Chinese Academy of Social Sciences Expert: ChangXin Memory Technologies' Offshore On-Chain Transactions Could Undermine Domestic Capital Market's Pricing Dominance Over Tech Assets

TechFlow reports, on July 27, according to Caixin, Zhao Yao, Invited Researcher at the Payment and Clearing Research Center of the Institute of Finance and Banking, Chinese Academy of Social Sciences, stated that recently overseas digital asset platforms have launched on-chain trading products centering on Chinese tech companies such as Changxin Technology, indicating that global digital finance platforms are creating trading exposures around high-quality Chinese tech assets, organizing price expectations, trading liquidity, and cross-border capital entry points in advance. Although these products do not correspond to A-share equity, being instead synthetic perpetual contracts or pre-market perpetual contracts settled in stablecoins such as USDC and USDT, if overseas platforms form a continuous trading market for tech assets first, it may weaken the domestic capital market's pricing dominance over tech assets.

Zhao Yao suggested accelerating the construction of RMB digital finance infrastructure, promoting the coordinated development of commercial bank tokenized deposits, wholesale CBDC, and tech asset tokenization, and exploring pilot programs for tech asset tokenization relying on Hong Kong, to enhance the RMB's capital organization capability and international pricing power in global tech finance competition.