Behind the rejuvenation of the LOGO: The "second entrepreneurship" of IVD MEDICAL (01931) and the ambition for the trillion RWA market.

On September 19, IVD MEDICAL (01931.HK) announced that the company's global first RWA building - ETHK Building (also known as IVD MEDICAL Building) has officially been completed. On the same day, the company also updated its brand logo. IVD MEDICAL Announcement on September 19 This is the second time IVD MEDICAL has updated its logo in the past two months. The last time was on July 30, and although the interval was short, the company's strategic positioning has undergone a significant leap. IVD MEDICAL stated in the announcement that the new logo symbolizes the company's comprehensive leap to become the next generation builder of blockchain technology-based, compliance-framed, open-ecosystem-centric online financial ecosystem. The old logo could no longer support its new positioning as a "global digital industry innovator and online financial infrastructure enabler." The ETHK Building, located in Nanjing and with a construction area of 70,000 square meters, is far from just a regular commercial property. It is the physical cornerstone of IVD MEDICAL's technological strategy, with a dual infrastructure mission: to be both a physical research and collaborative innovation base, and a trusted technology research and output core. I. Strategic Carrier: The Technological Ambition of the ETHK Building The ETHK Building completed by IVD MEDICAL this time is the world's first core base focusing on the digital technology research and ecosystem empowerment of real-world assets (RWA). According to the announcement, the building is located at No. 190 Leshan Road, Jianye District, Nanjing, with a total construction area of approximately 70,000 square meters. The main building covers approximately 35,000 square meters, the group building is about 15,000 square meters, and it includes two basement floors of about 20,000 square meters. The ETHK Building is designed as the physical core of IVD MEDICAL's "ETHK online financial ecosystem." The announcement outlines its dual missions: Physical Research and Collaborative Innovation Infrastructure: Providing world-class research laboratories, data centers, testing environments, and collaborative office spaces for technical partners, financial institutions, scientific research units, and digital asset management teams within the ecosystem. It is expected to bring together over 5,000 technical experts and research engineers in the future. Trusted Technology Research and Output Infrastructure: Deeply integrating IVD MEDICAL's blockchain underlying research and testing center, cross-chain interoperability protocol laboratory, smart contract security and audit technology center, data privacy and compliance technology research unit, and other core functions. Choosing Nanjing as the location was a carefully considered decision by IVD MEDICAL. The announcement explains that Nanjing and the Yangtze River Delta region are core clusters of China's biopharmaceutical industry, aligning highly with IVD's focus on digitizing high-tech intellectual property assets. Moreover, Nanjing is home to top universities such as China Pharmaceutical University and Nanjing University, providing top talent support. The State Council's approval of the "China (Jiangsu) Pilot Free Trade Zone Bio-Pharmaceutical Industry Full Chain Open Innovation Development Plan" on August 21 also brought policy dividends to the ETHK Building. IVD MEDICAL emphasizes that the ETHK Building marks the company's technological vision surpassing the blueprint stage and officially entering a new era of tangible research and development, scalable deployment, and substantial technical output. II. Second Entrepreneurship: IVD MEDICAL's RWA Ecosystem Layout The logo update and building completion, are the external manifestations of IVD MEDICAL's "second entrepreneurship." Its core is the company's comprehensive transformation towards the RWA (Real World Assets) track. RWA (Real World Assets) refers to the tokenization of real-world assets. According to the "RWA Industry Development Research Report" released by the Hong Kong Web 3.0 Standardization Association, the RWA industry is at a critical point of transitioning from concept validation to scaling applications. Defillama data shows that as of June 2025, the total locked value (TVL) of RWA reached $12.5 billion, a 124% increase from 2024. The Boston Consulting Group (BCG) and the Singapore Digital Securities Exchange (ADDX) jointly predict that by 2030, the global RWA market will reach $16.1 trillion, accounting for 10% of global GDP. IVD MEDICAL's RWA layout can be traced back to July of this year. The company subsequently established ETHK Inc. and ETHK Holdings Limited, and planned to rename it ETHK Labs Inc, clarifying its position as a technological driver and