付饶 近年来，RWA（现实世界资产）的讨论逐渐成为数字金融与区块链行业的核心议题。伴随区块链技术 与智能合约的不断成熟，市场正在寻找新的资产类别，以解决现实经济中存在的流动性不足与融资效率 低下的问题。 在笔者看来，中国RWA市场的创新价值，首先体现在对非金融资产流动性的改善。大量现实中存在 的"沉睡资产"，由于缺乏市场化流通渠道，未能有效释放潜能。通过RWA，企业可以将订单、设备、 库存等资产转化为数字化权益，并在链上实现融资与交易，这为中小企业尤其是科技创新型企业提供了 新的发展动力。其次，非金融资产的代币化有助于降低投资门槛，推动普惠金融。过去，这些资产往往 只有少数机构或大企业才能够参与，而通过区块链的拆分机制，更多普通投资者也能以较低成本参与其 中。再次，RWA依托区块链的技术特性，可以提升市场的透明度和交易效率，降低欺诈与篡改风险， 为投资者保护提供新的手段。最后，非金融RWA资产的引入，还能够为链上金融活动提供更加稳健的 底层支撑，使得DeFi等新兴金融形态能够脱离对加密货币的单一依赖，获得更加稳定的资产基础。 当然，非金融资产的链上化也并非没有挑战。最大的难题在于确权与估值。无论是不动产还是数 ...

Core Viewpoint - Tianji Holdings (01520) has reported a significant increase in its stock price, driven by its strategic focus on stablecoin-related businesses and Web3.0 developments, reflecting strong market optimism for its future growth [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of HKD 23.12 million and a gross profit of HKD 2.93 million [1]. Strategic Initiatives - The company is actively expanding its presence in the stablecoin and Web3.0 sectors through investments and acquisitions, which are expected to provide further upward momentum for its stock price [1][2]. - Tianji Holdings has formed a joint venture with Xizuchain Technology to operate Web3.0 sports IP consumption businesses, enhancing its strategic positioning in the "Web3.0+" sector [4]. Market Trends - The stablecoin market is poised for growth, supported by regulatory developments in multiple countries, including the U.S. and Hong Kong, which are establishing frameworks for stablecoin issuance [2][3]. - The rise of Real World Assets (RWA) is anticipated to create a massive market opportunity, potentially reaching trillions in value, as these assets are digitized and integrated into blockchain systems [2][5]. Partnerships and Collaborations - The company has established strategic partnerships with various well-known enterprises, including a collaboration with Xinqiao Capital to enhance its Web3.0 initiatives [3][4]. - Tianji Holdings has a strong track record of forming alliances with global gaming and entertainment companies, which may synergize with its stablecoin operations to unlock new growth avenues [5].

Group 1 - The Hong Kong Virtual Asset Listed Companies Association (HKVALA) has been officially established, marking a new phase of "regulatory leadership and self-discipline" in the digital asset industry in Hong Kong [1][3] - The association was initiated by over 50 listed companies from Hong Kong, the US, and China, covering the entire industry chain including finance, technology, and real economy [3] - HKVALA aims to promote compliance innovation and large-scale application in frontier areas such as stablecoins and Real World Asset (RWA) tokenization, while establishing a long-term self-regulatory governance mechanism [3] Group 2 - Huaxing Capital is recognized for its expertise in the new economy and digital asset sectors, with its chairman, Xu Yanqing, appointed as the honorary president of HKVALA [1][3] - Huaxing Capital has announced a special budget of $100 million to fully enter the stablecoin and RWA sectors, and has formed a strategic partnership with YZi Labs to allocate $100 million in BNB [3] - Xu Yanqing emphasized that digital assets represent a historical opportunity for the restructuring of the global financial system, and Huaxing Capital will continue to uphold compliance and long-term value [3]

