Core Viewpoint - The emergence of "RWA tokenization" in real estate financial products raises concerns about regulatory evasion and high-return promises, which should be approached with caution [1][13][15]. Group 1: RWA Tokenization Concept - "RWA tokenization" refers to the process of converting real-world assets into digital tokens on the blockchain, aimed at enhancing liquidity for traditionally illiquid assets like real estate [13][14]. - The market for RWA is projected to grow significantly, with estimates suggesting it could reach $16 trillion by 2030 and $30 trillion by 2034 [14]. Group 2: Investment Opportunities and Risks - Promotional claims suggest that investing in RWA tokenized real estate could yield substantial returns, such as a 10x return on a $3,000 investment [2][3]. - However, experts warn that such high-return promises are often indicative of potential scams or illegal fundraising activities, especially in regions where RWA is not officially sanctioned [15][16]. Group 3: Regulatory Landscape - In mainland China, the regulatory environment remains cautious, with past announcements prohibiting unauthorized token issuance and fundraising activities [14][15]. - In contrast, Hong Kong has begun to explore RWA tokenization within a regulatory framework, indicating a more open approach to digital asset development [18][19]. Group 4: Global Trends and Case Studies - Internationally, there have been successful examples of RWA tokenization, such as in Dubai, where a real estate tokenization project sold out in under two minutes, attracting global investors [17]. - Japan is also advancing in this area, with financial institutions converting real estate into blockchain tokens under a legal framework that ensures the validity of ownership transfers [18].

Core Viewpoint - Derin Holdings (01709) and Winner Fashion (03709) have entered into a strategic cooperation and investment agreement, focusing on a tokenization plan for RWA [1] Group 1: Strategic Cooperation and Investment Agreement - The agreement was signed on September 12, 2025, with Derin Holdings conditionally agreeing to subscribe for shares at the subscription price upon completion [1] - Winner Fashion conditionally agrees to issue and allot subscription shares at the subscription price [1] - The subscription shares represent approximately 0.65% of Winner's existing issued share capital as of the date of the announcement [1] Group 2: Financial Details - The total amount raised from the subscription will be HKD 29.9 million, with the estimated net proceeds being HKD 29.6 million after deducting applicable costs and expenses [1] - Winner intends to use the net proceeds for general working capital [1] Group 3: Tokenization Framework - The strategic cooperation includes a framework for the tokenization of distributable profits intended for Winner's shareholders, calculated based on 10% of the audited revenue of Winner's main brand, NEXY.CO, for the fiscal year ending December 31, 2025 [1] - Final agreements will be negotiated, with further announcements to be made as necessary [1]

Core Insights - Derlin Holdings (01709.HK) announced a strategic cooperation and investment agreement with Winner, which includes conditional agreements for share subscription and issuance [1] - The total amount raised from the subscription will be HKD 29.9 million, with a net amount of approximately HKD 29.6 million after costs [1] - The net proceeds will be used for general working capital, and a framework for tokenization of distributable profits has been established [1] Group 1 - The strategic cooperation involves Derlin Holdings agreeing to subscribe for shares equivalent to approximately 0.65% of Winner's existing issued share capital [1] - The subscription proceeds will be based on 10% of the audited revenue of Winner's main brand, NEXY.CO, for the fiscal year ending December 31, 2025 [1] - Further agreements will be negotiated, with additional announcements to be made as necessary [1]

Core Viewpoint - The 2025 Bund Conference, a significant fintech event, will take place from September 10 to 13 in Shanghai, focusing on global dialogue in technology, finance, and industry, with digital assets as a key topic [1] Group 1: Company Developments - Jinko Power Technology Co., Ltd. (referred to as "Jinko Technology") has received an invitation to participate in the 2025 Bund Conference [1] - The company is actively exploring how the photovoltaic industry can break traditional financing boundaries, seeking to enhance asset issuance efficiency and adaptability through smart contract technology [1] - Jinko Technology has been implementing a "light and heavy asset combination" operational strategy, focusing on product strength in power stations and a high turnover model [1] Group 2: Industry Trends - Photovoltaic power generation is highlighted as a clean and sustainable energy utilization method, showing broad prospects against the backdrop of global climate change and energy transition [1] - The company is paying attention to the development space and potential opportunities in the integration of energy storage and new financial models [1] - A recent internal training session on "RWA Tokenization: Key Principles, Global Trends, and Hong Kong Practices" was held to focus on forward-looking trends and investment opportunities in RWA [1]

