On August 8, 2025, the Hong Kong-listed company Health Check Medical (1931.HK) issued a heavyweight announcement on the Hong Kong Stock Exchange, announcing a global strategic cooperation with HashKey Exchange, the largest licensed virtual asset trading platform in Hong Kong, and completed the first batch of 149 million Hong Kong dollars in Ethereum (ETH) reserve procurement, officially launching the "Global Enhanced Ethereum Vault with Downside Protection Mechanism". The two parties will conduct in-depth collaboration in large-scale transactions, industrial-level RWA (Real World Asset) tokenization, global liquidity management, and rely on the ivd.xyz exchange to transform medical innovative drug intellectual property into tradable digital assets.
Through policy dividends, ecological synergy, vertical RWA exchange construction, and innovative drug R&D closed loop, Health Check Medical not only improved financing efficiency but also gained pricing power and shaped a first-mover advantage in the niche industry. This model sends a clear signal to traditional enterprises: embracing digital assets, building vertical RWA platforms, and combining industrial innovation will become an important source of future competitive advantage.
Digital Vault and Innovative Drug R&D: Strategic Logic of Virtual and Real Combination
In the summer of 2025, the Hong Kong stock market witnessed a rare fluctuation - Health Check Medical (01931.HK) saw its stock price surge nearly fourfold within two months, with its market value jumping to 15 billion Hong Kong dollars. For ordinary investors, this was a short-term profit opportunity; for industry observers, it revealed an unprecedented strategic experiment: deep integration of digital assets and physical industries.
[The translation continues in the same manner for the entire text, maintaining the specified translations for special terms and preserving the structure of the original text.]Dragon Dictionary also mentioned that in the future, RWA will not be limited to medicine, but will expand to areas such as computing power, carbon neutrality, cultural tourism, and agriculture, breaking through the traditional debt rights thinking and forming a diverse, multi-scenario, and multi-type broad ecosystem, providing infrastructure for the digital transformation of industries in the Web3 era. This trend means that RWA is not just a financing tool, but a hub of industrial resources and a core connector of the digital economy.
The Inevitable Path of Innovation: Exploring and Practicing within the Regulatory Framework
Huajian Medical's strategic narrative provides an imaginative template for the integration of "digital assets + physical industries". However, any forward-looking business model must go through adaptation with existing frameworks when moving from blueprint to reality. The challenges are not insurmountable obstacles, but systematic issues that require careful navigation during innovation, covering cross-border financial regulation coordination, fund channel construction, and refined data compliance management.
First, the implementation of its model needs to seek the optimal path under different jurisdictional regulatory frameworks. Hong Kong, with its increasingly improved virtual asset regulatory system, provides valuable soil for RWA innovation. Since the SFC introduced the VATP license system, Hong Kong has been committed to balancing investor protection and financial innovation, and recently demonstrated an open attitude towards compliant innovation through initiatives like the "ASPIRe" roadmap. Meanwhile, mainland China maintains a strict regulatory stance on virtual currency-related businesses. Therefore, when Huajian Medical's RWA practice involves connections with the mainland market, such as when underlying assets originate from the mainland, it needs a profound understanding of the "penetrative supervision" principle and comprehensive contingency plans to ensure every operation can withstand compliance scrutiny.
Secondly, the efficiency of cross-border capital flow is key to determining whether this model can form a positive cycle. The efficiency of overseas digital asset fundraising is a Web3 advantage, but to feed these capitals back into innovative drug research and development in the mainland, it needs to leverage traditional and mature financial channels like Qualified Foreign Limited Partnership (QFLP) or Foreign Direct Investment (FDI). In recent years, multiple pilot cities in the mainland have continuously optimized QFLP policies, enhancing the convenience of foreign investment in domestic equity investments, but this still differs from the instantaneity of the digital world. How to optimize the efficiency and cost of capital "backflow" within the existing framework is an operational issue that Huajian Medical and all cross-border RWA projects need to cultivate carefully.
Lastly, compliant use of medical data is the cornerstone of its business sustainability. Innovative drug research and development heavily relies on real-world data (RWD), which is given key protection under China's Data Security Law and Personal Information Protection Law. Especially when involving human genetic resource information, cross-border transmission requires additional declaration procedures. Recently, free trade zones in Shanghai, Beijing, and other areas have successively released management lists for cross-border data flow, providing clearer guidance for compliant data flow in specific fields, offering positive policy signals and practical paths for enterprises like Huajian Medical to innovate while ensuring data security and privacy.
[The translation continues in this manner for the entire text, maintaining the specified translations for specific terms and preserving the XML tags.]Huajian Medical's attempt reveals a trend: future industrial competition will no longer be a simple technological race or capital game, but a deep symbiosis between virtual capital and physical industries. RWA will become the key hub of this symbiotic relationship, directly transporting value streams from blockchain networks to laboratories, factories, and markets.
In this process, whoever can first establish a closed loop of industrialization landing and digital asset circulation will gain the initiative in the reconstruction of the new global industrial landscape.
Authors: Liang Yu, Zhao Qirui
Editor: Zhao Yidan
About [RWA Research Institute]
The RWA Research Institute was jointly initiated by multiple senior financial experts, Web3 practitioners, industrial innovation experts, and technical specialists, officially launched in Hong Kong on June 25, 2024 (full name: RWA Research Institute, abbreviation: RWARI).
As one of the earliest professional RWA research institutions internationally, the RWA Research Institute focuses on the Real World Assets (RWA) field, dedicated to promoting the integration of traditional financial assets and blockchain technology. Through in-depth research and practice, the institute provides innovative solutions for investors and enterprises, facilitating the digitization and tokenization of physical assets, and building a bridge between traditional finance and digital assets.
The core mission of the RWA Research Institute is to combine policy research, standard setting, and ecosystem co-construction, helping enterprises achieve asset digital transformation and providing technological support and strategic coordination for global compliant development. In the future, the institute will continue to deepen the integration of digital technology and the real economy, collaborate with international institutions to host global industry summits, explore multi-domain application scenarios, and inject new momentum into high-quality global development.
In May 2025, the RWA Research Institute, together with China Search, China Electronics Digital Scene Technology Research Institute, and other authoritative institutions, initiated the establishment of the "China RWA Industry Think Tank", focusing on the global compliant development of asset digitization. The think tank empowers the real economy through three core directions: first, leading the compilation of international collaborative norms such as the "RWA Project Evaluation Standards"; second, constructing a digital service chain of "asset chaining - cross-border circulation - global trading", integrating blockchain and artificial intelligence technologies; third, building cross-border compliant channels with Hong Kong and Shenzhen as hubs, promoting green finance and cross-border investment and financing innovation. Meanwhile, the think tank relies on the "dual-chain fusion architecture" (national-level alliance chain and cross-chain protocol collaborative mechanism) to strengthen technological autonomy and data security, and deepen cross-border collaboration and compliant governance.
