文 | 须佐大帝 在世界商业文明的烈火战场中，只有极少数企业能成为时代的「标尺」。这一「标尺」，不仅丈量着技术的深度，更定义着信任的广度。 此刻，色彩斑斓的世界，正在进入一个新的阶段，时间与空间正在融合，在这个充满仪式感的等待之中，黎明的曙光异常静谧，但一场「声彻山海」的迭 代浪潮，已然席卷而来。 众所周知，Web1.0是信息的单向流动，Web2.0是社交的交互网络，而Web3.0则是一场，关于价值确权的史诗级迁徙。在这场迁徙中，Binance无疑是最耀 眼的灯塔。 2025年12月，当Binance的用户，数字悄然跳动至3亿的那一刻，世界见证了一个新物种的完全体诞生。这不是简单的线性增长，而是关于信任、技术与生 态的「三次方」裂变。从昔日的草莽突围，到市值曾触达1万亿美元的巅峰，再到如今在风云变幻中，依然稳居8400亿市值高位，位列全球数字资产排名 前五，一个横跨180个国家、支持19种语言的数字经济体。 这个全球瞩目的数字经济体，在合规维度，更是实现领跑全球。12月9日消息，Binance宣布已获得阿布扎比全球市场「ADGM」金融服务监管局 「FSRA」的完整监管授权，成为首家在ADGM框架下取得全球牌照 ...

Core Viewpoint - The recent regulatory ban has led to an immediate downturn in the Real World Asset (RWA) market, with significant declines in business activity from mainland companies seeking RWA operations in Hong Kong [1] Group 1: Regulatory Impact - Seven major associations in China, including the Internet Finance Association and the Banking Association, issued a risk warning regarding virtual currencies and RWA tokens, explicitly prohibiting member units from participating in the issuance and trading of these assets domestically [1] - The ban has resulted in a drastic drop in business inquiries from mainland companies, with reports indicating a more than 90% decrease in consultation volume over the past two months [1] Group 2: Market Reaction - The RWA business for mainland enterprises in Hong Kong has come to a complete standstill, with most ongoing projects being asked to pause their progress [1]

市场瞬间"入冬"。 监管禁令效果立竿见影，RWA（现实世界资产）市场瞬间"入冬"。 近日，中国互联网金融协会、中国银行业协会、中国证券业协会、中国证券投资基金业协会、中国期货 业协会、中国上市公司协会、中国支付清算协会七家协会联合发布关于防范涉虚拟货币等非法活动的风 险提示，详解虚拟货币、RWA代币及相关活动的本质属性，并明确要求各会员单位不得在境内参与虚 拟货币、现实世界资产代币发行和交易活动。 第一财经多方采访发现，内地企业赴港RWA业务已全面遇冷。多位咨询中介透露，近两个月来自内地 的业务咨询量骤降九成以上，已接洽的项目多数被要求暂缓推进。涉及RWA概念的上市公司股价亦应 声回落，朗新集团（300682.Sz）、协鑫能科（002015.SZ）等概念股较高点腰斩。 七部门发布提示 上述风险提示指出，七家协会的各会员单位不得在境内参与虚拟货币、RWA代币发行和交易活动，不 得直接或间接为客户在境内发行和交易虚拟货币、RWA代币提供相关服务。 这是RWA首次被官方明确提及并予以定性。 "这是一个极其强烈的信号。"上海曼昆律师事务所创始人刘红林对第一财经表示，在全文表述中， RWA 与稳定币、空气币、挖矿等并列 ...

