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

According to Caixin.com, Zhao Yao, a special researcher at the Payment and Clearing Research Center of the Institute of Finance, Chinese Academy of Social Sciences, stated that recently, offshore digital asset platforms have launched on-chain trading products centered around Chinese tech enterprises such as Changxin Memory Technologies, 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 offshore platforms establish 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 financial infrastructure, promoting the coordinated development of commercial bank tokenized deposits, wholesale CBDC, and tech asset tokenization, and relying on Hong Kong to explore pilot programs for tech asset tokenization, to enhance the RMB's capital organization capabilities and international pricing power in global tech finance competition.