - The company, Huajian Medical, is undergoing a strategic transformation by establishing two joint ventures with ETHK Group to deepen its global blockchain financial ecosystem, focusing on asset tokenization, including "on-chain stocks" [1][8]. Group 1: Company Developments - On September 14, Huajian Medical announced the establishment of ETHK Inc. and ETHK HOLDINGS LIMITED to enhance its blockchain financial strategy [1]. - The company plans to change its English name to "ETHK Labs Inc." and its Chinese name to "华检数字产业集团有限公司" to reflect its ambition in digital industry innovation [1]. - Following the announcements, Huajian Medical's stock price surged approximately 8%, closing at HKD 10.71, a significant increase from HKD 2.22 on July 2 [2]. Group 2: Industry Trends - Asset tokenization is emerging as a major trend in global financial markets, exemplified by Galaxy Digital's recent partnership to allow shareholders to tokenize and hold GLXY stocks on-chain [5]. - The advantages of on-chain stocks include 24/7 trading, near-instant settlement, reduced transaction costs, and global accessibility, driving a revolution in traditional financial assets [5][13]. - A joint prediction by BCG and ADDX estimates that the global Real World Asset (RWA) market will reach USD 16.1 trillion by 2030, accounting for 10% of global GDP [6]. Group 3: Strategic Value - Huajian Medical's strategic upgrade aims to create a comprehensive "ETHK" blockchain financial ecosystem, focusing on five core pillars: technical infrastructure, financial product matrix, sustainable models, global compliance framework, and seamless user access [8][11]. - The company's vision aligns with national policies promoting financial technology innovation and digital economy development, providing new channels for global financing and circulation of quality Chinese assets [12]. - The on-chain stock tokenization model could revolutionize financing for capital-intensive industries, breaking traditional geographical and temporal limitations for global investors [12].

作者丨娄世艳 王应贵 编辑丨和佳 李艳霞 最近几个月，真实世界资产代币化一路高歌猛进，用了极短的时间取得了较长时间内难以获得的成就。 据行业网站rwa.xyz统计数据，截至今年9月12日，真实世界资产代币达292.7亿美元（约合人民币2082亿 元），资产持有者389136人，资产发行商211家，其中不乏著名的资产管理机构，如贝莱德、富达资产 等。 从资产细分类别看，代币化资产包括私人信贷（167.2亿美元）、美国国债（74.2亿美元）、大宗商品 （20.1亿美元）、机构另类基金（包括私募股权、私募基金、房地产、自然资源、私人债券、基础设施 等,18.2亿美元）、股票（5.7亿美元）、非美国债（3.6亿美元）、公司债券（2.6亿美元）、积极管理型 基金（0.9亿美元）。 资产代币化合法化与大型投资机构的一贯努力分不开，就如其他加密资产进入投资主流一样。其实，资 产代币化进程并没有真正停止，大型基金公司在着力解决以上三大突出问题，即市场处于基础设施重建 阶段。大型投资机构一直在向美国国会施压，希望通过相关法律澄清资产代币化的合法地位。贝莱德于 2024年3月创设和发行了美国国债代币，以此向政界和投资界展示资产代 ...

作者丨娄世艳 王应贵 编辑丨和佳 李艳霞 最近几个月，真实世界资产代币化一路高歌猛进，用了极短的时间取得了较长时间内难以获 得的成就。据行业网站rwa.xyz统计数据，截至今年9月12日， 真实世界资产代币达292.7亿美 元（ 约合人民币2082亿元 ），资产持有者389136人，资产发行商211家 ，其中不乏著名的资 产管理机构，如贝莱德、富达资产等 。 从资产细分类别看，代币化资产包括私人信贷（167.2亿美元）、美国国债（74.2亿美 元）、大宗商品（20.1亿美元）、机构另类基金（包括私募股权、私募基金、房地产、自 然资源、私人债券、基础设施等,18.2亿美元）、股票（5.7亿美元）、非美国债（3.6亿美 元）、公司债券（2.6亿美元）、积极管理型基金（0.9亿美元）。 回顾真实世界资产代币化发展之路，业界无不感叹今天的成就来之不易。在美国相关立法落 地前，资产代币化可谓理想很丰满，现实很骨感。数百个涉及房地产、股票和大宗商品上链 的项目本以为能够永远改变金融世界，最终却以失败收场。至2021年，90%以上的项目无法 达到基本成交量。 发展缓慢，资产代币化却一朝薄发 资产代币化发展过程虽多有曲折，但 ...

