现实世界资产（RWA）代币化正在以惊人的速度重塑区块链金融版图。到2025年6月末，RWA市场 规模已突破260亿美元，相比2022年的约50亿美元实现5倍增长，成为数字资产生态最具活力的细分领域 之一。 然而，全球最大的Web3安全公司CertiK近日发布的《2025 Skynet RWA安全报告》（下称"报告"） 指出，传统金融（TradFi）与去中心化金融（DeFi）的融合在推动RWA发展的同时，也带来了远超智能 合约层面的复杂安全挑战。这类混合型风险涵盖预言机操纵、托管方与交易对手风险、法律框架无法执 行，以及虚假的储备金证明等问题。 这一转变表明RWA安全格局正在经历深刻演变，风险焦点从链下金融违约逐步转向链上技术漏洞 与运营管理失误。和其他去中心化产品类似，随着上链用户数量不断增加，潜在攻击者可利用的资金规 模也在扩大，这使得RWA的安全需求愈发迫切。 根据报告中CertiK的Skynet RWA评估框架，表现最优的协议来自传统金融巨头——如贝莱德 （BlackRock）和富兰克林邓普顿（Franklin Templeton）。它们通过引入机构级的合规、托管和透明机 制，展现出稳健的安全水平。Sk ...

Group 1 - The company plans to acquire 20% of NVTH Limited from NVTSH Limited for HKD 100 million, with HKD 40 million paid in cash and HKD 60 million through the issuance of 42.25 million shares at HKD 1.42 per share [1] - The company intends to place up to 44 million shares at a price of HKD 1.42 per share, aiming to raise approximately HKD 60.9 million, with HKD 40 million allocated for the cash portion of the acquisition and HKD 20.9 million for general working capital [1] - The target group focuses on blockchain-based Real World Asset (RWA) tokenization technology infrastructure, providing trading and liquidity solutions to connect traditional finance with decentralized Web3 markets [1] Group 2 - The acquisition is seen as a strategic move to enter the RWA market without the delays and risks associated with building from scratch, aligning with the company's commitment to explore innovative business opportunities and diversify revenue sources [2] - The target group's established team, platform infrastructure, past performance, project reserves, and growth potential contribute to the positive outlook for the RWA tokenization business [2]

Core Viewpoint - The recent significant stock price increase of Huajian Medical (01931.HK) is closely linked to its strategic initiatives, including plans for dual primary listing on NASDAQ and the introduction of innovative financial products in the medical sector [1][2]. Group 1: Stock Price Volatility Drivers - The stock price of Huajian Medical has seen a cumulative increase of approximately 120% in July and an additional 62% since August, with a single-day increase of 38.43% on August 6, leading to a market capitalization exceeding 12.8 billion HKD [1][2]. - Key strategic announcements include the initiation of a dual primary listing plan on NASDAQ on July 14, aimed at expanding the international shareholder base and enhancing participation in global capital markets [2]. - The launch of the medical innovation drug RWA Exchange and the associated stablecoin IVDDollar on July 17 addresses issues of liquidity and financing cycles in the medical sector, attracting market attention [2]. - Establishment of a wholly-owned subsidiary, IVD GROUP INC., in New York and submission of stablecoin license applications to SEC and CFTC on July 20, positioning the company as a rare player in the Hong Kong market with dual stablecoin licensing [2]. Group 2: Ethereum Vault Strategy - On August 8, the company announced the initiation of its Ethereum Vault strategy, including the purchase of 5,190 Ether, marking the largest reserve among Hong Kong-listed companies [3]. - The Ethereum Vault strategy consists of two main components: the Ether reserve and the Ether creation engine (medical RWA), utilizing blockchain technology for the tokenization of medical assets [3][10]. - The strategy is compared to successful U.S. companies like MicroStrategy and Summit Therapeutics, indicating potential for significant value growth if market recognition continues [4]. Group 3: Market Context and Competitive Landscape - The U.S. regulatory environment for cryptocurrencies is becoming clearer, providing a stable policy outlook for Ethereum and decentralized finance (DeFi) applications, which enhances the intrinsic value of Ether as a core reserve asset [5]. - Companies like MicroStrategy have successfully integrated cryptocurrency reserves into their capital operations, achieving substantial market capitalization growth, which serves as a model for Huajian Medical [6]. - The Ethereum Vault strategy of Huajian Medical is noted for its unique approach, focusing on long-term, stable asset reserves through diversified funding sources, contrasting with other companies' strategies [9][10]. Group 4: Medical RWA Platform Development - Huajian Medical's extensive experience in the medical field, with over 20 years of operation and a network covering 1,674 tertiary hospitals in China, supports the establishment of its medical RWA platform [11]. - The company's proactive compliance strategy, including early license application disclosures and establishment of a subsidiary in New York, positions it favorably in the evolving global regulatory landscape [11]. - The integration of traditional medical assets with blockchain finance through the medical RWA platform addresses funding efficiency issues in the medical innovation sector, a relatively rare model in the Hong Kong market [12].

