环联连讯(01473)发布公告，于2025年12月16日，公司全资附属公司Pangaea Investment已与Mile Green及 目标公司EVOLVE Holdings Limited订立战略股东协议，内容有关(其中包括)对目标公司的投资及管理事 宜。 此次合作亦将使集团跻身快速崛起的RWA市场前沿，该领域的第三方资产所有者、技术合作伙伴及其 他参与者可能需要集团的核心连接性、HPC及AIoT解决方案。尽管集团不会直接经营RWA相关业务， 但对目标公司的投资可能为集团带来潜在回报，并提升其在行业内的整体竞争力。 集团洞悉区块链技术及实物资产代币化于香港稳健监管架构与政策所营造的安全有利环境中具备商业潜 力。订立谅解备忘录后，集团已进一步与Mile Green就透过投资目标公司于实物资产领域开展业务合作 进行磋商。 透过目标公司(其从事有关实物资产生态系统的业务)与Mile Green的合作，集团将得以：(i)借助Mile Green在该领域(特别是东南亚地区)的广泛商业网络、实物资产专业知识及经验，于实物资产生态系统 中获取低风险的第一手经验;(ii)获取维持竞争力与前瞻性的宝贵知识;及(iii)探索 ...

Core Viewpoint - The company has entered into a strategic shareholder agreement with Mile Green and EVOLVE Holdings Limited, focusing on investment and management matters related to the target company [1]. Group 1: Investment Details - Mile Green will invest $1,500,000 (approximately HKD 11.7 million) for 6,000 shares, while Pangaea Investment will invest $1,000,000 (approximately HKD 7.8 million) for 8,000 shares in the target company [1]. - Following the completion of the subscription, Mile Green and Pangaea Investment will hold 60% and 40% equity, respectively, in the target company's issued share capital [1]. Group 2: Strategic Collaboration - The collaboration with Mile Green will enable the company to leverage Mile Green's extensive business network and expertise in the physical asset ecosystem, particularly in Southeast Asia [2]. - The partnership aims to provide the company with valuable insights to maintain competitiveness and explore future synergies between physical asset applications and proprietary technologies in AI, IoT, and digitalization [2]. - The company plans to utilize Mile Green's network to expand its IoT business in Southeast Asia, especially in Thailand [2]. Group 3: Market Positioning - This collaboration positions the company at the forefront of the rapidly emerging Real-World Asset (RWA) market, where third-party asset owners and technology partners may require the company's core connectivity, HPC, and AIoT solutions [2]. - Although the company will not directly operate RWA-related businesses, the investment in the target company may yield potential returns and enhance its overall competitiveness in the industry [2].

Core Viewpoint - The introduction of hotel RWA (Real World Asset tokenization) is seen as a potential solution to the challenges faced by the hotel industry, particularly in terms of asset liquidity and financing options [3][10][17] Group 1: Understanding Hotel RWA - Hotel RWA involves converting physical hotel assets into tradable digital tokens using blockchain technology, allowing for fractional ownership [4][5] - The investment threshold for RWA is significantly lower than traditional REITs, with entry points starting at $100 compared to hundreds of thousands for REITs [5][6] - RWA offers enhanced trading flexibility, with a liquidity increase of over 300% compared to traditional models, allowing for quicker transactions [5][6] Group 2: Industry Needs for RWA - The hotel industry faces three major pain points: poor asset liquidity, limited financing channels, and high barriers for social capital entry [8][10] - RWA addresses these issues by allowing fractional ownership, improving transaction efficiency, and broadening financing avenues for hotel operators [10][17] Group 3: Future Opportunities with RWA - RWA presents significant opportunities for investors, enabling access to high-end hotel assets with reduced investment amounts and shorter return periods [15] - The hotel industry can benefit from RWA through accelerated consolidation and improved operational efficiency due to the transparency of blockchain technology [15] - Consumers may experience enhanced benefits, such as investment returns that can be redeemed for hotel stays or membership perks, creating a dual identity as both investors and consumers [15] Group 4: Regulatory and Technical Considerations - The success of hotel RWA will depend on overcoming regulatory challenges, ensuring a unified compliance framework, and addressing technical barriers related to cross-border transactions and data verification [17]

Core Viewpoint - The company has entered into a memorandum of understanding with Mile Green Company Limited to explore potential opportunities in the physical asset sector, leveraging blockchain technology and tokenization [1][2] Group 1: Strategic Collaboration - The collaboration aims to jointly invest in a physical asset ecosystem, identifying and evaluating potential opportunities in the sector [1] - The partnership is expected to provide strategic opportunities for the company to discover physical asset business prospects and potentially yield returns through investments in the ecosystem [2] Group 2: Technological Integration - The company plans to utilize its proprietary artificial intelligence, Internet of Things (IoT), and digital solutions during the tokenization process [2] - The collaboration may also serve as a platform for the company to gain valuable knowledge and operational expertise from Mile Green, which can be applied to future developments in the digital asset field [2] Group 3: Market Expansion - The company anticipates exploring additional opportunities with Mile Green's affiliates, which may involve upgrading WiFi systems and power generation facilities using the company's electronic components [2] - The favorable regulatory environment in Hong Kong, along with recent supportive policies for stablecoins and cryptocurrency development, provides a conducive setting for the company to explore these opportunities in the Web3 space [1]