Core Viewpoint - The article discusses the cautious yet optimistic perspective on the recent surge in interest surrounding stablecoins and the regulatory framework in Hong Kong, emphasizing the need for a balanced understanding of the market dynamics and regulatory environment [4][5]. Regulatory Environment - The Hong Kong Stablecoin Regulation, effective from August 1, 2025, is the first regulatory framework globally to focus on fiat-backed stablecoins through a licensing system [4]. - There is a prevailing sentiment that the excitement around stablecoins may be overstated, with regulatory bodies in Hong Kong indicating a cautious approach to issuing licenses [6][7]. - The Hong Kong Monetary Authority (HKMA) is expected to be stringent in its licensing process, focusing on the applicants' backgrounds, particularly in financial risk management and anti-money laundering capabilities [7][8]. Market Dynamics - The article highlights a contrast between the public enthusiasm for stablecoins and the regulatory caution observed in Hong Kong, where the focus is on preventing potential money laundering risks associated with stablecoin issuance [9][10]. - The discussion points out that while there is significant interest in stablecoins, the actual number of licenses granted may be very limited due to strict regulatory scrutiny [7][9]. Future Outlook - The conversation suggests that the acceptance of stablecoins in mainland China may pave the way for broader acceptance of cryptocurrencies and blockchain technology, driven by the need to compete in the global monetary landscape [17][19]. - The potential for Real World Assets (RWA) to gain traction in the Chinese market is also discussed, with the expectation that RWA could support the real economy and thus be more readily accepted by regulators [21][22]. Technological and Financial Innovation - The article emphasizes that stablecoins are not merely payment solutions but serve as a pricing foundation for volatile crypto assets, highlighting their role in stabilizing transactions within the crypto market [45][46]. - The discussion on RWA indicates a multi-stage approach to asset tokenization, starting from fiat currency to financial assets, and eventually to physical assets, with the latter facing significant technological challenges [24][26]. Hong Kong's Position - Hong Kong is positioned as a potential global center for digital finance, leveraging its unique legal framework and the influx of capital from mainland China [52][53]. - The article notes that the recent optimism surrounding Chinese assets, particularly in AI and crypto, has led to a significant reevaluation of their market potential, contributing to Hong Kong's resurgence as a financial hub [50][52].

Group 1 - Ant Group issued a statement denying rumors about collaborating with the People's Bank of China and China Rare Earth Group to create a rare earth RMB stablecoin, warning the public to be cautious of misleading information [1] - Following the denial, shares of China Rare Earth experienced a significant increase, rising over 4% shortly after the market opened, and closing with a gain of 1.68% [1] - The rise in interest around stablecoins has led to various rumors and fraudulent activities, prompting major fintech companies like Ant Group and JD.com to clarify their positions and warn investors [2][3] Group 2 - The Hong Kong government has implemented the Stablecoin Regulation, establishing a licensing framework for fiat-backed stablecoin issuance, which is expected to reduce compliance risks for financial institutions [5] - The first batch of stablecoin issuers includes five companies, with JD.com among them, while Ant Group has not yet entered the sandbox but plans to apply soon [6] - Regulatory requirements for stablecoin issuers in Hong Kong are stringent, aligning closely with those for electronic wallets and banks, including asset management and anti-money laundering regulations [6][7] Group 3 - The National Financial Regulatory Administration in mainland China has prohibited domestic institutions from issuing or participating in any form of stablecoin, aiming to mitigate risks associated with payment systems and consumer protection [7] - The industry is urged to accelerate the establishment of standardized governance frameworks to enhance regulatory compliance and ensure the safety of technology and business operations [7]

Core Viewpoint - Huaxing Capital Holdings has seen its stock price surge over 140% this year, driven by favorable regulatory developments in the cryptocurrency and stablecoin sectors [1][2] Group 1: Stock Performance - Huaxing Capital Holdings' stock price increased by 20.24%, reaching HKD 7.07, with a trading volume of HKD 86.177 million [1] - The company's stock has risen more than 140% year-to-date [1] Group 2: Regulatory Developments - The "Stablecoin Regulation Draft" officially took effect on August 1 in Hong Kong, establishing a licensing system for fiat-backed stablecoin issuers and enhancing the regulatory framework for virtual asset activities [1] - A global first RWA (Real World Asset) registration platform was launched on August 7 [1] - U.S. President Trump signed an executive order allowing 401(k) plans to invest in private equity funds, Bitcoin, and other alternative assets, providing further positive momentum for the cryptocurrency market [1] Group 3: Strategic Initiatives - In June, Huaxing Capital announced a board resolution to enter the Web 3.0 and cryptocurrency asset sectors, approving a budget of USD 100 million for development over the next two years [2] - The company plans to increase investments in stablecoins, RWAs, and the entire cryptocurrency ecosystem, while actively pursuing relevant business licenses [2] - Huaxing Capital has successfully invested in Circle Internet Group and provided listing and financing services for numerous leading cryptocurrency companies [2]

Group 1 - Hua Xing Capital Holdings (01911) has seen its stock price increase by over 10%, with a year-to-date rise of 1.1 times, currently trading at 6.21 HKD with a transaction volume of 18.79 million HKD [1] - In June, Hua Xing Capital announced a board resolution to enter the Web 3.0 and cryptocurrency asset sectors, approving a budget of 100 million USD for the development of Web 3.0 business and cryptocurrency investments over the next two years [1] - The company plans to enhance its investment in stablecoins, Real World Assets (RWA), and the entire cryptocurrency ecosystem, while actively seeking to apply for and upgrade relevant business licenses [1] Group 2 - On August 1, the Stablecoin Regulation Draft officially took effect in Hong Kong, establishing a licensing system for fiat-backed stablecoin issuers and improving the regulatory framework for virtual asset activities in Hong Kong [1] - The move towards compliance in the stablecoin sector is seen as a key opportunity for investment in stablecoins and RWA markets, according to Open Source Securities [1]

