Core Viewpoint - The announcement by Huajian Medical (01931.HK) regarding the establishment of joint ventures and a rebranding signifies a strategic shift towards "on-chain finance," aiming to build the next generation of global asset circulation infrastructure [1][3]. Group 1: Strategic Shift - The name change from "IVD Medical Holding Limited" to "ETHK Labs Inc." reflects a new strategic vision that aligns with its role as a key technology and infrastructure provider in the "ETHK on-chain financial ecosystem" [1][3]. - The establishment of joint ventures alongside the rebranding indicates a systematic increase in investment in digital industries and on-chain finance, suggesting a long-term commitment rather than short-term market speculation [3]. Group 2: Trust Mechanism - There are two contrasting perspectives on Huajian Medical's transformation: supporters believe blockchain can effectively address global asset liquidity issues, while skeptics question the scalability of RWA (Real World Asset) and the clarity of the business model [4][6]. - The ability to build a sustainable, regulatory-compliant, and scalable trust system is crucial for the success of Huajian Medical's strategy [6]. Group 3: Strategic Drivers - The transformation is driven by three factors: the need to overcome growth bottlenecks in existing business, the necessity to attract investor attention with a new global and tech-oriented narrative, and the supportive policy environment in Hong Kong for Web3 and digital asset innovation [8]. Group 4: Value Distribution - Huajian Medical's ETHK ecosystem aims to create new opportunities for asset owners by providing pathways for financing and global market access through on-chain tools [9]. - For capital providers, Huajian Medical is expected to offer new investment interfaces that connect them to high-quality assets traditionally overlooked by the financial system [9]. Group 5: Conclusion - The establishment of joint ventures and the rebranding highlight a significant trend where Chinese quality assets are attempting to achieve global circulation through blockchain technology, while global capital seeks new value anchors [11]. - The success of Huajian Medical in converting its narrative of "on-chain finance" into a credible, investable, and sustainable reality will depend on its ability to address technical implementation, compliance, business models, and ecosystem collaboration [11][12].