Core Viewpoint - Hong Kong is seizing the opportunity to develop the Real World Asset (RWA) industry by launching the world's first RWA registration platform and establishing three Web3.0 standards to facilitate the tokenization of RWA assets [1][4][7] Group 1: RWA Registration Platform and Standards - The RWA registration platform in Hong Kong will provide comprehensive lifecycle services for RWA asset tokenization, including compliance registration, information disclosure, and circulation support [1][4] - The three Web3.0 standards aim to address key challenges in asset confirmation, valuation, and cross-border payments, promoting standardized processes and technical implementations for RWA tokenization [1][4][7] - The platform is expected to enhance the transparency and global adaptability of RWA financial services, establishing a standardized technical system for coding, classification, identification, and evaluation of RWA assets [4][5] Group 2: Challenges in RWA Development - The RWA industry faces structural barriers, including a lack of unified regulatory standards for asset definition, confirmation, registration, and token issuance, particularly in cross-border transactions [2][3] - Technical bottlenecks such as data disconnection between on-chain and off-chain assets hinder the development of RWA, making it difficult to quantify risks and establish trust [2][3] - High upfront costs associated with due diligence, auditing, and technical development pose significant challenges for small and medium-sized enterprises, limiting their participation in RWA [3][5] Group 3: Global Implications and Future Prospects - The launch of the RWA registration platform is expected to accelerate the global digitalization of assets, providing a clear institutional model and technical template for other jurisdictions [7][8] - Hong Kong's initiative may establish a "Hong Kong standard" for RWA compliance, integrating financial regulation with blockchain technology, thereby enhancing its strategic position as a global financial hub [7][8] - The platform aims to create new pathways for global capital allocation and financing efficiency, facilitating the transition of Web3.0 from virtual narratives to real-world value [8]

蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群在峰会上表示："经过在新能源领域的实践验证，我们的 RWA技术平台、商业模式和生态系统逐渐成熟。基于这一前提，我们开始稳健推行算力与更广泛金融资产 的新探索。" 【导读】参与香港金管局沙盒一年，蚂蚁数科首谈RWA业务发展 2024年8月，蚂蚁数科RWA实践入选香港金管局Ensemble沙盒代表性案例，到今年8月刚好一年。8月7日， 在香港举办的"锚"定Web3.0未来峰会上，蚂蚁数科首谈一年来RWA业务发展。 香港金管局于2024年8月推出Ensemble项目沙盒，旨在探索创建基于区块链平台的创新金融市场基础设施， 通过批发层面央行数码货币（wCBDC），促进市场以代币化货币进行银行同业结算。香港金管局希望通过 沙盒试验，验证代币化资产、代币化存款和wCBDC之间的技术互操作性，也让业界参与者在实际业务场景 中，对代币化资产交易进行端对端测试。 作为全球区块链授权专利持有量最多的企业，过去一年，蚂蚁数科围绕RWA等数字资产场景，从资产可 信、高效流通、交易安全与合规等四方面入手，先后发布RWA平台"两链一桥"、资产上链方案AntChain Inside、Layer2 ...