Group 1 - The core viewpoint is that Yisou Technology and Greenland Jinchuang have formed a strategic partnership to enter the trillion-level RWA (Real World Assets) market through the digitalization of cultural IP [3] - The partnership involves the establishment of the Novus Infusion platform, which will create a management channel for RWA issuance and will expand into diverse asset fields such as real estate and carbon credits in the future [1] - Greenland Jinchuang holds digital asset licenses from the Hong Kong Securities and Futures Commission, providing strong compliance backing and underlying asset support for the projects [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses trends in the virtual asset industry following the introduction of stablecoin legislation in the United States and Hong Kong, highlighting the impact of geopolitical risks on decentralized finance adoption [1][2]. Core Insights and Arguments - **Geopolitical Influence**: The expulsion of Russia from the SWIFT system has accelerated the adoption of decentralized finance, with developing countries increasingly using crypto finance for value storage and transaction payments [2]. - **Correlation with Monetary Supply**: Bitcoin prices are highly correlated with global M2 money supply, suggesting that a loose monetary policy in the U.S. could drive up Bitcoin and other risk assets [1][3]. - **Stablecoin Legislation**: The U.S. aims to extend dollar hegemony into blockchain, while Hong Kong seeks to create a digital financial experimental zone to facilitate the internationalization of the Renminbi [1][5]. - **Market Growth Projections**: The stablecoin market is expected to grow rapidly, with Citigroup predicting it could reach $1.6 trillion by 2030, and U.S. Treasury Secretary suggesting it could hit $2 trillion within three years [1][8]. Additional Important Content - **Impact on Traditional Financial Institutions**: Stablecoin trading volumes have surpassed the combined market capitalization of Visa and Mastercard, indicating potential disruption to traditional financial revenue streams [3][9]. - **Stablecoin Market Dynamics**: The market is characterized by a concentration of major players, with Tether (USDT) holding over 60% market share and Circle (USDC) around 25%. Key competitive factors include customer acquisition, security, and liquidity [12]. - **Regulatory Landscape**: Both U.S. and Hong Kong stablecoin regulations emphasize compliance and risk prevention, with the U.S. prohibiting interest payments to users [7]. - **Real World Assets (RWA)**: RWA refers to the tokenization of physical assets on the blockchain, enhancing liquidity and efficiency in financial transactions. Examples include Blackrock's tokenized U.S. Treasury bonds [16][17]. Future Trends and Risks - **Institutional Participation**: Major financial institutions like Bank of America and JPMorgan Chase are beginning to apply for stablecoin licenses, indicating a shift towards institutional involvement in the stablecoin market [11]. - **Challenges for Circle**: Circle faces risks related to its revenue dependence on interest income from U.S. Treasury rates and its reliance on B2B channels without direct consumer engagement [15]. - **Market Competition**: The stablecoin market is expected to see increased competition as compliance and institutionalization progress, potentially squeezing out non-compliant players [8][12]. Conclusion - The virtual asset industry is undergoing significant transformation driven by regulatory changes, geopolitical factors, and evolving market dynamics. The growth of stablecoins and RWAs presents both opportunities and challenges for traditional financial institutions and new entrants alike.

Core Viewpoint - The article emphasizes that Huaxing Capital is strategically transitioning into the WEB 3.0 and digital asset sectors, aiming to become a core player in global WEB 3.0 investments while leveraging its existing strengths in traditional finance [1][5]. Personnel Changes - Huaxing Capital appointed Frank Fu Kan and Chen Jiali as independent non-executive directors, both bringing extensive industry experience, particularly in blockchain technology and digital currencies [2]. Business Strategy - The company has approved a budget of $100 million to develop its WEB 3.0 business and invest in digital currency assets over the next two years, focusing on stablecoins, RWA (real-world assets), and the entire digital asset ecosystem [1][5]. - The board's strategic move is part of Huaxing's "2.0 era" initiative, which aims to solidify its existing business while expanding into new technology-driven sectors [3][5]. Performance and Achievements - Huaxing Capital has shown a strong recovery in its overall business, particularly in artificial intelligence and mergers and acquisitions, with significant IPO successes, including the notable performance of Circle Internet Group [3][4]. - The company has a history of successful investments in the blockchain sector, including leading roles in the IPOs of various tech firms [4]. Future Outlook - The strategic focus on artificial intelligence, mergers and acquisitions, and blockchain technology positions Huaxing Capital as a bridge between Web 2.0 and Web 3.0, enhancing its industry leadership and shareholder value [5].