<p>作者：顾宇，ChainCatcher</p>
<p>经过几个月的等待，另一条 Layer 1 公共链最近完成了一轮融资，估值约为 10 亿美元。Pharos 被誉为高性能的并行 Layer 1 公共链，宣布与在香港证券交易所上市的 GCL 新能源进行新一轮资本合作升级。GCL 新能源以 9.5 亿美元的估值完成了对 Pharos 的投资认购，金额为 2473 万美元。</p>
<p>GCL 新能源是中国知名的私营光伏发电公司，主要从事太阳能发电厂的开发、建设、运营和管理。这与 Pharos 的 RWA（弹性网络应用）开发重点非常契合，使得这笔交易对双方具有积极的战略意义。</p>
<p>GCL 新能源是中国知名的私营光伏发电公司，主要从事太阳能发电厂的开发、建设、运营和管理。这与 Pharos 的 RWA（弹性网络应用）开发重点非常契合，使得这笔交易对双方具有积极的战略意义。</p>
<p>然而，这笔交易在市场上也引发了许多疑问。考虑到当前惨淡的二级市场，Layer 1 和 RWA 项目是否真的能够在一级市场上实现 10 亿美元的估值？上市公司是否会愿意投资如此高风险的资产？交织的业绩驱动交易：复杂公告中隐藏的许多细节表明，这并不是一笔传统的直接融资交易，而是一笔涉及互相投资、分阶段交付和市值业绩驱动协议的捆绑交易。此外，所有核心交付条件都牢牢掌握在 GCL 新能源手中。如果任何条件未能满足，这笔交易将不过是一纸毫无实质约束力的空文。Pharos 对 GCL 新能源的股份认购是一项预合同投资。它将以每股 1.05 港元认购最多 183,480,000 股新股，估值约为 1.5 亿港元。这个价格比 GCL 新能源当前的股价（1.23 港元）折扣 15%。虽然这笔交易看似对 Pharos 来说是个便宜的交易，但 GCL 新能源显然擅长财务操作。它为这笔股份认购交易设定了五个严格的交割条件，如果任何一批交割条件未能满足，所有后续交割将被终止。整个协议仅在 18 个月内有效。具体而言，这项投资分为五个阶段，所有解锁条件与 Pharos Token 上市后的表现挂钩：第一阶段，50%，仅在 Pharos Token 成功获得相关 Web3 交易所上市批准且开盘价不低于公司约定的投资价格（基于 9.5 亿美元的估值）时进行。如果上市失败或开盘价低于初始发行价，公司有权不进行结算。第二阶段，12.5%，仅在 Pharos Token 上市前三个月的平均每日 FDV（完全稀释市值）不低于 7.6 亿美元时进行。后续三个阶段的解锁条件大致相似，主要区别在于平均 FDV 的计算周期：第四至第六个月、第七至第九个月和第九至第十二个月。 一旦 Pharos Token 满足结算条件，Pharos 对 GCL 新能源的股份认购将相应生效，GCL 新能源的 Pharos Token 认购也将同时生效，解锁比例相同。换句话说，在 Pharos Token 成功上市后，Pharos 将立即向 GCL 新能源交付价值 7500 万港元的股份，而 GCL 新能源将以 9.5 亿美元的估值获得价值约 9673 万港元的 Pharos Token。对于 GCL 新能源来说，这是一笔几乎可以保证盈利的交易。