作为全球区块链授权专利持有量最多的企业，过去一年，蚂蚁数科围绕RWA等数字资产场景，从资产可信、高效流通、交易安全与合规等 四方面入手，先后发布RWA平台"两链一桥"、资产上链方案AntChain Inside、Layer2区块链Jovay。 【导读】参与香港金管局沙盒一年，蚂蚁数科首谈RWA业务发展 中国基金报记者 郭玟君 2024年8月，蚂蚁数科RWA实践入选香港金管局Ensemble沙盒代表性案例，到今年8月刚好一年。8月7日，在香港举办的"锚"定Web3.0 未来峰会上，蚂蚁数科首谈一年来RWA业务发展。 蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群在 峰 会上 表示 ："经过在新能源领域的实践验证，我们的RWA技术平台、商业模式和 生态系 统逐 渐成熟。基于这一前提，我们开始稳健推行算力与更广泛金融资产的新探索。" 香港金管局于2024年8月推出Ensemble项目沙盒，旨在探 索创 建基于区块链平台的创新金融市场基础设施， 通 过批发层面央行数码货 币（wCBDC），促进市场以代币化货币进行银行同业结算。香港金管局希望通过沙盒试验，验证代币化资产、代币化存款和wCBDC之间 的技术互操作性，也让业 ...

文/中国社科院国家金融与发展实验室副主任 杨涛 日前，香港We b 3. 0标准化协会联合多家机构发布《RWA产业发展研究报 告（2 0 2 5）》（以下简称《报告》），引起了各方的广泛关注。众所周 知 ， RWA （ Re a l Wo rl d Ass e ts ， 现 实 世 界 资 产 ） 的 通 证 化 （ 或 代 币 化），是指通过区块链技术将实物资产或金融资产的所有权、受益权或其 他属性转化为链上数字通证（或代币），使其能够在区块链网络上进行交 易、流通和管理。根据RWA. x y z平台的数据显示，截至2 0 2 5年7月2 6日， 链上的全球RWA资产市值已突破2 5 2 . 1亿美元（不包括稳定币），总资产 持有人达到了3 2 9 4 9 8名，总资产发行人达到了2 5 5名。由此，在RWA市 场规模呈现快速扩展趋势时，亟需进一步厘清相关理论内涵，明确相关制 度规则，把握好RWA创新的风险与安全"跷跷板"。 从金融功能角度看RWA市场的意义 就RWA市场发展的价值来看，一是对于流动性相对差的各类"沉睡"资产，提供了基于Web3世界的全新融资渠道，缓解了传统融资周期长、门槛高 的难点。也可以 ...

Group 1 - The core concept of RWA (Real World Assets) is the tokenization of tangible and intangible assets, allowing them to be fractionalized and traded on blockchain platforms, potentially reaching a market size of $16 trillion by 2030, which is about 10% of global GDP [1][2][3] - RWA aims to provide a financing channel for asset holders and lower investment barriers for investors, echoing the goals of P2P lending but with a more reliable and transparent mechanism [3][4] - RWA utilizes blockchain technology and smart contracts to enhance transparency and security, addressing issues that plagued P2P lending, such as credit risk and information opacity [5][6][7] Group 2 - Despite improvements, RWA still faces risks related to the authenticity of underlying assets, as blockchain cannot verify the existence of off-chain assets, leading to potential issues with "fake" or low-quality assets [8][9] - The global nature of RWA introduces new complexities in risk management, as assets can be tokenized and sold across borders, creating challenges in regulation and legal recourse for investors [10][11] - RWA is increasingly influenced by state-level actors, with significant participation from government-backed assets like U.S. Treasury bonds, indicating its role as a geopolitical tool in the digital finance landscape [12][13] Group 3 - The rise of RWA could lead to a structural shift in global finance, potentially undermining local currencies and monetary policies as capital flows towards dollar-denominated assets [14][15] - Some regions are exploring local stablecoins to mitigate risks associated with RWA, aiming to maintain financial sovereignty while adapting to the evolving digital finance ecosystem [15][16] - Ultimately, RWA represents a convergence of financial technology, geopolitical strategy, and the quest for monetary authority, posing both opportunities and challenges for individual investors [16]

