Core Viewpoint - Chuangsheng Group-B (06628) has seen a significant stock price increase of over 10%, currently trading at 4.82 HKD, following the announcement of a strategic cooperation agreement with Huajian Medical (01931) regarding the potential tokenization of innovative drug pipeline assets [1] Group 1: Strategic Cooperation - Chuangsheng Group has entered into a strategic cooperation agreement with Huajian Medical to explore the tokenization of its innovative drug pipeline assets [1] - The agreement involves integrating six core innovative drug pipeline assets (TST003, TST005, TST786, TST105, TST106, and TST013) into its U.S. entity [1] - The collaboration aims to utilize Huajian Medical's ETHK global innovative drug intellectual property RWA exchange for potential RWA tokenization [1] Group 2: Funding and Development - If the token issuance is successful, the proceeds will be used to accelerate the clinical and preclinical development of several innovative antibody projects targeting tumors [1] - The Chairman of Chuangsheng Group, Dr. Qian Xueming, emphasized the need for substantial funding in the long and high-risk process of drug development [1] - The partnership with Huajian Medical's on-chain RWA digital platform will provide a new funding channel by allowing the intellectual property of innovative drug pipelines to be packaged into a U.S. SPV for novel financing [1]

Group 1 - The cryptocurrency sector is experiencing significant declines, with notable drops in share prices for companies such as OKC Cloud Chain (down 5.13% to HKD 0.37), Guotai Junan International (down 4.51% to HKD 4.87), and OSL Group (down 4.45% to HKD 15.25) [1] - The China Securities Regulatory Commission (CSRC) has informally requested certain brokerages to suspend their real-world asset (RWA) tokenization activities in Hong Kong to enhance risk management and ensure that issuances are backed by real assets [1] - Hong Kong is actively working to establish itself as a digital asset hub, while China has prohibited cryptocurrency trading and mining since 2021 and recently instructed major brokerages to halt research on stablecoins [1]

Group 1 - A new asset paradigm is emerging globally, driven by the tokenization of Real World Assets (RWA) using blockchain technology, enabling continuous global liquidity and financing [1][17] - The ETHK Building, launched by Huajian Medical in Nanjing, is the world's first RWA technology base, marking a significant step in the large-scale implementation of RWA technology in China [3][8] - The ETHK Building spans approximately 70,000 square meters, with the main building covering 35,000 square meters, making it the largest and most comprehensive RWA research and innovation base globally [3][7] Group 2 - The establishment of the ETHK Building addresses the dual challenges of technical infrastructure and regulatory frameworks that have hindered the large-scale implementation of RWA [3][8] - The building is designed as a dual-purpose infrastructure, serving as both a center for R&D and a base for trusted technology development and output [3][7] - The facility is expected to gather over 5,000 technical experts and engineers, forming one of the strongest RWA research teams globally [7] Group 3 - Huajian Medical's "ETHK Global RWA Trading - Exchange within an Exchange" model aims to fill the service gap in China's RWA market, providing a comprehensive solution for asset selection, structural design, compliance issuance, and liquidity management [8][9] - This model is particularly valuable in the healthcare sector, facilitating innovative financing for drug development and global market expansion [9][10] Group 4 - Huajian Medical has entered a phase of scaling its "Exchange within an Exchange" model, signing strategic cooperation agreements with four key partners across various sectors, including pharmaceuticals and legal compliance [9][10] - The collaboration with Chuangsheng Group involves the tokenization of innovative drug pipeline assets, with a total valuation exceeding $1.5 billion, representing cutting-edge research in cancer treatment [10] Group 5 - The launch of the RWA Protocol White Paper addresses key challenges in the current financial system, focusing on creating a foundational protocol for the issuance and trading of real-world assets [10][15] - The RWA Protocol aims to enhance settlement efficiency, transparency, and compliance in capital markets, facilitating cross-border asset allocation [15] Group 6 - Huajian Medical's strategy aligns with national policies promoting the market-oriented operation and securitization of intellectual property, as highlighted in recent government initiatives [16] - The global RWA market is projected to reach $16.1 trillion by 2030, representing 10% of global GDP, indicating significant growth potential [16] Group 7 - The completion of the ETHK Building symbolizes a new financial paradigm and showcases China's innovative capabilities in integrating blockchain with the real economy [17] - As more assets are tokenized through RWA, a more open, efficient, and inclusive global asset allocation era is anticipated, with Huajian Medical leading the charge [17]

