Group 1 - The core viewpoint of the article highlights the strategic partnership between Derin Holdings and Antalpha Platform, aimed at integrating traditional finance expertise with digital asset innovation to unlock market potential in the digital asset ecosystem [1][2] - The collaboration is expected to enhance the group's competitive advantage in the digital asset and Real World Asset (RWA) sectors, aligning with global trends in asset tokenization and supporting Hong Kong's vision as a leading regulated digital finance center [2][3] - The partnership will enable the group to optimize its Bitcoin mining operations through Antalpha's support in financing, infrastructure, and technology, thereby improving operational efficiency and competitiveness in the mining business [2] Group 2 - The rapid growth of the gold products and RWA tokenization market reflects strong demand from institutional and retail investors for secure, transparent, and flexible investment options, with the total market value of tokenized gold exceeding approximately $3 billion in 2025 and a trading volume increase of about 900% year-to-date [3] - Tokenized gold, particularly the XAU asset with a market value exceeding $1.5 billion, is positioned to become a core RWA due to its scalability, stability, and practical use across decentralized and regulated platforms [3] - The ongoing collaboration between the group and Antalpha in developing gold RWA applications and distribution channels is expected to diversify investment products and provide reliable digital gold investment avenues, maintaining the group's leading position in RWA innovation [3]

Core Viewpoint - Company Siu Fook (06168) has made a strategic investment in Going Securities (HK) Limited, acquiring a 15% stake in Gao Ying Securities, marking its entry into the RWA (Real World Asset) sector and the digital asset market in Hong Kong [1][3][11] Group 1: Strategic Investment and Market Positioning - The investment was completed through Siu Fook's wholly-owned subsidiary, establishing a foundation for long-term strategic collaboration in the digital finance sector [1][3] - Gao Ying Securities holds multiple regulatory licenses and is positioned as a key player in the Web3.0 standardization in Hong Kong, enhancing Siu Fook's compliance and industry integration capabilities [3][4] - The collaboration aims to integrate resources across cross-border payments, precious metals, and capital markets, facilitating the upgrade of Gao Ying Securities' virtual asset licenses [3][4] Group 2: RWA Market Potential - The RWA sector is gaining attention as traditional industries face growth slowdowns and virtual asset regulations become more defined, with a projected asset tokenization market size of $16 trillion by 2030 according to Boston Consulting Group [3][4] - Major institutions like BlackRock and Franklin Templeton are entering the market, indicating a trend towards tokenizing real assets such as gold, bonds, and real estate [3][4] Group 3: Business Model and Growth Strategy - Siu Fook's strategy involves leveraging its gold and jewelry assets to issue RWA products, providing inherent value stability and enhancing asset liquidity and financing channels [4][5] - The company plans to establish hundreds of overseas stores in the next 2-3 years, which will serve as both sales terminals and sources of high-quality assets for RWA issuance [6][7] - The overseas expansion is supported by a proven business model with a return on equity (ROE) in overseas stores reaching 2-3 times that of domestic stores, ensuring cash flow for further expansion [7][8] Group 4: Competitive Advantages and Market Differentiation - Siu Fook's competitive edge lies in its unique combination of supply chain advantages and cultural differentiation, allowing it to avoid price wars with international giants [8][9] - The company has established a risk-controlled expansion path through strategic partnerships with leading commercial real estate firms, reducing market entry costs [8][9] Group 5: Future Outlook and Valuation - Siu Fook is positioned to become the first listed company in the domestic jewelry industry to achieve systematic and large-scale issuance of gold RWA products, which could lead to a premium valuation in the capital market [10][11] - The company's ecosystem-building approach may allow it to transition from a product supplier to an industry infrastructure service provider, shifting its valuation focus from product margins to market share and ecosystem value [10][11] - The strategic synergy of "overseas expansion + RWA" is expected to drive Siu Fook's transformation into a digital ecosystem platform, unlocking significant financial value from its gold inventory [11]

Core Viewpoint - The strategic investment by Chow Tai Fook (周六福) in Gao Ying Securities (高盈证券) marks a significant move into the RWA (Real World Asset) sector, leveraging its asset attributes and channel advantages to explore compliant development paths in Hong Kong's digital asset market [1][3][11] Group 1: Strategic Investment and Partnerships - Chow Tai Fook, through its wholly-owned subsidiary, has completed a strategic investment in Gao Ying Securities, acquiring a 15% stake indirectly [1] - SwiftPass Hong Kong Limited, a subsidiary of Weifutong Technology, has also invested in Gao Ying Securities, holding an 18% stake [1] - This collaboration lays the foundation for long-term strategic synergy in the digital finance sector, focusing on cross-border payments, precious metals, and capital markets [3] Group 2: RWA Market Potential - The RWA sector is gaining attention as traditional industries face growth slowdowns and virtual asset regulations improve, with a projected tokenized asset scale reaching $16 trillion by 2030 according to Boston Consulting Group [3] - Major institutions like BlackRock and Franklin Templeton entering the market indicate a trend towards tokenizing real assets such as gold, bonds, and real estate [3] Group 3: Business Model and Growth Strategy - Chow Tai Fook's entry into the RWA market is not merely opportunistic but a strategic choice aligned with its asset characteristics and regulatory environment [4] - The company plans to establish hundreds of overseas stores in the next 2-3 years, which will serve as both sales terminals and sources of high-quality assets for RWA issuance [6] - Each new store will contribute to a growing pool of stable, globally recognized assets, enhancing the company's ability to issue RWA [6] Group 4: Competitive Advantages - The company's RWA products, anchored by gold and jewelry, provide inherent value stability and are easier to evaluate and custody [4] - Chow Tai Fook can leverage Gao Ying Securities' compliance licenses and financial capabilities to enhance asset liquidity and financing channels, supporting its overseas expansion [4] - The regulatory framework in Hong Kong requires virtual asset issuers to have practical application scenarios, which Chow Tai Fook's overseas operations naturally fulfill [6] Group 5: Financial Performance and Market Position - The overseas stores have demonstrated a return on equity (ROE) 2-3 times higher than domestic operations, validating the profitability of the business model [7] - The combination of supply chain advantages and cultural differentiation creates a structural competitive edge, ensuring high success rates for new stores [8] - The strategic partnership with leading commercial real estate firms reduces site selection risks and market entry costs, enhancing the feasibility of expansion [8] Group 6: Future Outlook and Valuation - Chow Tai Fook's dual strategy of overseas expansion and RWA development creates a self-reinforcing growth cycle, positioning the company as a pioneer in the RWA space [9][11] - The company is expected to enjoy valuation premiums as the first in the domestic jewelry industry to achieve systematic and scalable issuance of gold RWA products [10] - As the platform matures, Chow Tai Fook could transition from a product supplier to an industry infrastructure service provider, broadening its valuation metrics [10]