<p>作者：顧宇，ChainCatcher</p>
<p>經過幾個月的等待，另一條 Layer 1 公共鏈最近完成了一輪融資，估值約為 10 億美元。Pharos 被譽為高性能的並行 Layer 1 公共鏈，宣佈與在香港證券交易所上市的 GCL 新能源進行新一輪資本合作升級。GCL 新能源以 9.5 億美元的估值完成了對 Pharos 的投資認購，金額為 2473 萬美元。</p>
<p>GCL 新能源是中國知名的私營光伏發電公司，主要從事太陽能發電廠的開發、建設、運營和管理。這與 Pharos 的 RWA（彈性網絡應用）開發重點非常契合，使得這筆交易對雙方具有積極的戰略意義。</p>
<p>GCL 新能源是中國知名的私營光伏發電公司，主要從事太陽能發電廠的開發、建設、運營和管理。這與 Pharos 的 RWA（彈性網絡應用）開發重點非常契合，使得這筆交易對雙方具有積極的戰略意義。</p>
<p>然而，這筆交易在市場上也引發了許多疑問。考慮到當前慘淡的二級市場，Layer 1 和 RWA 項目是否真的能夠在一級市場上實現 10 億美元的估值？上市公司是否會願意投資如此高風險的資產？交織的業績驅動交易：複雜公告中隱藏的許多細節表明，這並不是一筆傳統的直接融資交易，而是一筆涉及互相投資、分階段交付和市值業績驅動協議的捆綁交易。此外，所有核心交付條件都牢牢掌握在 GCL 新能源手中。如果任何條件未能滿足，這筆交易將不過是一紙毫無實質約束力的空文。Pharos 對 GCL 新能源的股份認購是一項預合同投資。它將以每股 1.05 港元認購最多 183,480,000 股新股，估值約為 1.5 億港元。這個價格比 GCL 新能源當前的股價（1.23 港元）折扣 15%。雖然這筆交易看似對 Pharos 來説是個便宜的交易，但 GCL 新能源顯然擅長財務操作。它為這筆股份認購交易設定了五個嚴格的交割條件，如果任何一批交割條件未能滿足，所有後續交割將被終止。整個協議僅在 18 個月內有效。具體而言，這項投資分為五個階段，所有解鎖條件與 Pharos Token 上市後的表現掛鈎：第一階段，50%，僅在 Pharos Token 成功獲得相關 Web3 交易所上市批准且開盤價不低於公司約定的投資價格（基於 9.5 億美元的估值）時進行。如果上市失敗或開盤價低於初始發行價，公司有權不進行結算。第二階段，12.5%，僅在 Pharos Token 上市前三個月的平均每日 FDV（完全稀釋市值）不低於 7.6 億美元時進行。後續三個階段的解鎖條件大致相似，主要區別在於平均 FDV 的計算週期：第四至第六個月、第七至第九個月和第九至第十二個月。 一旦 Pharos Token 滿足結算條件，Pharos 對 GCL 新能源的股份認購將相應生效，GCL 新能源的 Pharos Token 認購也將同時生效，解鎖比例相同。換句話説，在 Pharos Token 成功上市後，Pharos 將立即向 GCL 新能源交付價值 7500 萬港元的股份，而 GCL 新能源將以 9.5 億美元的估值獲得價值約 9673 萬港元的 Pharos Token。對於 GCL 新能源來説，這是一筆幾乎可以保證盈利的交易。一方面，它將獲得 7500 萬港元的股份認購資金，另一方面，如果 Pharos Token 價格表現良好，它將以初始開盤估值獲得價值近 1 億港元的 Token，從而獲得可觀的利潤空間。積極的效果已經在股價中體現出來。儘管 GCL 新能源在 1 月 8 日首次披露與 Pharos 的合作，但其股價在公告前一週已經大幅上漲，從 0.8 港元上漲至 1.3 港元，隨後在達到 1.8 港元的高點後開始下跌。在交易市場上，這是一種典型的 “內幕交易” 模式。另一個潛在問題是，Pharos 之前披露的總融資僅為 800 萬美元，相當於 6261 萬港元。即使投資的前提條件得到滿足，這一資金缺口仍可能成為 Pharos 的問題。</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>來源：RootData</em></p>
<h3>950 億美元的估值是如何確定的？</h3>
<p>另一個有趣的信息是，GCL 新能源在協議中詳細披露了為何將 Pharos 估值為 9.5 億美元。</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，雙方決定將 Pharos 的計算因子設定為 4.75 倍。Pharos 當前的總鎖定資產價值為 2.5 億美元，經過 20% 的折扣，初始估值應為 9.5 億美元。</p>
<p>關於鏈上鎖定資產的類型，協議披露，目前 Pharos 所有鎖定資產的 51% 來自分佈式光伏運營商和集中式電廠運營商的新能資產，49% 來自基金管理公司和信用資產發行人的金融資產。</p>
<p>換句話説，Pharos 的總鎖定價值在計算中包括了實物資產，特別是與本次交易相關的電廠和光伏資產。這種計算方法在 Layer 1 行業中樹立了一個先例。事實上，Pharos 的主網尚未正式上線，專業的鏈上數據統計平台 DeFillama 也未將 Pharos 的鎖定價值數據納入統計。2.5 億美元的數字完全是項目團隊單方面披露的。股價的過早波動，加上協議中層層的業績條件和虛高的估值，使得這筆交易的真實目的變得清晰：對於協鑫新能源而言，這可能是一種通過利用加密概念來抬高股價和提升公司市值的財務操作；而對於 Pharos 來説，這是試圖利用上市公司的有形資產創造高估值，併為後續的代幣上市積累勢頭。雙方各取所需，但卻將風險留給市場和後續投資者。當一家擁有現實業務的公司將其資產注入一個 Layer 1 項目，然後輕易地通過乘以這些資產的價值創造出 9.5 億美元的估值時，這種資本遊戲難道不是令人震驚嗎？加密市場真的需要這樣的 RWA 嗎？</p>

