（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]

Core Insights - The Hong Kong Web3.0 Standardization Association launched the RWA (Real World Assets) registration platform, aiming to standardize the RWA ecosystem and promote the tokenization of real-world assets [2][3] - The Hong Kong government has shown a strong commitment to RWA tokenization, mentioning it 35 times in the latest Digital Asset Development Policy Declaration 2.0 [2][6] - The RWA registration platform is designed to transform assets into financeable products, addressing challenges faced by traditional financial channels [3][4] Group 1: RWA Registration Platform - The RWA registration platform serves as a key mechanism for financing by converting assets into tokenized products, enabling companies to upload standardized data for verification and token issuance [3][4] - This platform aims to bridge the gap between data, assets, and finance, particularly benefiting small and medium enterprises and green projects that lack visibility in capital markets [4][5] - The platform is seen as a foundational infrastructure for the healthy development of the RWA industry in Hong Kong, addressing complexities in asset types and regulatory challenges [4][5] Group 2: Standardization Initiatives - The Hong Kong Web3.0 Standardization Association has initiated three key standards, including the RWA Tokenization Business Guide and RWA Tokenization Technical Specifications, expected to be completed within the year [5][6] - These standards aim to clarify which assets are suitable for tokenization and establish guidelines for rights confirmation, valuation, registration, and custody [5][6] - The technical specifications will focus on connecting on-chain and off-chain processes, enhancing the overall infrastructure for RWA tokenization [5][6] Group 3: Market Context and Future Outlook - The RWA market is rapidly expanding, with the global RWA asset value exceeding $25.21 billion as of July 26, 2025, indicating a growing interest in tokenized assets [6][7] - Hong Kong has been proactive in RWA tokenization, having issued the world's first tokenized green bond worth HKD 800 million and exploring various asset classes for tokenization [7][8] - The push for RWA tokenization is seen as a strategic move for Hong Kong to maintain a competitive edge in the evolving global financial landscape, responding to structural changes in international capital [8]

Group 1 - The core strategy of the company is to launch a "Global Enhanced Ethereum Vault" with a downward protection mechanism, designating Ethereum (ETH) as a strategic reserve asset [2][6] - The company has entered into a strategic partnership with HashKey Group, which will provide support for large-scale ETH transactions, cost optimization, and liquidity in global markets [6][9] - The company has invested 149 million HKD to purchase 5,190 ETH and plans to continue increasing its holdings through a dollar-cost averaging strategy, with an approved budget of 880 million HKD [6][11] Group 2 - The "Active Coin Generation" feature is a key highlight of the company's Ethereum Vault strategy, allowing for the tokenization of innovative drug intellectual property (RWA) and trading on the ivd.xyz exchange [9][10] - The downward protection mechanism includes various strategies such as ATM mechanisms, priority structures, and price buyback commitments to ensure investor safety [10][11] - The company aims to replicate the success of MicroStrategy and Metaplanet by leveraging its Ethereum holdings to achieve significant market capitalization growth, with a target to exceed 100 billion HKD in two years [11][13] Group 3 - The company's Web3 exchange ecosystem and Ethereum Vault strategy create a new paradigm for financing, circulation, and revenue distribution in innovative drug development [13] - This approach aligns with the Hong Kong Monetary Authority's policy for efficient cross-border asset circulation and supports China's strategy for innovative drug commercialization [13] - The company aims to provide a compliant and transparent Web3 entry point for retail investors and patients, accelerating the availability of critical medications globally [13]

Core Viewpoint - Delin Holdings (01709) has announced a placement of 201 million shares at a price of HKD 2.95 per share, which is approximately 11.94% lower than the closing price on August 6, 2023, indicating a strategic move to raise capital for various investments and operational expansions [1] Group 1: Share Placement Details - The share placement represents about 11.96% of the enlarged share capital, with expected net proceeds of approximately HKD 581 million [1] - Additionally, the company will issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of around HKD 58.57 million [1] Group 2: Use of Proceeds - Approximately 30% of the proceeds will be allocated to support strategic acquisitions and/or investments, as well as to expand the RWA tokenization plan [1] - About 15% will be used for the development of Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, along with applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be directed towards further developing the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - 10% will be used to create exchange-traded funds and develop quantitative investment strategies [1] - The remaining 10% will be reserved for replenishing working capital and supporting daily operations [1]

Group 1 - The core point of the article is the strategic cooperation between Hanyu Pharmaceutical and the digital asset platform KuCoin to explore the tokenization of "future revenue rights of innovative drug research and development" as a pilot project in Hong Kong [1] - The company is actively exploring innovative models based on its operational needs and appreciates suggestions regarding potential collaborations with major shareholders and other digital asset platforms [1]