一方面，它将获得 7500 万港元的股份认购资金，另一方面，如果 Pharos Token 价格表现良好，它将以初始开盘估值获得价值近 1 亿港元的 Token，从而获得可观的利润空间。积极的效果已经在股价中体现出来。尽管 GCL 新能源在 1 月 8 日首次披露与 Pharos 的合作，但其股价在公告前一周已经大幅上涨，从 0.8 港元上涨至 1.3 港元，随后在达到 1.8 港元的高点后开始下跌。在交易市场上，这是一种典型的 “内幕交易” 模式。另一个潜在问题是，Pharos 之前披露的总融资仅为 800 万美元，相当于 6261 万港元。即使投资的前提条件得到满足，这一资金缺口仍可能成为 Pharos 的问题。</p>
<p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260315/1773552964256-602325.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260315/1773552964256-602325.webp"/></p>
<p><em>来源：RootData</em></p>
<h3>950 亿美元的估值是如何确定的？</h3>
<p>另一个有趣的信息是，GCL 新能源在协议中详细披露了为何将 Pharos 估值为 9.5 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260315/1773552964595-315331.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260315/1773552964595-315331.webp"/></p>
<p>因此，双方决定将 Pharos 的计算因子设定为 4.75 倍。Pharos 当前的总锁定资产价值为 2.5 亿美元，经过 20% 的折扣，初始估值应为 9.5 亿美元。</p>
<p>关于链上锁定资产的类型，协议披露，目前 Pharos 所有锁定资产的 51% 来自分布式光伏运营商和集中式电厂运营商的新能资产，49% 来自基金管理公司和信用资产发行人的金融资产。</p>
<p>换句话说，Pharos 的总锁定价值在计算中包括了实物资产，特别是与本次交易相关的电厂和光伏资产。这种计算方法在 Layer 1 行业中树立了一个先例。事实上，Pharos 的主网尚未正式上线，专业的链上数据统计平台 DeFillama 也未将 Pharos 的锁定价值数据纳入统计。2.5 亿美元的数字完全是项目团队单方面披露的。股价的过早波动，加上协议中层层的业绩条件和虚高的估值，使得这笔交易的真实目的变得清晰：对于协鑫新能源而言，这可能是一种通过利用加密概念来抬高股价和提升公司市值的财务操作；而对于 Pharos 来说，这是试图利用上市公司的有形资产创造高估值，并为后续的代币上市积累势头。双方各取所需，但却将风险留给市场和后续投资者。当一家拥有现实业务的公司将其资产注入一个 Layer 1 项目，然后轻易地通过乘以这些资产的价值创造出 9.5 亿美元的估值时，这种资本游戏难道不是令人震惊吗？加密市场真的需要这样的 RWA 吗？</p>

