Group 1 - The Hong Kong Stablecoin Regulation, effective from August 1, marks the world's first comprehensive regulatory framework for fiat-backed stablecoins [1] - Under the regulation, any entity issuing fiat-backed stablecoins or stablecoins pegged to the Hong Kong dollar must obtain a license from the Hong Kong Monetary Authority, and only licensed institutions can sell stablecoins to retail investors [1] - The regulation aims to establish an offshore RMB cross-border payment system, with Real World Assets (RWA) as a key tool to enhance liquidity and reduce transaction costs in traditional finance [1] - The settlement cycle for tokenized government bonds in Hong Kong has been reduced from T+2 to seconds, improving efficiency by 90% [1] - Boston Consulting Group predicts that the global RWA market will reach $16 trillion by 2030, with an extreme optimistic scenario of up to $68 trillion [1] - As the regulatory framework matures, quantum communication is expected to become an essential technological support for the stablecoin ecosystem [1] - Major traditional banks like HSBC and Citibank are positioning themselves through subsidiaries or joint ventures following the implementation of the stablecoin regulation, while leading fintech companies like Ant International are expected to accelerate their entry into the market [1] Group 2 - Tianyang Technology has launched a "Unified Payment Center" solution that integrates stablecoin channels [2] - GCL-Poly Energy has collaborated with Ant Group to complete the first domestic RWA transaction for photovoltaic physical assets [3]

$250 million in tokenized RWAs.That's what @grovedotfinance is aiming to bring onchain to Avalanche.Covering this and more on Thursday's spaces: Money Moves - Where Capital Connects DeFi with Private Credit. https://t.co/m0BbrVqhBs ...

Group 1 - The core viewpoint of the article highlights the strategic moves by Huajian Medical, including the successful fundraising of a multi-billion RMB sustainable development-linked revolving loan and the launch of a Web3 exchange ecosystem for medical innovation drugs [1][2][3] - The revolving loan, led by East Asia Bank and supported by several international financial institutions, provides Huajian Medical with a flexible and ample medium to long-term funding pool, enhancing its capital structure and enabling it to seize industry growth opportunities [2][3] - Huajian Medical's stock price surged by 75% from July 14 to July 21, reaching a historical peak of 4.66 HKD, reflecting strong market sentiment and confidence in the company's future prospects [1][3] Group 2 - The management's decision to repurchase shares at high prices, following the stock's peak, signals confidence in the company's strategic direction and future growth [4][5] - The company has initiated a plan to establish a Web3 exchange named "IVDNewCo Exchange," which aims to integrate medical innovation drug assets with blockchain technology, potentially revolutionizing traditional pharmaceutical financing [5][6] - The proposed ecosystem includes a tokenization platform for real-world assets (RWA), a decentralized exchange for 24/7 global trading, and a stablecoin (IVDD) for transactions within the ecosystem [6][8] Group 3 - The global RWA market is projected to grow significantly, reaching 16.1 trillion USD by 2030, indicating a favorable environment for Huajian Medical's tokenization strategy [8][9] - The stablecoin market is also expanding, with a total market cap of 263.6 billion USD, suggesting a growing acceptance of new financial infrastructures [8][9] - Regulatory developments, such as the upcoming Hong Kong Stablecoin Regulation, are expected to facilitate Huajian Medical's initiatives in the Web3 space, enhancing investor confidence [8][9]

飞扬集团(01901)公布，于2025年7月29日交易时段后，该公司分别与各认购人订立认购协议，拟向认购 人发行合共1.664亿股新股份，认购价为每股认购股份约0.201港元，较股份于认购协议日期在联交所所 报收市价每股0.250港元折让约19.6%。 认购事项净筹约3300万港元，拟用作围绕RWA(真实世界资产)、数字资产交易、区块链、人工智能等新 兴科技产业项目的开发及运营，以及一般运营资金。 ...

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]

29日盘中，稳定币概念股局部回暖，恒生电子涨停封板，封单超50万手，带领金融科技"V"型回暖，中 证金融科技主题指数早盘一度下挫逾2%，现逼近翻红。其他热门成份股方面，拓尔思、金证股份、税 友股份、顶点软件等多股涨逾1%。 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为 2017.6.22，该指数2020-2024年年度涨跌幅分别为：10.46%、7.16%、-21.40%、10.03%、31.54%，指数 成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中指数成份股仅作 展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基 金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上投资者。任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人 须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投 资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有 ...