华检医疗(01931)9月14日发布两则重磅公告：一是宣布与合作方ETHK Group达成协议，共同投资成立 两家新公司ETHK Inc及ETHK HOLDINGS LIMITED；二是建议将公司英文名称由"IVD Medical Holding Limited"更改为"ETHK Labs Inc."，中文双重外文名称由"华检医疗控股有限公司"更改为"华检数字产业 集团有限公司"。 华检医疗打造的ETHK生态志在成为中国资产链上出海的高速公路，为全球资本提供一站式投资优质资 产的平台。根据公告披露的信息，ETHK生态体系构建战略包含五大支柱： 坚实的技术基础设施：兼容并深度优化以太坊等主流公链生态，同时推进自主研发的高性能区块链底层 开发与部署。 丰富的金融产品与资产矩阵：全面布局货币市场基础资产、现实世界资产代币化(RWA)，重点推动包 括"链上股票"在内的股权资产代币化。 华检医疗9月14日，设立合资公司公告 这标志着华检医疗的业务重心正式转向数字产业技术基础设施的深度研发与全球输出，从一家医疗企业 转型为链上金融生态的构建者。华检医疗的"弃医从链"战略即刻引发市场激烈辩论：这是颠覆式创新的 开始，还是资 ...

Core Viewpoint - The announcement by Huajian Medical on September 14 signifies a strategic shift towards integrating the pharmaceutical industry with blockchain finance, indicating a new attempt for Chinese quality assets to go global [1][5]. Group 1: Company Strategy - Huajian Medical is transitioning to focus on digital industries and blockchain finance to create new growth avenues and enhance long-term shareholder value [6]. - The rebranding to "ETHK Labs Inc." reflects the company's new positioning as a key technology and infrastructure provider within the ETHK blockchain financial ecosystem [6][11]. - The establishment of ETHK INC and ETHK HOLDINGS LIMITED aims to develop a decentralized financial platform and serve as an investment and acquisition hub for digital industries [7][11]. Group 2: Global Asset Tokenization - Huajian Medical's strategy includes exploring the tokenization of global assets, particularly focusing on the tokenization of equity assets, which allows for efficient and compliant global financing and value discovery [9]. - The initiative aims to convert research outcomes and intellectual property into tradable digital assets, broadening financing channels for companies [9]. Group 3: Compliance and Security - The joint venture emphasizes compliance and security, seeking relevant financial and payment licenses globally, and establishing a comprehensive compliance framework [10]. - The framework includes KYC, AML, and CFT procedures, along with risk management tools to ensure the secure circulation of innovative assets on the blockchain [10]. Group 4: Strategic Significance - The collaboration with ETHK Group represents a significant upgrade in Huajian Medical's strategy, aligning with the global trend of financial asset digitization and blockchain integration [11]. - This strategic layout provides a broader platform for quality assets and diverse investment opportunities while ensuring safety through a strict compliance framework [11]. Group 5: Future Considerations - The development of the blockchain financial ecosystem is still in its early stages, facing challenges in technology, regulation, and market perception [13]. - Key questions include how to overcome technical barriers, establish a unified regulatory framework, and enhance market participants' understanding of blockchain finance [13].

Core Viewpoint - Huajian Medical is undergoing a strategic transformation from a medical enterprise to a builder of a blockchain-based financial ecosystem, marking a significant shift in its business focus towards digital industry technology infrastructure [4][5]. Group 1: Strategic Transformation - The company has announced a partnership with ETHK Group to establish two new companies, ETHK Inc and ETHK HOLDINGS LIMITED, focusing on decentralized financial platforms and digital industry investments [1][4]. - The rebranding reflects this shift, changing its English name from "IVD Medical Holding Limited" to "ETHK Labs Inc." and its Chinese name to "华检数字产业集团有限公司" [1][4]. - The new strategy aims to create a safe, efficient, compliant, and open decentralized financial platform under the "ETHK" brand [4]. Group 2: Global Asset Empowerment - The ETHK ecosystem is designed to facilitate the globalization of Chinese assets, providing a one-stop investment platform for global capital [6]. - The strategic framework includes five pillars: robust technical infrastructure, diverse financial products, sustainable business models, global compliance frameworks, and seamless user experiences [6]. - This approach addresses key pain points in the globalization of Chinese assets, such as limited financing channels and low cross-border flow efficiency [6]. Group 3: Financial Infrastructure for National Benefit - The strategic upgrade aligns with national policies promoting the marketization of intellectual property and innovation in technology finance [7]. - The ETHK strategy is positioned to enhance the international pricing power of Chinese assets and support the internationalization of the Renminbi [9]. - Market data indicates a significant growth potential in the tokenized asset market, with predictions of a global market size reaching $16.1 trillion by 2030 [7]. Group 4: Value Creation Paradigm - The new positioning reflects a thoughtful strategic choice, aiming to create value for various stakeholders, including the nation, industry, society, and investors [9]. - The ETHK ecosystem lowers the barriers for asset digitization, providing new financing avenues for high-tech enterprises and promoting inclusive finance [9]. - The company's stock performance has shown strong investor support, with shares rising from HKD 2 to HKD 10.44 since July, indicating confidence in the strategic direction [8].

