On the afternoon of March 22, 2024 (Friday), the 17th high-end dialogue of the "Financial Globalization in the Dual Circulation Era" series of salons hosted by the Hong Kong Top 100 Research Center and co-organized by Hong Kong Finet and UWEB was held in the form of online live broadcast + on-site sharing.
Under the chairmanship of Mr. Zhu Haokang, the initiator and secretary general of the Asian RWA Working Group, Ms. Lo Yuyi, founder of the Hong Kong Top 100 Research Center, director of the China-Hong Kong Financial Elite Exchange Center, chairman of Finet Group and president of FINMETA, consultant of the Hong Kong Top 100 Research Center, Dr. Yu Jianing, President of Uweb, Dr. Yang Delong, Managing Director of Qianhai Open Source Fund, Zhou Lele, Chief Commercial Officer of VDX, and Mr. Xu Zhiheng, Head of Investor Relations of NVT, had a heated discussion on the opportunities of Hong Kong's Web 3.0 industry.
Zhu Haokang: Distinguished Chairman Lao, Dr. Yu, Mr. Xu, Mr. Zhou, and all the guests here, good afternoon. Thank you so much for your time, and I am honored to stand here today to share and communicate with you. First of all, I would like to ask Chairman Lao a question. As the founder of the Hong Kong Top 100 Research Center, can you share your observations on the opportunities and challenges faced by the Hong Kong market in the development of Web3?
Lo Yuk-yee: This is a very important issue. The top 100 companies I have come into contact with are all companies with large market capitalization, huge volume, and stable and abundant income. At the moment, it seems that these companies have not fully entered the Web3 space. Because they already have a unique advantage, the conditions are very superior. However, I don't think they can be taken lightly and must keep up with the times. Despite their sheer size, the wave of web3 cannot be ignored. Whether it's a small business, a medium-sized business, or a giant enterprise, it should all go in this direction. In particular, those traditional industries, such as real estate and tourism, are now facing huge challenges. With low consumption rates and a sluggish real estate market, these companies are in dire need of transformation. However, due to their sheer size, the transformation was not an easy task.
As for how to transform, I would like to ask President Yu, can you tell us how to lead entrepreneurs in these traditional industries to achieve transformation?
Chu Ho-hong: Thank you very much for mentioning the transformation of Hong Kong's old economy. Next, I would like to ask Principal Yu a question. Today's ceremony of your collaboration with Chairman Lo is very successful, which marks a new chapter in Hong Kong's traditional finance into web3 education. Can you please share what are the important directions that traditional economies or investors need to learn when entering the virtual asset industry or the web3 industry, and how to enter this market quickly and efficiently?
Yu Jianing: I am very pleased to sign a contract with Chairman Lo today and warmly congratulate her on joining our RWA Working Group as a core member to jointly promote the development of RWA in Hong Kong. Dr. Zhu's question is indeed very important. About 10 years ago, when I was working in the information center of the Ministry of Industry and Information Technology, I gave a speech at the national level, and it was not Web3 or Blockchain, but Internet+. However, when Internet+ really landed, we found that there were great difficulties. Although giants such as Alibaba, Tencent, and Baidu had risen at that time, and all walks of life had begun to realize the importance of digital transformation, there were very few examples that could be effectively combined. The reasons for this are worth pondering.
The plus sign doesn't just mean simply creating some new website, Official Account, or Mini Program. It represents a change in the overall business mindset and the underlying business model. Why is Web 3.0 so difficult to get into?Why is it still so difficult to get into, even though it seems to be an attractive space, with so many business opportunities, wealth opportunities, and room for exploration?I think the core issue is to form a new Web 3.0 mindset, which is a very critical point and the focus of our future promotion in Hong Kong.
In short, Web3.0 is a four-in-one innovation, which is based on technological innovation, driven by digital finance, organized by economic communities, and valued by industrial applications. These four in-one innovations are indispensable. Traditional industries, although they have specific and lasting business sources and revenue streams, cannot achieve industrial transformation by simply developing an APP, building their own blockchain or issuing tokens, and are even doomed to failure. Because of the exploration in only one dimension, such projects are often difficult to achieve.
For all transformations, it is often a new start-up, a new entrepreneurial process. There have been many projects before, such as some combinations with game manufacturers, but now it seems that there are many examples of failure and few examples of success. An important reason is that if you only develop a technology product, but its asset weight is not combined with the gameplay, then the digital part and the traditional business will be disconnected, and the two will not be integrated, and will eventually fail.
