Renhe (000650.SZ) partners with Huajian (01931): Listed companies enter the field, who can be the first to cut the big cake of RWA?

On September 16, IVD MEDICAL (01931) announced a strategic cooperation with Renhe Pharmacy (000650.SZ), an indirectly wholly-owned subsidiary, to jointly establish the world's first global Real World Assets (RWA) exchange focused on over-the-counter drugs (OTC) in the US. As a result of this news, Renhe Pharmacy's share price rose by 5.49% to 6.73 yuan per share at the close of trading, with a market value of 9.422 billion yuan; IVD MEDICAL's share price dropped by over 10% at one point during the trading day, but eventually closed with a 3.27% increase at 11.06 Hong Kong dollars per share, with a market value of 17.915 billion yuan. This market reaction shows that investors are both excited and cautious about the RWA track. I. Multiple companies are laying out the RWA track continues to heat up RWA (Real World Asset), as a technology that tokenizes real-world assets on the blockchain, is becoming an important bridge connecting traditional finance and digital finance. According to the latest data from RWA.xyz, as of August 15, 2025, the total market value of RWA on the chain has reached 259.30 billion US dollars, with approximately 350,800 asset holders, representing an increase of 11.86% compared to the previous period. Facing the huge cake of the global RWA market, estimated to reach 16 trillion US dollars by 2030, many A-share and Hong Kong-listed companies have been rushing to enter the scene. Longshine Technology Group (300682.SZ) and GCL Energy Technology (002015.SZ) have become pioneers in RWA practice in China. Longshine Technology Group collaborated with Ant Group to successfully complete the first RWA based on new energy assets in Hong Kong, using charging piles as anchored assets, raising approximately 100 million yuan within 72 hours. GCL Energy Technology, on the other hand, collaborated with Ant Group to complete the RWA project involving photovoltaic green assets, digitizing distributed photovoltaic power stations in Hunan and Hubei totaling 82MW. The Hong Kong stock market is also bustling with activity. Several listed companies such as CHINA NEWCITY (01321), CAOCAO INC (02643), DL HOLDINGS GP (01709), and ZHOU LIU FU (06168) have all ventured into the RWA field, seeking opportunities to tokenize assets or provide virtual asset trading services. On August 6, CAOCAO INC announced that it had signed a memorandum of understanding on virtual asset strategic cooperation with VICTORY SEC. The two parties will collaborate deeply on RWA tokenization, stable coin payment applications, and compliant digital currency issuance. In an announcement on August 14, DL HOLDINGS GP disclosed that 70% of the raised funds would be used for the development of digital financial business, including RWA tokenization plans. II. Differences in development between China and the US, urgent need for infrastructure improvement Compared to the rich practices in areas such as private credit and government bond tokenization in the US, the development of RWA in China is still in its early stages. The US market has already established a relatively complete RWA infrastructure, with products such as tokenized US Treasury agreements like Ondo Finance being more mature. The current infrastructure in China is not well developed, as many companies are hoping to promote asset tokenization but struggle to find service providers that cover the entire chain. The RWA project of the CMB International US Dollar Money Market Fund, completed through cooperation between CMB International Asset Management and DigiFT, became the industry's first tokenized fund spanning multiple jurisdictions, showcasing innovative attempts by domestic institutions in this field. IVD MEDICAL's introduction of the "ETHK Global RWA Exchange" strategic model aims to address this issue. The model aims to create a B2B global top Real World Asset trading ecosystem covering multiple industry sectors. On the asset side, services such as asset screening, structural design, compliant issuance, and liquidity management will be provided to listed companies in various industries. On the fund side, licensed financial institutions such as banks, funds, and trusts will be connected to build a global liquidity network. IVD MEDICAL aims to become an "ecosystem enabler" linking the industry side and the fund side, rather than directly conducting transactions. If the world's first OTC vertical RWA exchange is successful, it can be quickly replicated in other industries, providing asset digitization transformation solutions for more traditional companies. IVD MEDICAL stated that this move is a key first step and benchmark case in the successful implementation of the group's "ETHK Blockchain Financial Ecosystem" and the "Global RWA Exchange" business model, aiming to create a scalable model. III. High-quality assets and full-stack services are key to seizing the track So, what kind of companies can stand out in this RWA competition? From the asset perspective, only high-quality assets that have growth potential and can provide liquidity are more likely to succeed in RWA. Renhe Pharmacy, as the chairman unit of the China OTC Pharmaceutical Association, owns a well-known brand matrix including "Fuyanjie," "Youkadun," and "Renhe Shenzhen Click Technology," accumulating a large number of core technology assets such as patents and trademarks. These intangible assets have a high potential for real-world asset tokenization and value, laying the foundation for innovative financing and global value discovery. From the perspective of industry services, the RWA industry chain involves asset rights confirmation, technology development, compliance auditing, liquidity provision, etc., benefitting related brokerages, law firms, technology platforms, trading platforms, etc. For example, Nasdaq submitted a proposal to the US Securities and Exchange Commission on September 8 to modify trading rules to allow the trading of securities issued in traditional or tokenized form on its main board market, covering listed stocks and ETF products. Compared to single-point services, platforms providing full-stack services like IVD MEDICAL have more room for imagination. IVD MEDICAL has strategically acquired ETHK through layout, including but not limited to successfully obtaining controlling rights of relevant US securities companies, thereby obtaining core compliance qualifications for operations in key overseas markets. This layout provides solid legal and regulatory protection for the compliance tokenization, cross-border issuance, and trading of various real-world assets. IVD MEDICAL's stock price has already increased by over 500% since July, confirming market recognition. Leveraging the blockchain technology architecture and compliance licensing resources it has laid out, the company provides asset tokenization solutions for traditional enterprises throughout the process. The cooperation between IVD MEDICAL and Renhe Pharmacy will be an important attempt for Chinese listed companies to seize the RWA track. With the implementation of the Hong Kong "Stablecoin Regulations" and the US "Genius Act," the global compliance framework is gradually being improved. RWA is no longer a concept verification of technological innovation, but has become a realistic path for the global allocation and value reassessment of traditional industrial assets.