Shangao Holdings Launches Hong Kong’s First $40M Tokenized Notes on HashKey Chain

Hong Kong Makes History with First Tokenized Corporate Notes

Hong Kong’s journey toward becoming a global on-chain financial hub has taken a major leap forward.

Shangao Holdings, in collaboration with Coastal Emerald Limited and guarantor Shandong Hi-Speed Holdings Limited, has successfully issued $40 million in tokenized corporate notes on the HashKey Chain—marking the first tokenized corporate debt offering in Hong Kong’s history.

This landmark transaction represents a critical fusion of traditional finance and blockchain innovation, setting a precedent for future institutional-grade digital securities in the region.

A Strategic Collaboration Driving RWA Adoption

The issuance was powered by a powerful triad of financial and blockchain leaders:

• GF Securities – Leading financial institution and strategic partner
• HashKey Group – Operator of the HashKey Chain and pioneer in compliant digital asset infrastructure
• Shangao Holdings – The issuing corporate entity

The notes were issued on the HashKey Chain, an Ethereum Layer 2 solution designed for regulated financial assets—offering high throughput, low fees, and full compliance with Hong Kong’s evolving digital asset regulations.

This integration ensures:

• Regulatory compliance
• Real-time settlement
• Transparent ownership tracking
• Enhanced liquidity for institutional investors

Dr. Xiao Feng, Chairman of HashKey Group, emphasized the broader vision:

“Bringing real-world assets (RWAs) on-chain requires deep integration between financial institutions and blockchain technology providers. The launch of ‘GF Token’ perfectly reflects this synergy. As the preferred chain for financial assets, HashKey Chain will continue to offer trustworthy infrastructure for compliant assets and help position Hong Kong as the world’s most vibrant hub for on-chain finance.”

Why This Matters: The Rise of Tokenized RWAs

Tokenizing corporate notes unlocks transformative benefits:

• Fractional ownership – Lowers entry barriers for investors
• 24/7 transferability – Enables near-instant settlement
• Programmable compliance – Smart contracts enforce investor eligibility and regulatory rules
• Auditability – Full transaction history on a public, immutable ledger

With global RWA tokenization projected to reach $10 trillion by 2030, Hong Kong is positioning itself as a gateway for Asia’s digital finance evolution.

Institutional Momentum Builds

This move is not isolated. It reflects a growing trend:

• BlackRock, Franklin Templeton, and Goldman Sachs have launched tokenized funds on public blockchains
• Japan and Singapore are advancing similar RWA initiatives
• Mainland Chinese firms are exploring cross-border digital asset offerings

Shangao’s $40M note issuance could inspire more corporations and financial institutions in the region to tokenize debt, equity, and alternative assets—accelerating the mainstream adoption of blockchain in capital markets.

HashKey Chain: The Backbone of Hong Kong’s On-Chain Future

As an Ethereum-compatible L2, HashKey Chain combines the security and liquidity of Ethereum with regulatory-grade controls—making it ideal for:

• Tokenized bonds and notes
• Digital securities
• Stablecoins
• Institutional DeFi

Its native token, HSK, powers governance and transaction fees, and has seen growing interest as a proxy for on-chain finance adoption in Asia.