Group 1 - The company plans to acquire 20% of NVTH Limited from NVTSH Limited for HKD 100 million, with HKD 40 million paid in cash and HKD 60 million through the issuance of 42.25 million shares at HKD 1.42 per share [1] - The company intends to place up to 44 million shares at a price of HKD 1.42 per share, aiming to raise approximately HKD 60.9 million, with HKD 40 million allocated for the cash portion of the acquisition and HKD 20.9 million for general working capital [1] - The target group focuses on blockchain-based Real World Asset (RWA) tokenization technology infrastructure, providing trading and liquidity solutions to connect traditional finance with decentralized Web3 markets [1] Group 2 - The acquisition is seen as a strategic move to enter the RWA market without the delays and risks associated with building from scratch, aligning with the company's commitment to explore innovative business opportunities and diversify revenue sources [2] - The target group's established team, platform infrastructure, past performance, project reserves, and growth potential contribute to the positive outlook for the RWA tokenization business [2]

同日，该公司拟透过配售代理配售最多4400万股配售股份，每股配售价1.42港元，最多净筹约6090万港 元，约4000万港元用于支付买卖协议项下代价的现金部分;及约2090万港元用于增加一般营运资金及加 强集团财务状况。 智通财经APP讯，中联发展控股(00264)公布，于2025年8月21日，该公司拟向NVTSH Limited收购 NVTH Limited全部已发行股本的20%，代价为1亿港元(可予调整)，其中4000万港元以现金支付;及6000 万港元通过配发及发行4225.3万股代价股份支付，每股代价股份的发行价为1.42港元。 经考虑RWA代币化相关业务的正面前景;目标集团已建立的团队及平台基础设施;及目标集团的往绩、项 目储备及增长潜力后，董事认为是次收购事项可为公司提供立即切入RWA市场的跳板，毋须承受从零 开始建立所带来的延误及风险。是次收购事项亦与公司一贯承诺探索创新及新业务机会以多元化收入来 源的方针一致。 据悉，目标集团主要从事基于区块链的现实世界资产(RWA)代币化技术基础设施平台、面向机构的交易 及流动性解决方案，以连接传统金融及去中心化Web3市场、及为资本市场参与者提供以合规为重 ...

Group 1: Market Overview - The Hong Kong Monetary Authority and Securities and Futures Commission have issued a joint statement regarding the recent speculation in the stablecoin market, indicating that they will adopt a prudent approach in issuing licenses for stablecoin issuers, with high standards and only a few licenses to be granted initially [1] - Goldman Sachs has reported that the stablecoin market is at the beginning of a new gold rush, with a potential total market size reaching several trillion dollars, and USDC is expected to benefit from market share growth as legislation progresses [4] - The global stablecoin market is projected to exceed $250 billion by 2025, growing over 11 times from 2020, with a compound annual growth rate of 65% [7] Group 2: Growth Drivers - Regulatory frameworks such as the US GENIUS Act and Hong Kong's Stablecoin Regulation are expected to drive compliance and facilitate the issuance of stablecoins, with companies like Circle raising $624 million through IPOs [9] - The tokenization of real-world assets (RWA) such as US Treasury bonds and real estate has reached $35 billion and is expected to exceed $50 billion by 2026, providing long-term growth momentum for stablecoins [9] - Stablecoins are significantly reducing cross-border remittance costs and transaction times, with notable usage in regions like Yiwu, China, and the Philippines [10] Group 3: Company Developments - MetaMask plans to launch the stablecoin mUSD by the end of August, targeting 30 million monthly active users, backed by short-term US Treasury yields [2] - Citigroup is considering entering the stablecoin space by providing custody, payment, and dollar exchange services, and is even contemplating issuing its own stablecoin [3] - Companies like Beixin Source and Yuyin Co. are developing technologies and solutions to support stablecoin issuance and transactions, with Beixin Source integrating with Hong Kong's regulatory sandbox [14][15] Group 4: Future Outlook - The integration of stablecoins into decentralized finance (DeFi) and the tokenization of real-world assets is expected to deepen the connection between traditional finance and the crypto world [12] - Major retail giants like Walmart and Amazon are preparing to issue their own stablecoins, indicating a trend towards mainstream adoption [11] - The stablecoin market is anticipated to evolve from being merely a cash equivalent in the crypto world to becoming a core component of global digital financial infrastructure [12]