Core Insights - The article discusses the recent rebranding and listing of AIxCrypto Holdings Inc. (AIXC) on NASDAQ, controlled by Jia Yueting, highlighting his capital operation skills despite past controversies [5][10] - AIXC aims to integrate blockchain technology with AI, focusing on three main business areas: Web3 AI trading terminals, Real World Assets (RWA), and AI management of crypto assets [11][10] - The article questions whether Jia's capital strategies can truly rescue Faraday Future (FF), which has struggled with vehicle deliveries and financial stability [12][15] Group 1: Capital Strategy - AIXC is positioned as a funding tool for FF, leveraging emerging crypto concepts to attract investment and alleviate FF's financial struggles [11][10] - The company plans to initiate a tokenization project for FF stock, with an initial purchase of $5 million from an independent third party [11][10] - Jia Yueting's financing efforts have shown significant growth, with FF raising $13.58 million in the first three quarters of 2025, a 144% increase year-on-year [17][16] Group 2: Vehicle Production Challenges - FF has faced significant delays in vehicle deliveries, with only a few dozen FF91 vehicles delivered despite years of investment and development [15][14] - The company is shifting focus to a more affordable model, FX Super One, which has received over 11,000 pre-orders, although the conversion rate to actual sales remains uncertain [15][15] - The article emphasizes the skepticism surrounding FF's ability to fulfill pre-orders based on past performance, where initial high order numbers did not translate into actual deliveries [15][15] Group 3: Market Perception - Jia Yueting's approach to business is seen as polarizing, with opinions ranging from viewing him as a "fraud" to recognizing him as a "resilient entrepreneur" [19][20] - Despite his financing capabilities, FF's stock has plummeted by 70% this year, with a current share price of $1.11, raising concerns about potential delisting [18][16] - The article reflects on the duality of Jia's character as both a visionary and a capital player, questioning the sustainability of his business model [20][21]

Core Insights - Real World Assets (RWA) are becoming a hot trend, bridging traditional finance and the crypto world through tokenization of physical assets like real estate and art [2][3] - The market for tokenized assets is projected to reach $45 trillion by 2030, but current engagement levels are low, with many RWA tokens having fewer than 10 active addresses monthly [2][4] Definition and Market Overview - RWA refers to physical assets that are tokenized and entered into the blockchain, including financial assets like government bonds and tangible assets like real estate and art [3] - The tokenization of non-liquid assets could create a market worth $16 trillion, representing nearly 10% of global GDP by 2030 [3] Market Growth and Composition - As of mid-2025, $24 to $25 billion of RWA has been successfully migrated to blockchain, a significant increase from under $5 billion in early 2023 [4] - Private credit and tokenized U.S. government bonds dominate the RWA market, with BlackRock's BUIDL token valued at $2.42 billion and Ondo Finance's OUSG token at $1.76 billion, together accounting for nearly 20% of the market [4] Liquidity Challenges - Despite the impressive market size, liquidity remains a significant issue, with BlackRock's BUIDL token having only 85 holders and 30 active addresses monthly [6] - Tokenized real estate and art face severe liquidity constraints, often being illiquid "digital specimens" with minimal trading activity [4][6] Driving Factors Behind RWA Interest - The recent surge in interest for RWA is driven by yield differentials, with U.S. Treasury yields rising from 0.3% to 5%, attracting capital to safer, higher-yielding assets [5] - Traditional financial institutions are increasingly entering the RWA space, providing legitimacy and support for the market [5] Structural Barriers to Development - Regulatory challenges exist, as many RWA tokens are classified as securities, limiting market participation to accredited investors and complicating cross-border transactions [8] - The market is fragmented, with various decentralized exchanges and platforms creating liquidity "islands," hindering efficient price discovery [9] Future Development Pathways - A hybrid market structure combining centralized and decentralized elements may be the best approach, allowing for compliant issuance and trading of tokenized assets [12] - Emphasizing collateralized lending as a means to enhance liquidity, allowing RWA holders to access funds without selling their assets [13][14] Ecosystem Improvement Strategies - Regulatory innovation and the establishment of standardized asset disclosure and valuation frameworks are essential to reduce information asymmetry [15] - Industry self-regulation and the involvement of rating agencies can enhance market credibility and transparency [15] Investment Strategies - Investors should focus on liquid asset classes and compliant platforms, recognizing the inherent risks and diversifying investments across different RWA categories [16] - Advanced investors may consider participating in the foundational aspects of the RWA ecosystem, such as market-making or governance [17]

