On June 27th, the Web3 Elite meeting-Family Office and RWA Virtual Asset Investment sponsored by FinMeta was successfully held at the China-Hong Kong Financial Elite Exchange Center. Guests and friends and online friends discussed the related topics of family office and RWA virtual asset investment.Ye Kai was invited to give a keynote speech on the innovative investment configuration of RWA and the family office. Because it was a live oral sharing, he arranged and supplemented the text content in combination with live video for your reference. It can also be used as a new perspective for household investment.
From the perspective of BlackRock and other assets management in the United States, even though the spot ETF of bitcoin under these management may be more than 10 billion US dollars, it is basically less than 1-2 per cent compared with the scale of their management. If you look at other asset management, banks, pension funds, etc., Bitcoin and other virtual asset allocation, the share is still relatively small, no more than 1-2%, no more than 5 points. Of course, for these institutions with relatively sound investments, bitcoin spot ETF products still need a cycle, which is only half a year ago. generally speaking, a year later, there will be a cycle of specific data, which is needed for large-scale capital allocation.I used five words for sharing at the scene:Combination、Inflation rate、Hedging、InvigorateAndInheritance.
The key to the home-run asset allocation strategy is the portfolio. When we do regular investment funds, we will also have our own investment portfolio, such as the 6-3-1 portfolio, that is, 60% with relatively stable returns, 30% with relatively high returns and medium-and low-risk, and 10% with some high risks, such as playing the new currency, different tracks, such as # AI, #DePINTokens, such as # meme, although 10% of the capital, but the cycle is short and fast, 2 racks turn once every 3 months, but can almost pry 40% of the amount of capital. But playing new coins needs to be fast, so you need to have a keen insight into research, often soak up the community, listen to space, pay attention to new developments, and participate in online and offline activities.Because the household office generally lacks the professional ability in the field of virtual assets, it can entrust professionalCrypto FundTo invest or become the LP of related encryption fund products, the key is that the investment strategy, cycle and return requirements can be matched.In fact, in traditional fund investments, such as our film and television fund, we often adopt the "6-3-1" combination, 60% invest in television with relatively stable earnings, 30% of the voting rooms may be exploding, but there may also be films with dismal earnings at the box office, and 10% of short dramas with short voting cycles and high returns.In Crypto Fund, it will almost adopt a "6-3-1" combination, with 60% configuring bitcoin or highly liquid spot bitcoin ETF products, 30% configuring the band of mainstream tokens such as bitcoin, 10% configuring playing new coins, and a hot track with a new token cycle that may take only a few months to quickly finish and continue rolling investment.In the previous keynote speech, Mr. Zhou of the Bank of Singapore mentioned two very encouraging figures. One is that real estate is still the main allocation, but mainly around consumer entertainment commercial real estate, such as hotels, shops and so on. It is mentioned that Mrs. Ma recently bought S $100 million in commercial real estate in Singapore. One is that the general investment strategy of the first generation run by Singapore is relatively sound, and the investment strategy of the second generation is more aggressive, starting to allocate Crypto investment, even reaching 10% of the asset allocation, of which 40% are equipped with physical bitcoin and 60% of the related virtual asset investment products or Crypto Fund. It is just that the investment of virtual assets in Singapore is not recognized and dare not be accepted by the banks, which may be the advantage of Hong Kong RWA compared to the trading vouchers approved by the running banks of the licensed exchanges in Hong Kong.Money around the world is starting to fight inflation. Now the capital preference has shifted from short-term liquidity to anti-inflation, so American high-quality real estate, high technology, especially AIStock ETFAnd high-quality corporate bonds began to become the first choice of funds. Are there any better forms of these real estate and equity products, including fixed-income products of corporate bonds, on the basis of traditional investment products? Is it possible to generate other more dividends? Can liquidity be more flexible? These are all things that we can think about further.For example, real estate, the current real estate investment strategy has changed a lot, paying more attention to real estate with operating cash flow, this piece can actually pay attention to Blackstone's REITs asset allocation strategy, which began to substantially adjust real estate asset allocation last year, such as residential apartments began to adjust to commercial leases, data centers, logistics warehousing, laboratories and industrial plants, and so on. Real estate products, from corporate bonds, to the fixed collection of ABS, to the listed REITs, can have different product forms, which can be more flexible when combined with RWA, including shareholding and liquidity. For example, real estate with operating cash flow is more similar to digital REITs, and cash distribution can be more flexible. Traditional REITs generally distributes cash income for one year or half a year, while RWA's digital REITs can distribute cash monthly or even weekly, daily, so such products are more attractive in terms of expectation and liquidity.The president of Cici shared that real estate and virtual assets in Singapore are not tax-free. Whether direct investment in virtual assets through RWA can indirectly allocate virtual assets through investment in financial products to avoid tax burden. In addition, the volume of alternative assets such as commercial real estate is relatively large, with a lock-up period of 3-5 years, can RWA be more flexible and advantageous in terms of cycle and liquidity?High-quality corporate bonds, this kind of fixed-income products are conventional configuration, there is nothing special, but the yield will not be too high, in 6-8 points will be very good. But if combined with RWA design, on the basis of regular