香港代币化进程的一大步，昨天香港证监会公布新监管框架，新规允许传统证券产品代币化后，在夜间、周末及持牌虚拟资产交易平台进行二级市场交易，首批产品主要为代币化货币市场基金，应该算是这次香港web3嘉年华期间力度最大的一个政策。 代币化本身的要求： 1）产品提供者必须确保底层产品完全符合原有授权规则，同时额外处理代币化特有风险（如网络安全、数据隐私、智能合约完整性、系统故障等）； 2）暂时不可使用无额外控制的公开无许可区块链（public permissionless blockchain），需采用许可制； 3）发行文件（包括关键事实声明KFS）必须详细披露代币化安排、所有权代表、相关风险等。 4）二级市场交易的具体安排与要求 框架以持牌虚拟资产交易平台（SFC-licensed VATPs）上的平台内交易（主，零售投资者可直接参与；另可按个案考虑场外（OTC）二级市场安排。 未来的可能演化方向 香港证监会SFC明确表示将“检视有关产品的运作情况，并会适时考虑扩大产品范围”。如果试点成功落地，长期产品范围可能逐步扩大： 1）从货币市场基金逐步扩展至其他开放式基金（如债券基金、股票基金、混合基金）。 2）未来可能纳入更多SFC授权产品（如特定封闭式基金或结构化产品），甚至探索代币化ETF的二级交易（目前主要针对开放式基金）。 3）结合Project Ensemble等项目，进一步试点代币化存款、绿色债券等真实世界资产（RWA）。 如果试点顺利，香港很可能成为全球第一个为代币化基金二级市场交易提供清晰、完整监管框架的主要司法管辖区。 这算是香港在TradFi与数字资产融合道路上，从“发行友好”走向“交易友好”的关键一步。 当然也要看到初期限制和约束也很大，对我们这些关注RWA、代币化、链上资产交易的人来说，值得持续跟踪后续首批产品的落地情况、VATP的接入进度，以及框架的迭代节奏。 当然期待未来进一步放开，能让链上平台在合规框架下接入这些SFC授权的代币化基金产品 本条由@bitget_zh赞助，「Bitget 买美股：秒级入场，丝滑交易 」

It’s worth briefly revisiting the rather legendary story behind UTStarcom and SoftBank China Venture Capital. Hong Lu, born on November 3, 1954, is a Chinese American entrepreneur. His family traces its roots to Ningbo City, Zhejiang Province，China.. He was born in Taiwan, Province of China and moved to Japan at the age of six. After graduating from Tokyo Metropolitan Jonan High School, Lu went on to study civil engineering at the University of California, Berkeley, where he was two years senior to Masa Son @masason After graduating, Hong Lu joined Masa Son’s startup, Mspeech System Inc, whose core business was selling portable voice translation devices.  In March 1982, Son returned to Japan to recover from an illness. Before leaving, he sold his U.S. company Unison World to Lu. For a time, Unison maintained a close partnership with Kyocera, the company founded by Inamori Kazuo. In 1986, the two companies formed a joint venture called Kyocera Unison and attempted to take it public. The plan ultimately fell through, and Lu exited the venture. In 1990, Lu made his first exploratory trip to mainland China. A year later, in 1991, Lu teamed up with his Berkeley classmate and Masa Son’s former Chinese tutor, Charles Xue @xuemanzi8848， along with Son himself. Together they acquired Zhejiang Yutong, a company originally founded by Peter Wang(Zuguang) , reorganizing it and renaming it Unitech Telecom (UT). That same year, Wu Ying , then working at AT&T Bell Labs, partnered with Chauncey Shey to launch Starcom in New Jersey. The company initially operated as a technology consulting firm, essentially providing engineering talent as outsourced services. Among the temporary engineers they hired was Bill Huang(Xiaoqing ), who at the time was doing R&D at Racal Telecom in the UK. In 1994, Bill Huang(Xiaoqing ) joined Unitech Telecom. On October 6, 1995, Unitech Telecom and Starcom merged in a 50–50 deal to form UTStarcom. Just two weeks later, on October 19, the company secured $30 million in funding from SoftBank. On March 5, 1996, UTStarcom China was established. By 1999, after several rounds of major investment totaling roughly $160 million, Masa Son became chairman of UTStarcom, increasing his stake to 51%. On March 3, 2000, UTStarcom successfully went public on the NASDAQ. In 2001, Charles Xue exited the company, cashing out roughly $150 million. Later that same year following the IPO, Masa Son committed $90 million, while Hong  Lu，Chauncey Shey, and others contributed $10 million, forming the first fund for SoftBank China Venture Capital (SBCVC). Brilliance of Berkeley，and with that , the wheels of fate have begun to turn.