Cinda International Asset Management Limited (referred to as "Cinda International Asset Management") announced on December 16, 2024, the successful issuance of the short-term asset-backed liquidity note token STBL on the Ethereum blockchain, arranged by it. The target clients for STBL are professional investors (for the relevant definition, please refer to Hong Kong Ordinance Chapter 571 "Securities and Futures Ordinance"). This will become the first case of a transferable tokenized packaged restructured note issued by a financial institution in Hong Kong. GF Securities (Hong Kong) Brokerage Limited and Hash Blockchain Limited (referred to as "HashKey Exchange") acted as the first distributors in this issuance and played a key role in ensuring the smooth issuance of STBL.
Through note tokenization, the issuance and transfer of STBL do not rely on third-party intermediaries such as clearing houses; its issuance and transfer are automatically recorded in real-time on the blockchain, allowing anyone to view and verify the transfer records on the blockchain, thereby enhancing transparency. The structure of STBL allows traditional financial market investors to seamlessly access blockchain products while meeting the investment needs of cryptocurrency market investors for traditional financial products.
Each STBL has a par value of 1 USD and maintains a stable value, with daily accumulated interest automatically distributed to professional investors' wallets in the form of newly issued tokens on each monthly dividend day. The underlying assets of STBL are a portfolio of AAA-rated money market funds (MMFs). The manager of STBL (Cinda International Asset Management) will publish the average daily yield and underlying MMFs of its relevant assets from the previous week on a public website weekly. By utilizing the highest-rated MMFs, STBL provides a reliable and stable investment option. Its high liquidity further enhances the attractiveness of its product, allowing for daily subscriptions and redemptions. STBL can be transferred 24/7, and the attributes and legal structure of its relevant assets make it applicable in international investment scenarios.
Cinda International Asset Management will act as the manager of STBL, while NVT will provide blockchain operation services as the blockchain agent for STBL and offer technical support solutions for its issuance on the blockchain. GF Securities (Hong Kong) Brokerage Limited and HashKey Exchange serve as the first distributors of STBL.
To attract more investors to participate and optimize the long-term return structure, Cinda International Asset Management will discuss with HashKey Group, a leading digital asset financial services group with a global layout in Asia, the introduction of innovative incentive mechanisms in the issuance and distribution of STBL, which will be aimed at all STBL investors. At the same time, Cinda International Asset Management is also exploring the possibility of further cooperation with HashKey Group, intending to expand the issuance of STBL to the Ethereum Layer 2 network HashKey Chain. If implemented, this move is expected to significantly expand the investor base of STBL.
Regarding the successful issuance and distribution of STBL:
Liu Jialing, Managing Director of Cinda International Asset Management, stated: "We are honored to announce that our first transferable tokenized note has been successfully launched, supported by a series of money market funds. This innovative financial product highlights Hong Kong's important position as a global financial innovation center. This achievement not only marks an important milestone for our company but also provides investors with enhanced liquidity and security. Through this pioneering initiative, we are committed to injecting new vitality into the financial market and providing investors with higher quality financial services. Our company has always focused on promoting innovation in the financial sector, and we are excited about the ongoing progress of this pioneering initiative and its impact."
Mr. Zeng Chao, CEO of GF Securities (Hong Kong), stated: "GF Securities (Hong Kong)'s participation in the distribution of Cinda's tokenized products marks a new step in our collaboration in the tokenization field, further enriching the ecosystem of tokenized securities in Hong Kong. Our vision is to promote cooperation among different institutions in the industry in the field of tokenization, establish a set of industry standards, achieve mutual recognition and exchange of products within the industry, and drive product innovation and enrich the services provided to clients."
Terence Pu, Managing Director of HashKey Exchange, stated: "We are honored to participate in the STBL project alongside renowned partners such as Cinda Asset Management, NVT, and GF Securities (Hong Kong). This collaboration marks an important milestone in promoting the development of Hong Kong's financial market. Under the guidance of regulatory authorities, HashKey Exchange is committed to expanding the range of compliant products and services to better serve our clients. The STBL project not only enhances operational efficiency but also provides investors with stable and low-risk returns, thereby boosting market confidence. As Hong Kong's largest licensed virtual asset exchange, HashKey Exchange focuses on bridging the gap between high-quality STO products and the growing community of cryptocurrency investors. We also look forward to the participation of HashKey Chain, providing more innovative on-chain financial solutions for the project."
