[December 23, 2024, Hong Kong] Huaying Holdings (NASDAQ: SWIN) (hereinafter referred to as 'Huaying' or 'the Company'), a leading financial services company providing traditional and virtual asset solutions for high-net-worth and institutional investors, recently announced that the company, in collaboration with China Asset Management (Hong Kong), HSBC, Hang Seng Bank, OSL Group, and Fosun Wealth Holdings, has submitted a use case proposal for 'fixed income and investment funds' under the sandbox experiment, becoming the first phase pilot under the Hong Kong Monetary Authority's ('HKMA') Ensemble project sandbox announced in August this year. This use case proposal focuses on researching the local applications of tokenized currencies and assets, aiming to contribute to the development of Hong Kong's tokenized market through the collaborative experience and innovative capabilities of various asset management partners.
The Ensemble project is an important part of the HKMA's series of measures to promote the development of the tokenized market, focusing on the 'sandbox' for new wholesale central bank digital currency (wCBDC). Participants in the project consist of representatives from various industries, working together to promote the development of Hong Kong's tokenized market, laying the foundation for Hong Kong to become a global hub for tokenized deposits and assets.
Mr. Peter Lok, Chairman of Huaying Oriental (Asia) Holdings Limited, stated, 'We are very pleased to participate in the 'sandbox' project and play an important role in exploring tokenized investment products in Hong Kong. This initiative aligns closely with our mission at Huaying to drive the innovation and popularization of digital investment opportunities, and we believe it will have a significant impact on Hong Kong's tokenized market. We look forward to working closely with our partners to ensure the success of this initiative.'
Mr. Zhu Haokang, Head of Digital Assets and Family Wealth Management at China Asset Management (Hong Kong), stated, 'We are excited to lead the exploration of the development of tokenized fund products. As a key participant in the 'sandbox' project, we are committed to leveraging our deep expertise and innovative capabilities in digital asset management to drive the growth of Hong Kong's tokenized market. This initiative not only provides opportunities for us and our partners but also marks an important milestone in making digital investment solutions accessible to a broader audience.'
Mr. Suvir Loomba, Head of HSBC Securities Services Asia, stated, 'HSBC is pleased to participate in the use case of China Asset Management (Hong Kong) under the HKMA Ensemble sandbox as its tokenization platform and settlement bank. We will leverage our past use case experiences, combined with the testing of this project, to further demonstrate the feasibility of tokenized assets in enhancing the speed and efficiency of investment fund settlements. We look forward to working with our partners to drive innovation and promote the development of digital investments.'
Mr. Li Wenlong, Director of Strategy and Corporate Development and Head of the CEO's Office at Hang Seng Bank, stated, 'We are delighted to collaborate with different partners to explore innovative use cases through the Ensemble project sandbox. The Ensemble project sandbox provides us with scenarios to test how to utilize tokenized deposits to promote tokenized applications. Hang Seng Bank will continue to participate in further testing and research of the Ensemble project and lead the development of digital currency.'
Mr. Diao Jiajun, Executive Director and Head of Regulatory Affairs at OSL Group, stated, 'The Ensemble project is a very important platform that brings together various stakeholders within the financial and Web3 ecosystems to explore and promote the tokenized market collaboratively. We look forward to working closely with our partners to leverage OSL's expertise and market liquidity as a trusted compliant virtual asset trading platform in Hong Kong to contribute to the development of this industry.'
Mr. Cai Hua, Chief Operating Officer of Fosun Wealth Holdings, stated, 'It is an honor to be a participant in the 'sandbox' project. Fosun Group has been proactively positioning itself in the Web3 space for the past decade, continuously investing in promising sectors. As a bridge connecting traditional finance and Web3, we look forward to collaborating with partners through our participation in the Ensemble project sandbox to explore the tokenized investment field and establish a broader ecosystem for the industry.'
About Huaying Holdings
Huaying Holdings (NASDAQ: SWIN) is a financial services company headquartered in Hong Kong, providing comprehensive one-stop solutions for global high-net-worth and institutional investors. Huaying's products cover both traditional and virtual assets, including investment banking, wealth management, asset management, and Web3, aimed at supporting the needs of the new generation of investors. Huaying's wholly-owned subsidiary, Huaying Securities, is one of the first regulated virtual asset service providers in Hong Kong. Its advanced electronic platform Solomon VA+ is the first comprehensive application in Hong Kong that integrates traditional and virtual asset trading with wealth management services.
For more information, please visit the company's official website https://solowin.io or the investor relations website https://ir.solowin.io.
Forward-looking statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the company's current expectations and forecasts regarding future events that may affect its financial condition, operating performance, business strategy, and financial needs. Investors can identify these forward-looking statements by using words or phrases such as 'may', 'will', 'expect', 'forecast', 'target', 'estimate', 'intend', 'plan', 'believe', 'could', 'potential', 'continue', or other similar expressions. Except as required by law, the company has no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof, or changes in its expectations thereafter. These statements are subject to uncertainties and risks, including but not limited to uncertainties related to market conditions and other factors discussed in the 'Risk Factors' section of the company's most recent annual report and other reports filed or provided to the U.S. Securities and Exchange Commission (SEC) from time to time. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct, and the company cautions investors that actual results may differ materially from those anticipated, and encourages investors to review other factors that may affect the company's future results, which can be found in the company's SEC filings at www.sec.gov.
For investor and media inquiries, please contact:
Investor Relations Department of Huaying Holdings
Email: ir@solowin.io