annualized income, combined with the incremental endogenous value after tokenization, combined with the premium of new track and new concepts, and the diversified liquidity in the secondary market after tokenization, will there be a new surprise?The conventional monetization liquidity of debt and fixed collection products is generally tokenization and holding tokens for income dividends, but in fact, the design of tokenization models can be very flexible and diversified. for example, instead of designing income dividends, the operating cash flow can be regularly invested into the token flow pool according to a certain proportion after accounting and based on agreed conditions such as intelligent contracts. It is equivalent to the liquidity fund of RWA tokens, thus realizing the stage rhythm and value growth of RWA tokens. Due to the scarcity of demand brought by time sequence and Maker Fund, there can be an oversold premium of RWA product configuration, which far exceeds the original rate of return of real assets. The latter model is also suitable for alternative investment monetization of non-securities returns.In addition, the NFT form of Web3.0 can also form a diversified combination design. The only NFT on the chain can be used as digital financial vouchers, which can be equity vouchers, similar to paper stocks, or not income dividends, but airdrop qualifications, equivalent to a scarce identity certificate, so that you can obtain some scarce rights and interests, such as pre-sale qualification, priority, decision-making power, or exercise rights. NFT with RWA tokens can achieve different modes of combination design.The assets of the family office often come from the core industry of the family. The value of RWA lies in that it can form a certain hedge with the core industry of the principal family run by the family, or maintain the value and premium for the industry that is beginning to decline, or make a forward-looking investment in the field of industrial innovation.For example, in the field of new energy optical storage and charging, China's manufacturing capacity in the new energy industry already accounts for more than 60-70% of the world's. With the decoupling of China and the United States, Europe and the United States no longer allow Chinese companies to bid for new energy optical storage and charging projects. Europe is also levying a carbon tax on China's new energy optical storage and charging products. Due to these shocks, the assets of the family of the new energy optical storage and charging industry have been greatly shrunk.But in overseas markets, new energy is fully market-oriented and licensed.VPPAnd P2P, # DePIN, # RWA and # AI of EnergyGPT around new energy are very popular, and there is no region for the monetized products on the chain, so after the upgrading of the new energy light storage and charging industry through smart boxes and monetization on the chain, the green power, optical storage and charging nodes and charging pile network of the # DePIN track can quickly form distributed network effects due to the large amount of equipment shipped and installed in traditional industries. It has more advantages than pure Web3.0 's # DePIN project, thus quickly obtaining the premium and liquidity of industrial monetization, thus forming a special "hedge". Of course, these tokenized cash flows can also be fed back into the real industry, allowing real-world assets to continue to grow.As for the old family, invigorating is also a key word. As you may know, the capital markets of large A shares in the mainland and Hong Kong stocks in Hong Kong are generally through listed companies, but the current stock prices are very bleak and liquidity is not enough, so how to invigorate them is a core issue, which is also related to the linkage model of RWA currency stocks that we have discussed before.Generally speaking, the linkage model between RWA and listed companies is to announce investment in bitcoin or ETF products and allocate virtual assets on the balance sheets of listed companies; secondly, to issue Web3.0 investment and development strategies to enter the field of virtual assets and Web3.0, in line with market capitalization management; and then, to further look at how to empower their own industries through virtual assets and asset tokens.At present, mainland enterprises are relatively anxious. One is that it is difficult to raise money when the financing channels of enterprises are narrowed, and the other is that the mainland IPO is tightened and it is very difficult to list in Hong Kong. However, the liquidity of Hong Kong stocks is poor, and the market capitalization is less than 10 billion yuan.Therefore, for similar family industries, assets or enterprises with better cash flow but lower profits can consider issuing RWA in Hong Kong to achieve digital IPO. In addition to the RWA of corporate debt, there can also be equity RWA, which is equivalent to the new digital IPO, combined with the liquidity design of tokenization.The core mission of the family office is inheritance. From the perspective of inheritance, it is not just a matter of second-generation succession, but will soon face three generations. After these 00, they are digital natives who have played smartphones, the creation games of my world, and all kinds of electronic products and digital world since childhood. It is almost impossible for them to understand the manufacturing plant and equipment. A large part of the capital accumulation of traditional families comes from the traditional manufacturing industry. It is very difficult for the current second generation to take over the manufacturing industry, let alone three generations. They all survive and grow up in the digital world.Then, from the perspective of inheritance, the future of the home office is bound to lay out the digital world and digital assets. The early era of Hong Kong stocks 20 or 30 years ago is very similar to the early days of the current era of virtual assets, which is also very chaotic but full of vitality, just like a new era of encrypted Hong Kong stocks, which needs to be laid out in advance.Together with the leading institutions and platforms in the field of Web3.0 and RWA, we actively build a series of RWA professional investment banking services to provide diversified encryption financing services for high-quality assets and entrepreneurs. We welcome people with lofty ideals to participate in the construction, or you can join the RWA practice seminar group to participate in the discussion.