Core Insights - The strategic cooperation agreement between Huajian Medical and Transcenta Holding aims to explore the potential RWA tokenization of six core innovative drug pipeline assets valued at over $1.5 billion, representing cutting-edge research in the global oncology treatment field [1][2] - This collaboration marks a significant milestone in the integration of technology and finance, as it represents the first issuance of high-value innovative drug intellectual property assets in RWA form in the capital market [1][2] Summary by Sections Strategic Cooperation - Huajian Medical and its subsidiaries have entered into a strategic cooperation agreement with Transcenta Holding and its subsidiaries to explore RWA tokenization of innovative drug pipeline assets [1] - The six core assets involved are TST003, TST005, TST786, TST105, TST106, and TST013, which are integrated into Transcenta Oncology Inc. in the U.S. [1] RWA Tokenization Benefits - The RWA tokenization aims to lock in the research value of high-value pipelines, allowing issuers to efficiently activate top pipeline assets at various clinical stages without diluting equity [2] - It provides a new channel for global capital allocation, offering professional investors a transparent, compliant, and efficient opportunity to invest in cutting-edge innovative drug intellectual property assets [2] - The innovative financing model is expected to accelerate the development of advanced therapies, ultimately benefiting global patients and addressing urgent unmet medical needs [2] Future Growth and Collaboration - The collaboration is anticipated to generate significant synergies, injecting strong momentum into the sustainable business growth and financial performance of the group [2] - The group will work closely with Transcenta to ensure the successful implementation of the project to high standards [2]

Core Insights - The strategic cooperation agreement between Huajian Medical and Transcenta Holding aims to explore the potential tokenization of six innovative drug pipeline assets valued at over $1.5 billion, marking a significant milestone in the integration of technology and finance in the pharmaceutical sector [1][2] Group 1: Strategic Cooperation - Huajian Medical and its subsidiaries have entered into a strategic cooperation agreement with Transcenta Holding and its subsidiaries to collaborate on the potential RWA tokenization of innovative drug pipeline assets [1] - The six core innovative drug pipeline assets include TST003, TST005, TST786, TST105, TST106, and TST013, which are integrated into Transcenta Oncology Inc. (US) [1] Group 2: RWA Tokenization Benefits - The tokenization process aims to lock in the research value of high-value pipelines, allowing issuers to efficiently activate top pipeline assets at various clinical stages without diluting equity [2] - It provides a new channel for global capital allocation, offering professional investors a transparent and compliant opportunity to invest in cutting-edge innovative drug intellectual property assets [2] - The innovative financing model is expected to accelerate the development of advanced therapies, ultimately benefiting global patients and addressing urgent unmet medical needs [2] Group 3: Future Growth and Collaboration - The collaboration is anticipated to generate significant synergies, injecting strong momentum into the sustainable business growth and financial performance of the group [2] - The group will work closely with Transcenta to ensure the successful implementation of the project to high standards [2]