Group 1 - The 2025 Inclusion Bund Conference will take place from September 10 to 13 in Shanghai, focusing on high-level dialogues in technology, finance, and industry, with digital assets as a key topic [1] - Jinko Technology (601778) has received an invitation to participate in the conference, indicating its active engagement in the fintech sector [1] - The company is exploring innovative financing methods for the photovoltaic industry, aiming to enhance asset issuance efficiency through smart contract technology [1] Group 2 - Jinko Technology has been implementing a "light and heavy asset combination" operational strategy, focusing on product strength and high turnover models in its operations [1] - The company is also paying attention to the development of integrated energy storage, direct green electricity connections, and new financial models for future growth opportunities [1] - A recent internal training session on "RWA Tokenization: Key Principles, Global Trends, and Hong Kong Practices" was held to discuss forward-looking trends and investment opportunities in the sector [1]

Core Insights - Gate has launched the Ondo spot trading area, offering 26 tokenized asset trading pairs, including SPYON/USDT, QQQON/USDT, and TSLAON/USDT, which are linked to major U.S. financial instruments [1] - Ondo Finance aims to create a 24/7 global financial market by tokenizing U.S. stocks and ETFs, allowing investors to trade anytime and anywhere, similar to cryptocurrency trading [1] - Ondo is a leader in the RWA tokenization space, holding nearly 40% of the global market share in tokenized securities, and is transforming how global investors access U.S. markets [3] Company Overview - Ondo was founded by former Goldman Sachs investment banking team members, combining expertise in traditional finance regulations and blockchain innovation [3] - Key products include short-term U.S. Treasury fund OUSG, money market fund OMMF, and tokenized notes USDY, providing low-risk, stable return options for crypto users [3] - Ondo's innovative mechanism design includes strict KYC and compliance checks for primary market issuance, while allowing secondary market tokens to circulate freely outside the U.S. [3] Technological Developments - Ondo is expanding its technological footprint beyond Ethereum to include Solana, BNB Chain, and plans for its own Ondo Chain, aiming for lower costs and cross-chain interoperability [4] - RWA tokens are being developed as collateral and liquidity modules for DeFi protocols, positioning them as foundational assets for next-generation DeFi applications [4] Market Trends - The collaboration between Gate and Ondo signifies a trend where RWA tokenization serves as a bridge between traditional finance and crypto finance, reshaping market structures [4][5] - Future developments in regulation, technology, and user habits will determine whether RWA can achieve mainstream adoption, with the potential for more institutions to join the movement [5]

Core Viewpoint - Yunfeng Financial's stock price increased by over 5% during trading, with a current price of HKD 3.71 and a trading volume of HKD 68.9 million. The company announced its board's approval to purchase ETH as a reserve asset, totaling 10,000 ETH with an investment of USD 44 million, sourced entirely from internal cash reserves. The board believes that incorporating ETH into the company's strategic reserve aligns with its focus on Web3 and will support tokenization activities of real-world assets [1]. Group 1 - Yunfeng Financial's stock price rose by 3.92% to HKD 3.71, with a trading volume of HKD 68.9 million [1] - The board approved the purchase of ETH as a reserve asset, totaling 10,000 ETH [1] - The total investment for the ETH purchase was USD 44 million, funded from internal cash reserves [1] Group 2 - The company plans to continue increasing its investment in digital assets [1] - The board believes that ETH will provide critical infrastructure support for tokenization activities of real-world assets [1] - The strategic move aligns with the company's focus on Web3 and other cutting-edge fields [1]

