🌱 Tokenized Green Bonds, Stablecoins & Real-World Assets: Hong Kong’s Web3 Pivot 🌱 绿色债券代币化、稳定币与现实世界资产：香港的 Web3 金融转型

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Jun 28, 2025

⚡️Summary: Why This Matters Now

Hong Kong is no longer just experimenting — it’s executing. With live tokenized green bonds, licensed stablecoins, and a rising class of listed Web3 companies, it has become the frontline of Asia’s digital finance evolution.

Frontrunner Stock: Guotai Junan International (1788.HK) — the first Chinese broker licensed for both tokenized securities and crypto trading in HK. Undervalued, with strong ESG exposure and direct links to China’s state financial networks.
Key Regulation: The LEAP Framework and Stablecoin Licensing Regime — providing legal clarity for tokenized assets, digital ETFs, programmable settlement, and fiat-backed stablecoins.
Macro Tailwind: U.S. regulatory gridlock and China’s GBA ambitions give Hong Kong space to emerge as a tokenization capital.

1️⃣ Tokenized Green Bonds: A New Financial Architecture

The HKMA’s issuance of HK$800 million in on-chain green bonds introduced programmable ESG reporting, smart coupon flows, and instantly traceable use-of-proceeds. The success has spurred tokenized financing for renewables, structured debt, and ESG-linked instruments.

2️⃣ Real-World Assets (RWAs) On-Chain

Hong Kong is tokenizing solar panel contracts, token-backed gold, carbon credits, and data-center equity. This creates new opportunities for programmable ownership, liquidity, and sustainable financing — all anchored in transparent, blockchain-native ecosystems.

3️⃣ The LEAP Framework: Hong Kong’s Web3 Game Plan

The 2025 LEAP initiative lays regulatory groundwork for tokenized securities, RWA platform standards, stablecoins, and digital ETFs. Issuers can access up to HK$2.5 million in subsidies. The result is institutional-grade blockchain finance underpinned by legal and capital-market integrity.

4️⃣ Stablecoins: The Backbone of Tokenized Settlements

Hong Kong’s full-reserve, licensed stablecoins — including HKD tokens from VSFG, HashKey’s multi-chain USD token, and Tether HK’s pilot — are being integrated into tokenized bond flows, ETFs, and yield-bearing DeFi products. These are not wildcat coins — they are regulated settlement assets.

5️⃣ Guotai Junan International (1788.HK): HK’s Tokenization Powerhouse

Guotai Junan International, currently trading around HK$3.54, is the first Chinese broker in HK to hold dual licenses for both tokenized securities issuance and spot crypto trading. It is directly connected to China’s state-owned financial system via Guotai Junan Securities (601211.SH), which is also aggressively expanding ESG and digital capital markets. This makes it the clearest equity proxy for China-backed tokenization leadership in Hong Kong.

6️⃣ Why Is China Using Hong Kong to Lead Tokenized Finance?

China is strategically using Hong Kong as both a buffer zone and a bridge to global financial innovation. Under “One Country, Two Systems,” Hong Kong enjoys an independent legal system, free capital movement, and trusted market infrastructure — all missing from the mainland.

By channeling ESG and digital innovation through Hong Kong, China can:

Pilot smart contract-based financing, ESG compliance, and programmable money
Avoid capital account risks or retail investor exposure at home
Attract international ESG flows and sovereign funds

Hong Kong also acts as China’s diplomatic hedge — offering innovation without full domestic exposure.

7️⃣ Is the U.S. a Competitor? How Do U.S. Policies Impact This?

Yes — the U.S. is a tech and finance powerhouse in tokenization, but its regulatory ambiguity has created an opening for Hong Kong.

While JPMorgan and BlackRock are piloting tokenized repos and funds in the U.S., progress is hampered by legal battles (e.g., SEC vs. Coinbase, Ripple). In contrast, Hong Kong has:

A working stablecoin regime
Tokenized green bonds in production
Active ETFs and licensed crypto trading infrastructure

That said, U.S. policy still matters:

USD banking access can be weaponized to limit stablecoin liquidity in Hong Kong
Export controls affect chips, encryption, and custody infra
Political tensions may deter Western investors from touching HK digital assets

So while Hong Kong is advancing quickly, it does so under geopolitical pressure — and that volatility must be priced into any trade.

