NVT assists Jinzhu Asset Management in establishing its first tokenized limited partnership fund

Hong Kong, August 5, 2025 ------ Leading global macro hedge fund asset manager Golden State Asset Management Limited (referred to as "Golden State Asset Management") recently successfully established its first tokenized limited partnership fund in Hong Kong, the Global Link Tokenized Income Limited Partnership Fund. The issuance plan for this tokenized fund has been filed with the Hong Kong Securities and Futures Commission (SFC) and received a no-objection confirmation from the SFC on June 18. The fund is denominated in USD and primarily invests in a diversified portfolio of traditional financial assets. NVTHK Limited (referred to as "NVT"), as the blockchain technology service provider and on-chain operator for this project, provides efficient and smooth blockchain technology solutions for the fund's issuance and distribution. This innovative fund structure demonstrates the deep integration of blockchain technology with Hong Kong's fund legal framework, providing a practical path for digital exploration in the asset management industry.

The fund is issued on the Ethereum public chain, adopting a dual registration structure that registers fund shares on the public chain while simultaneously recording them in a legally recognized register in Hong Kong. All records of the issuance, transfer, and holding of tokens are immutably stored on the Ethereum main chain, ensuring information is public, transparent, and verifiable. The fund is based on the globally applicable ERC-20 technical standard, ensuring good interoperability, compatibility with mainstream wallets and blockchain infrastructure. The tokenized format enhances the traceability of information and process efficiency, providing foundational conditions for flexible distribution on compliant digital platforms in the future.

Building on past support for the tokenization of various notes and structured products, NVT collaborates with Golden State Asset Management to apply its RWA tokenization system for the first time in the issuance and registration of fund products. This project not only further validates the system's feasibility in fund scenarios but also provides a reference value for on-chain registration operational paradigms in the fund industry.

Mr. Qi Mingyang, founder of Golden State Asset Management, stated: "The global financial order is being reconstructed in the process of tokenization and decentralization. Real World Assets (RWA) hold trillions of dollars in value reserves, but these assets remain trapped in outdated systems, making them inaccessible to many. The establishment of a legislative and regulatory framework for stablecoins has become a crucial turning point for bringing real-world assets on-chain. The compliance framework for stablecoins has formed the most critical infrastructure for the construction of the RWA ecosystem. We believe that under the premise of clear regulation, asset transparency, and verifiable technology, RWA will become a systemic bridge linking traditional finance and the crypto world. In this wave of trends, our team, while fulfilling our core asset management responsibilities, is committed to the incubation and ecosystem building of RWA in the financial asset field, constructing a bridge between Web2 and Web3. Moving forward, we will continuously enrich the RWA asset ecosystem under stablecoins. The main areas of work include: first, continuing to create robust income-generating assets; second, designing tokenized assets with differentiated risk preferences, such as hybrid strategy tokenized funds (equity-debt balanced), to meet a broader range of risk preferences; third, establishing market maker funds for RWA assets to provide trading liquidity for initial RWA assets."

Mr. Tong Xiang, General Manager of the Innovation Business Department of Golden State Holdings, stated: "In November 2023, the Hong Kong SFC released official guidelines on tokenized investment products, providing a clear legal definition for the combination of real assets and Web3 virtual assets for the first time, and indicated that it is actively promoting the implementation of virtual asset spot ETFs. Driven by policy, we continue to pay close attention to and deeply study the latest regulatory developments in Hong Kong and the United States in this field. As the total scale of the global virtual asset market surpasses one trillion dollars, this sector has become an important component of macro asset allocation and research that cannot be ignored. Against the backdrop of gradually clearer policies and continuously improving infrastructure, combined with the three major innovative advantages of tokenized assets—settlement convenience, enhanced liquidity, and vast new market potential—Golden State Holdings firmly supports the Innovation Business Department in promoting the project establishment and research and development of tokenized RWA funds, while also exploring the extension of digital investment banking services. With strong support and collaboration from multiple parties, we successfully passed the Hong Kong SFC filing and launched Hong Kong's first tokenized RWA fund product using a limited partnership fund (LPF) as the vehicle. This product is actively managed by Golden State Asset Management (holding a Type 9 license) and adopts a global portfolio bond investment strategy, issuing tokenized fund shares in compliance with the Ethereum public chain, allowing for secondary transfers through OTC methods during the holding period, balancing compliance, security, and flexibility."

Mr. Zhao Jianggong, founder and CEO of NVT, stated: "We are honored to support Golden State Asset Management in completing the tokenized issuance of its first fund product. As a technology service provider, NVT has provided a comprehensive on-chain solution covering issuance, registration, and distribution, ensuring the stability, security, and compliance of the overall fund structure. This collaboration further validates our system's adaptability in fund assets and expands the practical application depth of technology in asset management scenarios. We believe that as Hong Kong continues to advance in digital asset regulation and infrastructure, tokenized financial products will play a core role in more types of markets. NVT will continue to work with industry partners to promote the digital upgrade of product structures and processes, laying a solid foundation for building an open, efficient, and interconnected digital capital market ecosystem."

This collaboration not only reflects the shared vision of Golden State Asset Management and NVT in the integration of finance and technology but also showcases Hong Kong's institutional foundation and market potential in promoting the tokenization of real-world assets. Both parties will continue to explore collaborative opportunities in more product forms and application scenarios, promoting the large-scale implementation of tokenized funds under a compliant framework, helping Hong Kong consolidate its strategic position as an international fintech hub.

About Golden State Asset Management

Golden State Asset Management Limited ("Golden State Asset Management") was established on October 12, 2022, as a wholly-owned subsidiary of Golden State Holdings Limited, registered in Hong Kong and holding a Type 9 (asset management) regulated business license issued by the Hong Kong Securities and Futures Commission (Central Number: BTE516). Golden State Asset Management adheres to the principles of value investing and focuses on macro research of major asset classes, committed to constructing various asset portfolios through scientific and rigorous methods, providing differentiated and high-quality asset management services for investors with different risk preferences.

About NVT

NVT, headquartered in Hong Kong, focuses on providing comprehensive digital infrastructure and solutions for financial institutions and corporate clients. As a pioneer in the blockchain and digital infrastructure field, NVT offers RWA tokenization platforms, virtual asset brokerage systems, and enterprise-level digital wallet solutions. In 2024, NVT successfully completed milestone cases serving two major financial institutions, assisting GF Securities (Hong Kong) in issuing Hong Kong's first tokenized securities under Hong Kong law and helping Cinda International Asset Management arrange the issuance of short-term asset-backed liquidity note tokens (STBL), fully demonstrating NVT's high-quality customer service and the reliability and efficiency of its RWA tokenization system. In the future, NVT will continue to connect traditional and digital finance, helping institutional clients stand out in the global market.