Core Viewpoint - The strategic cooperation agreement between Huajian Medical and Chuangsheng Group-B marks a significant milestone in the integration of technology and finance, focusing on the tokenization of innovative drug pipeline assets valued at over $1.5 billion [1] Group 1: Strategic Cooperation - Huajian Medical and its subsidiaries ETHK Inc and ETHK HOLDINGS LIMITED have entered into a strategic cooperation agreement with Chuangsheng Group-B and its subsidiary Transcenta Oncology Inc. [1] - The agreement involves the integration of six core innovative drug pipeline assets into Transcenta Oncology Inc. [1] Group 2: Asset Valuation and Technology Solutions - The total valuation of the integrated assets exceeds $1.5 billion, representing cutting-edge research directions and high technical barriers in the global oncology treatment field [1] - The group will provide a comprehensive technical solution covering digital initiation, trusted on-chain processes, compliant issuance, and liquidity connection for these pipeline assets [1] Group 3: Market Impact - This cooperation signifies the official launch of high-value innovative drug intellectual property assets in the capital market in the form of RWA, highlighting a milestone event in the deep integration of technology and finance [1]

Group 1 - Ant Group's CEO, Han Xinyi, stated that the company will not issue virtual currencies or engage in any form of speculation, emphasizing that compliance is the lifeline of innovation [2] - The Shanghai High People's Court successfully disposed of over 90,000 FIL coins, marking a significant step in the legal handling of virtual currencies in criminal cases [4] - Zhao Changpeng and Binance have donated over $40 million to charity, benefiting approximately 3.8 million people since 2018, showcasing the use of blockchain for transparency in philanthropy [5] Group 2 - Hong Kong's Chief Executive, John Lee, announced the implementation of a stablecoin issuer system, with the Hong Kong Monetary Authority promoting tokenized deposits and asset transactions [7] - Yunfeng Financial announced the issuance of its first Real-World Asset (RWA) project, marking a breakthrough in the integration of traditional finance and blockchain technology [9] - Winner Fashion and Derlin Holdings have reached a strategic cooperation agreement regarding RWA tokenization plans, indicating a growing trend in the fashion industry towards blockchain integration [6]

Group 1 - Kaisa Capital's stock price surged over 300% on September 18, reaching HKD 0.61 per share, with an increase of 227.96% [1] - The company announced a strategic transformation on September 17, focusing on digital financial innovation in the Web3.0 space, leveraging shareholder resources and regional advantages [1] - Kaisa Capital has partnered with a licensed virtual asset trading platform to promote the tokenization of Real-World Assets (RWA) under Hong Kong's regulatory framework, aiming for integration between decentralized finance (DeFi) and traditional finance (TradFi) [1] Group 2 - Kaisa Capital primarily engages in the sale and rental of construction machinery and parts, as well as property development [2] - The company was acquired by Kaisa Group in 2021 and was previously known as Pengcheng Asia Limited, which was listed on the Hong Kong Stock Exchange in 2010 [2] - Kaisa Capital's direct parent company is Shengjun Group Limited, with Kaisa Group Holdings Limited as the ultimate parent [2]

Group 1 - In August, China's retail sales growth slowed to 3.4% year-on-year, with total retail sales reaching 39,668 billion yuan [2] - Excluding automobiles, retail sales increased by 3.7% year-on-year, indicating a gradual recovery in consumer spending, although the pace is slowing [2] - The service sector showed slight improvement, with the Ministry of Commerce planning to introduce policies to boost service consumption in September [2][3] Group 2 - The China Automotive Industry Association released guidelines for supplier payment practices, aiming to standardize payment terms and reduce financial pressure on suppliers [4] - Major automakers, including SAIC and BYD, have committed to shortening payment terms to 60 days, which may impact their cash flow management [4][5] - The domestic passenger car sales growth is slowing, and the cessation of price competition may challenge the competitiveness of many unprofitable new energy vehicle companies [5] Group 3 - In August, housing prices in major cities continued to decline, but the rate of decline is narrowing, indicating a potential stabilization in the real estate market [6][7] - Real estate investment remains weak, and the industry faces significant challenges, necessitating timely policy support to stabilize the market [7] Group 4 - The "2025 China Top 500 Enterprises" list was released, showing total revenue of 110.15 trillion yuan, with a net profit of 4.71 trillion yuan, reflecting growth in both metrics [8][9] - The list indicates a stable structure in large enterprises, with state-owned enterprises dominating the top positions, while private enterprises like JD.com are gaining ground in the digital economy [8][9] Group 5 - Recent trends show a rise in the issuance of large-denomination certificates of deposit (CDs) by banks, with interest rates approaching 2%, indicating a strategy to attract deposits amid low net interest margins [14][15] - The issuance of these CDs is not necessarily a signal of an interest rate hike but rather a response to the need for banks to bolster their deposit base [14][15] Group 6 - The stock market showed mixed performance, with the Shanghai Composite Index declining by 0.26% while the ChiNext Index rose by 1.52%, reflecting a volatile market environment [16][17] - Market sentiment is affected by uncertainties in U.S.-China trade negotiations, suggesting a need for new narratives to boost investor confidence [17]