Group 1 - Stablecoins are evolving from crypto trading tools to a new infrastructure for cross-border payments, significantly reducing remittance times from two weeks to 5-10 minutes at a cost of less than 1% in emerging markets like Latin America and Africa [2] - The total market size of stablecoins has surpassed $250 billion, with annual transactions reaching $36.3 trillion, exceeding the combined total of Visa and Mastercard [4] - The USDT and USDC together account for over 80% of the circulation, while Ethereum, Solana, and Tron compete on settlement speed and costs [2][4] Group 2 - Regulatory frameworks are evolving, with the US GENIUS Act, EU MiCA, and Hong Kong's Stablecoin Regulation pushing the market towards compliance, requiring 100% reserves and T+0 redemption [4][8] - Despite a ban in mainland China, an underground USDT market thrives, driven by rigid demand for crypto entry and exit, low-cost settlement for small foreign trade, and asset outflow channels for high-net-worth individuals [6] - Traditional banks like Standard Chartered, HSBC, and JPMorgan are entering the stablecoin space through tokenization of deposits in Hong Kong, indicating a shift towards mainstream adoption [4][8] Group 3 - The total addressable market for stablecoins in non-G20 countries is estimated at $16.5 trillion, with B2B scenarios alone accounting for $13 trillion [2] - The compliance wave is pushing the market towards a new phase characterized by transparency in reserves and licensing, contrasting with the gray market dynamics in mainland China [9] - The future landscape of stablecoins is expected to feature a coexistence of compliant USD stablecoins, the underground USDT demand, and sovereign digital currencies [9]

Core Viewpoint - Cloud Financial, a Hong Kong-listed company, has announced the purchase of 10,000 Ethereum as a strategic reserve asset, marking a significant move into the Web3 space, especially given the involvement of notable shareholder Jack Ma [1][9][13]. Company Overview - Cloud Financial Group is an innovative fintech group listed on the Hong Kong main board, with licenses for securities brokerage, asset management, insurance, and fintech services [2]. - The company was previously known as Rui Dong Group and was acquired by Jade Passion Ltd, controlled by Cloud Fund, in 2015 [2]. Shareholder Structure - Cloud Fund, founded in 2010, is backed by prominent figures including Jack Ma and Yu Feng, indicating strong financial resources and connections [3]. - Yu Feng is the largest shareholder of Cloud Financial, controlling 47.25% of the shares, while Jack Ma indirectly holds approximately 11.15% of Cloud Financial through Cloud Fund [4][5]. Market Reaction - The announcement of the Ethereum purchase led to a significant market reaction, with Cloud Financial's stock rising over 10% the day after the announcement [9]. - This move is seen as part of a broader strategy to integrate digital assets into the company's operations and explore blockchain technology applications in core business areas [7][12]. Strategic Initiatives - Cloud Financial has been actively pursuing a strategy in Web3, including plans to acquire other cryptocurrencies like BTC and SOL, and to explore tokenization of real-world assets (RWA) [7][10]. - The company has also partnered with Ant Group to invest in the Layer1 blockchain Pharos, which focuses on RWA [12]. Industry Context - The involvement of Jack Ma and Cloud Financial in the cryptocurrency space is viewed as a significant indicator of institutional interest in Ethereum and Web3 technologies [13][15]. - Despite the positive market sentiment, there are concerns about the sustainability of RWA projects, as many lack real-world applications and may be speculative in nature [16].

Group 1 - Delin Holdings (01709) shares rose over 3%, currently up 3.25% at HKD 2.86, with a trading volume of HKD 144 million [1] - Delin Holdings announced the acquisition of equity in Asseto Holding Limited, with a post-transaction valuation of USD 40 million and ownership of 77,352 Class A common shares [1] - The company also invested USD 1 million in Pangu Software Pte Ltd to jointly develop a digital asset platform for tokenizing real-world assets (RWA) [1] Group 2 - Pangu operates a decentralized Web3 gaming platform, creating NFTs that represent in-game items, virtual land, equipment, and tokens [2] - The on-chain assets have liquidity, assetization potential, and cross-platform value transfer capabilities, aligning with the company's strategy to expand virtual asset management, trading, and tokenization [2] - Pangu's experience in developing and managing digital assets, designing economic incentive mechanisms, and attracting users will aid the company's growth in virtual assets and DeFi business [2]