（央链直播报道）2025 年 7 月 30 日时，全球 RWA 数据产业大会在香港数码港会议大厅启幕。参会嘉宾陆续签到入场，为这场聚焦 RWA 数据产业生态的 行业盛会预热。 中国移动通信联合会创始人兼执行会长、中国移动通信联合会人工智能与元宇宙产业委共同主席、中国移动通信联合会数智文教分会共同会长、全球元宇宙 大会发起人兼主席、香港RWA全球产业联盟名誉主席 倪健中 霍英东基金永远董事、RWA研究院名誉主席 霍振宇 香港专业及资深行政人员协会创会会长、全国政协经济委员会副主任 容永祺 香港原立法会议员、联交所 副主席、黄金交易所永远名誉会长、香港 东盟经济 合作基金会 副会长 冯志坚 香港城市大学 副监督、十三届 全国政协委员、原特区政府 行政会议 成员、摩根怡富 中国主席 钟瑞明 长远控股 董事局主席、MINAX创始人、执行主席 刘小鹰 MINAX交易所CEO 邓迪 富通资本 投资管理 有限公司 董事长、全国人大代表、港岛 各界联合会 会长 蔡毅 中国计算机学会 区块链专委会 荣誉主任、科技部"十四五" 区块链 重点专项专家组 组长 斯雪明 中国通信工业协会区块链专业委员会、中国移动通信联合会人工智能与元 ...

Core Viewpoint - 瑞和数智 is transforming from a traditional IT service provider to a digital asset trading infrastructure builder, leveraging the Hong Kong regulatory environment and its 20 years of financial IT experience to capitalize on the digital asset market [1][6][15] Group 1: Company Background and Strategy - 瑞和数智 has over 20 years of experience in financial technology and is strategically investing 80 million HKD to enter the Web 3.0 and cryptocurrency sectors [2][6] - The company aims to upgrade traditional financial services through "on-chain" technology, transitioning from an IT supplier to a digital financial ecosystem builder [2][3] - 瑞和数智 has a strong competitive edge, being a national-level specialized small giant enterprise with numerous software copyrights and patents, and has been recognized as the top provider in the Chinese banking IT solutions market [2][3] Group 2: Technological and Human Resources - The company boasts a highly skilled core team, with 89% of its workforce being technical talent, many of whom have over 20 years of experience in big data and AI solutions [3] - 瑞和数智's deep industry understanding and established client relationships differentiate it from purely conceptual Web 3.0 companies [3] Group 3: Financial Position and Investments - 瑞和数智 completed a placement of 130 million shares at 0.301 HKD per share, raising 38.6 million HKD to optimize its capital structure [3] - The company has also made a strategic investment in Tokyo Central Auction, acquiring 15 million shares at 0.44 HKD each, with the current market price at 6.8 HKD, yielding a holding gain of nearly 90 million HKD [3] Group 4: Market Context and Regulatory Environment - The implementation of the Hong Kong Stablecoin Regulation is expected to create significant opportunities for digital asset development, with the Hong Kong Securities and Futures Commission issuing 11 virtual asset trading platform licenses by July 2025 [6][7] - The global stablecoin market is estimated at 240 billion USD, with projected trading volumes exceeding 20 trillion USD in 2024, indicating a growing demand for digital assets [7] Group 5: Valuation and Market Perception - 瑞和数智 is currently undervalued, with a market capitalization of 1.4 billion HKD, while comparable companies have significantly higher valuations [11][12] - The company's price-to-sales ratio is 3.45, the lowest among its peers, indicating a substantial valuation gap despite its competitive advantages [12][14] - Since announcing its strategic transformation, 瑞和数智's stock price has increased by nearly 32% in just four trading days, reflecting positive market sentiment [7][14] Group 6: Future Outlook - As the company transitions into a growth phase, it is well-positioned to benefit from the influx of capital into emerging markets and the increasing interest in digital assets [14][15] - 瑞和数智's strategic investments and partnerships, such as with OSL Group, are expected to accelerate its compliance and regulatory efforts in the digital asset space [7][15]

在数字浪潮重塑全球金融格局的大背景下，市值仅14亿港元的瑞和数智(03680)正悄然蜕变。当市场还 在争论数字资产赛道的真实需求时，这家覆盖80%头部银行的金融科技老兵，已借力香港《稳定币条 例》合规通道，将8000万港元弹药精准投向加密货币、RWA等香港证监会许可资产。其战略升维的深 层逻辑在于：以20年金融IT根基为跳板，从系统供应商蜕变为数字资产交易底层架构的构建者——一场 由政策红利与技术积淀共同驱动的价值重估正在发酵。 传统业务为基石，二十年金融科技沉淀的底气 在全球资产数字化浪潮下，市场竞争有可能加剧，而瑞和数智依托三大核心竞争力展现出显著优势： 从业务能力来看，瑞和数字在金融科技领域深耕超20年，长期服务于金融机构的核心系统，是国家级专 精特新小巨人企业，并且多年蝉联IDC评选的"中国银行业IT解决方案智能营销市场第一名"，拥有149 项软件著作权及64项专利资质，并通过CMMI五级认证(全球软件领域最高等级)。 具备人工智能、大数据等技术并实现与Web3技术深度融合，始终是数字金融生态发展不可或缺的技术 支撑。瑞和数智有着出色的核心团队，技术人才占比高达89%，核心技术团队来自Teradata ...