Core Viewpoint - The announcement by Huajian Medical Holdings Limited regarding its partnership with ETHK Group marks a significant step towards creating a new financial ecosystem on the blockchain, aiming to facilitate the global flow and reconstruction of value, particularly in the Chinese healthcare sector [1][3]. Group 1: Company Overview - Huajian Medical is transitioning from a focus on in vitro diagnostics (IVD) to a broader role in the financial ecosystem by exploring the integration of assets and finance [7]. - The company is rebranding itself to reflect its new strategic direction, changing its name to Huajian Digital Industry Group Limited [1]. Group 2: Strategic Initiatives - The establishment of ETHK INC and ETHK HOLDINGS LIMITED is not merely a capital partnership but aims to build a decentralized and open financial platform [4]. - The ETHK ecosystem is built on five key pillars: technological infrastructure, financial products and asset matrix, sustainable business models, global compliance frameworks, and seamless user experience [5][6]. Group 3: Market Positioning - The collaboration is seen as a strategic extension that addresses the challenges of capital acceptance and value realization for innovative assets [7]. - The tokenization of assets is expected to enhance liquidity and provide a global platform for investment, breaking down geographical and institutional barriers [8][9]. Group 4: Industry Implications - The initiative is positioned as part of a broader trend towards the tokenization of real-world assets (RWA), which is gaining traction among major financial institutions [11]. - The ETHK ecosystem aims to serve as a public infrastructure for the global economy, emphasizing the importance of technology in rebuilding trust and facilitating cooperation [11]. Group 5: Future Outlook - The partnership represents a bold attempt to redefine the narrative of Chinese assets in the global capital landscape, with the potential to reshape financial order [14][15]. - The success of this venture could lead to significant changes in how value is discovered and exchanged on a global scale, particularly for Chinese innovative assets [13][15].

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].

报告由国家金融与发展实验室（NIFD）发布，聚焦Web3.0时代资产代币化的发展逻辑、市场现状、风险挑战及未来趋势，剖析其对传统金融体系的变革意 义，为行业参与者与监管层提供参考。 资产代币化的核心逻辑源于对"阿罗-德布鲁完备市场"的追求，即通过区块链技术将虚拟加密资产与现实资产打包分割为可编程、可组合、可原子结算的代 币，降低交易成本，无限逼近"覆盖所有未来状态"的理想金融市场。与资产证券化相比，代币的三大特性（可编程性、可组合与可分割性、7X24小时原子 结算）使其在资源时间配置效率上更具优势，成为去中心化金融（DeFi）的基础，未来或全面替代传统银行与资本市场体系。 市场发展层面，Web3.0技术为资产代币化提供支撑。Web3.0以区块链为核心，实现用户对数据的所有权控制，推动虚实世界融合，分数字孪生、数字原 生、元宇宙三阶段演进。截至2025年一季度，全球Web3钱包用户达5.8亿，市值突破4.3万亿美元，工业互联网等领域已开启规模化应用。资产代币化分类清 晰，稳定币（法币抵押型为主，如USDT）承担虚实世界价值交换功能，2025年美国《天才法案》明确其100%储备要求；非稳定币涵盖加密货币（如比特 ...

来源：世界经济论坛 资产代币化有望让金融市场向所有人敞开大门。 图片来源：Getty Images/iStockphoto Sandra Waliczek 世界经济论坛区块链与数字资产负责人 美国《天才法案》（GENIUS Act）出台后，美国货币监管的最新进展使数字资产成为头条话题。这项监管主要聚焦于数字货币，但数字资产的下一阶段 将聚焦于资产代币化。 在日益数字化的世界里，金融市场正经历一场悄然的变革——这场变革承诺让投资变得更便捷、更低廉、更透明。 推动这一切的正是资产代币化。这一 概念利用区块链技术将股票、债券和房地产等现实世界资产的所有权数字化和分散化。 虽然数字资产的概念可能会让人联想到波动的加密货币，但资产代币化却截然不同，它对全球金融的变革意义甚至可能更为深远。 需要强调的是，资产代币化并非数字支付。从本质上讲，代币化有可能通过开放以前无法获得的资产所有权，增加进入金融市场的渠道，尤其惠及零售投 资者和那些在新兴经济体中难以触及传统金融机构的人群。 世界经济论坛最近发布了《金融市场中的资产代币化：未来的价值交换》报告，对这一主题进行了深入探讨。 什么是资产代币化？ 资产代币化相比传统金融，带来 ...