Caixin reported that Zhao Yao, a guest researcher at the Payment and Clearing Research Center under the Institute of Finance at the Chinese Academy of Social Sciences, said offshore digital-asset platforms have recently launched on-chain trading products tied to Chinese technology companies including CXMT. Zhao said the move shows global digital-finance platforms are building trading exposure around high-quality Chinese technology assets and are getting ahead in shaping price expectations, trading liquidity, and cross-border capital access. He said these instruments do not represent A-share equity ownership. Instead, they are structured as synthetic perpetual contracts or pre-market perpetual contracts settled in stablecoins such as USDC and USDT. Zhao warned that if offshore platforms are the first to establish a continuous trading market for technology assets, the domestic capital market’s lead in pricing such assets could be weakened. He called for faster development of RMB-based digital financial infrastructure, including tokenized bank deposits, wholesale CBDC, and technology-asset tokenization, while using Hong Kong to explore pilot programs.
According to Caixin, Zhao Yao, a guest researcher at the Payment and Clearing Research Center of the Institute of Finance at the Chinese Academy of Social Sciences, said offshore digital-asset platforms have recently introduced on-chain trading products linked to Chinese technology companies including CXMT.
Zhao said the development shows global digital-finance platforms are creating trading exposure around high-quality Chinese technology assets and are moving early to organize price expectations, trading liquidity, and channels for cross-border capital.
He said the products do not correspond to A-share equity ownership. Instead, they take the form of synthetic perpetual contracts or pre-market perpetual contracts settled in stablecoins such as USDC and USDT.
Zhao said that if offshore platforms are first to establish a continuous trading market for technology assets, the domestic capital market’s dominance in pricing those assets could be weakened.
He suggested accelerating the buildout of RMB digital financial infrastructure, promoting coordinated development of tokenized commercial bank deposits, wholesale central bank digital currency, and tokenization of technology assets, and using Hong Kong to explore pilot programs for technology-asset tokenization to strengthen the renminbi’s ability to organize capital and improve its international pricing power in global technology finance competition.
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