On September 19, IVD MEDICAL (1903.HK) announced that the company's first global RWA building - the ETHK Building (IVD MEDICAL Building) has been officially completed. On the same day, the company updated its brand logo. This marks the second logo update for IVD MEDICAL within two months. The previous update occurred on July 30, and despite the short interval, the company's strategic positioning has undergone a qualitative leap.

IVD MEDICAL stated in its announcement that the new logo symbolizes the company's comprehensive transition to becoming a next-generation on-chain financial ecosystem builder, based on blockchain technology as the foundation, compliance as the framework, and open ecosystem as the orientation. The old logo could no longer support its new positioning as a "global digital industry innovation and on-chain financial infrastructure enabler."

This ETHK Building, located in Nanjing with a construction area of 70,000 square meters, is far from being an ordinary commercial property. It serves as the physical cornerstone of IVD MEDICAL's technological strategy, bearing a "dual infrastructure" mission: serving as both a physical R&D and collaborative innovation base, and a core center for trusted technology development and output.

**I. Strategic Vehicle: The Technological Ambitions of ETHK Building**

The ETHK Building completed by IVD MEDICAL is the world's first core base focused on Real World Assets (RWA) digitization technology development and ecosystem empowerment. 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 about 35,000 square meters, auxiliary buildings about 15,000 square meters, and two basement levels totaling approximately 20,000 square meters.

The ETHK Building is designed as the physical core of IVD MEDICAL's "ETHK on-chain financial ecosystem." The announcement outlines its dual mission:

Physical R&D and Collaborative Innovation Infrastructure: Providing world-class R&D laboratories, data centers, testing environments, and collaborative office spaces, offering comprehensive technical support for ecosystem technology partners, financial institutions, research units, and digital asset management teams. It is expected to gather over 5,000 technical experts and R&D engineers in the future.

Trusted Technology Development and Output Infrastructure: Deep integration of IVD MEDICAL's blockchain underlying R&D and testing center, cross-chain interoperability protocol laboratory, smart contract security and audit technology center, data privacy and compliance technology R&D unit, and other core functions.

IVD MEDICAL chose Nanjing as the location after careful consideration. The announcement explains that Nanjing and the Yangtze River Delta region constitute one of China's core biopharmaceutical industry clusters, highly aligned with IVD MEDICAL's focus on digitizing high-tech intellectual property assets. Additionally, Nanjing houses prestigious institutions like China Pharmaceutical University and Nanjing University, providing top-tier talent support. The "Development Plan for Open Innovation in the Full Industrial Chain of Biomedicine in China (Jiangsu) Pilot Free Trade Zone" approved by the State Council on August 21 also brings policy benefits to the ETHK Building.

IVD MEDICAL emphasized that the ETHK Building marks the company's technological vision moving beyond the blueprint stage, officially entering a new era of physical R&D, large-scale implementation, and substantial technology output.

**II. Second Entrepreneurship: IVD MEDICAL's RWA Ecosystem Layout**

The logo refresh and building completion represent the external manifestation of IVD MEDICAL's "second entrepreneurship." At its core is the company's comprehensive transformation toward the RWA (Real World Assets) track.

RWA refers to the tokenization of real-world assets. According to the "RWA Industry Development Research Report" published by the Hong Kong Web3.0 Standardization Association, the RWA industry is at a critical juncture transitioning from proof of concept to large-scale application. DeFiLlama data shows that as of June 2025, RWA total value locked (TVL) reached $12.5 billion, representing a 124% increase from 2024. Boston Consulting Group (BCG) and Singapore's 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 this year. The company subsequently established ETHK Inc. and ETHK HOLDINGS LIMITED, with plans to rename to ETHK Labs Inc, clarifying its positioning as an ecosystem technology driver and infrastructure provider.