華夏中證綠色電力ETF

PHAR

鵬華科創板新能源ETF

協鑫新能源

博時中證全指電力公用事業ETF

廣發中證全指電力ETF

<p>Pharos 是一條第一層公共鏈，通過協鑫新能源（一家太陽能公司）完成了一輪融資，估值為 9.5 億美元。此次投資涉及複雜的基於業績的條件，協鑫新能源在交易中擁有重要的控制權。Pharos 在協鑫新能源的股份認購取決於其代幣成功上市以及滿足特定的市值門檻。這筆交易引發了對在艱難市場中高估值可行性的質疑，並突顯了 Pharos 在之前融資有限的情況下可能面臨的風險</p>

<p>Author: Gu Yu, ChainCatcher</p>
<div class="lb-trans"><p>作者：顧宇，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>經過幾個月的等待，另一條 Layer 1 公共鏈最近完成了一輪融資，估值約為 10 億美元。Pharos 被譽為高性能的並行 Layer 1 公共鏈，宣佈與在香港證券交易所上市的 GCL 新能源進行新一輪資本合作升級。GCL 新能源以 9.5 億美元的估值完成了對 Pharos 的投資認購，金額為 2473 萬美元。</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 新能源是中國知名的私營光伏發電公司，主要從事太陽能發電廠的開發、建設、運營和管理。這與 Pharos 的 RWA（彈性網絡應用）開發重點非常契合，使得這筆交易對雙方具有積極的戰略意義。</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 新能源是中國知名的私營光伏發電公司，主要從事太陽能發電廠的開發、建設、運營和管理。這與 Pharos 的 RWA（彈性網絡應用）開發重點非常契合，使得這筆交易對雙方具有積極的戰略意義。</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，這筆交易在市場上也引發了許多疑問。考慮到當前慘淡的二級市場，Layer 1 和 RWA 項目是否真的能夠在一級市場上實現 10 億美元的估值？上市公司是否會願意投資如此高風險的資產？交織的業績驅動交易：複雜公告中隱藏的許多細節表明，這並不是一筆傳統的直接融資交易，而是一筆涉及互相投資、分階段交付和市值業績驅動協議的捆綁交易。此外，所有核心交付條件都牢牢掌握在 GCL 新能源手中。如果任何條件未能滿足，這筆交易將不過是一紙毫無實質約束力的空文。Pharos 對 GCL 新能源的股份認購是一項預合同投資。它將以每股 1.05 港元認購最多 183,480,000 股新股，估值約為 1.5 億港元。這個價格比 GCL 新能源當前的股價（1.23 港元）折扣 15%。雖然這筆交易看似對 Pharos 來説是個便宜的交易，但 GCL 新能源顯然擅長財務操作。它為這筆股份認購交易設定了五個嚴格的交割條件，如果任何一批交割條件未能滿足，所有後續交割將被終止。整個協議僅在 18 個月內有效。具體而言，這項投資分為五個階段，所有解鎖條件與 Pharos Token 上市後的表現掛鈎：第一階段，50%，僅在 Pharos Token 成功獲得相關 Web3 交易所上市批准且開盤價不低於公司約定的投資價格（基於 9.5 億美元的估值）時進行。如果上市失敗或開盤價低於初始發行價，公司有權不進行結算。第二階段，12.5%，僅在 Pharos Token 上市前三個月的平均每日 FDV（完全稀釋市值）不低於 7.6 億美元時進行。後續三個階段的解鎖條件大致相似，主要區別在於平均 FDV 的計算週期：第四至第六個月、第七至第九個月和第九至第十二個月。 