Core Viewpoint - Companies planning to shift their main business to Digital Asset Treasury (DAT) may struggle to achieve their goal of listing in Hong Kong due to the cautious stance of the Hong Kong Stock Exchange (HKEX) towards cryptocurrency accumulation platforms posing as listed companies [2][3] Regulatory Stance - HKEX has raised inquiries with at least five companies attempting to make DAT their core business, and none of these listing applications have been approved [2] - The regulatory approach of HKEX aligns with existing rules aimed at preventing the emergence of "shell companies" and ensuring that listed companies have substantive business operations [5][6] - The HKEX's decision reflects a broader regulatory framework in Hong Kong, where the Securities and Futures Commission has not prioritized DAT in its digital asset development policy [7] Market Impact - The DAT business model, characterized by a cycle of financing, cryptocurrency acquisition, market value growth, and refinancing, has attracted significant capital, with total financing exceeding $20 billion from early this year to late September [8] - Despite the influx of capital, many DAT companies are trading at or below their net asset values, raising concerns about asset bubbles and insider trading [9] - The restrictions imposed by HKEX may lead to a cooling effect on the cryptocurrency sector, prompting investors to reassess compliance risks and focus on regulated products [10] Future Directions - Companies looking to enter the digital asset space must integrate their operations with the real economy, as exemplified by firms like 瑞和数智, which are investing in Web3.0 and collaborating on real-world asset digitization [11] - There remains potential for DAT companies to gain regulatory approval if they can connect their cryptocurrency assets with practical applications such as supply chain finance and cross-border payments [11] - The decision by HKEX aims to maintain stability in traditional capital markets while allowing room for compliant innovation, potentially positioning Hong Kong as a model for digital transformation in global financial centers [11]

Core Insights - The global RWA (Real World Assets) industry has been rapidly developing since 2025, with a continuously expanding market size and increasingly diverse application scenarios, including financial assets, real estate, renewable energy assets, and intangible assets, showcasing strong growth potential and institutional trends [1][2] Group 1: Challenges in RWA Financing - RWA financing involves complex paths compared to traditional financing models, with many enterprises facing multiple challenges in the transition from "asset on-chain" to "successful financing" [2] - The "dual fog" of compliance and structure in RWA financing includes the need for SPV (Special Purpose Vehicle) architecture, cross-border fund flows, and multi-jurisdictional collaboration, leading to project stagnation due to unclear ownership and compliance issues [3] - The "disconnection dilemma" between technology and financing results in projects that complete the technical step of asset tokenization but fail to secure funding due to unreasonable tokenization schemes and lack of secondary market liquidity [3] - High operational barriers for enterprises arise from the absence of standardized processes and tools, increasing financing costs and potentially missing market opportunities due to non-standardized procedures [3] Group 2: Standardization and Path Design - A systematic and operable financing path standard is urgently needed in the RWA market to enhance asset liquidity and utilization, leading to the drafting of the "RWA Financing Path Design Standard" by the China Council for the Promotion of International Trade [3][11] - The standard aims to clarify asset selection and optimize value returns by establishing scientific screening and evaluation criteria for various high-potential scenarios, maximizing investment returns [11][12] - It seeks to innovate top-level design and create global competitiveness through modular and adaptable SPV and financing structures, combined with cross-border fund flow strategies [11] - The standard will also optimize issuance processes and enhance market liquidity by designing transparent and efficient token issuance and trading solutions, integrating blockchain and smart contracts [12] Group 3: Implementation and Participation - The drafting and implementation of the standard require collaborative participation from the entire industry chain, with an open call for drafting units and contributors [15] - The standard will help asset holders shorten financing cycles, reduce risks, and enhance asset monetization and liquidity capabilities by establishing five basic principles [16] - Technical service providers can integrate their solutions into industry standards, while issuers and underwriters can improve financing efficiency and market recognition through participation in SPV architecture and issuance process design [17]

Core Insights - The article discusses the standardized process of tokenizing Real World Assets (RWA) into blockchain-tradable tokens, emphasizing the importance of legal compliance, technical implementation, and market operations. Group 1: Asset Selection and Evaluation - The process begins with asset selection and evaluation, focusing on assets with clear ownership and stable cash flows, such as commercial real estate, bonds, accounts receivable, green energy projects, and intellectual property [6] - Assets with ownership disputes or legal restrictions on circulation, such as mortgaged properties or certain state-owned equities, are excluded [6] - Legal verification of asset ownership is conducted through lawyers or notary institutions to ensure no encumbrances exist [6] Group 2: Legal Compliance and Structure Design - A compliance framework is established using Special Purpose Vehicles (SPVs) to hold assets and achieve bankruptcy isolation [6] - Licensing and regulatory requirements must be met, including obtaining local licenses for security tokens and adhering to KYC/AML processes [6] - Cross-jurisdictional coordination is necessary for assets that span multiple regions, ensuring compliance with both the asset's location and the issuance location [6] Group 3: Tokenization and Technical Implementation - The tokenization design involves standardization and layered structuring, allowing for different risk preferences through priority and subordinate tokens [4] - The choice of blockchain platform is critical, with options for public chains for global investors or consortium chains for local compliance [6] - Off-chain and on-chain data synchronization is essential for maintaining accurate asset information [7] Group 4: Issuance, Trading, and Ongoing Operations - The issuance process includes defining token distribution, revenue sharing, and redemption rules [8] - Liquidity management strategies are necessary to address potential trading depth issues for niche assets [8] - Continuous operations involve automated revenue distribution through smart contracts, regular asset audits, and compliance reporting to regulatory bodies [8] Group 5: Key Challenges and Strategies - Legal compliance challenges include cross-border judicial conflicts, which can be mitigated by choosing jurisdictions like Singapore and Hong Kong [8] - Data authenticity risks can be addressed through multi-source verification and off-chain notarization [8] - Technical security concerns, such as smart contract vulnerabilities, require third-party audits and insurance mechanisms [8] Conclusion - The essence of the RWA standardization process is a closed loop of legal verification, structured splitting, on-chain mapping, compliant issuance, and ongoing operations, aiming to enhance asset liquidity through tokenization while ensuring strict compliance and technical security [8]