For example, Starbucks recently terminated its Odyssey campaign, which lasted almost three years, and instead launched an IP membership card to enable a new membership system and points system. I don't think it's a bad thing to terminate. At the time, Starbucks still regarded it as an experimental project, and user feedback was not ideal. Therefore, there is reason to believe that Starbucks may start thinking from a lower level and how to achieve deeper digitalization. We'll see.
Therefore, I think that in Hong Kong, we will cooperate with relevant institutions such as the China-Hong Kong Elite Financial Exchange Center and the Hong Kong Top 100 Research Center to jointly launch more training courses for local traditional enterprises and investors in Hong Kong. We are very much looking forward to having more participants to help them achieve business transformation faster, better, more solid, more robust, longer-term and more substantively, embrace Web 3.0, develop steadily, and promote the development of new global productivity. Thank you.
Zhu Haokang: Thank you President Yu for bringing a new wave of web3 education to Hong Kong's traditional finance and traditional industries. Next, I would like to ask Mr. Zhou a question. As a traditional financial brokerage, how do you think about corporate transformation or business innovation and development to adapt to the role of a new virtual asset exchange or service provider?
Zhou Lele: That's a good question, and it might involve some of our development history. First of all, the story starts in 2018. At the time, we saw virtual assets as a new asset class with huge potential. However, where does it lie in comparison to traditional finance?
So, I had an in-depth discussion with our current CEO. At that time, it was concluded that although the virtual asset market was growing rapidly, there was no place for traditional finance for market participants at that time. We have decided to continue to monitor the market dynamics and look for the right time to transform.
By 2019, when the first virtual asset trading platform license appeared in Hong Kong, we realized that the real opportunity had come. When your assets grow from tens of billions, hundreds of billions to $1 trillion, it has huge spillover effects that have a profound impact on the entire ecosystem. This can present both challenges and opportunities.
At this time, we decided to officially launch our virtual asset service, VDX, as a 53-year-old Hong Kong-based brokerage, Shengli management has put great effort and determination into this transformation. VDX has grown independently, introduced venture capital, embraced innovation, and is committed to using our core resources to expand into new business areas.
Our goal is to create a B-to-B to C business model, bringing funds from traditional finance into the virtual asset market through compliant, licensed and stable channels. When we attended Chairman Law's event last year, we had already made this business model clear. We believe that through our efforts and innovation, VDX can become a new type of virtual asset exchange or service provider, contributing to the integrated development of traditional finance and virtual assets.
In the past year, we can see that not only Shengli Securities is developing rapidly, but in fact, a large number of financial institutions are also actively investing. Everyone is working hard to advance the development of this field. Today, for example, HSBC has launched a gold token, and Chinese institutions are also taking active actions, including the upcoming BTC SPOT ETF series products. We can see that Chinese-funded institutions are at the forefront of this wave. Hong Kong's regulatory robustness here provides a stable expectation for the industry, allowing companies that would otherwise feel worried to participate with confidence. This is that from 2020 and 2023, not only Shengli Securities is transforming, but many other companies are also actively seeking change. We've seen a lot of new players and roles, and one of the most important is the vision of bridging traditional finance with digital assets. We will enable traditional finance to enter this field as quickly as possible through compliance and technical training.
We've made some small achievements in the past year and hope to accelerate that in the coming year. We will see more companies complete the transformation and quickly enter this track. I believe the future will be even more exciting.
Zhu Haokang: Thank you, Mr. Zhou, for sharing. Moving from an entrepreneurial mindset to a new industry does require a lot of courage and motivation. Last question, I would like to ask Mr. Xu of NVT, as an infrastructure company of tokenization technology, how do you see the development of the RWA industry in Hong Kong and its integration with traditional finance?
Xu Zhiheng: Thank you, Mr. Zhu, for your question. First of all, I would like to introduce that NVT is a company that focuses on providing tokenization services to institutional-level customers as well as financial institutions. We also provide new financial infrastructure services in Hong Kong. What we do aligns with the vision of our principals, who all want to bring assets and people from traditional finance and the traditional world to the Web3 space. Only in this way can the two worlds be integrated, and we can create new productive forces and make our due contribution to the world or Hong Kong.