8️⃣ How to Profit from Tokenized RWAs in China & Hong Kong

Invest in Infrastructure Enablers
Focus on companies building tokenization platforms or issuing tokenized products.
Top example: Guotai Junan International (1788.HK) — licensed for both tokenized bonds and crypto.
Track Tokenized Green Bond Issuers
Look for sovereign or corporate green bond issuers using blockchain rails. Smart ESG bonds can carry flexible rates, dynamic rewards, and deeper transparency.
Buy into RWA-linked ETFs
From gold-backed ETFs to green energy funds on the HKEX — many of these will eventually be tokenized or rebundled into digital wrappers.
Front-run Regulatory Catalysts
Allocate early into HKEX-listed names most likely to benefit from upcoming approvals — e.g. the first tokenized REITs, first licensed stablecoin custodians.
Watch Cross-Border RMB Pilot Zones
If mainland China connects tokenized assets to offshore RMB trade, early holders of tokenized ESG instruments and RWA products may benefit from a wave of foreign capital participation.

9️⃣ Key Trade Ideas: Valuations & Entry Levels

Guotai Junan International (1788.HK)
Current Price: HK$3.54
Fair Value: HK$5.50–6.00
Suggested Entry: HK$3.20–3.50

Guotai Junan Securities (601211.SH)
Current Price: ¥18.30
Fair Value: ¥22–24
Suggested Entry: ¥17.00–18.00

Boyaa Interactive (9618.HK)
Current Price: HK$132.20
Fair Value: HK$160–180
Suggested Entry: HK$120–130

HashKey Group (6803.HK)
Current Price: HK$2.48
Fair Value: HK$3.50–4.00
Suggested Entry: HK$2.20–2.40

OSL Group (863.HK)
Current Price: HK$14.28
Fair Value: HK$18–20
Suggested Entry: HK$12.50–13.50

CSI Green Energy ETF
Current Price: ~HK$7.80
Fair Value: HK$9.00–10.00
Suggested Entry: HK$7.40–7.80

Gold-backed ETFs (HK)
Current Price: ~HK$46.00
Fair Value: HK$52.00
Suggested Entry: Under HK$45.00

Xinyi Solar (968.HK)
Current Price: ~HK$7.15
Fair Value: HK$8.50
Suggested Entry: HK$6.80–7.10

🧠 Final Thoughts

Hong Kong is now a serious contender for global Web3 capital leadership — offering a rare combination of policy clarity, real financial infrastructure, and connectivity to China’s state-owned financial system.

It’s where programmable money, ESG-linked capital, and digital securities are being actively built — not just theorized.

If you're betting on the tokenization of finance, Hong Kong is already live — and Guotai Junan is the top equity to watch.

🌱 绿色债券代币化、稳定币与现实世界资产：香港 Web3 金融转型

发布日期：2025年6月27日

⚡️ 总结：为何现在值得关注？

香港不再只是试验场，而是正在全面落地。随着实体绿色债券、合规稳定币与一批 Web3 主题上市公司的出现，香港已成为 亚洲数字金融变革的前沿阵地。

先锋股票：国泰君安国际（1788.HK） — 首家同时获准发行代币化证券与现货加密货币交易的中资券商，估值被低估，连接国家金融体系与绿色资本。
重要监管：香港 LEAP 框架 和 稳定币牌照制度 — 为代币资产、数字 ETF、可编程结算和法币背书稳定币提供了制度支持。
宏观背景：美国监管混乱与大湾区金融布局，让香港具备脱颖而出的战略契机。

1️⃣ 绿色债券代币化：构建新金融基础

香港金管局（HKMA）发行的 8 亿港元绿色债券全部通过区块链结算，内置智能合约实现票息支付与 ESG 数据披露。此举掀开可再生项目融资、结构化债务与 ESG 代币产品的新篇章。

2️⃣ 现实世界资产（RWAs）上链

太阳能合同、实物黄金、碳信用额度与数据中心权益等资产正在被代币化并引入香港市场。这类资产拥有可编程、透明、可分割的特性，为投资者带来新的流动性和可持续融资路径。

3️⃣ LEAP框架：Web3制度化的基石

2025年，香港推出的 LEAP 框架为代币化证券、RWA 平台、稳定币及数字 ETF 建立监管机制，并提供最高 250 万港元发行业务补贴，推动链上金融与主流资本的融合。