Core Insights - RWA (Real World Assets) has emerged as a hot topic in the financial sector, with predictions from BCG estimating the market size could reach $16 trillion by 2030, equivalent to 10% of global GDP [1] - The article raises questions about the fundamental differences between RWA and the failed P2P lending model, particularly regarding asset transparency and trust [1][5] - RWA is defined as the tokenization of tangible and intangible assets, allowing for fractional ownership and broader participation in investments [3][4] Group 1: RWA Definition and Mechanism - RWA refers to tangible assets like real estate and gold, as well as intangible assets like bonds and intellectual property [1] - The tokenization process allows traditional assets to be divided into smaller shares, making them accessible to a wider range of investors [3] - RWA utilizes blockchain technology and smart contracts to enhance transparency and automate transactions, reducing reliance on traditional financial intermediaries [4][7] Group 2: Comparison with P2P Lending - RWA is seen as an evolution of the P2P model, addressing issues of credit risk and information opacity by using verified assets as collateral [4][6] - Unlike P2P, which relied on borrower creditworthiness, RWA uses tangible assets to ensure reliability and control over risks [4][6] - The global nature of RWA introduces new risks, as it can lead to a "legal island" scenario where regulatory oversight becomes complicated [10][11] Group 3: Market Dynamics and Geopolitical Implications - The RWA market is significantly influenced by state-backed assets, with a notable share of the market being driven by U.S. Treasury tokenization [12][13] - RWA facilitates capital flow into U.S. assets, potentially undermining the financial sovereignty of non-U.S. economies [13][14] - Countries are facing a dilemma between embracing RWA for economic benefits and protecting their financial systems from external influences [15][16] Group 4: Risks and Challenges - Despite improvements over P2P, RWA still faces risks related to asset authenticity and liquidity, particularly with non-standardized assets [6][9] - The potential for "pseudo-RWA" projects that lack real asset backing poses a significant threat to investors [8] - The article emphasizes the need for investors to understand the underlying assets in RWA investments to avoid pitfalls similar to those experienced in P2P lending [17]

Group 1 - The core concept of Real World Assets (RWA) involves tokenizing tangible and intangible assets through blockchain technology, allowing for digital representation and trading on blockchain networks [1][3] - RWA is seen as a significant trend in the blockchain and cryptocurrency space, evolving from earlier concepts like ICOs and STOs, and is viewed as a bridge between traditional finance and decentralized finance (DeFi) [3][4] - The tokenizable assets under RWA include real estate, intellectual property, receivables, commodities, and even cultural relics, enabling fractional ownership and liquidity for traditionally illiquid assets [4][10] Group 2 - Hong Kong has established a regulatory framework to support RWA, with significant milestones including the policy declaration in October 2022 and the launch of the Ensemble tokenization sandbox in August 2024 [4][10] - RWA is believed to enhance liquidity, lower investment thresholds, and improve transparency and security, attracting various market participants and traditional financial institutions [4][10] - The differences between RWA, NFTs, and ICOs are highlighted, with RWA being anchored in real asset value, while NFTs focus on digital asset uniqueness and ICOs are based on project expectations without underlying asset support [5][6] Group 3 - Current challenges in RWA tokenization include asset rights confirmation, cross-border structural design, and on-chain governance, with many projects facing difficulties due to regulatory and operational complexities [7][11] - The participation of ordinary investors in RWA is heavily dependent on regional regulations, with clear legal frameworks in places like Hong Kong, while mainland investors face restrictions [8][11] - For mainland enterprises, issuing RWA in Hong Kong involves establishing a Special Purpose Vehicle (SPV) and ensuring compliance with both local and international regulations [10][11]