We have observed that although NVT is a to-B business model and may not appear very frequently in the media, we have done many things within the industry. A typical example is that in January this year, we helped a leading Chinese brokerage firm issue its first financial tokenized financial product in Hong Kong. This innovative product was issued on the Ethereum public chain and was widely subscribed by investors. The product itself is attractive and will continue to be released in the future. At the same time, we have also been in contact with many Chinese financial institutions, listed companies and corporate clients. We feel that everything can be tokenized.
So, why do you want to tokenize? We believe that the most important thing is what tokenization can bring to the customer. It can achieve timely cost reduction and efficiency increase, especially for industries with very complex cash flow management, such as ABS, leasing and other frequently traded financial products, tokenization can solve the problem of long settlement and settlement time and high internal bookkeeping costs. As a result, tokenization does bring a number of benefits to customers.
We see huge opportunities in Hong Kong in the future, mainly based on the launch of e-HKD and stablecoins by the Hong Kong government. This will enable people to use stablecoins to subscribe to the corresponding assets, and freely purchase RWA assets in the form of fiat currency subscriptions to stablecoins. And we provide an environment where people can trade these assets freely. This is of great significance in enhancing the attractiveness of Hong Kong's assets and the liquidity of the market.
I have a practical example of this. I have a friend who bought a stake in a unicorn company and is very happy that the value of the stake has increased significantly over the years. However, as an individual high-net-worth investor, he struggled to find a counterparty in the market to sell these shares. When he needs money, it is difficult to find a buyer who is willing to buy the shares in his hands. This is because it lacks the information and platform advantages of the institution, and these assets are also relatively special and difficult to be listed in the institutional market.
But if we look at it from another angle, if these assets can be digitized and tokenized, using smart contracts we can use the tags and advantages of web3 to help them find suitable counterparties on a global scale and trade assets. This will greatly enhance the attractiveness of the assets themselves and the liquidity of Hong Kong assets. Therefore, the work we do aims to empower Hong Kong, connect Hong Kong's assets to the world in a compliant manner, bring global liquidity to Hong Kong, and highlight the unique advantages of Hong Kong assets.
Zhu Haokang: Next, let's move on to the free discussion. Just now, Mr. Jia Kang and Principal Yu both talked about the new quality of productivity and its relationship with web3, AI and other technologies. In the process of transforming Hong Kong's traditional finance, what kind of help can the new quality productivity bring? This issue deserves in-depth discussion.
Lo Yuk-yee: First of all, I would like to share my observations. Many people in the traditional financial field, including myself, feel the pain points and challenges. Sometimes, when the value of assets falls, financial institutions may resort to various means to collect collections, putting great pressure on businesses and individuals. In this case, many people will feel lost and helpless and do not know how to cope. Recently, more and more people have begun to pay attention to the solutions that web3 and digital assets may bring.
However, it is also important to recognize that while these new technologies present opportunities, not all businesses and individuals can easily afford the associated costs. For most businesses that are already struggling, the introduction of new technology may not be a top priority. Therefore, in the process of promoting the transformation of traditional finance, we need to consider various factors comprehensively to ensure the feasibility and sustainability of the transformation.
Finally, I would like to stress that we need to be open and cooperative, whether it is in the field of traditional finance or new technology. Through joint efforts and exploration, we can find a path that is more suitable for the development of Hong Kong's financial market and make greater contributions to Hong Kong's prosperity and stability.
Zhu Haokang: Thank you, Chair.
Yu Jianing: I also agree with Chairman Lao's point just now. I'd like to take my point a little more colloquially and condense it a bit. Objectively speaking, why I was also a member of Dr. Zhu's working group and one of the initiators? The reason why we think the direction of RWA is extremely important is that Hong Kong first issued a VS license last year, which opened up the smooth transaction between digital assets and fiat currencies. However, the value created by the transaction itself is limited, because if it is purely trading an existing asset, its value creation is only to make the exchange charge some fees. Then let some people who may want to open an account, and ask the lawyer to fill in some information, can indeed improve the liquidity of assets, but its contribution to the whole society is not limited? However, RWA can actually be understood as the fact that in the past, we in Hong Kong completed the construction of a secondary market and built a liquidity mechanism from the end of 2022 to last year, but the primary market is still gaining momentum. In fact, the Hong Kong government has also issued a large number of documents since the end of last year to promote the so-called new digital asset issuance, tokenized securities, and some new token issuance. As far as we know, there may be new guidelines in the future, but there are already a series of guidelines on the issuance, trading, and circulation of tokenized securities. Although these guidelines may still be focused on the policy level at present, because it takes a very complicated process from the policy to the final landing product, and it will take some time. But we have also seen before, for example, a while ago we saw that the cooperation between GF Securities and Hong Kong LP has landed a series of tokenized securities practices after the New Deal. Of course, I think this is still an early stage, and it's still in an initial exploration phase. In any case, we believe that the so-called primary market for digital assets in Hong Kong will gradually explore and rise rapidly in 2024, after all, it is now a bull market and there is abundant capital.