一旦 Pharos Token 滿足結算條件，Pharos 對 GCL 新能源的股份認購將相應生效，GCL 新能源的 Pharos Token 認購也將同時生效，解鎖比例相同。換句話説，在 Pharos Token 成功上市後，Pharos 將立即向 GCL 新能源交付價值 7500 萬港元的股份，而 GCL 新能源將以 9.5 億美元的估值獲得價值約 9673 萬港元的 Pharos Token。對於 GCL 新能源來説，這是一筆幾乎可以保證盈利的交易。一方面，它將獲得 7500 萬港元的股份認購資金，另一方面，如果 Pharos Token 價格表現良好，它將以初始開盤估值獲得價值近 1 億港元的 Token，從而獲得可觀的利潤空間。積極的效果已經在股價中體現出來。儘管 GCL 新能源在 1 月 8 日首次披露與 Pharos 的合作，但其股價在公告前一週已經大幅上漲，從 0.8 港元上漲至 1.3 港元，隨後在達到 1.8 港元的高點後開始下跌。在交易市場上，這是一種典型的 “內幕交易” 模式。另一個潛在問題是，Pharos 之前披露的總融資僅為 800 萬美元，相當於 6261 萬港元。即使投資的前提條件得到滿足，這一資金缺口仍可能成為 Pharos 的問題。</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>來源：RootData</em></p>
</div><h3>How was the $950 million valuation determined?</h3>
<div class="lb-trans"><h3>950 億美元的估值是如何確定的？</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>另一個有趣的信息是，GCL 新能源在協議中詳細披露了為何將 Pharos 估值為 9.5 億美元。</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，雙方決定將 Pharos 的計算因子設定為 4.75 倍。Pharos 當前的總鎖定資產價值為 2.5 億美元，經過 20% 的折扣，初始估值應為 9.5 億美元。</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>關於鏈上鎖定資產的類型，協議披露，目前 Pharos 所有鎖定資產的 51% 來自分佈式光伏運營商和集中式電廠運營商的新能資產，49% 來自基金管理公司和信用資產發行人的金融資產。</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>換句話説，Pharos 的總鎖定價值在計算中包括了實物資產，特別是與本次交易相關的電廠和光伏資產。這種計算方法在 Layer 1 行業中樹立了一個先例。事實上，Pharos 的主網尚未正式上線，專業的鏈上數據統計平台 DeFillama 也未將 Pharos 的鎖定價值數據納入統計。2.5 億美元的數字完全是項目團隊單方面披露的。股價的過早波動，加上協議中層層的業績條件和虛高的估值，使得這筆交易的真實目的變得清晰：對於協鑫新能源而言，這可能是一種通過利用加密概念來抬高股價和提升公司市值的財務操作；而對於 Pharos 來説，這是試圖利用上市公司的有形資產創造高估值，併為後續的代幣上市積累勢頭。雙方各取所需，但卻將風險留給市場和後續投資者。當一家擁有現實業務的公司將其資產注入一個 Layer 1 項目，然後輕易地通過乘以這些資產的價值創造出 9.5 億美元的估值時，這種資本遊戲難道不是令人震驚嗎？加密市場真的需要這樣的 RWA 嗎？</p>
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剖析 Pharos：估值由太陽能等因素支撐；是否為一家在擔保下的空殼公司？