Core Insights - The completion of the ETHK Building in Nanjing marks the establishment of the world's first core base focused on the digitalization of Real World Assets (RWA) technology, serving as a strong response to market skepticism regarding RWA's viability [1][4] - The building symbolizes a strategic transformation for the company, transitioning its brand focus from "IVD" to "ETHK Labs," highlighting its role as an enabler of global digital industry innovation and blockchain financial infrastructure [1][4] Group 1: Strategic Leap - The announcements made by the company on September 19 signify a critical leap from conceptual leadership to large-scale physical R&D and implementation [3] - The ETHK Building is not just a commercial property; it serves dual foundational missions: as a hub for physical R&D and collaborative innovation, and as a credible technology development and output infrastructure [4] Group 2: Addressing Challenges - RWA technology, which tokenizes real-world assets for blockchain integration, is becoming a vital bridge between traditional and digital finance, with a total on-chain market value of $25.93 billion as of August 15, 2025, and a 11.86% increase in asset holders [5] - The potential of RWA is hindered by several core bottlenecks, including public chain performance limitations, funding barriers between traditional and crypto worlds, complex cross-border regulations, and general liquidity issues [5] Group 3: Ecosystem Empowerment - The company's innovative "ETHK Global RWA Exchange within an Exchange" business model provides top-tier technical infrastructure and compliance support to leading enterprises across various industries, allowing for rapid entry into different sectors with strong replicability and scalability [6] - The establishment of the ETHK Building provides a physical anchor to address trust issues in the RWA sector, demonstrating the company's commitment to advancing its blockchain financial ecosystem strategy [6] Group 4: Collaborative Advantage - The company's RWA ecosystem strategy is driven by the belief that technology should serve the public good, aiming to facilitate the efficient and compliant circulation of high-quality global assets [10] - The collaboration with Renhe Pharmaceutical to establish the world's first OTC vertical RWA exchange reflects the company's innovative business model, providing tailored solutions for asset digitization and capital structure optimization [9][10] - The choice of Nanjing as the core base for RWA technology underscores strategic considerations, as the region is a hub for the biopharmaceutical industry with a mature ecosystem [9] Group 5: Industry Impact - The ETHK Building stands as a physical benchmark for the industry, representing the maturation of the RWA sector from virtual concepts to tangible, scalable implementations [11] - The partnership with Renhe Pharmaceutical is expected to introduce a "digital License-in/Out" model, breaking down traditional barriers to cross-border collaboration and enhancing innovation efficiency across the global OTC industry [10]

與 仁 和 藥 業（000650.SZ） 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 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的任何損失承擔任何 責 任。 IVD Medical Holding Limited 華檢醫療控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1931） 全資附屬公司仁和國際達成重大戰略合作 與 仁 和 藥 業（000650.SZ）間 接 全 資 附 屬 公 司 仁 和 國 際 達 成 重 大 戰 略 合 作，於 美 國 共 同 籌 建 全 球 首 家 非 處 方 藥（OTC）垂 直 領 域RWA交 易 所。 本 公 告 乃 由 華 檢 醫 療 控 股 有 限 公 司（「本公司」或「華檢醫療」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，旨 在 向 股 東 及 潛 在 投 資 者 提 供 本 集 團 業 務 發 展 的 最 新 資 料。 一、前 言：ETHK生態戰略的系統性深化 茲提述本公司日期為2025年 ...