What does a bull market mean? Money is not a problem, right? As long as you have good assets, as long as you have something, someone must play with it. Unlike the past few years, which was a bear market, a bear market is a shortage of funds, and no one plays with the best things, right?
Therefore, I think that and the global asset funds are circulating, so under the promotion of the RWA working group and various institutions, Hong Kong I think that in 24 years, there will definitely be a wave of RWA tokenized securities ST shares. This wave will greatly enrich the categories of digital assets in Hong Kong, and then will bring a large number of outstanding enterprises, excellent projects and excellent asset holders from the mainland and the global "Belt and Road" countries to Hong Kong to realize the so-called tokenized issuance, and then improve the liquidity of this asset, as I just said, so that some niche assets can also have liquidity. At this time, Hong Kong's financial market can be regarded as truly completing the layout.
Then, Hong Kong's financial market, just like in the past, if there was no Hong Kong stock market, many enterprises had no way to embrace global assets, no way to embrace global capital, no way to achieve global layout, and no way to really and effectively learn from the West's experience, absorb knowledge, and introduce technology. On the one hand, the Hong Kong stock market has allowed these mainland enterprises to obtain financial support, and on the other hand, it has also opened up a bridge with the world. The so-called future tokenized securities are a new bridge, which brings endless imagination space, and is also a very important grasp and support for the development of new productivity.
Zhu Haokang: As a founding member of the RWA Working Group, President Yu has great expectations for the development of web3 in Hong Kong this year. As two practitioners in our industry, one from the exchange and the other from the infrastructure sector, Mr. Zhou and Mr. Xu, what do you think of the promotion of new quality productivity for the development of Hong Kong? Thank you.
Zhou Lele: First of all, new quality productivity is a very broad concept, which may involve industry, new technologies, data, etc., and the most recent thing we talked about today may be virtual assets or blockchain. I am first and foremost a practitioner in the traditional financial industry, and in the past few years I have entered the virtual asset industry to study. Here, we must respect the law of development of one thing, that is, there is an active secondary market, and only then will there be active financing in the primary market. For example, if we look at the 16,000 points and 32,000 points of Hong Kong stocks, its financing ability and the overall market atmosphere are completely different. The good thing is, as the Chancellor mentioned, we are now in a bull market with the entire virtual asset market and the secondary market is very active. SO, WHEN WE ARE LOOKING FOR A TOKENIZATION PRODUCT, WE ARE FACED WITH TWO POINTS. First, does this opportunity we seize really create additional economic value? What kind of asset has such characteristics? After the asset is on the chain, what are its advantages compared to the original? We need to screen. In practice, we did screen out. We may feel that if something is too concrete, it may only serve a role similar to ABS. Then, we need to find some assets that can have continuous development and change and have an impact on the asset pricing model, which is more suitable for the original virtual asset pricing method.
On the other hand, the Chairman just mentioned traditional finance. Actually, I think blockchain applications have a bigger role here. The way to do it now when a lot of people start to need to do financing, because we're really on the front lines, are really doing it. But because of all kinds of restrictions, we will have some compromises. In the compromise process, we will adopt the packaging method of traditional finance. After being packaged in this way, investors will price it according to traditional financial assets, which does not reflect the benefits of the entire blockchain in the middle of risk pricing. So, we're trying to get better risk pricing for products that use blockchain.
So, I said that it may be to get traditional financial investors accustomed to using blockchain as a tool, the first step: give him a scenario, the second step: he gets used to using this tool, and the third step: he can price new assets. So, where are we now? In the first step, we're trying to figure out how to bring something into the second step. I believe that if this step is really completed, it may enter the second step this year.