Group 1 - Ethereum ecosystem is experiencing multiple positive developments, with the RWA tokenization market expected to reach $100 trillion, further solidifying Ethereum's position as a core infrastructure [1][5] - Institutional funds are significantly driving market sentiment, with Ethereum's correlation to the US stock market surpassing that of Bitcoin, indicating a shift towards structural demand from asset management firms and sovereign entities [3][5] - The decentralized exchange platform XBIT.Exchange is gaining traction due to its unique operational model that emphasizes user control over private keys and eliminates risks associated with asset freezing and transaction audits [3][5][7] Group 2 - The anticipated growth of the RWA tokenization market to $100 trillion highlights Ethereum's role as a neutral, decentralized, and reliable ecosystem for various asset classes [5] - The return of projects like Ronin Network to Ethereum's Layer 2 solutions showcases the strong appeal of Ethereum as a blockchain infrastructure [5] - Coinbase's optimistic outlook for the third quarter suggests a potential surge in altcoin activity, driven by favorable macroeconomic conditions and the Federal Reserve's potential interest rate cuts [7]

（於開曼群島註冊成立的有限公司） $$\cos\left[\cos\left[\frac{\pi\pi}{2}\right]\right]$$ COOLPAD GROUP LIMITED 酷派集團有限公司 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 之 任 何 損 失 承 擔 任 何 責 任。 （股份代號：2369） – 1 – 為 確 保 全 面 合 規，本 公 司 將 在 第 一 階 段 委 聘 具 有 相 關 執 業 資 格 的 法 律 顧 問 對 上 述 法 律 問 題 作 出 分 析，全 面 評 估RWA的 法 律 架 構、權 屬 安 排、潛 在 證 券 屬 性、 數 據 隱 私 及 跨 境 監 管 要 求，並 採 取 審 慎 態 度，積 極 與 監 管 機 構 保 持 透 明 溝 通。 此 外，本 公 司 將 委 任 專 業 顧 問 評 估RWA對 財 務 報 表 ...

Core Viewpoint - The rise of Real World Asset (RWA) tokenization is challenging traditional financing models, such as IPOs and REITs, by enhancing efficiency, reducing costs, and democratizing access to assets [3][4][5]. Group 1: RWA Tokenization Advantages - RWA tokenization automates issuance, trading, and settlement processes through smart contracts, significantly shortening financing cycles and enabling 24/7 trading with near-instant settlement (T+0) [4]. - By reducing reliance on traditional intermediaries like investment banks, RWA tokenization simplifies the issuance process and lowers ongoing management and compliance costs [4]. - The ability to split ownership and income rights lowers investment barriers, allowing broader participation in the market [4][5]. Group 2: Theoretical Foundations - RWA tokenization aligns with Ronald Coase's theorem, which states that low transaction costs enable efficient resource allocation regardless of initial property rights [5]. - Traditional financial markets face high transaction costs that hinder efficient resource allocation, which RWA tokenization aims to overcome [5]. Group 3: Current Trends and Challenges - RWA tokenization is gaining momentum globally, with major financial institutions and tech companies exploring various asset classes for tokenization, including real estate, bonds, and intellectual property [6]. - Despite its potential, RWA tokenization faces regulatory and market infrastructure challenges that need to be addressed for it to become a mainstream financing model [6]. Group 4: Historical Context and Risks - Historical financial crises, such as the 2008 global financial crisis, highlight the risks associated with financial innovation, where complex products obscured underlying asset quality [7][8]. - RWA tokenization, while promising, could replicate past mistakes if underlying assets are of poor quality, leading to the creation of "digital lemons" [8][11]. Group 5: Essential Conditions for RWA Tokenization - Successful RWA tokenization requires assets to generate predictable cash flows, ensuring that financing is based on sustainable value rather than speculation [9][12]. - The quality of underlying assets is crucial; without reliable cash flows, tokenization efforts may lead to financial instability [9][12]. Group 6: Standards for RWA Projects - RWA projects must meet three core standards: predictable cash flows, clear ownership rights, and transparent information disclosure to protect investor interests [18][19][20]. - Legal frameworks must ensure that investors have enforceable rights over the underlying assets, and that the tokenization process adheres to regulatory requirements [19][20]. Group 7: Responsible Issuance Practices - RWA tokenization issuers should prioritize financial risk management and investor protection, ensuring thorough due diligence and compliance with legal standards [23][24]. - A responsible issuer views itself as a trustee for investors, focusing on asset quality and long-term value rather than short-term gains [25].

