Core Viewpoint - The article discusses the emergence of a financing revolution led by the tokenization of Real World Assets (RAW), which offers asset holders a more efficient and autonomous financing channel compared to traditional methods [1][3]. Group 1: Advantages of RAW Tokenization - RAW tokenization transforms illiquid assets into liquid capital, allowing asset holders to directly convert assets like real estate, equipment, and intellectual property into blockchain tokens for global fundraising [3]. - The financing process is simplified and more efficient, eliminating the need for lengthy bank credit approvals and complex securities issuance procedures, significantly shortening the financing cycle [3]. - It reduces reliance on traditional financial intermediaries, granting issuers greater autonomy in pricing and flexibility in financing structure design [3]. - Tokenization revitalizes non-standard assets that are difficult to price and circulate in traditional markets, providing liquidity and funding for new projects [3]. Group 2: Challenges in Financing - Establishing investor trust is a primary challenge in a decentralized environment lacking traditional financial intermediaries, necessitating continuous, transparent information disclosure and the involvement of authoritative third-party custodians and auditors [4]. - Legal compliance poses a significant risk, as navigating China's regulatory framework is crucial for the success of RAW tokenization [5]. Group 3: Legal Risks and Mitigation Strategies - The risk of illegal fundraising is highlighted, as any public solicitation of funds promising returns without proper regulatory approval could be classified as illegal fundraising under Chinese law [6]. - Issuers are advised to limit fundraising to legally recognized "specific objects" and avoid public promotion through social media [6]. - The potential classification of tokens as securities necessitates careful self-assessment to avoid unauthorized public offerings, with recommendations to seek professional legal advice for compliance [7]. - Cross-border financing poses foreign exchange control risks, particularly if tokens are issued from overseas to Chinese residents, which could lead to administrative penalties [8]. - Issuers must conduct strict Know Your Customer (KYC) checks to prevent participation from Chinese residents and clearly state the legal limitations in project documentation [9]. Group 4: Conclusion - RAW asset tokenization presents a promising future for corporate financing, characterized by efficiency and flexibility, but must operate within the confines of current regulatory environments [10]. - Asset holders in China are urged to prioritize compliance over speed and efficiency, recognizing the severity of legal risks and leveraging professional legal expertise for top-level design [10].

截至二零二六年三月三十一日止財政年度第一季度 最新營運情況 本公告乃由浩德控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）根據 香港聯合交易所有限公司（「聯交所」）GEM證券上市規則第17.10(2)(a)條及證券 及期貨條例（「證券及期貨條例」）第XIVA部項下的內幕消息條文作出。 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就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。 ALTUS HOLDINGS LIMITED 浩德控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8149） 本公司董事（「董事」）會（「董事會」）謹此提供下列本集團截至二零二六年三月三 十一日止財政年度第一季度（「二零二六年財政年度第一季度」）的最新營運情況。 收入 於二零二六年財政年度第一季度，本集團錄得企業融資、資產管理及其他諮詢服 務收入4.6百萬港元，較去年同期增加27.3%。企業融資及其他諮詢服務收入乃於 已根據服務協議條款提供相關服務及╱或完成相關重大行動從而達成協定的賬單 里程碑時確認。因 ...