Zhu Haokang: Okay, thank you, Mr. Zhou. Please share with Mr. Xu.
Xu Zhiheng: Okay, Mr. Zhou shared a lot, and I also learned a lot. Because we used to think more at the business level, now we might think at the international level or from the Hong Kong level. Mr. Zhou just talked about a point, that is, how to let everyone enter Web3 and let assets go on the chain. I think the most important thing is that we have learned from the business that we need to create a "no-feeling" experience. Do you observe why Bitcoin spot ETFs are so popular? I think it's very important that it allows U.S. stock investors around the world to buy Bitcoin as if they were buying stocks, without worrying about asset theft or compliance risks. This is very worthy of our reference.
What we are doing now, including what our company does by itself, is actually to enable traditional investors and financial institutions to bring their assets to the chain unconsciously, and then play the effect of cost reduction and efficiency increase, scale effect, cost effect and liquidity brought by it.
So, that's the first point I'd like to share, which is how to create a "senseless" experience. I also very much agree with your views, I think there will be a very big opportunity for the primary market in Hong Kong this year, and even the secondary market next year, so I welcome everyone to continue to pay attention to this area.
Second, I think it is very important that web3 must serve the real economy. Because Hong Kong stocks have played an important role in financing their historical role, helping China's economy to become the world's second largest economy from booming to now. Can we continue to use web3 to help Hong Kong play its role in serving the real economy and connecting the world?
Therefore, I think one of the issues that we all need to seriously think about in this industry is that we are not talking about simple speculation, or just talking about a situation of buying high and selling low. We are thinking more about how to use RWA to serve the real economy and create a new financing channel. If we say that Hong Kong stocks are now encountering some temporary difficulties, can we let a hundred flowers bloom? Can we use various exchanges, through some over-the-counter transactions, or in various ways, with the only goal of getting capital flowing and connecting the whole world with China through Hong Kong? That's a very important question that I think we're thinking about, thank you.
Zhu Haokang: Thank you Mr. Xu for sharing, and then we will have Mr. Yang Delong and Mr. Yang online, please share with us our thoughts on the new quality of productivity on finance and new development.
Hello Yang Delong. After listening to your speeches just now, I very much agree with the viewpoint of the new productive forces. The essence of new productive forces lies in innovation and high-quality development. Taking artificial intelligence as an example, its application is an important embodiment of new quality productivity. The advent of AI, like the Internet back then, will profoundly change the way we work and live.
In the future, many industries will face the combination of AI, which will not only empower traditional industries, but also create new economic growth points. As Premier Li Qiang emphasized in the government work report, new productive forces have become a hot word and have appeared many times, which reflects the idea of future development.
The development of traditional industries has reached a bottleneck, while emerging industries are the key to growth. The mainland is at the forefront of the world in terms of scientific and technological innovation, but there is still a gap between it and the United States and other developed countries in terms of hard-core science and technology. Therefore, we need to increase investment, break through technical limitations, give full play to our advantages, and jointly promote the development of the industry.
In short, the development of new quality productivity requires us to continue to innovate and forge ahead, combine traditional industries with emerging technologies, and make greater contributions to economic prosperity.
At the application level, we have the largest population and the largest consumer market in the world, so if we can take full advantage of this advantage, we have a huge opportunity to do wonders.
Taking the Internet as an example, although it did not originate in the mainland, the number of Internet users on the mainland quickly jumped to the first place in the world, and the Internet penetration also led the world. Internet giants such as Alibaba, Tencent, Douyin, and Kuaishou have risen rapidly, and their business models are similar to their American counterparts, but by seizing China's huge market opportunities, these companies have quickly grown into trillion-dollar giants and become world leaders.
It can be said that we are behind in the Internet field, thanks to our great advantage in applications. As long as they are closely integrated with consumption, many innovative technologies can be quickly promoted. Now, the mainland is developing rapidly in terms of technology, and Huawei, for example, has reached the world's leading level in some areas and has been sanctioned by the United States for it. Huawei is gradually catching up with Apple in terms of mobile phone innovation, and its new flip phone is even more expensive than Apple's latest mobile phone, and there are many innovations in the user experience.
