Stop studying how RWA can be implemented!!!
Fosun's RWA debut: From Furuire Medical to the large-scale explosion of asset tokenization in Asia.
This is a new starting point for the application of RWA.
On September 3, Fosun Wealth Holdings announced the successful completion of the tokenization issuance of equity in Hong Kong-listed Furuire Medical Technology (stock code: 1696.HK), reaching a scale of $328 million.
In the current intertwining of finance and technology, the tokenization of real-world assets (RWA) has become a key bridge connecting traditional finance and Web3.
In the past two years, from the United States to Singapore, from government bonds to funds, attempts at tokenization have been continuously advanced, but more remain at the pilot level.
On September 3, 2025, Fosun Wealth Holdings completed the tokenization of Furuire Medical's equity.
Undoubtedly injected a shot of strong support into the Asian market: this is the first listed company equity tokenization case in the Hong Kong stock market, and also a high-profile appearance by Fosun in the RWA field.
This is not just a technical experiment, but a true integration of traditional financial institutions and Web3 technology.
It marks the entry of the Hong Kong stock market into the practical stage of asset digitalization, and may become the beginning of the large-scale explosion of RWA in Asia.
Part One: Detailed interpretation of the Fosun case.
First, technical solution: The logic of Hong Kong stock performance linked tokens.
The technical core of this tokenization transaction is the full-process solution of "Hong Kong stock performance linked tokens" jointly developed by Star Road Technology incubated by Fosun Wealth and FinChain Star Link.
Star Road Technology: Responsible for product design, compliance and risk control framework, cross-chain scheduling, ensuring the project complies with legal and financial logic.
FinChain Star Link: Focus on multi-chain smart contracts, clearing routes, and liquidity solutions, unleashing the efficiency advantages of Web3.
This Web2 (compliance) + Web3 (efficiency) division of labor model precisely addresses the long-standing contradictions faced by the industry: how to ensure compliance while balancing efficiency and innovation.
At the infrastructure level, the plan adopts Vaulta's "Banking OS" banking operating system to achieve asset registration, compliance custody, clearing and settlement, and full lifecycle management, ensuring seamless integration of on-chain and traditional processes.
Moreover, this plan breaks through the previous limitations of "single-chain."
The first multi-chain implementation of the four major public chains: Ethereum, Solana, Vaulta, and Sonic.
Solana: High throughput and low fees, solving the T+2 delay problem in traditional equity transfers.
Ethereum: The highest ecological compatibility, facilitating the access of tokenized equity to mainstream wallets and compliance platforms.
Vaulta & Sonic: Expanding the boundaries of cross-chain liquidity to support diverse scenarios.
This is Asia's first equity tokenization plan with multi-chain operation capabilities.
Second, the target company: The value support of Furuire Medical.
The chosen tokenization target is Furuire Medical Technology (Sisram Medical, 1696.HK). Unlike many "conceptual" tokenization attempts, Furuire Medical has solid fundamentals and growth potential, providing a real value anchor for tokenization.
Identity Tag: The first Israeli company listed on the main board of the Hong Kong Stock Exchange, focusing on medical beauty equipment.
Core Brand: "Alma," with products covering hair removal, skin rejuvenation, body shaping, and more, building a complete beauty and health ecosystem.
Financial performance: The total market value is approximately 3.044 billion HKD, with a total share capital of 468 million shares; in 2021, revenue in the North American market surged by 105.8% year-on-year.
R&D Investment: In 2021, R&D expenses reached $15.6 million, an increase of 42.3% year-on-year; non-invasive hair transplant device Alma TED and CBD professional skincare series entered the clinical stage.
This means that the equity tokenization of Furuire Medical is not a simple "equity split," but a financial innovation that combines growth attributes.
Third, strategic significance: The financial technology closed loop of Fosun Wealth.
Fosun Wealth is not a one-time technical pilot, but is building a complete RWA ecological closed loop:
Star Road Technology: Compliance and product design, ensuring cross-border and multi-market regulatory alignment.
FinChain Star Link: Cross-chain liquidity and technical architecture optimization to enhance market efficiency.
Investor Network: By ecological synergy, simultaneously covering B-end and C-end demands.
This layout enables Fosun to quickly replicate models and expand scale in the tokenization of different asset classes in the future.
Part Two: Global RWA Landscape and Comparison
First is the United States: Regulatory-driven bond and fund tokenization.
BlackRock launches the BUIDL fund, focusing on government bond tokenization.
Franklin Templeton issued over $400 million in tokenized money market funds.
In the United States, the focus of RWA is on bonds and funds, with the regulatory framework gradually improving.
Next is Singapore: Cross-border and bank participation.
The Monetary Authority of Singapore (MAS) leads Project Guardian, promoting the tokenization of bonds, foreign exchange, and alternative assets.
Features: Focus on cross-border capital flow, attracting large banks and funds to participate.
Finally, in Hong Kong: From virtual assets to real assets.
Successively introduced (stablecoin regulations) and digital asset sandboxes.
The Fosun case shows that Hong Kong has moved from virtual asset regulation to a new stage of real asset tokenization.
Part Three: The market size and potential of RWA.
According to forecasts by the Boston Consulting Group (BCG) and Morgan Stanley, by 2030 the global RWA market size will exceed $16 trillion.
Currently, about 70% of RWA assets are concentrated in bonds and funds, and equity tokenization is still a blue ocean.
The total market capitalization of Hong Kong stocks is about 30 trillion HKD; even if only 1% is tokenized, it means a market potential of hundreds of billions of HKD.
Part Four: Insights and challenges from the Fosun case.
Insights for traditional financial institutions.
There is no need to overturn existing advantages, but to integrate Web3 technology.
Compliance framework + technical efficiency is the most realistic path to implementation.
Challenges that still need to be faced.
Differences in compliance standards: Legal differences are significant across different jurisdictions.
Insufficient liquidity: Can tokenized assets form an active secondary market?
Investor education: Can traditional investors accept "tokenized equity"?
Part Five: The path of RWA explosion in Asia.
First, the entry point of Hong Kong stocks: The tokenization of listed company equity has a demonstration effect. Hong Kong stocks, as the most internationalized market in Asia, have dual advantages of policy and capital.
Second, multi-asset expansion: In the future, it may extend to bonds, funds, real estate, and more types. The introduction of each new asset class represents a multiple expansion of market scale.
Third, regional linkage: Successful experiences in Hong Kong may drive faster growth in markets like Singapore, Japan, and South Korea, forming an Asian version of the "Project Guardian" linkage effect.
Fourth, upgrading financial infrastructure: RWA will become the dual engine for the internationalization and digitalization of the Asian capital market. RWA is not just a new product, but a reconstruction of financial infrastructure.
Summary: The equity tokenization of Furuire Medical is not only an innovative attempt by Fosun Wealth but also a historic breakthrough in the Asian capital market. It proves that:
RWA is not a future concept, but a present reality.
The integration of traditional finance and Web3 is not a subversion, but a collaboration.
The Asian market is ushering in its own RWA moment.
As more and more enterprises and asset types participate, RWA will truly become the new infrastructure of global finance.
And this step by Fosun may be remembered in history—as the starting point for the large-scale explosion of RWA in Asia.
⭐Star Mark #Wall Street Crypto Intelligence Bureau, don’t miss great content⭐
Finally: Many viewpoints in the text represent my personal understanding of the market and do not constitute advice for your investments.