"我们早前已明确表明，在初阶段充其量只会批出数个稳定币牌照。"香港金融管理局总裁余伟文7月23 日撰文表示，即使取得牌照，基于希望稳步发展的考虑，加上初期所需要的资源投入，对公司短期盈利 的贡献会有一定的不确定性，希望投资者在消化市场"利好"消息时保持冷静和独立思考。 参与稳定币可以有多种模式 中国社会科学院世界经济与政治研究所副所长张明表示，稳定币体系的核心取决于能否提供高质量、高 流动性、高信用等级金融资产，尤其是本币国债的能力。此外，它还取决于一个国家是否愿意提供金融 基础设施等公共产品的意愿。"中国如果发展人民币稳定币可借助阿里、京东等互联网巨头自带场景优 势，在离岸市场与上海临港试点并行推进，与数字人民币互补，显著扩展人民币海外使用并助力国际 化。"张明说。 余伟文表示，以中国香港的经验为例，至今已经有数十家机构主动接触金管局团队，有的明确表示有意 申请稳定币牌照，有的属于初步探路性质。总结这些接触的经验，很多只停留在概念阶段，如提出要提 升跨境支付效率、支持Web3.0发展、提升外汇市场效率等愿景，但缺乏实际的应用场景，无法提出切 实可行的具体方案和落实计划，更遑论具备管控风险的意识和能力。一部分 ...

Core Viewpoint - The successful tokenization financing of Real World Assets (RWA) in Hong Kong depends on the auditability and transparency of the underlying assets, as well as the understanding of digital asset logic by enterprises and their partners, particularly in areas such as on-chain issuance mechanisms, off-chain redemption arrangements, asset anchoring paths, cross-border governance structures, regulatory requirements, and information disclosure mechanisms [1][7][17]. Group 1: RWA Overview and Market Trends - RWA refers to the tokenization financing transactions of real-world assets, where the rights to the income of physical assets are represented as digital tokens on a blockchain network [3]. - The enactment of Hong Kong's Stablecoin Regulation in August has created significant opportunities for the combination of stablecoins and RWA, potentially becoming a breakthrough in the Web 3.0 era [4]. - Various industries, including real estate, renewable energy, and cultural tourism, are actively exploring the feasibility of RWA financing in Hong Kong as a new funding channel [6][11]. Group 2: Challenges and Considerations - The enthusiasm for RWA financing among real estate companies is particularly high, as they aim to tokenize stable rental income from mature commercial properties to alleviate debt pressure [7][11]. - Many intermediary institutions are presenting overly optimistic views on the ease of RWA operations, leading enterprises to underestimate the challenges related to asset scale, revenue status, and asset rights verification [8][14]. - The operational costs for RWA financing are substantial, with various preparatory tasks costing hundreds of thousands of yuan, which can lead to significant income for intermediaries if they successfully convince enterprises to pursue RWA [16]. Group 3: Compliance and Risk Management - Enterprises must ensure compliance with cross-border asset structure regulations, information disclosure requirements, and the design of on-chain and off-chain coordination mechanisms to avoid potential pitfalls [17][21]. - The lack of a unified framework for verifying the authenticity of assets on-chain and the complexities of cross-border regulation pose significant challenges for enterprises [21]. - A growing number of enterprises are recognizing the exaggerated claims of some intermediaries and are seeking professional teams with experience in Hong Kong's regulatory environment to reassess the feasibility of RWA financing [21][22].

