Renhe partners with IVD MEDICAL: Which listed company will rush in and be the first to slice the big cake of RWA?

According to Zhitong Finance APP, on September 16, Huajian Medical (01931) announced that its indirectly wholly-owned subsidiary, Renhe International, has reached a strategic cooperation with Renhe Pharmaceutical (000650.SZ) to jointly establish the world's first exchange focused on over-the-counter (OTC) vertical real-world assets (RWA) in the United States.

As a result of this news, Renhe Pharmaceutical's stock closed up 5.49% at CNY 6.73 per share, with a market capitalization of CNY 9.422 billion; Huajian Medical's stock initially fell over 10% during the trading session but ultimately reversed to close up 3.27% at HKD 11.06 per share, with a market capitalization of HKD 17.915 billion. This market reaction reflects investors' complex mindset of both anticipation and caution towards the RWA sector.

1. Multiple companies are entering the field, and the RWA sector continues to heat up

RWA (Real World Asset), as a technology that introduces real-world assets into the blockchain through tokenization, is becoming an important bridge connecting traditional finance and digital finance. According to the latest data from RWA.xyz, as of August 15, 2025, the total on-chain market capitalization of RWA has reached USD 25.93 billion, with approximately 350,800 asset holders, an increase of 11.86% month-on-month.

Faced with the enormous potential of the global RWA market, which is expected to reach USD 16 trillion by 2030, dozens of listed companies in the A-share and Hong Kong markets are rushing to enter the field.

Langxin Group (300682.SZ) and Xiexin Energy Technology (002015.SZ) have become pioneers in RWA practices in China. Langxin Technology Group successfully completed the country's first RWA based on new energy assets in Hong Kong in cooperation with Ant Group, using charging piles as anchor assets and completing financing of approximately CNY 100 million within 72 hours.

Xiexin Energy Technology has also collaborated with Ant Group to complete a photovoltaic green asset RWA project, tokenizing 82MW distributed photovoltaic power stations in Hunan and Hubei.

The Hong Kong stock market is equally vibrant. Several listed companies, including China New City (01321), Cao Cao Mobility (02643), Derin Holdings (01709), and Chow Tai Fook (06168), have all laid out plans for RWA, seeking opportunities for asset tokenization or providing virtual asset trading services.

On August 6, Cao Cao Mobility announced the formal signing of a strategic cooperation memorandum on virtual assets with Victory Securities. The two parties will engage in deep cooperation in three major areas: RWA tokenization, stablecoin payment applications, and compliant digital currency issuance.

Derin Holdings disclosed in an announcement on August 14 that it would allocate 70% of the raised funds for the development of digital financial businesses, including RWA tokenization plans.

2. Differences in development between China and the U.S., infrastructure needs improvement

Compared to the rich practices in the U.S. in areas such as private credit and treasury bond tokenization, the development of RWA in China is still in its early stages. The U.S. market has already formed a relatively complete RWA infrastructure, with products like the tokenized U.S. Treasury bond agreement Ondo Finance being relatively mature.

China's current infrastructure is not yet complete, and many companies wish to promote asset tokenization but find it difficult to locate service providers that cover the entire chain. The RWA project of the CMB International Dollar Money Market Fund, completed in cooperation with DigiFT, has become the first tokenized fund across multiple jurisdictions in the industry, showcasing domestic institutions' innovative attempts in this field The "ETHK Global RWA Trading · Exchange within Exchange" strategic model launched by IVD MEDICAL is expected to address this issue. This model aims to create a B2B global top-tier trading ecosystem for real-world assets across multiple industry sectors.

On the asset side, it provides asset screening, structural design, compliance issuance, and liquidity management services for listed companies in various industries; on the funding side, it connects licensed financial institutions such as banks, funds, and trusts to build a global liquidity network. IVD MEDICAL intends to become an "ecosystem enabler" linking the industry side and the funding side, rather than a direct trading operator.

If the world's first OTC vertical RWA exchange is successfully established, it can be quickly replicated in other industries, providing digital transformation solutions for more traditional enterprises. IVD MEDICAL stated that this move is a key first step and benchmark case for the successful implementation of the group's "ETHK On-chain Financial Ecosystem Strategy" and "Global RWA Trading · Exchange within Exchange" business model, aiming to create a scalable replicable model.

3. High-Quality Assets and Full-Stack Services: The Key to Seizing the Track

So, what kind of enterprises can stand out in this RWA competition?

From the asset perspective, only high-quality, growth-potential assets that can bring liquidity are more likely to achieve success in RWA. RPC, as the president unit of the China Non-Prescription Drug Association, has a well-known brand matrix including "Fuyanqing," "Youkadan," and "Renhe Keli," accumulating a large number of core technology assets such as patents and trademarks.

These intangible assets possess extremely high potential and value for the tokenization of real-world assets, laying the foundation for innovative financing and global value discovery.

From the perspective of industrial services, the RWA industry chain involves asset confirmation, technology development, compliance auditing, liquidity market-making, and other links, benefiting related brokerages, law firms, technology platforms, trading platforms, etc. For example, Nasdaq submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on September 8 to amend trading rules, allowing securities issued in traditional or tokenized forms to be traded on its main market, covering listed stocks and ETF products.

Compared to single-point services, platforms like IVD MEDICAL that provide full-stack services have a more promising imagination space.

IVD MEDICAL has strategically acquired through the ETHK ecosystem layout, including but not limited to successfully obtaining control of relevant U.S. securities firms, thereby gaining core compliance qualifications to operate in key overseas markets. This layout provides solid legal and regulatory guarantees for the compliant on-chain, cross-border issuance, and trading of various real-world assets.

IVD MEDICAL's stock price has increased by over 500% since July, confirming market recognition. The company relies on its established blockchain technology architecture and compliance license resources to provide traditional enterprises with a full-process solution for asset tokenization.

The cooperation between IVD MEDICAL and RPC will become an important trial for Chinese listed companies to seize the RWA track. With the implementation of Hong Kong's "Stablecoin Regulation" and the U.S. "Genius Act," the global compliance framework is gradually improving.

RWA is no longer a concept verification of technological innovation but has become a realistic path for the globalization of traditional industry assets and value reassessment