Core Viewpoint - The company has entered into a memorandum of understanding with Mile Green Company Limited to explore potential opportunities in the physical asset sector, leveraging blockchain technology and tokenization [1][2] Group 1: Strategic Collaboration - The collaboration aims to jointly invest in a physical asset ecosystem, identifying and evaluating potential opportunities in the sector [1] - The partnership is expected to provide strategic opportunities for the company to discover business prospects in physical assets and potentially yield returns through investments in the ecosystem [2] Group 2: Technological Integration - The company plans to utilize its proprietary artificial intelligence, Internet of Things, and digital solutions during the tokenization process [2] - The collaboration may also serve as a platform for the company to gain valuable knowledge and operational expertise from Mile Green, which can be applied to future developments in the digital asset space [2] Group 3: Market Expansion - The company anticipates exploring additional opportunities with Mile Green's affiliates, which may involve upgrading its WiFi systems and power generation facilities using the group's electronic components [2] - The favorable regulatory environment in Hong Kong, along with recent supportive policies for stablecoins and cryptocurrency development, provides a conducive setting for the company to explore these opportunities in the Web3 domain [1]

Core Viewpoint - New Industrial Green Hydrogen, a subsidiary of Sichuan Jinding (600678), is leveraging dynamic asset on-chain technology to tokenize three core products into tradable Real World Assets (RWA), including mobile charging robots, skid-mounted hydrogen production stations, and hydrogen power stations [1] Group 1: Product Tokenization - New Industrial Green Hydrogen is exploring the conversion of its core products into RWA, enabling them to be split and traded [1] - The "Tian Hydrogen No. 1 TGHD01" project allows for on-chain verification of electricity generation, with revenue from electricity automatically settled in stablecoins like USDC, achieving real-time conversion of "green electricity into revenue" [1] Group 2: Strategic Upgrades - Over the next five years, the company plans to integrate 100,000 sets of equipment into the RWA system, including charging robots, electrolyzers, and hydrogen drones, with an estimated securitizable asset scale of several billion yuan [1] - The company is collaborating with Bosch Hydrogen Power, Junrui Green Hydrogen, Sinopec, and China Electric Power Construction to establish a "Hydrogen Industry RWA Alliance," facilitating cross-border hydrogen carbon credit trading [1] - New Industrial Green Hydrogen is working with partners to launch standardized contracts for "Green Hydrogen Revenue Pass" and is applying for pilot projects with local financial regulatory authorities [1]

Core Viewpoint - Hong Kong is strategically positioning itself to enhance its status as an international financial, shipping, and trading center by developing a commodity trading ecosystem, particularly focusing on gold and non-ferrous metals [2][4]. Group 1: Strategic Developments - On October 16, 2024, Hong Kong's Chief Executive announced plans to build a commodity trading ecosystem and establish an international gold trading market [2]. - The Hong Kong Airport Authority is planning to expand its precious metals storage facilities to support the development of an international gold trading center [2]. - A working group led by the Secretary for Financial Services and the Treasury was established to review various aspects of gold financial trading, including supply and demand, product development, and cross-border cooperation [2][3]. Group 2: Non-Ferrous Metals Initiatives - The London Metal Exchange (LME) has included Hong Kong in its global warehouse network for the storage of LME registered metals [3]. - As of May 2025, the number of LME-approved warehouses in Hong Kong has increased to seven, enhancing the region's capacity for metal storage and delivery [3]. Group 3: Tax and Regulatory Framework - The Hong Kong government is considering a proposal to halve the tax on eligible commodity trading activities, which could incentivize more trading in the region [3]. - The introduction of the "Hong Kong Digital Asset Development Policy Declaration 2.0" aims to promote the tokenization of physical assets like gold and non-ferrous metals [3]. Group 4: Implications of Financial Technology - The integration of financial technology, including asset tokenization, is expected to enhance trading efficiency and liquidity in the commodity market [5]. - Tokenization allows for the digitalization and programmability of assets, lowering investment barriers and attracting more retail investors [5]. Group 5: Future Prospects - The developments in Hong Kong's commodity trading ecosystem could position it as a global liquidity center for commodity futures and spot trading, similar to New York and London [6]. - Strengthening connections with domestic markets and integrating with the digital renminbi ecosystem are essential for achieving these strategic goals [6].