AURORA(SH:600666)2025-06-24 15:30Summary of Key Points from the Conference Call Industry Overview - The conference discusses the integration of Real World Assets (RWA) and stablecoins within the financial technology sector, particularly in the context of the cryptocurrency market and its evolving landscape [1][2][3]. Core Insights and Arguments - RWA introduces off-chain assets into the cryptocurrency market, catering to investors' demand for stable yield assets, especially during market volatility [1]. - Hong Kong is actively promoting legislation and sandbox programs for stablecoins and RWA, aiming to build a comprehensive ecosystem that effectively implements on-chain applications [1][4]. - Ant Group is strategically positioning itself in the RWA and stablecoin markets, planning to apply for a stablecoin license in Hong Kong and engaging in green finance and trade supply chain finance [1][8]. - Longxin Group successfully financed 100 million RMB by packaging the revenue rights of 9,000 charging piles into an asset bundle for RWA financing, demonstrating RWA's potential in enhancing asset liquidity and financing efficiency [1][9]. - The relationship between stablecoins and RWA is symbiotic, with stablecoins facilitating transactions and RWA providing investment returns similar to traditional financial products [2]. Legislative Developments - The U.S. Senate passed a stablecoin bill on May 20, and Hong Kong's government released a draft stablecoin regulation shortly after, indicating rapid legislative progress in both regions [4]. - Hong Kong is advancing two sandbox plans: one for stablecoins and another for RWA, to ensure effective implementation of on-chain applications [5][6]. Market Dynamics - The cryptocurrency market has transitioned from a bull to a bear phase, increasing the demand for stable, low-risk asset allocations [3]. - RWA financing enhances asset credibility through blockchain technology, allowing for continuous data monitoring and addressing challenges faced by traditional REITs [10]. Future Prospects - The RWA market is expected to grow significantly, providing new financing channels and increasing liquidity for various asset types [11][12]. - Ideal RWA anchor assets should exhibit continuous market growth, transparent yield rates, and clear financing demand, with potential candidates including charging piles, photovoltaic power stations, and computing power leasing [15][16]. Company-Specific Insights - Aored, after restructuring and receiving state-owned capital injection, has become a model for computing power leasing, boasting approximately 1.1 billion RMB in computing assets with yields exceeding 30% [20][21]. - The computing power leasing market is anticipated to expand, with companies like Aored leading the way through innovative financing models [21]. Additional Considerations - The integration of RWA and computing power leasing is driven by mutual demand, as RWA investors often have computing needs, creating a complementary relationship [18]. - The financing costs for RWA are projected to decrease in the future, potentially reaching around 5% as regulatory compliance improves and interest rates decline [14]. This summary encapsulates the key points discussed in the conference call, highlighting the evolving landscape of RWA and stablecoins, legislative advancements, market dynamics, and specific company strategies.