Core Viewpoint - The company Guofu Quantum (00290) has made a strategic investment in Rtree Tech Service Co., Limited to strengthen its position in the Real World Assets (RWA) sector and enhance its digital asset ecosystem [1][10]. Group 1: RWA and Rtree's Role - RWA refers to the tokenization of traditional assets (such as bonds, real estate, and commodities) through blockchain technology, which enhances liquidity, reduces transaction costs, increases transparency, and expands asset categories [3]. - Rtree is positioned as a rapidly growing RWA technology company focused on the tokenization of real-world assets, providing a solid technological foundation for Guofu Quantum's RWA business [3][4]. - Rtree has already launched RWA services such as art collateral lending and on-chain fixed-income bonds, with plans to expand into various asset classes including gold, stocks, ETFs, and futures [4]. Group 2: Strategic Dual-Track Approach - Guofu Quantum's board believes that RWA and stablecoins represent breakthrough directions for the scalability of fintech, with significant potential to reshape asset value [5]. - The company has previously gained market attention by strategically investing in Yuan Coin Technology, which became one of the first participants in the Hong Kong Monetary Authority's stablecoin sandbox [5]. - Guofu Quantum plans to tokenize high-value assets such as art, trade receivables, and letters of credit to improve liquidity ratios and enhance capital returns [6]. Group 3: Compliance and Licensing Advantages - Guofu Quantum possesses a comprehensive licensing matrix, including licenses from the Hong Kong Securities and Futures Commission, which supports its digital asset business [8]. - The company aims to leverage RWA to merge traditional and new financial assets, facilitating the activation of traditional wealth into the new financial ecosystem [9]. - The investment in Rtree and the focus on RWA are seen as strategic moves to capitalize on current market trends while preparing for future opportunities in quantum technology [10].

Core Viewpoint - China Pacific Insurance's Hong Kong asset management arm is strategically pivoting towards Real-World Asset (RWA) tokenization to carve out a niche in the competitive asset management landscape of Hong Kong, aiming for a "curve overtaking" in the industry [1][5][20]. Group 1: RWA Strategy and Developments - In March 2025, China Pacific Asset Management Hong Kong launched the first on-chain money market fund in Hong Kong, "eStable MMF," with a size of USD 100 million [4]. - The company signed a memorandum of cooperation with GCL-Poly Energy Holdings to tokenize its renewable energy assets, facilitating transactions with stablecoins and DeFi ecosystems [4][6]. - RWA involves converting real-world assets into digital tokens via blockchain technology, enhancing liquidity and trading efficiency, akin to traditional asset securitization [5][20]. Group 2: Market Context and Challenges - Chinese asset management firms in Hong Kong face a "zero presence" dilemma, relying heavily on domestic QDII configurations and struggling to expand third-party business due to late entry and weak distribution networks [8][11]. - China Pacific Asset Management Hong Kong has seen slow growth since its establishment in 2010, with total managed assets exceeding HKD 75 billion by the end of 2024, of which approximately HKD 60 billion is from the group's own funds [11][12]. Group 3: Regulatory Environment and Opportunities - The 2024 "New Ten Measures" from the State Council encourages Chinese insurance firms to expand overseas, providing a favorable policy environment for innovation in asset management [12][20]. - The current market conditions and regulatory support create a window for China Pacific to explore RWA as a new growth avenue, potentially positioning itself as a leader in this emerging ecosystem [14][20]. Group 4: Risks and Market Sentiment - Despite positive official narratives around RWA projects, skepticism exists regarding their actual investment value, with concerns about potential speculative behaviors and lack of genuine demand for tokenized assets [16][19]. - The success of RWA initiatives hinges on the underlying asset's real investment value and market demand, as mere tokenization without solid economic fundamentals may lead to speculative bubbles [19][20].

Core Insights - The upcoming implementation of the "Stablecoin Regulation" in Hong Kong has led to increased activity in stablecoin-related stocks, with notable gains in companies like Huaxing Capital and OSL Group [1][2] Company Summaries - Huaxing Capital Holdings saw a significant stock increase of over 16%, with a peak rise of 18.62%, closing at 6.74 HKD per share. The company has invested in Circle and is focusing on Web3.0 and cryptocurrency assets, allocating a budget of 100 million USD for development in these areas [2] - OSL Group, the first licensed digital asset trading platform listed in Hong Kong, closed with a 4.67% increase at 17.94 HKD per share. The company recently completed a 300 million USD equity financing, aimed at strategic acquisitions, new business planning including stablecoin services, and strengthening operational capital [3] Industry Trends - The global stablecoin market is projected to grow rapidly, with a total market cap exceeding 250 billion USD, accounting for approximately 8% of the entire crypto asset market. The trading volume for stablecoins in 2024 is expected to reach around 37 trillion USD, surpassing Bitcoin's trading volume [4][5] - The stablecoin ecosystem includes four key segments: issuance, custody, payment, and trading, with a focus on the high-value segments of issuance, payment, and trading. Companies with strong industry scenarios are expected to benefit significantly from the growing demand for cross-border payments [5][6] Future Outlook - By 2030, the market size for Real World Assets (RWA) is anticipated to reach 16 trillion USD, with stablecoins expected to penetrate 30%-50% of this market. This indicates the potential of stablecoins in bridging virtual and real economies [6] - Major companies like Ant Group and JD.com are expected to be among the first to obtain stablecoin licenses from the Hong Kong Monetary Authority, leveraging their blockchain technology and application scenarios [5][6]