In September 2025, Shanggou Holdings Group Co., Ltd., a Chinese state-owned enterprise, completed its issuance of the first tokenized corporate bond on HashKey Chain. This operation also marked the first issuance by a Chinese SOE through a compliant, regulated digital asset infrastructure.
Tokenized Bond Structure
The issuance was structured as a digital bond issued by an indirect wholly-owned subsidiary of Shanggou Holdings. The bond was recorded as tokens on HashKey Chain, ensuring a secure and transparent record of ownership. Key aspects include:
* Issuance amount: USD 40 million * Issuing entity: Shanggou Holdings subsidiary * Underwriter: GF Securities (Hong Kong) * Legal counsel: King & Wood Mallesons * Platform: HashKey Chain
Underlying Industrial Assets
The Shanggou Holdings bond is anchored in standard industrial assets. Key resources include:
1. AI computing power – Shanggou’s stake in 21Vianet provides access to 573 MW of data-center capacity. 2. Renewable energy and carbon credits – through Shanggou New Energy, the group operates 4.7 GW of installed renewable energy capacity.
Regulatory Aspects
The bond was structured to align with Hong Kong’s newly established digital asset framework. The policy foundation includes the introduction of the Stablecoin Ordinance, affirming Hong Kong's role as a bridge between China and global capital markets.
The issuance of Shanggou Holdings' tokenized bond on HashKey Chain is a significant event in blockchain finance. This project demonstrates how Chinese state-owned enterprises can transition to digital financial instruments in compliance with local regulatory norms.
