[Hong Hao: On-Chain Stocks Drive Global Price Discovery, Reducing 'Fragility'] BlockBeats News, July 31 — At Binance's offline private event, renowned economist Hong Hao commented on Binance's launch of stock contracts for companies like Samsung Electronics, SK Hynix, and Hyundai Motor, as well as the global pricing trends of core assets. He stated that trading platforms lowering the entry barriers for investors will help make these assets more accessible, diversify the investor base, enhance price discovery efficiency, and reduce the fragility caused by closed and homogeneous investor structures. 'One of the core reasons why U.S. stocks have remained resilient compared to other markets is capital openness,' Hong Hao remarked, adding that 'it is a good thing that more assets can expand their user base.' Hong Hao also pointed out that the value of listed companies is ultimately determined by their profitability, and the global market's arbitrage mechanisms will drive prices toward convergence. Unlike assets such as gold or Bitcoin, whose prices are determined purely by market trading, listed companies can continuously generate cash flow, and their value can be calculated by discounting future earnings. Regardless of whether a company is traded in Korea, the U.S., or other markets, its intrinsic value does not change based on its listing location. 'Arbitrage activities will continuously eliminate such price differences, driving the same asset to achieve price convergence in global markets.' Speaking about financial innovations like on-chain stocks, Hong Hao believes that blockchain technology is propelling global capital markets toward an era of 24/7 on-chain trading. This fundamentally enhances the efficiency of global price discovery and represents a significant aspect of financial innovation. He also noted that financial innovation and regulatory relaxation are two sides of the same coin. Historical experience shows that grand narratives, credit expansion, and regulatory relaxation are the three key factors necessary for financial market boom cycles.