华夏中证绿色电力ETF

PHAR

鹏华科创板新能源ETF

协鑫新能源

博时中证全指电力公用事业ETF

广发中证全指电力ETF

<p>Pharos 是一条第一层公共链，通过协鑫新能源（一家太阳能公司）完成了一轮融资，估值为 9.5 亿美元。此次投资涉及复杂的基于业绩的条件，协鑫新能源在交易中拥有重要的控制权。Pharos 在协鑫新能源的股份认购取决于其代币成功上市以及满足特定的市值门槛。这笔交易引发了对在艰难市场中高估值可行性的质疑，并突显了 Pharos 在之前融资有限的情况下可能面临的风险</p>

<p>Author: Gu Yu, ChainCatcher</p>
<div class="lb-trans"><p>作者：顾宇，ChainCatcher</p>
</div><p>After several months, another Layer 1 public chain has recently seen a financing round with a valuation of around $1 billion. Pharos, touted as a high-performance parallel Layer 1 public chain, announced a new round of capital cooperation upgrade with GCL New Energy, a Hong Kong Stock Exchange-listed company. GCL New Energy completed its investment subscription in Pharos at a valuation of $950 million, amounting to $24.73 million.</p>
<div class="lb-trans"><p>经过几个月的等待，另一条 Layer 1 公共链最近完成了一轮融资，估值约为 10 亿美元。Pharos 被誉为高性能的并行 Layer 1 公共链，宣布与在香港证券交易所上市的 GCL 新能源进行新一轮资本合作升级。GCL 新能源以 9.5 亿美元的估值完成了对 Pharos 的投资认购，金额为 2473 万美元。</p>
</div><p>GCL New Energy is a well-known private photovoltaic power generation company in China, mainly engaged in the development, construction, operation, and management of solar power plants. This aligns very well with Pharos's RWA (Resilient Web Application) development focus, making this a transaction with positive strategic significance for both parties.</p>
<div class="lb-trans"><p>GCL 新能源是中国知名的私营光伏发电公司，主要从事太阳能发电厂的开发、建设、运营和管理。这与 Pharos 的 RWA（弹性网络应用）开发重点非常契合，使得这笔交易对双方具有积极的战略意义。</p>
</div><p>GCL New Energy is a well-known private photovoltaic power generation company in China, mainly engaged in the development, construction, operation, and management of solar power plants. This aligns very well with Pharos's RWA (Resilient Web Application) development focus, making this a transaction with positive strategic significance for both parties.</p>
<div class="lb-trans"><p>GCL 新能源是中国知名的私营光伏发电公司，主要从事太阳能发电厂的开发、建设、运营和管理。这与 Pharos 的 RWA（弹性网络应用）开发重点非常契合，使得这笔交易对双方具有积极的战略意义。</p>
</div><p>... However, this transaction has also raised many questions in the market. Given the current dismal secondary market, can Layer 1 and RWA projects truly still achieve a valuation of $1 billion in the primary market? And will listed companies readily invest in such high-risk assets? The Intertwined Performance-Based Transaction: Many details hidden within the complex announcements reveal that this is not a conventional direct financing transaction, but rather a bundled transaction involving mutual investment, phased delivery, and a market capitalization performance-based agreement. Furthermore, all core delivery conditions are firmly in the hands of GCL New Energy. If any condition is not met, this transaction will be nothing more than a worthless piece of paper without any substantial binding force. Pharos's share subscription in GCL New Energy is a pre-contractual investment. It will subscribe for up to 183,480,000 new shares at HK$1.05 per share, valued at approximately HK$150 million. This price represents a 15% discount to GCL New Energy's current share price (HK$1.23). While this transaction appears to be a bargain for Pharos, GCL New Energy is clearly adept at financial maneuvering. It has set five stringent closing conditions for this share subscription transaction, and if any batch of closing conditions is not met, all subsequent closings will be terminated. The entire agreement is only valid for 18 months. Specifically, this investment is split into five tranches, with all unlocking conditions tied to the performance of Pharos Token upon its listing: The first