Zhao Jiangong, Founder and CEO of NVT, stated: "NVT is very honored to participate in the successful issuance of STBL on the Ethereum blockchain. This is not only an excellent case of financial product tokenization but also an important milestone in empowering traditional finance with blockchain technology. As a core participant in STBL, NVT provides secure, reliable, and scalable comprehensive technical solutions for the issuance and distribution of STBL. The successful completion of this practice is attributed to Hong Kong's open and inclusive financial innovation environment and the active participation and support of various industry players. We believe that through innovative cooperation with industry players, we can more efficiently promote the digital transformation of capital markets, enhancing transparency, efficiency, and global accessibility. The advantages of financial technology in improving the efficiency of traditional financial systems, reducing costs, and expanding markets are gaining wider recognition, injecting new vitality into consolidating Hong Kong's core position as an international financial center. In the future, we look forward to extensive cooperation with more financial institutions to build an innovative and prosperous digital capital market ecosystem, allowing the benefits of financial technology to benefit all market participants."
About Cinda International Asset Management
Cinda International Asset Management was established in 1993 and is a wholly-owned subsidiary of Cinda International Holdings Limited. Cinda International Asset Management is a licensed corporation regulated by the Securities and Futures Commission ("SFC") and is licensed by the SFC to conduct regulated activities under Type 4 (advising on securities) and Type 9 (asset management). Cinda International Asset Management is the core platform for the diversified asset management business of China Cinda Asset Management Co., Ltd. and its subsidiaries ("China Cinda Group") overseas. With the extensive business network of China Cinda Group across the country and comprehensive support in resources, an international investment vision of the team, in-depth understanding of cross-border investment and financing business, and efficient execution capabilities, Cinda International Asset Management has become a platform rooted in Greater China and actively participating in global investment business.
About NVT
NVT is a fintech company deeply rooted in Hong Kong, with its founders and core team having profound experience in Hong Kong and international capital markets, possessing keen insights into local market dynamics and a global strategic vision. NVT, as an institutional innovation partner in Hong Kong's capital market, is committed to building infrastructure that connects traditional finance and the Web3 world, becoming a pioneer in constructing the digital capital market ecosystem. As a leading infrastructure provider in the Web3 field, NVT assisted GF Securities (Hong Kong) in successfully issuing the first tokenized security applicable to Hong Kong law in January 2024, making it the first Chinese brokerage to complete the tokenization issuance and distribution of self-created financial assets on a public chain.
NVT focuses on providing comprehensive digital infrastructure and technical solutions for financial institutions and corporate clients, with its core business covering virtual asset brokerage systems, RWA tokenization systems, and enterprise-level digital wallet solutions. With professional capabilities and market foresight, NVT is committed to promoting the deep integration of traditional finance and the digital economy, creating value for clients and gaining competitive advantages in the rapidly evolving digital wave.
About GF Securities (Hong Kong)
GF Securities (Hong Kong), namely GF Holdings (Hong Kong) Limited (hereinafter referred to as "GF Holdings (Hong Kong)") and its subsidiaries, is the core platform for GF Securities Co., Ltd. (stock code: 000776.SZ, 1776.HK) to promote its internationalization strategy. GF Securities (Hong Kong) Brokerage Limited is a subsidiary of GF Holdings (Hong Kong).
GF Securities (Hong Kong) is committed to becoming a leading Chinese brokerage focused on the Asian market, with Chinese advantages and Bay Area characteristics. In nearly 20 years of development, GF Securities (Hong Kong) has provided comprehensive financial services such as global securities, investment banking, wealth management, brokerage, and investment management to global and local enterprises, institutions, retail, and high-net-worth clients, holding licenses from the Hong Kong SFC for Types 1, 4, 6, and 9.
About HashKey Group
HashKey Group is a leading digital asset financial services group in Asia with a global layout. Since 2018, HashKey Group has built a global Web3 ecosystem covering Hong Kong, Singapore, Japan, Bermuda, and other locations within a high-compliance regulatory framework.
About HashKey Exchange
HashKey Exchange aims to set new benchmarks for virtual asset exchanges in compliance, capital protection, and platform security. Hash Blockchain Limited (HashKey Exchange) is one of the first licensed retail virtual asset exchanges in Hong Kong. It has been approved by the Hong Kong Securities and Futures Commission (SFC) and holds licenses under the Securities and Futures Ordinance for Type 1 (securities trading), Type 7 (providing automated trading services), and under the Anti-Money Laundering Ordinance for operating a virtual asset trading platform, operating a compliant virtual asset trading platform. As the flagship business of HashKey Group, HashKey Exchange provides one-stop virtual asset trading services for professional investors (PI) and retail investors. HashKey Exchange has obtained ISO 27001 (Information Security) and ISO 27701 (Privacy Information) management system certifications. To comply with laws and regulations, HashKey Exchange does not provide services to users in mainland China, the United States, and certain other jurisdictions.
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