2月7日，中国人民银行、中国证监会等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的 通知》（以下简称《通知》），严格对虚拟货币、现实世界资产（RWA）代币化相关活动的监管。 《通知》首次明确RWA代币化"境内严禁、境外严管"的监管原则。中国证监会配套发布《关于境内资 产境外发行资产支持证券代币的监管指引》（以下简称《指引》），明确以境内资产所有权、收益权等 （以下统称"境内权益"）为基础在境外开展类资产证券化的RWA代币化业务需事前备案，即实施严格 的"备案制"，明确负面清单，划定清晰"红线"，并强化持续监管，防范风险。 中信证券首席经济学家明明在接受《证券日报》记者采访时表示，这一规定既可以规范RWA发行的整 体行为，降低各类欺诈风险，还能够补齐对资金内外流动的监管漏洞，防范跨境非法集资、资金逃避监 管非法流入或流出等行为。 填补监管漏洞 RWA代币化主要是指使用加密技术及分布式账本或类似技术，将资产的所有权、收益权等转化为代币 （通证）或者具有代币（通证）特性的其他权益、债券凭证，并进行发行和交易的活动。 实施严格的"备案制" 《指引》明确了对境内企业赴境外开展类资产证券化的RWA代币化业务实施 ...

Core Viewpoint - Hong Kong is actively promoting the development of digital assets, while several brokers and Hong Kong stocks are indicating plans for the tokenization of real-world assets (RWA). However, Chinese securities regulators have suggested that some mainland brokers suspend their RWA tokenization activities in Hong Kong [1] Group 1 - Hong Kong is pushing for the growth of digital assets [1] - Multiple brokers and Hong Kong stocks are planning to engage in RWA tokenization [1] - Chinese securities regulators have recommended that certain mainland brokers halt RWA tokenization operations in Hong Kong [1]

Core Viewpoint - Kaisa Capital (00936) experienced a significant stock surge, with a 170% increase yesterday and over 50% today, currently trading at 0.72 HKD with a transaction volume of 10.1871 million HKD [1] Group 1: Strategic Transformation - On September 17, Kaisa Capital announced a strategic transformation in collaboration with a licensed virtual asset trading platform in Hong Kong to advance RWA tokenization under a compliant framework [1] - Kaisa Group announced on September 15 that all conditions for its offshore debt restructuring have been met, and the restructuring plan is now fully effective [1] Group 2: Future Plans and Innovations - Kaisa Group stated it will leverage shareholder resources, its own industry and regional advantages, and technological accumulation with partners in the Web 3.0 field to explore digital financial innovation starting from Hong Kong [1] - Kaisa Capital aims to continuously promote innovation and resource integration in fintech, digital finance, and the Web 3.0 sector to create long-term value aligned with the trends of the new era [1]

Core Viewpoint - Kaisa Capital (00936) experienced a significant stock price surge, with a 170% increase yesterday and over 50% today, currently trading at 0.72 HKD with a transaction volume of 10.1871 million HKD [1] Group 1: Company Developments - On September 17, Kaisa Capital announced a strategic transformation and collaboration with a licensed virtual asset trading platform in Hong Kong to advance RWA tokenization under a compliant framework [1] - Kaisa Group announced on September 15 that all conditions for its offshore debt restructuring have been met, and the restructuring plan is now fully effective [1] Group 2: Future Plans and Innovations - Kaisa Group stated it will leverage shareholder resources, its own industry and regional advantages, and technological expertise in the Web3.0 field to explore digital financial innovations starting from Hong Kong within a compliant regulatory environment [1] - Kaisa Capital aims to continuously promote innovation and resource integration in fintech, digital finance, and Web3.0, creating long-term value that aligns with the trends of the new era [1]

Group 1 - The core viewpoint of the article is that Fubo Group (03738) reported a 23% year-on-year increase in total revenue to 1.5 billion, which is 1.3% lower than the expectations of the brokerage firm [1] - Operating profit increased by 51% year-on-year to 174 million, exceeding the brokerage's expectations by 42%, primarily due to margin expansion and strict cost control [1] - The brokerage has raised its revenue forecasts for Fubo for the fiscal years 2026 and 2027 by 6% and 19% respectively, reflecting the potential growth momentum of the new business model [1] Group 2 - The target price for Fubo has been increased from 5 HKD to 7.6 HKD, with a rating of "outperform the market" [1] - The company is developing a new business model centered around RWA tokenization, which involves tokenizing exclusive content such as short dramas and movies on the blockchain, expected to drive total revenue growth between 2026 and 2027 [1]