值得注意的是，作为捷利交易宝全资子公司、香港证监会1、7号牌持牌券商，此次合作标志着TradeGo Markets平台正式进军RWA产品领域，是捷利交易宝在RWA代币化赛道的重大突破。其执行董事刘伟洪 强调："证券代币化是RWA2.0的核心载体，将成为权益资产配置的重要工具。TradeGo Markets致力于以 科技赋能机构客户，打造竞争优势。" 消息面上，8月8日，在捷利交易宝旗下持牌券商TradeGo Markets、全球宏观对冲专家金洲资管及顶尖 咨询机构弗若斯特沙利文联合主办，香港中小上市公司协会协办的"香港.RWA基金发行运营交流 会"上，TradeGo Markets与金洲资管、弗若斯特沙利文重磅宣布达成战略合作，并正式发布香港市场首 只主动管理型代币化债券基金——"Global Nexus Income Tokenised LPF"。 捷利交易宝(08017)尾盘涨超6%，截至发稿，涨5.38%，报1.37港元，成交额1114.58万港元。 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The "Web3.0 Future Summit" held in Hong Kong on August 7, 2025, emphasized the importance of standardization in promoting digital asset and stablecoin innovation, marking a significant step towards establishing a regulatory framework for stablecoins in Hong Kong [1][13][19] - The total market value of Real World Assets (RWA) is projected to exceed $12.7 billion in 2024, with strong growth in segments like stablecoins, which have surged from $4 billion in 2020 to $156 billion, reflecting a 3800% increase [2][34] - Ant Group's AntChain has made significant advancements in the RWA space, with its Layer2 chain Jovay achieving a throughput of 100,000 transactions per second and a response time of 100 milliseconds, facilitating efficient asset data management [2][15][37] Summary by Sections Section 1: Stablecoin Regulation in Hong Kong - Hong Kong implemented a comprehensive stablecoin regulatory framework on August 1, 2025, requiring issuers to obtain licenses and meet strict capital and asset reserve requirements [13][19][23] - The regulatory framework aims to ensure that stablecoins are fully backed by high-quality liquid assets and includes measures for anti-money laundering and risk management [19][25][30] Section 2: RWA Tokenization - The RWA industry is gaining global attention, with a focus on meeting three core standards: value stability, legal clarity, and verifiable off-chain data [2][14][34] - Ant Group's initiatives in RWA have been recognized as leading examples, with successful projects in renewable energy and AI server asset tokenization [15][42][47] Section 3: Investment Recommendations - Beneficial stocks include: - Licensing: Zhongyou Capital, Bank of China Hong Kong, Bank of China Securities, Guotai Junan International, and Lianlian Digital [3][16] - Stablecoins: Yuxin Technology, Zhongke Jincai, Tianyang Technology, Xinyada, Chutianlong, and Jingbeifang [3][16] - RWA: Longxin Group, Xiexin Energy, Hopu Co., Jinko Technology, Hainan Huatie, and Aori De [3][16]

Core Viewpoint - The rise of Real World Assets (RWA) tokenization is driven by various factors, but not all assets are suitable for RWA, which requires specific criteria for successful implementation [2][3][4] Group 1: RWA Overview - RWA refers to the tokenization of tangible and intangible assets using blockchain technology, allowing for digital representation and trading [2] - The total locked value (TVL) of RWA reached $12.5 billion by June 2025, marking a 124% increase from 2024 [2] - Major banks like Citibank and Standard Chartered are exploring RWA applications in payment settlements, asset management, and cross-border transactions [2] Group 2: Asset Suitability and Standards - Successful RWA implementation requires assets to meet three criteria: value stability, clear legal rights, and verifiable off-chain data [3][4] - The report identifies five main asset categories suitable for RWA: financial assets (gold, bonds), renewable energy assets (charging stations, photovoltaics), real estate (hotels, properties), intangible assets (carbon credits, data), and computing power assets (GPU hardware) [3][4] Group 3: Regulatory and Standardization Efforts - A new RWA registration platform was launched in Hong Kong to facilitate the entire process of asset tokenization [5][6] - The Hong Kong Web3.0 Standardization Association initiated key standards for RWA tokenization, expected to be completed within the year [6] - The registration platform aims to transform assets into financeable products, addressing valuation gaps and standardization issues [6]

Group 1 - The core breakthrough of the EU legislation is treating tokenized traditional assets equally with traditional assets without additional conditions, allowing banks to tokenize real estate, bonds, or commodities directly via blockchain without extra capital reserves [2][4] - The European banking sector is expected to accelerate the tokenization of Real World Assets (RWA), with predictions indicating that Europe could capture over 50% of the global market share within three years due to the policy relaxation [4][11] - XBIT decentralized exchange platform is positioned as a key tool for both institutional and individual investors to participate in the digitalization wave, showcasing unique advantages such as a "zero liquidity pool" architecture and real-time asset reserve auditing technology [4][5] Group 2 - Several European banks have begun collaborating with XBIT to advance RWA projects, including a German bank planning to tokenize €120 million worth of commercial real estate and issue stablecoin bonds through the XBIT platform [8] - XBIT's "smart compliance engine" automatically adapts to regulatory policies based on user location, making it the first decentralized exchange to achieve "one platform, multiple compliance" capabilities [8][11] - The demand for RWA tokenization is surging as the EU's Digital Operational Resilience Act (DORA) progresses, with XBIT emerging as a super hub connecting traditional finance and the crypto world [11]