Huawei's success lies in its huge investment in technological innovation. Every year, Huawei invests about 15% of its sales revenue on R&D, which is likely to exceed the combined investment of several other companies, making it one of the companies with the highest R&D investment in mainland China. Huge R&D investment has led to significant technological progress, and combined with China's huge consumer market, Huawei has been able to resist the malicious sanctions of the United States and achieve technological breakthroughs.
In addition, Huawei's success in the field of mobile phones has also laid the foundation for its development in the field of new energy vehicles. Although the price of the Wenjie car launched by Huawei is relatively high, it has quickly gained market recognition and sales have steadily increased by virtue of its hardware and software advantages, as well as intelligent innovation.
This gives us a great enlightenment: in terms of scientific and technological innovation, only continuous investment, combined with a huge consumer market, can achieve real breakthroughs and development.
In the development of artificial intelligence, we should indeed learn from Huawei's strategy, relying on the huge domestic consumer market, and at the same time leveraging Hong Kong's advantages as an international metropolis to radiate the global market. In this way, we can not only deepen the domestic market, but also open up overseas markets. In the automotive sector, we have made significant progress, and last year the continent surpassed Japan for the first time in its exports to become the world's largest exporter. This fully proves that domestic cars are no longer synonymous with cheap and low-end, but have gradually been upgraded to the high-end market.
In the process of AI development, we should not only pay attention to breakthroughs in core technologies, such as breaking through chip semiconductor technology restricted by the United States and developing more advanced chips, but also increase the development of applications and promote AI applications in games, education, finance, humanoid robots and other fields to meet the huge domestic market demand.
I believe that in the field of AI, the development of the mainland will not lag behind any country, at least in terms of output value. Of course, in terms of core technology, we need to learn from excellent enterprises and learn from advanced technology. But when it comes to commercial applications, we have a huge advantage. As a hub connecting the Mainland and the international market, Hong Kong has a key role to play in both technology research and development and business applications.
Zhu Haokang: Okay, thank you Mr. Yang for sharing.
Lao Yuyi: Recently, many people say that STO is good, or whether the IPO is good, he asked me this question, I said at the first time that the IPO is very difficult, STO may be much less difficult, and some people feel that the company can raise a lot of money or be regulated after doing the IPO in the past, which is very good, but on the contrary, I feel that today's stock market is actually very low in IPO financing capacity, and although its supervision is very strict, it does not mean that the interests of many investors are protected, in fact, it is very difficult to run a listed company, the cost is also very high, and then the financing is very low, but I feel like maybe the STO kind doesn't have this problem? Are there any other harms to STO?
Zhou Lele: I think Chairman Lao's question is particularly good, I have also worked in traditional finance for many years, and have done a lot of first-level and second-level projects, such as US stock listing and Hong Kong stock IPO, we have done a lot, I think cost must be the first consideration, which involves sponsors, different lawyers, accountants, auditors and a series of intermediate service providers, and its cost is constantly superimposed.
The choice between IPO and STO is indeed a topic worth in-depth discussion. IPOs have certain requirements for the development stage and profitability of enterprises, and although Hong Kong has a 18A policy that allows non-profit companies to be listed, investors' confidence in such companies may still be insufficient. For those companies whose profits have not yet reached a certain threshold, but have strong hematopoietic ability and fast growth, STO may be a financing method worth considering.
When choosing a listing method, issuers need to have an in-depth understanding of the audience and level of recognition in different markets. For example, certain assets or industries may be more suitable for STO, such as the energy storage industry, which is asset-heavy and closely integrated with the PV industry, and is suitable for financial leasing or tokenization through STOs to better protect business benefits.
At the same time, we need to recognize that not all companies are suitable for STO. For some mature or traditional companies, the traditional financial market may be more suitable. Therefore, when choosing a listing method, issuers need to comprehensively consider the characteristics of the enterprise, the market environment and the financing needs.
I believe that as the market evolves, there will be a team of professionals who can provide targeted advice to issuers across different financing channels. In this way, enterprises can choose the most suitable listing method according to their actual situation to achieve a win-win situation of financing and development.
Zhu Haokang: Finally, thank you Mr. Xie Zhou, thank you again to all the guests today, and thank Chairman Lao for providing such an opportunity to share. We also hope that you will continue to pay attention to the China-Hong Kong Financial Operation Center and more external education and training resources. At the same time, thank you for your support of VDX's new exchange and NVT infrastructure.
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