Core Insights - The combination of stablecoins and Real World Assets (RWA) is expected to create significant opportunities for asset tokenization financing in Hong Kong, especially after the enactment of the stablecoin regulation in August [2][3] - The RWA ecosystem is seen as a potential breakthrough in the Web 3.0 era, providing low-risk and stable yield financial products for investors [2] Industry Trends - Companies in various sectors, including real estate, renewable energy, and cultural tourism, are increasingly exploring RWA financing as a means to diversify funding channels and develop digital asset businesses [3][6] - Real estate firms are particularly eager to tokenize stable rental income from mature commercial properties to alleviate debt pressure [3][6] Operational Challenges - The feasibility of RWA financing for domestic assets depends on the auditability and transparency of the underlying assets, as well as the companies' understanding of digital asset mechanisms [4][10] - Many intermediary firms are promoting overly optimistic views of RWA operations, leading companies to underestimate the complexities involved [4][8] Compliance and Risk Management - Companies must ensure compliance with cross-border asset structure regulations and maintain a robust information disclosure mechanism to attract investors [10][11] - The operational costs for RWA financing are significant, including due diligence, project planning, and technology development, which can exceed several hundred thousand yuan [9] Market Dynamics - There is a growing awareness among companies regarding the exaggerated claims made by some intermediaries, prompting them to seek professional teams with experience in Hong Kong's regulatory environment [12] - The demand for RWA financing is rising, but many companies still hold unrealistic expectations about the speed and ease of the process [11][12]

Group 1 - The company, Shengye (6069.HK), experienced a nearly 6% increase in stock price, reaching 15.2 HKD, with a trading volume of 730 million HKD [1][3] - The company announced the establishment of an international headquarters in Singapore to enhance its international business development [1][3] - The company plans to explore the Web3 ecosystem and stablecoin innovation application scenarios to improve its technological capabilities and business expansion [1][3] Group 2 - The establishment of the Singapore international headquarters aims to leverage local financial and technological advantages to promote the company's globalization process [1] - This initiative is expected to accelerate the company's strategic layout in the digital field and support future innovative projects [1]

在港股科技重估驱动中国资产重估的浪潮下，叠加香港《稳定币条例草案》进入生效倒计时，投资者普遍关心下一轮 极具潜力的投资标的，在笔者看来，不少会在数字资产领域出现。 近期，瑞和数智(3680.HK)发布公告，拟投资8000万港元进军Web3.0和加密货币资产领域。这意味着，这家深耕金融科 技领域20多年的资深玩家，顺应香港打造全球数字资产中心的趋势开启战略升维，由此进一步巩固在金融科技赛道的 优势卡位。 当前，全球主流机构增持数字资产成为趋势，数字资产平台合规化持续扩张。在香港，截至2025年7月，香港证监会已 发出11张虚拟资产交易平台（VATP）牌照，从机构类型看，一个多元化、高合规的生态体系正在繁荣生长。 除了《稳定币条例草案》，政策上还为数字资产发展提供更多战略支撑。今年2月，香港证监会发布虚拟资产市场监 管"A-S-P-I-Re"路线图，为虚拟资产市场的有序发展提供了更为清晰的指引；今年6月，《香港数字资产发展政策宣言 2.0》发布，升级政策框架，将"虚拟资产"正式更正为"数字资产"。 可以看到，数字资产定位的巨大转变——从"投机叙事"向实用性和基础设施发展聚焦。这也预示着，全球资产数字化 浪潮里将持 ...

Core Viewpoint - The company has established a new international headquarters in Singapore, focusing on AI and supply chain technology, aiming to support small and medium-sized enterprises (SMEs) in China to expand globally and enhance supply chain resilience and sustainable growth [1][2] Group 1 - The new Singapore-based subsidiary, SY INTELLECTHUB PTE.LTD., will serve as the core hub for exploring Web3.0 and stablecoin applications [1] - Singapore is recognized as a key global financial, trade, and shipping hub, providing a robust financial system and extensive business network, making it an ideal location for Chinese companies to expand into Southeast Asia and beyond [1][2] - The company has received strategic investment from Singapore's sovereign wealth fund, Temasek, and has been actively exploring international business through partnerships in Singapore, the Philippines, and Indonesia since 2018 [1] Group 2 - The decision to establish the international headquarters in Singapore is based on its unique geographical advantages and mature technology ecosystem that supports global business expansion [2] - Singapore's status as a top financial center, with strong financial infrastructure and regulatory frameworks, has made it a thriving environment for Web3.0 development [2] - The company plans to leverage Singapore as a launchpad for international business, integrating stablecoins and tokenization of real-world assets with traditional supply chain assets to innovate and connect with global markets [2]

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 就 因 本 公 告 全 部 或 任 何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 自願性公告 設立新加坡國際總部及探索Web3.0生態和 穩定幣創新應用場景 本 公 告 乃 由 盛 業 控 股 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。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本集團正式將一家名為SY INTELLECTHUB PTE.LTD.的 新 加 坡 公 司（本 集 團 的 一 家 非 全 資 附 屬 公 司）確 立 為 新 加 坡 國 際 總 部（「國 際總部」）。本 集 團 作 為 一 家「AI+產 業 供 應 鏈」的 數 智 科 技 公 司，將 以 國 際 總 部 為 核 心樞紐，積極探 索Web3.0與 穩 定 幣 ...