More than 100 family office heads, fund managers and Web3 investors gathered in Hong Kong on Friday for the closed-door launch of Dewu Finance, an event widely seen as the first substantive effort to turn China’s vast supply chain cash flows into compliant, tokenised assets for global investors under the city’s regulatory framework.
Officials from Invest Hong Kong (InvestHK), the city’s investment promotion agency known for its cautious approach, made a rare appearance, underscoring the significance of the event for Hong Kong’s ambition to build a regulated tokenisation ecosystem.
Dewu Finance’s managing partner Ding Boran, a young financier, pointed out a persistent anomaly in global markets: investors would buy U.S. bonds with a 4% yield but shy away from real trade assets on China's supply chain with a yeild of about 10%, said Ding.
“Trillions of Chinese yuan in trade assets are being systematically mispriced,” Ding told the audience. “Not because the risk is high, but because global capital cannot see them clearly or access them efficiently.”
China accounts for roughly 30% of global manufacturing output, generating enormous volumes of accounts receivable as goods move through supply chains linking exporters, suppliers and overseas buyers. Industry data show default rates among top-tier manufacturers and their first-tier suppliers are relatively low, yet many of these assets struggle to attract financing beyond traditional bank channels.
Investors, Ding argued, often prefer U.S. Treasuries with a yield of about 4% rather than trade-linked assets that can offer annualised returns of about 10%, reflecting what he called a “structural distortion” rooted in opacity and access barriers.
Traditional lenders, he said, rely heavily on collateral and balance sheets, whereas supply chain finance depends on understanding the circulation of goods, contracts and payments. Small and mid-sized suppliers frequently face funding gaps despite having reliable counterparties, resulting in what Dewu sees as chronic undervaluation.
Dewu Finance’s pitch is to bridge that gap by packaging these cash flows into standardised, investable products using digital infrastructure and blockchain-based verification, while operating within Hong Kong’s regulatory framework.
The platform’s model is powered by two key engines showcased at the launch.
The first is QQT, a Chinese digital procurement and supplier relationship management platform that overtook SAP Ariba to become market leader in China in 2023, according to industry rankings. Founded by Xu Hui, Qiqitong connects more than 1,000 large corporates — including Xiaomi, BOE, Haier and Hikvision — with about 3 million suppliers. Annual transaction volumes on its platform exceed 5 trillion yuan ($700 billion).
Through its systems, Qiqitong captures detailed, real-time data across the procurement chain, from contracts and purchase orders to shipping records and invoices. Dewu uses this information to identify receivables linked to core enterprises, giving investors what Xu described as a “god’s-eye view” of asset quality.
“This isn’t a bet on a single company’s credit,” said one fund manager attending the event. “It’s an anchor to the fundamentals of China’s manufacturing base.”
The second engine is Flyway, a cross-border payments firm serving Chinese exporters selling on platforms such as Amazon, Temu and DHgate. These transactions typically have short settlement cycles of two to four weeks, high turnover and payments that can be contractually secured.
Ding said Dewu does not rely on borrower creditworthiness in this segment, but instead locks in expected settlement proceeds from e-commerce platforms. “As long as the goods are sold, the payment is there,” he said, describing the assets as “self-liquidating.”
By combining longer-dated domestic supply chain assets with short-duration cross-border receivables, Dewu aims to build diversified pools across tenors and currencies, supporting liquidity while smoothing volatility.
For many institutional investors, the appeal of underlying assets is secondary to questions of governance, verification and cross-border compliance — areas where numerous decentralised finance projects have stumbled.
Dewu executives stressed that the firm positions itself not as an intermediary, but as an asset manager applying technology to risk control. Artificial intelligence tools monitor invoices, logistics data and transaction flows around the clock, pushing oversight from the corporate level down to individual orders, the firm said.
On regulation, Dewu has partnered with Hong Kong-licensed fintech firm Evident to structure issuance and distribution in line with Securities and Futures Commission requirements. Funds are not pooled, executives said, and flows move through regulated channels such as qualified foreign limited partner (QFLP) schemes or licensed institutions.
The platform also emphasises a “three-flow” closed loop: information flow derived from Qiqitong’s data, physical logistics verified through shipping records, and capital flow controlled via entrusted payments and locked repayment mechanisms. These elements are bound together on-chain to convert non-standard receivables into standardised tokenised units.
Within Dewu Finance’s architecture, technology is designed to serve not only efficiency but also transparency. The company has selected Polygon, a globally recognized public blockchain, as the “on-chain notary” for its asset data.
Unlike the black-box operations typical of traditional finance, Dewu plans to deploy a public-chain solution built on zero-knowledge (ZK) proofs, under which sensitive business information remains off-chain while real-time, verifiable proofs are immutably recorded on the blockchain.
As the roadshow drew to a close, the applause in the room was directed not only at the speakers on stage, but also at the sense that the era of Tokenisation: From Hype to Reality is fast approaching.
In the global asset landscape of 2026, Dewu Finance offers a compelling proposition. Its products combine the stability of fixed income with alpha returns that significantly exceed those of U.S. Treasuries, while also incorporating the liquidity and upside characteristics typically associated with equities. Anchored in China’s real economy and connected to global capital markets through Hong Kong, Dewu positions itself at the intersection of domestic value creation and international investment demand.
“When an asset remains undervalued for a prolonged period, it is not necessarily because it carries excessive risk,” the company’s founders argue. “More often, it is because it lacks a language the world can understand and engage with.”
Through a combination of technology and regulatory compliance, Ding Bairan and his team at Dewu Finance are seeking to provide that language—helping global capital better recognize the underlying value of China’s supply chain. For discerning investors, this moment may represent a rare opportunity to participate early in what could become a broad-based repricing of long-overlooked assets.
