CASS expert: Overseas on-chain transactions by Changxin Technology, or the resulting weakening of the domestic capital market’s leading role in pricing technology assets

Deep Tide TechFlow message: On July 27, according to Caixin, Zhao Yao, a specially invited researcher at the Payment and Clearing Research Center of the Institute of Finance, Chinese Academy of Social Sciences, said that recently, overseas digital asset platforms have introduced on-chain trading products around Chinese technology companies such as ZTEC Technology. This shows that global digital financial platforms are creating trading exposure around high-quality Chinese technology assets in advance by arranging price expectations, trading liquidity, and cross-border capital entry points. Although these products do not correspond to A-share equity, but are instead synthetic perpetual contracts or pre-market perpetual contracts settled in stablecoins such as USDC and USDT, if overseas platforms first form a continuous trading market for technology assets, it may weaken the domestic capital market’s dominant role in setting prices for technology assets.

Zhao Yao suggested accelerating the development of digital financial infrastructure for the renminbi, promoting the coordinated development of tokenized deposits by commercial banks, wholesale-type CBDC, and the tokenization of technology assets. He also proposed leveraging Hong Kong to explore pilot programs for the tokenization of technology assets, in order to enhance the renminbi’s capital organization capability and international pricing power in global competition in technology finance.