There are 4.04 million people on-chain holding fractional shares of Nvidia and Tesla, worth an average of $780 per person. At the same time, a Chinese automaker that still hasn’t secured the qualification to manufacture cars has already put its IPO plans on the table.
The qualification news broke on October 16. The Ministry of Industry and Information Technology published its 412th batch of the “Announcement of Road Motor Vehicle Manufacturers and Products,” listing Anhui Zhijie New Energy Vehicle Co., Ltd. among the “vehicle manufacturers proposed for new market access.” The public notice period runs through October 23. The next day, Zhijie insiders confirmed to Yicai that once the notice period ended, its independent manufacturing qualification would be official. They added, “It was Chery’s factory that was handed over to Zhijie.” That same confirmation also brought up plans to go public. China Fund News followed up with a report, and the accounts matched. I checked both sources word for word.
The brand operates under HIMA. In September, HIMA delivered 37,490 vehicles, bringing cumulative deliveries across all brands to more than 1.56 million, according to reports by CCTV and China Securities Journal. Huawei has repeatedly said it won’t make cars. The factory belongs to Chery, and now Zhijie also needs to secure its own manufacturing qualification. The brand is its own, the production line is borrowed, and an IPO is already on the agenda.
Here’s how the on-chain numbers have grown. A year ago, tokenized stocks had a total market value of $640 million. By the end of September, that figure had reached $3.17 billion—up 395% in a year.
There are 4.04 million holders, with an average position of $780—less than many small retail investors in China’s A-share market hold. Ondo accounts for nearly 30% of issuance, while BNB Chain is the largest issuance network, with about a third of the total. Binance’s own bStocks has made the top three. In June this year, it opened commission-free trading in more than 7,000 tokenized U.S. stocks to eligible users. I checked the figures against each source.
Here’s something even stranger: 55% of trading in tokenized stocks takes place outside regular U.S. market hours, including on weekends. But in terms of trading volume, Binance alone recorded $342.9 billion in equity perpetual futures in August—30 to 40 times the volume of tokenized stocks over the same period. The banner says equity on-chain; most people actually placing bets are on the perpetuals side.
My take is that the path to going public is still there; what’s changing is the form stocks take after they’re listed. Zhijie is going through the exchange door. Once it’s actually listed, fragments of its shares will likely appear on-chain soon after. NVDA, TSLA, and CRCL already have tokenized versions. Equity tokenization won’t take the place of an IPO. It’s more like a second market screen for every new stock—one that stays lit even when U.S. markets are closed.
Two numbers look awkward side by side. The total market capitalization of publicly listed companies worldwide is $152 trillion, while tokenized stocks are worth $3.17 billion—just 0.0017%, and an even smaller share a year ago. Yet of that $3.17 billion on-chain, only 2.6% is being used as collateral in DeFi. The rest is simply bought and left sitting there. The barrier to entry has come down, but the use cases haven’t developed yet.
Zhijie insiders haven’t let a single word slip about its IPO timeline or offering size, and I’m not sure whether it plans to list on the STAR Market or in Hong Kong. These two threads are intertwined, and I’ll keep digging. Follow along so you don’t miss the next update.
$ONDO $BNB $BTC
#智界 #股权代币化 #RWA #HIMA
The qualification news broke on October 16. The Ministry of Industry and Information Technology published its 412th batch of the “Announcement of Road Motor Vehicle Manufacturers and Products,” listing Anhui Zhijie New Energy Vehicle Co., Ltd. among the “vehicle manufacturers proposed for new market access.” The public notice period runs through October 23. The next day, Zhijie insiders confirmed to Yicai that once the notice period ended, its independent manufacturing qualification would be official. They added, “It was Chery’s factory that was handed over to Zhijie.” That same confirmation also brought up plans to go public. China Fund News followed up with a report, and the accounts matched. I checked both sources word for word.
The brand operates under HIMA. In September, HIMA delivered 37,490 vehicles, bringing cumulative deliveries across all brands to more than 1.56 million, according to reports by CCTV and China Securities Journal. Huawei has repeatedly said it won’t make cars. The factory belongs to Chery, and now Zhijie also needs to secure its own manufacturing qualification. The brand is its own, the production line is borrowed, and an IPO is already on the agenda.
Here’s how the on-chain numbers have grown. A year ago, tokenized stocks had a total market value of $640 million. By the end of September, that figure had reached $3.17 billion—up 395% in a year.
There are 4.04 million holders, with an average position of $780—less than many small retail investors in China’s A-share market hold. Ondo accounts for nearly 30% of issuance, while BNB Chain is the largest issuance network, with about a third of the total. Binance’s own bStocks has made the top three. In June this year, it opened commission-free trading in more than 7,000 tokenized U.S. stocks to eligible users. I checked the figures against each source.
Here’s something even stranger: 55% of trading in tokenized stocks takes place outside regular U.S. market hours, including on weekends. But in terms of trading volume, Binance alone recorded $342.9 billion in equity perpetual futures in August—30 to 40 times the volume of tokenized stocks over the same period. The banner says equity on-chain; most people actually placing bets are on the perpetuals side.
My take is that the path to going public is still there; what’s changing is the form stocks take after they’re listed. Zhijie is going through the exchange door. Once it’s actually listed, fragments of its shares will likely appear on-chain soon after. NVDA, TSLA, and CRCL already have tokenized versions. Equity tokenization won’t take the place of an IPO. It’s more like a second market screen for every new stock—one that stays lit even when U.S. markets are closed.
Two numbers look awkward side by side. The total market capitalization of publicly listed companies worldwide is $152 trillion, while tokenized stocks are worth $3.17 billion—just 0.0017%, and an even smaller share a year ago. Yet of that $3.17 billion on-chain, only 2.6% is being used as collateral in DeFi. The rest is simply bought and left sitting there. The barrier to entry has come down, but the use cases haven’t developed yet.
Zhijie insiders haven’t let a single word slip about its IPO timeline or offering size, and I’m not sure whether it plans to list on the STAR Market or in Hong Kong. These two threads are intertwined, and I’ll keep digging. Follow along so you don’t miss the next update.
$ONDO $BNB $BTC
#智界 #股权代币化 #RWA #HIMA