tranche, at 50%, will only proceed if Pharos Token successfully obtains approval for listing on a relevant Web3 exchange and its opening price is not lower than the company's agreed investment price (based on a valuation of $950 million). If the listing fails or the opening price falls below the initial offering price, the company has the right not to proceed with the settlement. The second tranche, at 12.5%, will only proceed if the average daily FDV (fully diluted market capitalization) for Pharos Token in the three months prior to its listing is not lower than $760 million. The unlocking conditions for the subsequent three tranches are largely similar, with the main difference being the calculation period for the average FDV: the fourth to sixth month, the seventh to ninth month, and the ninth to twelfth month, respectively. Once the Pharos Token meets the settlement conditions, Pharos's share subscription in GCL New Energy will take effect accordingly, and GCL New Energy's Pharos Token subscription will also take effect simultaneously, with the unlocking ratio being the same. In other words, after the Pharos Token is successfully listed, Pharos will immediately deliver HK$75 million worth of shares to GCL New Energy, while GCL New Energy will acquire Pharos Tokens worth approximately HK$96.73 million at a valuation of US$950 million. For GCL New Energy, this is a near-guaranteed profit-making transaction. On the one hand, it will obtain HK$75 million in share subscription funds, and on the other hand, if the Pharos Token price performs well, it will acquire tokens worth nearly HK$100 million at the initial opening valuation, resulting in a considerable profit margin. The positive effects have already been reflected in the share price. Although GCL New Energy first disclosed its cooperation with Pharos on January 8th, its stock price had already risen sharply a week prior, from HK$0.8 to HK$1.3 on the announcement date, and then peaked at HK$1.8 before trending downwards. In the trading market, this is a typical &#34;insider trading&#34; pattern. Another potential issue is that Pharos' previously disclosed total financing was only US$8 million, equivalent to HK$62.61 million. Even if the preconditions for investment are met, this funding gap may still be a problem for Pharos.</p>
<div class="lb-trans"><p>然而，这笔交易在市场上也引发了许多疑问。考虑到当前惨淡的二级市场，Layer 1 和 RWA 项目是否真的能够在一级市场上实现 10 亿美元的估值？上市公司是否会愿意投资如此高风险的资产？交织的业绩驱动交易：复杂公告中隐藏的许多细节表明，这并不是一笔传统的直接融资交易，而是一笔涉及互相投资、分阶段交付和市值业绩驱动协议的捆绑交易。此外，所有核心交付条件都牢牢掌握在 GCL 新能源手中。如果任何条件未能满足，这笔交易将不过是一纸毫无实质约束力的空文。Pharos 对 GCL 新能源的股份认购是一项预合同投资。它将以每股 1.05 港元认购最多 183,480,000 股新股，估值约为 1.5 亿港元。这个价格比 GCL 新能源当前的股价（1.23 港元）折扣 15%。虽然这笔交易看似对 Pharos 来说是个便宜的交易，但 GCL 新能源显然擅长财务操作。它为这笔股份认购交易设定了五个严格的交割条件，如果任何一批交割条件未能满足，所有后续交割将被终止。整个协议仅在 18 个月内有效。具体而言，这项投资分为五个阶段，所有解锁条件与 Pharos Token 上市后的表现挂钩：第一阶段，50%，仅在 Pharos Token 成功获得相关 Web3 交易所上市批准且开盘价不低于公司约定的投资价格（基于 9.5 亿美元的估值）时进行。如果上市失败或开盘价低于初始发行价，公司有权不进行结算。第二阶段，12.5%，仅在 Pharos Token 上市前三个月的平均每日 FDV（完全稀释市值）不低于 7.6 亿美元时进行。后续三个阶段的解锁条件大致相似，主要区别在于平均 FDV 的计算周期：第四至第六个月、第七至第九个月和第九至第十二个月。 一旦 Pharos Token 满足结算条件，Pharos 对 GCL 新能源的股份认购将相应生效，GCL 新能源的 Pharos Token 认购也将同时生效，解锁比例相同。换句话说，在 Pharos Token 成功上市后，Pharos 将立即向 GCL 新能源交付价值 7500 万港元的股份，而 GCL 新能源将以 9.5 亿美元的估值获得价值约 9673 万港元的 Pharos Token。对于 GCL 新能源来说，这是一笔几乎可以保证盈利的交易。一方面，它将获得 7500 万港元的股份认购资金，另一方面，如果 Pharos Token 价格表现良好，它将以初始开盘估值获得价值近 1 亿港元的 Token，从而获得可观的利润空间。积极的效果已经在股价中体现出来。尽管 GCL 新能源在 1 月 8 日首次披露与 Pharos 的合作，但其股价在公告前一周已经大幅上涨，从 0.8 港元上涨至 1.3 港元，随后在达到 1.8 港元的高点后开始下跌。在交易市场上，这是一种典型的 “内幕交易” 模式。另一个潜在问题是，Pharos 之前披露的总融资仅为 800 万美元，相当于 6261 万港元。即使投资的前提条件得到满足，这一资金缺口仍可能成为 Pharos 的问题。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260315/1773552964256-602325.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260315/1773552964256-602325.webp"/></p>