Company Overview and Core Business - Figure Technologies, established in 2018, claims to be the largest non-bank home equity line of credit provider in the U.S. [1] - The company has developed a complete ecosystem for lending, trading, and asset tokenization based on its proprietary Provenance blockchain platform [1]. - The merger of Figure Technology Solutions and Figure Markets in July 2025 aims to transform global capital markets through blockchain technology, solidifying its leadership in the RWA tokenization space [1]. IPO Performance and Market Reaction - Figure Technologies successfully went public on NASDAQ on September 12, 2025, as the "first RWA stock," raising $788 million at an IPO price of $25 per share, which was above the revised range of $20-$22 [2][4]. - The stock opened with a 36% increase on its first day, reflecting strong investor interest in blockchain financial services and the RWA tokenization concept [2][5]. Competitive Advantages - The Provenance blockchain offers real-time settlement, immutable asset records, and a composable smart contract infrastructure [3]. - Figure has established a significant first-mover advantage in the emerging RWA tokenization sector [3]. - The use of blockchain technology has greatly enhanced the operational efficiency of traditional financial services [3]. Market Size and Development Prospects - Figure has a comprehensive revenue opportunity of $130 billion in the asset-backed lending and cross-asset tokenization sectors, representing just a fraction of the RWA tokenization market potential [7]. - The global market for tokenizable real-world assets could reach several tens of trillions of dollars, encompassing various asset classes such as real estate, bonds, equities, and commodities [8]. Industry Drivers - The regulatory environment is improving, with major financial regulators shifting from a wait-and-see approach to actively guiding digital assets, providing a compliance framework for RWA tokenization [6]. - There is a surge in demand from institutional investors for digital asset allocation, as RWA tokenization allows them to maintain familiarity with assets while benefiting from blockchain efficiencies [6]. - Advancements in blockchain technology, particularly in scalability, security, and interoperability, are laying a solid foundation for large-scale RWA applications [6]. - The tightening global liquidity environment is increasing the demand for asset digitization to enhance the liquidity of traditionally illiquid assets [6]. RWA Tokenization Significance - RWA tokenization is fundamentally changing the operation of traditional finance by reducing intermediaries, enabling 24/7 trading, allowing micro-investments, and facilitating global asset allocation [8][9]. - The democratization of investment through tokenization lowers barriers, allowing a broader range of investors to participate in high-value asset investments [9]. Unique Investment Value of Figure - As the first publicly listed RWA concept stock, Figure enjoys a scarcity premium and a leading conceptual advantage [11]. - The company is positioned for long-term growth in a rapidly expanding sector [11]. - Figure's proprietary blockchain platform and technological expertise create competitive barriers [11]. - With a 75% market share, Figure's first-mover advantage provides a solid foundation for future growth [11]. Conclusion - The successful IPO of Figure Technologies marks a significant milestone not only for the company but also for the RWA tokenization industry, demonstrating the commercial viability and growth potential of real-world asset tokenization [12]. - The RWA tokenization sector is poised for explosive growth over the next decade, with Figure leading the way and providing valuable insights and templates for future enterprises [13].