infrastructure provider within the ecosystem. On September 16, IVD MEDICAL announced a strategic cooperation with Renhe Pharmacy (000650.HK) subsidiary Renhe International to jointly build the world's first OTC vertical RWA exchange in the United States. This is the first benchmark case of IVD MEDICAL's "ETHK Global RWA Exchange" business model. The "Exchange in Exchange" model is an innovation by IVD MEDICAL: providing online financial ecosystem infrastructures to leading companies in various industries, helping to build vertical RWA exchanges. IVD MEDICAL provides technical solutions and compliance support, charging technology service fees, on-chain fees, and ongoing service fees. The choice of Renhe Pharmacy as the first partner was carefully considered by IVD MEDICAL. Renhe Pharmacy is the chairman unit of the China Non-Prescription Drug (OTC) Association and owns well-known brands such as "Fu Yan Jie" and "You Kadan," with high tokenization potential for intangible assets. Interactions will achieve dual empowerment: driving Chinese assets overseas, supporting Renhe Pharmacy and its associated companies' intellectual property assets to finance and circulate to global investors; introducing global high-tech assets by bringing innovative OTC products and technologies from the United States, Japan, and other countries into China. IVD MEDICAL emphasizes in the announcement that this "Exchange in Exchange" light asset business model has strong replicability and scalability potential, laying a solid foundation for sustainable revenue growth. III. Value Reconstruction: The Prospects of Applying Online Finance IVD MEDICAL's RWA strategy goes beyond business itself, aiming to create multidimensional value. The company's announcement repeatedly mentions the value of "altruism," emphasizing that the project aims to achieve the original intention of benefiting the country, the people, and the world. Regarding the strategic cooperation with Renhe International, this is specifically reflected in four aspects: At the national strategic and public welfare level, the project helps digitize and globally expand the Chinese OTC industry, advancing the "Healthy China" strategy; meanwhile, it provides a channel for overseas companies to enter the Chinese market. At the level of industry innovation, the two parties jointly create a new industry upgrade paradigm, pioneering the "digital License-in/Out" model to enhance the innovation efficiency of the entire chain of research and development, financing, and circulation in the global OTC industry. At the level of market participants, providing innovative channels for global financial institutions to securely, compliantly, and efficiently allocate global high-quality OTC RWA assets; ultimately benefiting consumers to quickly access cutting-edge global health technology products. At the level of collaborating companies, Renhe Pharmacy can upgrade from a traditional pharmaceutical enterprise to a "global OTC digital ecosystem builder and operator" by revitalizing intangible assets and optimizing asset-liability structures; IVD MEDICAL validates the feasibility of its business model. IVD MEDICAL's strategic transformation coincides with the eve of the RWA market's explosion. Not only traditional financial giants like BlackRock and Goldman Sachs are entering the market, but Hong Kong is also actively promoting RWA development. On June 26, 2025, Hong Kong issued the "Hong Kong Digital Asset Development Policy Declaration 2.0," reaffirming the government's commitment to making Hong Kong a global innovation center in the digital asset field, with RWA seen as an important pillar of digital economic development. Technologically, RWA lowers the investment threshold through "fractionalization" technology, allowing ordinary investors to purchase "micro shares" of top assets with small amounts of capital; based on the blockchain's tamper-proof characteristics, it increases transparency; breaks geographical restrictions and achieves global market access. IVD MEDICAL has taken the lead. Through the physical layout of the ETHK Building, innovative design of the "Exchange in Exchange" model, and strategic cooperation with Renhe Pharmacy, the company has formed a unique advantage in the RWA track. [Conclusion] Updating the logo twice in two months reflects IVD MEDICAL's continuous iteration and deepening of its strategic positioning. From medical testing to online finance, IVD MEDICAL's "second entrepreneurship" has already begun. The RWA track may exceed $16 trillion. IVD MEDICAL's ambition is not only to participate but also to lead. By building digital financial infrastructure, it hopes to make global asset flow as free and efficient as information on the internet. This may be what IVD MEDICAL calls "extreme altruism" - through technological innovation, ultimately benefiting a wider range of industries and people.