On September 16, IVD MEDICAL announced a strategic cooperation with Renhe International, a subsidiary of Renhe Pharmaceutical (000650.HK), to jointly establish the world's first OTC vertical RWA exchange in the United States. This represents the first benchmark case of IVD MEDICAL's "ETHK Global RWA Exchange-within-Exchange" business model.

The "exchange-within-exchange" model is IVD MEDICAL's innovation: providing on-chain financial ecosystem infrastructure for leading enterprises across various industries, helping them build vertical RWA exchanges. IVD MEDICAL provides technical solutions and compliance support, collecting technical service fees, on-chain fees, and ongoing service fees.

IVD MEDICAL chose Renhe Pharmaceutical as its first partner after careful consideration. Renhe Pharmaceutical is the chairman unit of China's Over-The-Counter (OTC) Drug Association, owning well-known brands like "Fuyanjie" and "Youkadan," with intangible assets having extremely high tokenization potential.

The cooperation will achieve bidirectional empowerment: promoting Chinese assets overseas, helping Renhe Pharmaceutical and its affiliated enterprises' intellectual property assets access global investor financing and circulation; introducing global high-tech assets, bringing innovative OTC products and technologies from the United States, Japan, and other regions into China.

IVD MEDICAL emphasized in its announcement that this "exchange-within-exchange" asset-light business model has extremely strong replicability and scalable expansion potential, laying a solid foundation for sustainable revenue growth.

**III. Value Reconstruction: Application Prospects of On-Chain Finance**

IVD MEDICAL's RWA strategy transcends business itself, aiming to create multi-dimensional value. The company's announcements repeatedly mention "altruistic" values, emphasizing that projects aim to achieve the corporate mission of "benefiting the country, people, and world."

Regarding the strategic cooperation with Renhe International, this is specifically reflected in four levels:

At the national strategy and public welfare level, the project assists China's OTC industry digital upgrade and global expansion, promoting the implementation of the "Healthy China" strategy while providing overseas enterprises with channels to enter the Chinese market.

At the industry innovation level, both parties jointly create new paradigms for industry upgrading, pioneering the "digital License-in/Out" model, enhancing innovation efficiency across the global OTC industry's R&D, financing, and circulation chain.

At the market participant level, providing global financial institutions with safe, compliant, and efficient innovative channels to allocate high-quality global OTC RWA assets, ultimately benefiting consumers by enabling faster access to the world's most advanced health technology products.

At the partner enterprise level, Renhe Pharmaceutical can upgrade from a traditional pharmaceutical company to a "global OTC digital ecosystem builder and operator" by activating intangible assets and optimizing balance sheet structure; IVD MEDICAL validates the feasibility of its business model.

IVD MEDICAL's strategic transformation coincides with the eve of the RWA market explosion. Not only have traditional financial giants like BlackRock and Goldman Sachs entered the field, but Hong Kong is also actively promoting RWA development. On June 26, 2025, Hong Kong published 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 viewed as an important pillar for digital economy development.

Technically, RWA reduces investment thresholds through "fragmentation" technology, enabling ordinary investors to purchase "micro-shares" of top-tier assets with small amounts of capital; increases transparency based on blockchain's immutable characteristics; and breaks geographical limitations to achieve global market access.

IVD MEDICAL has already secured a first-mover advantage. Through the physical layout of the ETHK Building, innovative design of the "exchange-within-exchange" model, and strategic cooperation with Renhe Pharmaceutical, the company has formed unique advantages in the RWA track.

**Conclusion**

Two logo updates within two months reflect IVD MEDICAL's continuous iteration and deepening of strategic positioning. From medical testing to on-chain finance, IVD MEDICAL's "second entrepreneurship" has officially begun.

The RWA track may exceed $16 trillion in scale. IVD MEDICAL's ambition is not merely to participate, but to lead. By building digital financial infrastructure, it hopes to make global asset flows as free and efficient as information on the internet.

This may be what IVD MEDICAL calls "ultimate altruism" - through technological innovation, ultimately benefiting broader industries and the public.