<p><em>Source: RootData</em></p>
<div class="lb-trans"><p><em>来源：RootData</em></p>
</div><h3>How was the $950 million valuation determined?</h3>
<div class="lb-trans"><h3>950 亿美元的估值是如何确定的？</h3>
</div><p>Another interesting piece of information is that GCL New Energy also disclosed in detail in the agreement why it valued Pharos at $950 million.</p>
<div class="lb-trans"><p>另一个有趣的信息是，GCL 新能源在协议中详细披露了为何将 Pharos 估值为 9.5 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://admin2049.chaincatcher.info/upload/image/20260315/1773552964595-315331.webp" alt="" original-src="https://admin2049.chaincatcher.info/upload/image/20260315/1773552964595-315331.webp"/></p>
<p>Therefore, both parties decided to set the calculation factor for Pharos at 4.75 times. Pharos's current total locked asset value is $250 million, and with a 20% discount, the initial valuation should be $950 million.</p>
<div class="lb-trans"><p>因此，双方决定将 Pharos 的计算因子设定为 4.75 倍。Pharos 当前的总锁定资产价值为 2.5 亿美元，经过 20% 的折扣，初始估值应为 9.5 亿美元。</p>
</div><p>Regarding the types of on-chain locked assets, the protocol discloses that currently, 51% of all locked assets in Pharos come from new energy assets of distributed photovoltaic operators and centralized power plant operators, and 49% come from financial assets of fund management companies and credit asset issuers.</p>
<div class="lb-trans"><p>关于链上锁定资产的类型，协议披露，目前 Pharos 所有锁定资产的 51% 来自分布式光伏运营商和集中式电厂运营商的新能资产，49% 来自基金管理公司和信用资产发行人的金融资产。</p>
</div><p>In other words, Pharos' total locked value includes physical assets in its calculation, specifically power plants and photovoltaic assets closely related to the parties involved in this transaction. This calculation method sets a precedent in the Layer 1 industry. In fact, Pharos' mainnet has not yet been officially launched, and the professional on-chain data statistics platform DeFillama has not included Pharos' locked value data. The $250 million figure is entirely a unilateral disclosure by the project team. The premature stock price fluctuations, combined with the layers of performance-based conditions and inflated valuations in the agreement, make the true purpose of this transaction clear: for GCL New Energy, this may be a financial maneuver to inflate the stock price and boost the company's market capitalization by leveraging the crypto concept; for Pharos, it's an attempt to capitalize on the listed company's tangible assets to create a high valuation and build momentum for the subsequent token listing. Both parties get what they want, but leave the market and subsequent investors with the risks. When a company with a real-world business injects its assets into a Layer 1 project and then easily creates a $950 million valuation by multiplying the value of those assets, isn't this kind of capital game outrageous? Does the crypto market really need RWA like this?</p>
<div class="lb-trans"><p>换句话说，Pharos 的总锁定价值在计算中包括了实物资产，特别是与本次交易相关的电厂和光伏资产。这种计算方法在 Layer 1 行业中树立了一个先例。事实上，Pharos 的主网尚未正式上线，专业的链上数据统计平台 DeFillama 也未将 Pharos 的锁定价值数据纳入统计。2.5 亿美元的数字完全是项目团队单方面披露的。股价的过早波动，加上协议中层层的业绩条件和虚高的估值，使得这笔交易的真实目的变得清晰：对于协鑫新能源而言，这可能是一种通过利用加密概念来抬高股价和提升公司市值的财务操作；而对于 Pharos 来说，这是试图利用上市公司的有形资产创造高估值，并为后续的代币上市积累势头。双方各取所需，但却将风险留给市场和后续投资者。当一家拥有现实业务的公司将其资产注入一个 Layer 1 项目，然后轻易地通过乘以这些资产的价值创造出 9.5 亿美元的估值时，这种资本游戏难道不是令人震惊吗？加密市场真的需要这样的 RWA 吗？</p>
</div>

剖析 Pharos：估值由太阳能等因素支撑；是否为一家在担保下的空壳公司？