Leather goods manufacturer China International Development Corporation (CIDC) has invested HK$100 million (US$13.9 million) to acquire a 20 per cent stake in Hong Kong-based asset tokenisation start-up NVT, signalling growing enthusiasm for digital assets in the city.
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The partnership would allow CIDC to use NVT’s tokenisation infrastructure, positioning itself as a “global first mover” in converting tangible and intangible assets in the leather goods production ecosystem – such as cash flows, receivables, inventory and intellectual property – into tokens, CIDC said in a filing to the Hong Kong stock exchange on Thursday.
CIDC manufactures and sells leather accessories, apparel and footwear. It is also engaged in industrial hemp cultivation.
Shares of CIDC surged nearly 68 per cent to close at HK$2.03 on Friday.
Founded in 2019, NVT operates a tokenisation platform for real-world assets (RWA), primarily catering to brokers, asset managers and corporations. RWA tokenisation involves creating blockchain-based representations of physical or financial assets to facilitate easier trading. The process is a key focus of the Hong Kong government’s push for digital assets.
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NVT reported revenues of HK$2.46 million last year and HK$1.1 million for the first half of this year.