Experts from the Academy of Social Sciences: Changxin Technology's overseas on-chain transactions may weaken the domestic capital market's dominance over technology asset pricing

Comparative news, according to a Caixin report, Zhao Yao, a specially invited researcher at the Payment and Clearing Research Center of the Institute of Finance of the Chinese Academy of Social Sciences, said that overseas digital asset platforms have recently launched on-chain trading varieties around Changxin Technology and other Chinese technology companies, indicating that global digital finance platforms are creating trading exposure around China's high-quality technology assets and organizing price expectations, transaction liquidity, and cross-border capital entry in advance. Although such products do not correspond to A-share shares, they are synthetic perpetual contracts or pre-market perpetual contracts settled with stablecoins such as USDC and USDT. It may weaken the domestic capital market's dominance over the pricing of technology assets.

Zhao Yao proposed speeding up the construction of RMB digital finance infrastructure, promoting the collaborative development of commercial bank tokenized deposits, wholesale CBDCs, and technology asset tokenization, and relying on Hong Kong to explore pilot technology asset tokenization projects to enhance the RMB's capital organization capabilities and international pricing power in global technology finance competition.