4️⃣ 稳定币：链上金融的结算动脉

符合 100% 储备要求并获牌照的稳定币，如 VSFG 的港元币、HashKey 的美元币和 Tether HK 试点币，已被用于绿色债券结算和数字 ETF 赎回。这些是合规的结算工具，而非投机币种。

5️⃣ 国泰君安国际（1788.HK）：代币化先锋券商

国泰君安国际现价约 HK$3.54，是香港首家同时持有代币化证券发行与现货加密货币交易牌照的中资券商。母公司国泰君安证券（601211.SH）同样在绿色金融及数字资本市场积极布局，是极具代币化潜力的核心标的。

6️⃣ 为什么中国选择香港作为代币金融的主阵地？

香港在“一国两制”框架下拥有独立法治、开放资本与国际信任度，使其成为金融创新的理想试验田。

通过香港，中国可以：

在可控环境里测试智能合约融资与 ESG 产品；
避免资本账户风险、零售市场波动；
吸引全球 ESG 投资与主权基金。

也是一种“有限开放”，既可推动创新，又能降低系统性风险。

7️⃣ 美国是对手吗？其政策有多大影响？

美国在代币化技术和资金方面具备强大实力，但其监管不完善反而提供了香港机会。

虽然摩根和贝莱德等正在试点代币化产品，但因美国监管不明，进展缓慢。相比之下，香港已具备绿色债券、稳定币政策与数字 ETF 的落地能力。

当然，美国政策仍具有影响力：

可能限制美元银行支持稳定币；
技术出口管制影响加密基础设施；
政治风险可能吓退西方资本参与香港数字资产项目。

因此，尽管香港走在前列，但仍需谨慎承受地缘政治波动。

8️⃣ 💰 如何从中获利：代币化 RWA 投资策略

投资基础设施提供者
聚焦搭建代币平台或发行产品的公司，如 国泰君安国际（1788.HK）、HashKey（6803.HK）、OSL（863.HK）、**博雅互动（9618.HK）**等。
关注绿色债券发行主体
跟踪在区块链上发行绿色债或结构性 ESG 产品的主权与企业发行人：这类债券通常交易成本低、可编程、透明，适合中长期配置。
配置 RWA 主题 ETF
关注港交所的黄金 ETF、绿色能源 ETF 等，这些产品未来有望成为数字化代币产品的底层资产。
前瞻监管催化器
在首批获批者中提前买入，比如率先获批发行代币 REIT、或首批稳定币托管牌照的香港公司。
留意人民币跨境潜力
如果未来连接代币资产与人民币跨境机制，早期持有者可望享受境外 ESG 投资流入与资金 rerating 机遇。

9️⃣ 重点投资标的与建仓价格

国泰君安国际（1788.HK）
现价约 HK$3.54，目标价 HK$5.50–6.00，建议建仓区间：HK$3.20–3.50。
国泰君安证券（601211.SH）
现价约 ¥18.30，目标价 ¥22–24，建议建仓区间：¥17.00–18.00。
博雅互动（9618.HK）
现价约 HK$132.20，目标价 HK$160–180，建议建仓区间：HK$120–130。
HashKey Group（6803.HK）
现价约 HK$2.48，目标价 HK$3.50–4.00，建议建仓区间：HK$2.20–2.40。
OSL集团（863.HK）
现价约 HK$14.28，目标价 HK$18–20，建议建仓区间：HK$12.50–13.50。
中证绿色能源 ETF
现价约 HK$7.80，目标价 HK$9.00–10.00，建议建仓区间：HK$7.40–7.80。
黄金 ETF（香港）
现价约 HK$46.00，目标价 HK$52.00，建议入场价：低于 HK$45。
信义光能（968.HK）
现价约 HK$7.15，目标价 HK$8.50，建议建仓区间：HK$6.80–7.10。

🧠 总结

香港不再是金融科技的“试验场”——它正在构建一个合规、安全、可编程的资本市场生态。通过绿色债券代币化、稳定币结算、RWA 上链和结构化产品发行，香港为嵌入全球 ESG 与金融科技的 Web3 经济奠定基础。

CL’s Substack

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