On September 16, IVD MEDICAL (01931) announced a strategic cooperation with Renhe International, an indirect wholly-owned subsidiary of Renhe Pharmacy Co.,Ltd. (000650.SZ), to jointly establish the world's first Real World Asset (RWA) trading platform in the United States specifically focused on the over-the-counter (OTC) drug vertical sector. Following this news, Renhe Pharmacy Co.,Ltd. closed up 5.49% at RMB 6.73 per share with a market capitalization of RMB 9.422 billion; IVD MEDICAL fell more than 10% intraday but ultimately reversed to close up 3.27% at HK$11.06 per share with a market capitalization of HK$17.915 billion. This market reaction demonstrates investors' complex sentiment toward the RWA sector - both anticipating and remaining cautious.

**Multiple Companies Enter the Market as RWA Sector Continues to Heat Up**

RWA (Real World Asset), as a technology that introduces real-world assets into blockchain through tokenization, 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 capitalization of RWA on-chain reached $25.93 billion, with approximately 350,800 asset holders, representing an 11.86% month-over-month increase.

Facing the enormous opportunity of the global RWA market, which is projected to reach $16 trillion by 2030, dozens of listed companies on A-shares and Hong Kong stocks have rushed to enter and establish their positions.

Longshine Technology Group (300682.SZ) and GCL Technology (002015.SZ) have become pioneers in domestic RWA practices. Longshine Technology Group collaborated with Ant Digital Technologies to successfully complete China's first RWA based on new energy assets in Hong Kong, using charging piles as anchor assets and completing financing of approximately RMB 100 million within 72 hours. GCL Technology partnered with Ant Digital Technologies to complete a photovoltaic green asset RWA project, tokenizing 82MW distributed photovoltaic power stations in Hunan and Hubei provinces into digital assets.

The Hong Kong stock market is equally active. Multiple listed companies including CHINA NEWCITY (01321), CAOCAO INC (02643), DL HOLDINGS GP (01709), and ZHOU LIU FU (06168) have all entered the RWA space, seeking opportunities in asset tokenization or providing virtual asset trading services.

On August 6, CAOCAO INC announced the formal signing of a virtual asset strategic cooperation memorandum with Victory Securities. Both parties will engage in deep cooperation across three major directions: RWA tokenization, stablecoin payment applications, and compliant digital currency issuance.

DL HOLDINGS GP disclosed in its August 14 announcement that it will allocate 70% of raised funds toward digital financial business development, including RWA tokenization plans.

**China-US Development Differences: Infrastructure Urgently Needs Improvement**

Compared to the United States' rich practices in private credit and treasury tokenization, China's RWA development remains in its early stages. The US market has already formed relatively complete RWA infrastructure, with products like tokenized treasury protocol Ondo Finance already quite mature.

China's current infrastructure is not yet complete, with many companies hoping to advance asset tokenization but struggling to find service providers covering the entire chain.

The RWA project of China Merchants Bank International USD Money Market Fund, completed through cooperation between China Merchants Bank International Asset Management and DigiFT, became the industry's first tokenized fund across multiple jurisdictions, demonstrating domestic institutions' innovative attempts in this field.

IVD MEDICAL's newly launched "ETHK Global RWA Trading Hub" strategic model promises to address this issue. This model aims to create a B2B global top-tier real-world asset institutional trading ecosystem covering multiple industry sectors. On the asset side, it provides asset screening, structural design, compliant issuance, and liquidity management services to listed companies across various industries; on the capital side, it connects licensed financial institutions such as banks, funds, and trusts to build a global liquidity network.

IVD MEDICAL aims to become an "ecosystem enabler" linking the industrial and capital sides, rather than a direct trading operator. If the world's first OTC vertical RWA trading platform successfully launches, it can be quickly replicated to other industries, providing digital transformation solutions for more traditional enterprises.

IVD MEDICAL stated that this move represents a crucial first step and benchmark case for the successful implementation of the group's "ETHK On-Chain Financial Ecosystem Strategy" and "Global RWA Trading Hub" business model, aiming to create a scalable template.

**Quality Assets and Full-Stack Services: Keys to Leading the Race**

So what kind of enterprises can stand out in this RWA competition?

From an asset perspective, only high-quality assets with growth potential that can provide liquidity are more likely to achieve RWA success. As the chairman unit of the China Nonprescription Medicines Association, Renhe Pharmacy Co.,Ltd. owns well-known brand portfolios including "Fuyanjie," "Youkadan," and "Renhe Keli Ke," accumulating substantial core technical assets such as patent rights and trademark rights. These intangible assets possess extremely high potential and value for real-world asset tokenization, laying the foundation for innovative financing and global value discovery.

From an industrial service perspective, the RWA industry chain involves asset confirmation, technical development, compliance auditing, liquidity market making and other segments, with related securities firms, law firms, technology platforms, and trading platforms all benefiting. For example, Nasdaq submitted a proposal to the US Securities and Exchange Commission (SEC) on September 8, seeking to modify trading rules to allow 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 like IVD MEDICAL that provide full-stack services offer more promising prospects. IVD MEDICAL has strategically acquired through its ETHK ecosystem layout, including successfully obtaining controlling stakes in relevant US securities companies, thereby gaining core compliance qualifications for operations in key overseas markets. This layout provides solid legal and regulatory protection for compliant on-chain tokenization, cross-border issuance, and circulation trading of various real-world assets.

IVD MEDICAL's stock price has achieved substantial growth of over 500% since July, confirming market recognition. Relying on its deployed blockchain technology architecture and compliance license resources, the company provides comprehensive asset tokenization solutions for traditional enterprises.

The cooperation between IVD MEDICAL and Renhe Pharmacy Co.,Ltd. will serve as an important test for Chinese listed companies entering the RWA sector. With Hong Kong's Stablecoin Ordinance taking effect and the US GENIUS Act being implemented, the global compliance framework is gradually improving. RWA is no longer just a proof of concept for technological innovation, but has become a realistic path for global allocation and value reassessment of traditional industrial assets.